Thinking of starting your own business? I failed miserably.

[Jamesc]

I am thinking of moving my massage biz online.

 

People buy a pair of hands and connect via an app,

 

I will remotely control the hands to massage the people.

 

Anyone wants to invest in my traditional business going digital?

 

 

Invest now and when we go IPO we will all be billionaires.

 

And this is a serious business and not about playing games.

 

[Lala81]

Starting a business is really not easy. Small F&B maybe need 50k (not talking about coffee house or restaurant, I'm referring to those hawker/foodcourt stall) to start. In case anyone not aware, foodcourt rent at foodcourt like Kopitiam alone is about 7k a month excluding PUB. The amount of work is insane. I wonder if 50s can handle it, esp the lows of it. 

 

7k is lowish estimate liao.

The stalls at my work neighbourhood, is 9-10k easy. And that was 5 years ago. 

 about there but not exactly...

 

my eldest kid and me is 38 years difference in age.  that means that if i want him to grow up till he got his own income (age 24), i will be 62 already.  if i want to do business in 50s, it will be still where they are still not financially independent of me yet. hehe...but will see how

 

agree.  really depends on whether you starting a new tech or trend type of business.  but still, these folks are not ordinary youngsters la....hence the adage "when you are good enough, you are old enough"

 

can u do 18 hour days?

Granted u may not be working exactly all that 18 hours, but i think at the start, bao sua bao hai is the norm.

[Acemundo]

7k is lowish estimate liao.

The stalls at my work neighbourhood, is 9-10k easy. And that was 5 years ago. 

 

can u do 18 hour days?

Granted u may not be working exactly all that 18 hours, but i think at the start, bao sua bao hai is the norm.

 

you are right......that's why i also don't know if i got the drive anymore....haha

[Lala81]

you are right......that's why i also don't know if i got the drive anymore....haha

 

not for everyone. I had two friends who took sabbaticals for about 1 year to do their own business. One in early 30s, one was in late 20s then.

Both returned to professional life after that.

But they are lawyers, so i guess they will compare to what they can earn normally just doing their B&B work. 

[G1234]

7k is lowish estimate liao.

The stalls at my work neighbourhood, is 9-10k easy. And that was 5 years ago.

 

 

can u do 18 hour days?

Granted u may not be working exactly all that 18 hours, but i think at the start, bao sua bao hai is the norm.

That’s why I keep wondering how they survive. Did the calculation already also sweat haha

you are right......that's why i also don't know if i got the drive anymore....haha

But sometimes if the situation force you, you have no choice but grow a “drive” lol.

not for everyone. I had two friends who took sabbaticals for about 1 year to do their own business. One in early 30s, one was in late 20s then.

Both returned to professional life after that.

But they are lawyers, so i guess they will compare to what they can earn normally just doing their B&B work.

1 year? Too soon to quit. Usually it takes 5-7 years for a tech company. Not sure about your friends’ industry. F&B i think give and take 1-2 years. But what I’ve found is, most founders would have to try few “projects”, or pivot till they find success. Some tried for years. I wonder how they live through all those years with extreme pains like that

[Acemundo]

not for everyone. I had two friends who took sabbaticals for about 1 year to do their own business. One in early 30s, one was in late 20s then.

Both returned to professional life after that.

But they are lawyers, so i guess they will compare to what they can earn normally just doing their B&B work. 

yes, the impediment to switch to business will be high if they can be high income employee 

[BanCoe]

Traditional business is difficult to maintain and operate.

Find a good platform and earn while you are sleeping would be best.  

 

Like this Garfield make money sleeping on platform   ........... also on platform 

Invest now and when we go IPO we will all be billionaires.

 

And this is a serious business and not about playing games.

 

 

.....err people got your message 

[Fcw75]

Never say never because limits, like fears, are often just an illusion.

 

My bro started his own ice cream shop in Hawaii at 48. Uprooted his whole family over.

 

A lot of tough work as everything have to manage himself. No slacking. Made his own ice cream, waffle cone, etc. Besides the shop, he also have to find a house and manage the family, kids education, etc.

 

I am here now and I can see he put in a lot of effort.

 

So age is not an issue. It's whether you still have the drive (and capital of course) as you become older. In fact, when you are older you have more real world experience as compared to when you are young and brash.

 

Have seen those ASK who get $100-200K from their parents to start a cafe business, which was the in-thing and cool.

 

Within one year, closed down liao. It's not just using the coffee machine to make latte or cappuccino. There's a lot more work such as manpower, managing customers, sourcing for ingredicents, marketing, etc.

Edited November 1, 2017 by Fcw75

[Kusje]

not for everyone. I had two friends who took sabbaticals for about 1 year to do their own business. One in early 30s, one was in late 20s then.

Both returned to professional life after that.

But they are lawyers, so i guess they will compare to what they can earn normally just doing their B&B work. 

 

Was it F&B?

 

What's with lawyers and F&B? I also know a lot of lawyers who set up cafes 

[Fcw75]

This is very key. Tai chi skills in corporate world will not work here. Nobody to tai chi to.

Yes bro, have to. When one is the boss, everything have to manage oneself. He worked 7 days a week for the past year, only Sunday shorter hours.

 

Anyway, it's always his dream.

[Lala81]

Was it F&B?

 

What's with lawyers and F&B? I also know a lot of lawyers who set up cafes 

 

nope. both tried to do some small businesses on their own. But probably figured not worth their time. Nothing that could scale up.

 

i think quite a number of lawyers esp in the commercial side involved in deals tend to get jaded.

 

Long hours, pulling all nighters, at the beck and call of the clients who have no qualms doing conference calls at 2am in the morning. The compensation is not lousy, but seriously may just end up dead one day at the desk type. 

[Lala81]

Yes bro, have to. When one is the boss, everything have to manage oneself. He worked 7 days a week for the past year, only Sunday shorter hours.

 

Anyway, it's always his dream.

 

why open in hawaii?

[Fcw75]

why open in hawaii?

The question is why not? Hahaha...it's Hawaii my friend.

 

Jokes aside, he said the cost of operating an ice cream shop is much higher in Singapore and also more feasible in Hawaii than mainland US as it is hot the whole year round.

[Lala81]

The question is why not? Hahaha...it's Hawaii my friend.

 

Jokes aside, he said the cost of operating an ice cream shop is much higher in Singapore and also more feasible in Hawaii than mainland US as it is hot the whole year round.

 

lol can set up in texas or arizona also mah 

[kdash]

lol can set up in texas or arizona also mah 

 

maybe it's his dream to set up shop specifically in Hawaii...

 

a very brave decision and also to the family for supporting him. 

[Lala81]

maybe it's his dream to set up shop specifically in Hawaii...

 

a very brave decision and also to the family for supporting him. 

 

haha i know lah

[Fcw75]

lol can set up in texas or arizona also mah

The south? Forget it man. Maybe kenna shot dead already...haha.

[Kusje]

The question is why not? Hahaha...it's Hawaii my friend.

 

Jokes aside, he said the cost of operating an ice cream shop is much higher in Singapore and also more feasible in Hawaii than mainland US as it is hot the whole year round.

 

Can share? What experience did he have with making ice-cream before he went over?