TTT with this awesome thread!!!
I've always had a business mind. I'd walk into a store/bar/place/shopping center/car wash/etc and always play around with ideas that the owners could do to boost their business. I'd do this mostly in my mind/daydreaming. Only recently did I realise that my ideas could actually put money on the table. I assisted one of the contractors who does work for me at the company I work for, by designing a network for him to propose to one of his other clients. I did it as a favour to him, not thinking anything would come from it. A month later, I was struggling to get hold of him to come out and do actual work for me. He was always busy and had to squeeze me into his schedule. Usually, I could simply call him at 9am and he'd be onsite by 10am. Job done by 3pm type of thing.
Turns out, that his other client liked the network I designed and gave my contractor the contract. Turned out to be contract to the tune of R800 000. Was it not for the network design I gave him, he would never have got that job. He further went on to use that template to secure other jobs. He is thus, making very good money using my template.
Currently, I'm thinking about a few ideas for myself.
1 - I'd like to start my own ISP for gated communities - ICASA licencing costs are a bit of an issue here. (Startup Costs around R600 000[estimate])
2 - I'd like to, and have wanted for many years, to open up a car wash - I was going to do it last year but the current water restrictions have made me put that idea on hold for now. I'll pursue this again as soon as our dams are full again. (Startup Costs around R150 000 [estimate])
3 - Currently have a paid off house that I am renting out. I'd like to sell the house take the entire proceeds to either, buy a flat/another house in a better area and rent that out again. (Startup Costs around nil)
4 - Use the proceeds to part fund some other idea that's been keeping me up at night. (Too soon to even talk about that one now). (Startup Costs around R1.5M [estimate]. Earning Potential around R100K per month)
5 - Use profits generated in 4 to part fund 1
PS: I liked when this thread started talking about the tax aspect of running your own business. More info on that would be awesome. It is a very valid thing to take into account when wanting to start your own business.
PPS: Government Funding (SBDC/DTI/ any more I should know about?)- How to go about getting this? Qualifying Criteria? How does the funding actually work? How is repayment structured?
PPPS: Business Loan from bank - Ins and outs? Pitfalls to look out for? Tips?
PPPPS: Investment Funding - Ins and outs of this also? Pitfalls to look out for? Tips?
Awesome thread!!!
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