Millionaire Challenge

happy_but_skint

It would be clothes/baby equipment and small amount of toys. I love shopping for kids and this is something I could do well, good idea holding the craft for kids there aswell.

I have been looking at wholesalers and retail shops to rent and I think I could open a store with £5000 but ideally would like about £7000-£10000 for unexpected outlays.

lincroft1710

happy_but_skint wrote: »

I have been looking at wholesalers and retail shops to rent and I think I could open a store with £5000 but ideally would like about £7000-£10000 for unexpected outlays.

Opening a shop is a very expensive step to take. As well as rent, you will have lighting and heating to pay, advertising, plus rubbish collection and if your shop is not exempt, non-domestic rates. You may well have to fit it out as existing shopfittings (if there are any) may not be suitable. Not to mention internal and external painting and decorating.

You may also need to pay an assistant, otherwise every toilet and lunch break you will have to close the shop.

If you're working on 100% mark up (buy from wholesaler at £5 sell at £10) if you take £1K per week this will give you £26K pa gross profit. Doesn't sound too bad, but after you've paid all the bills as mentioned above plus sorted out any VAT which may be applicable, you won't have much to pay yourself. You would need to be looking at £2K per week. Could your business sustain this.

If all goes according to plan you will earn a living, but you won't become a millionaire. If it doesn't go to plan.....

Hoody

happy_but_skint wrote: »

I have been looking at wholesalers and retail shops to rent and I think I could open a store with £5000 but ideally would like about £7000-£10000 for unexpected outlays.

Checked the business rates, often the rents are cheap but the rates are a killer. Small tool shop near me is paying nearly 12k a year in rates iirc?

tinktay84

Yes all of the above are huuuge things to consider but as long as you make sure you are fully clued up and get as much free advice and any help you can.When I had a sandwich shop I got small business rates relief which meant business rates were about £80 a month< rent was around £400 a month and elec was around £150 a month(due to all the appliances) so when I broke this down between how many days we were open i knew what price to put on things and what takings I needed to float.
There are loads of other options if opening a shop isnt viable..craft fairs, hiring school halls etc. My sons school have all kinds going on.The PTA are amazing and raise loads fo the school with things like kids clothes sales etc so maybe speak to schools and see if, for a % donation to PTA would they like you to hold an evening.I was playing with the idea of setting up 'clothes party' which basically was like ann summers or betterwarre or what have you but with thee latest fashion clothes and the items would be theere to take away on the night.I couldnt afford the initial outlay at the time and couldnt formulate a good enough plan to make me think I could work it but maybe you could do somethin similar?

lessonlearned

Very quiet on here - are you all busy with making that first million:rotfl:.

Just thought I'd bump up the thread to try and keep us all motivated.

Well challenge wise nothing to report I'm afraid.

However, good news is I've finally found a good nursing home for OH.

He went in for respite last week and enjoyed it, he will go in again first two weeks in December so that I can get ready for Christmas. Home for Christmas and then permanent care in January.

It's obviously not what we really want and it's certainly not the semi-retirement we had planned but it's what he now needs.

Once the dust has settled I can then start to get cracking and begin to rebuild the finances.

Am still mulling over some ideas for my "main" income generator, but obviously can't get going yet. In the meantime I'm buying the odd few bits and pieces for my bric-a-brac sideline business, and still making and selling a few bits of jewellry now and then.

That's about all I can fit round my caring duties at the moment.

Hope you are all busy and doing well.

tinktay84

Its good that you are managing to do bits and pieces so dont knock yourself down! I doubt I would manage!

Ive been chipping away at debt and trying to increase the businesses profile. Ive set myself a target of getting debt to £16000 by xmas day (started 25th oct at £17248) and ive got £655 to go which means im just short of halfway there

My vouchers arrived that ive been saving for with an xmas hamper club and most my xmas shopping is now done and wrapped
This afternoon I cleared the garage out and tidied the garden and have got LOADS of stuff for the tip which means less clutter in the garage, less clutter in my head!
AND ive also started going to kickboxing again so im feeling more energetic (and it was worth leaving as its now cheaper as a welcome back)

We have arranged to have the family at ours for Xmas which is going to bring costs down believe it or not... There is going to be around 16 - 20 of us and everyone has been given an item to bring for dinner and my husband will cook it all...food costs are nil to us, the sheer amount of people in our 2 bed terrace will mean its gonna be VERY warm so heating costs down. Oh my I cant believe how scrooge like that sounds! I am so looking forward to Xmas this year, i usually hate it but its going to be a huge family affair with lots of fun and games

lessonlearned

tinktay84 wrote: »

the sheer amount of people in our 2 bed terrace will mean its gonna be VERY warm so heating costs down. Oh my I cant believe how scrooge like that sounds!

:rotfl::rotfl:

Sounds like fun.

tco03

Iv been following this post since it started and have aimed for similar results.

After many years of saving and being a bit of a dellboy im living very comfortably at 27 years old however my outlook on the whole 'i want to be rich one day' scenario has changed!

Iv realised by the time i achieve this i will be getting on a bit and probably have other commitments.

I have drastically cut down saving and started 'living' (I never thought i could do this)

I keep enough money/assets to fall back on for worst case scenarios but also use excess money to enjoy life.

One major rule is never go into debt for anything other than your home mortgage!

I figured i would rather enjoy life/see the world and experience everything i can while im young and healthy.

Its bizarre typing this now as a few years ago i was completely opposed to spending any money if not needed.

After-all you never know what lies ahead; a life threatening illness, natural disaster, economic crisis that could completely change everything you know.

Iv been blowing money on expensive holidays and luxuries since and im loving it.

lessonlearned

tinktay84 wrote: »

I

Ive been chipping away at debt and trying to increase the businesses profile. Ive set myself a target of getting debt to £16000 by xmas day (started 25th oct at £17248) and ive got £655 to go which means im just short of halfway there

Meant to say :T:T: on the debt reduction.

I am really impressed with your achievements. I think you have a terrific "Can do" attitude and I'm sure you are going to be very successful.

I have been mulling things over and have decided to set myself what I think is a realistic and achievable target. It can and will be reviewed up wards as and when.

Given my age (60) I seriously doubt that I will make a million - although never say never that's my motto:D - after all if you don't try then you'll never know.

I feel my age probably precludes reaching the magic number but at your age and with your attitude you stand a very good chance.

Before OH's illness our net worth was around £350K and we were well on target for at least £500k within 10 years, when we would then semi retire.

However, his long term ill health put paid to all our plans and my net worth is now considerably less. I'm not sure exactly how much until the endowments mature in 2013, probably around £150K.

I would like to make it back to somewhere around the £300k level within about 10 years, before I get too frail and decrepit and can't do as much. I would like to help my sons out a bit. That's my real goal - anything else would be an extra bonus. Of course, if I do make £1m I shall be delighted:rotfl:

I only have debts of £3k roughly the size of my easily accessible emergency fund. The debt is 0% on a cc so I'm in no hurry to clear it, I will pay that down out of income rather than touch my emergency fund. I just need to get through the next few months and then can get going properly.

You are very inspirational Tinktay.

Thank you so much for starting this thread and helping me to focus and set goals. Reading your posts has helped me mull things over and decide my action plan.:)

tinktay84

Its great that you have managed to stay out of debt especially with your OH illness. I was chuckling to myself when I reread my post about xmas...the main point is we have a lot of family over for xmas and im really excited about it as this year is the first that I have been able to just go out and buy what i want and not worry about not being able to afford things. I will definitely be getting vouchers again next year!

I think you will be able to increase your worth considerably in 10 years and I am of the same mind set really - I want to be able to provide a better life for my kids - would be nice to be rich but that would just be a bonus