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two poor businesses - want to start a third please help me

 
 
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squidgey
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Joined: 24 Mar 2005
Posts: 33
Location: uk
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PostPosted: Fri Jun 08, 2007 8:07 pm    Post subject: two poor businesses - want to start a third please help me Reply with quote

hi all

My husband and i have two small businesses that arent earning much so we have decided to expand our horizons and start doing house clearances trouble is we're not sure how to set it up ?

Our first business is a gardening business
2nd business is selling 2nd hand items on ebay and the like

third business will be house clearances

this i feel could be a "trading as name" for either the gardening business or 2nd hand selling business so im not sure what to do ?

both the existing business's are reg. at inland rev and have tax ref. numbers .

The house clearances could be included in with the gardening business but the items would be sold through the other business (if that makes sense)
We were going to just register a third business with inland rev but i dont think i could cope with another tax return , so i wanted to somehow join it up with one of the other business's ? but if the gardening business gets paid for removing someones junk then i sell it through bizarre bargains how do i put that through my accounts ?

so im really confused as to what to do .

Ive tried ringing the inland rev but i'm poo at explaining things so they couldn't really advise me

any help very very appreciated (will even donate some ants for good answers lol)

Lisa
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Peter Bowen
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Joined: 16 Apr 2007
Posts: 44
Location: Northern Ireland
49 ants

PostPosted: Sat Jun 09, 2007 10:41 am    Post subject: Reply with quote

Hi Lisa,

At one time I owned a sound hire company, a rental property portfolio, a building contracting outfit, a sound system installation business and a retail garden center with a nursery, coffee shop and landscaping business all at the same time

May I offer a bit of contrarian advice here. Fix one of the businesses and get rid of the rest of them.

Most entrepreneurs want to diversify to get multiple income streams etc but you cannot do this from a position of weakness and expect to succeed.

If the first two businesses are not working it's highly likely that it is because of something you're doing wrong (or not doing at all) adding a third is likely to:

1. repeat the same mistakes
2. distract you

Please forgive me for being blunt and I appologise in advance if I am way off the mark

Kind regards

Pete Bowen
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paul
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Joined: 15 Oct 2002
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PostPosted: Sat Jun 09, 2007 1:38 pm    Post subject: Reply with quote

Peter Bowen wrote:
At one time I owned a sound hire company, a rental property portfolio, a building contracting outfit, a sound system installation business and a retail garden center with a nursery, coffee shop and landscaping business all at the same time


...and what did you do in your spare time? Smile

Blimey, that is quite something... how did you manage?

Paul
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Peter Bowen
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Joined: 16 Apr 2007
Posts: 44
Location: Northern Ireland
49 ants

PostPosted: Sat Jun 09, 2007 4:12 pm    Post subject: Reply with quote

Paul,

The truth is that I didn't manage. Only it took a couple of the best years of my life to figure out that no matter how much money I earned it was not enough and that happiness is not found in a big bank balance.

I burned out totally by 36 - several times I even had fleeting thoughts about how much easier it would be to end it all.

I gave it all up three weeks after I turned 36 - sold off everything except the ground the nursery stood on and what fitted into 23kg per person airline luggage allowance and moved to Northern Ireland with my family.

The change in country, 9 months of "retirement" and I'm starting to feel more human again. I've started building up a new business now - taking it easy rather than working crazy hours and hopefully this time I'll be able to keep the balance.

Cheers

Pete
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paul
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PostPosted: Sat Jun 09, 2007 4:27 pm    Post subject: Reply with quote

Gosh, that makes rather alarming reading for me. I'm knocking on the door of 35 and work long hours. At least I have kept to just one business (web design/marketing) although we are guilty of running far more sites than we perhaps are able to do so effectively (something like two to three hundred at the last count).

Admittedly I have cut hours down significantly in the last couple of years (having a young family seems to do that, and that's a good thing!) but I could still improve in that area, I think. Until this year, the business' profits had gradually gone up year on year, for something like 13 consecutive years. I kind of feel as though I'm stagnating with the profits not being quite as good this year, but maybe I'm actually just getting better at realising there's more to life than work, work, work...

Paul
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Peter Bowen
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Joined: 16 Apr 2007
Posts: 44
Location: Northern Ireland
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PostPosted: Sat Jun 09, 2007 9:04 pm    Post subject: Reply with quote

Hi Paul,

It is quite alarming! A young family needs a dad not a money making machine - when the kids are teenagers then you're the bank and the taxi driver but little ones want someone to kick a ball around or to tell them a story.

I am working on something which will be able to help other small business owners reduce their business's dependence on their labor and still make a profit. Its a couple of weeks out so I'll let you know when I'm done.

Take a break

Cheers

pete
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jamesi
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Joined: 12 Jun 2007
Posts: 4
Location: Canada
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PostPosted: Tue Jun 12, 2007 9:20 pm    Post subject: Business Cents Reply with quote

I think it is wise to do as much research as possible before starting up a business. My wife has been working from home as a Marketing Consultant for 3 years now but she has had to put the time in. For about 18 months she was grossly underpaid. Being a consultant gives you some room to grow and try new things. If you can provide people with a valuable service you are on the way to a home business. I realize that you are struggling. I know what that feels like.
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fundraiser1.0
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Joined: 18 Feb 2008
Posts: 7
Location: colorado
10 ants

PostPosted: Tue Feb 19, 2008 1:42 am    Post subject: Reply with quote

I would fix the gardening business of course it may well depend on your skill level or your ability to hire good people. Gardening to me sounds like your just pulling some weeds, if so you need to expand your reach. I have owned a lawn care co, developed a landscaping division for a nursery (the ungrateful bast##d). Concentrate on 1 thing succeed at that then it will fund other endeavours. The first thing in landscaping/gardening is good customer relations without this you will be like every scab that shows up every year tries to under bid the real landscapers and disappears. While I get back the fools who thought they saw a better deal and will never leave me again. Contracts are important I worked only on year rounds and commercial. Learn how to write them make them clear and simple. When I owned my business I put several of my employees into business. I had no fear of competition my work spoke for itself.
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