Run own business

[phl6216]

Hi bro, im 37 yo this yr, really feeling down at the working enviroment with peanut pay. currently i have some saving around 30k. understand that is not so much... but now i was thinking wanyed to started a small business in retail... such as sellng those household stuff.. sych as provision shop.. selling mop, cooking pan,and many many things... from watch battery to a dust bin... will it difficult to set up such shop? and the initial capital roughly hw much? can give some opinion, any opinion.....

I really tired to work in the office environment.... really wanted to start a small business/franchise to sustain my family....

 

[urbuhcs]

Sorry about your plight. Dun think 30K is anywhere near bro. Life is tough and now economy is doing badly. May i suggest using part of the 30k to invest in yourself like further education and training? If it makes you feel better, I work 74 hour a week and 365 days a year for last 1 year.

 

[Optionstrader]

Trade the financial markets no need to register company no need to top up medisave just find a good broker

Sent from Asus ASUS_Z00AD using GAGT

 

[Optionstrader]

U realise when u register a company u have to top up medisave right

Sent from Asus ASUS_Z00AD using GAGT

 

[Mecisteus]

Hold your 30k tightly. Pick up knowledge on the financial market. It will not cost you any $$$. Use your time in office to do more reading. Here is a good site to start.

http://www.investopedia.com

Then dump your 30k into stocks in the next financial crisis. You stand a chance to double or triple your capital if you pick the right ones.

 

[makav31i]

Why not sell online instead of renting a store front?If you insist on renting a place, why not rent a storage space or warehouse space in the industrial area...

 

[dcloud]

Why not sell online instead of renting a store front?If you insist on renting a place, why not rent a storage space or warehouse space in the industrial area...

good idea to bootstrap and start low cost

 

[dcloud]

Trade the financial markets no need to register company no need to top up medisave just find a good broker

Sent from Asus ASUS_Z00AD using GAGT

i guess trading will require some skill and experience first, without which safer to invest in funds, blue chips stocks, bonds or etfs and such first.

just my 1 cent.

 

[Genosis]

Hi bro, im 37 yo this yr, really feeling down at the working enviroment with peanut pay. currently i have some saving around 30k. understand that is not so much... but now i was thinking wanyed to started a small business in retail... such as sellng those household stuff.. sych as provision shop.. selling mop, cooking pan,and many many things... from watch battery to a dust bin... will it difficult to set up such shop? and the initial capital roughly hw much? can give some opinion, any opinion.....

I really tired to work in the office environment.... really wanted to start a small business/franchise to sustain my family....

If the purpose is to support ur family (wife & kids I assume), I am afraid that $30k is not enough to start a small business. Doing business is risky enough as a single young person. U r oredi 37 years old, not exactly young anymore. If ur business fails, it is difficult to get employed again at the previous pay. Even if ur wife is also working, I still think it is too risky.

If u have kids, this is what you can do to help them gain a headstart in life so that they have a better life than u. Stay in ur job. Invest that $30k in the STI etf in regular intervals ($500 monthly) using the investing programmes at POSB and OCBC. 20 years later, pass it on to your kids and tell them to pass it on to ur grandchildren. Good luck!

 

[Optionstrader]

Registering a company is cheap only 150 dollars however u have to have a good plan

Sent from Asus ASUS_Z00AD using GAGT

 

[Genosis]

Registering a company is cheap only 150 dollars however u have to have a good plan

Sent from Asus ASUS_Z00AD using GAGT

Ya......the business model must be sustainable and robust

Example: In 2010, there were at least 20 Groupon wannabes.....but now (6 years later), only Groupon is still surviving.....

Shows how difficult it is...

 

[SCG8866T]

Hi bro, im 37 yo this yr, really feeling down at the working enviroment with peanut pay. currently i have some saving around 30k. understand that is not so much... but now i was thinking wanyed to started a small business in retail... such as sellng those household stuff.. sych as provision shop.. selling mop, cooking pan,and many many things... from watch battery to a dust bin... will it difficult to set up such shop? and the initial capital roughly hw much? can give some opinion, any opinion.....

I really tired to work in the office environment.... really wanted to start a small business/franchise to sustain my family....

The business model of renting a brick and mortar shop to sell stuff is near to impossible to be sustainable now. You can simply save the trouble and money, download carousell for free and start selling through there part time while keeping your current job.

 

[microtek]

Even $100K these days isn't enough to start a small brick and mortar shop. And considering that you have a family to take care of, it really is too risky to go into business at this point of time. The failure rate for startups is about 70% if I'm not wrong. Look around your neighborhood and try to recall which stalls/shops have closed down within 1 year or less.

 

[foozgarden]

Hi bro, im 37 yo this yr, really feeling down at the working enviroment with peanut pay. currently i have some saving around 30k. understand that is not so much... but now i was thinking wanyed to started a small business in retail... such as sellng those household stuff.. sych as provision shop.. selling mop, cooking pan,and many many things... from watch battery to a dust bin... will it difficult to set up such shop? and the initial capital roughly hw much? can give some opinion, any opinion.....

I really tired to work in the office environment.... really wanted to start a small business/franchise to sustain my family....

what kind of shop?
those that is 365 days always on display "moving out sale" since the first day they open shop? but after 2-3years, still "moving"?

30k maybe can get you 3 mths worth of stock. not including your rent/utilities/workers salary... still got cashflow to consider.
like most pple say, keep the 30k. use carousell to sell.

 

[makav31i]

I don't know why most people are pouring cold blanket on TS...My humble suggestion is still to go for e-commerce and still keep your day job...Only once you feel confident of your business to fulfill your monthly expenditure,you can decide to quit your job...Everything in life got risk and that does not mean you should not try it...This is the hallmark of our Education system in which people are thought to be good workers and not try to run their own business...If you can come out and take the leap of faith,the reward and satisfaction is much greater than a high paying salaried worker...

 

[zeroX26]

T/S this is the 2nd time you are asking the same question; only diff is you are 1 yr older and your working capital is reduced from 60k to 30k. Din most of the folks here gave you good answers during your first inquiry late last year liao ?

 

[Mecisteus]

In order to do a successful business, you need to have good ideas. Selling somethings that are new and not in the market. The idea that you have is common and anyone can do it if they have money. Open a shop, find good suppliers and sell. So the income will not be good.

If you don't have much ideas, next best to setting up a business is to buy shares in other reputable companies which are already listed on the exchange. You still can make money while going through the motion of having a normal working life. I know it is boring but make your time at work to the fullest. Learn how to trade/invest. Don't start if you are not ready yet. You can burn the 30k fast. Good luck.

 

[urbuhcs]

Let me summarize for you the suggestions given here
1) Sell your wares on the internet i.e Carousell
2) Read up on investment and after you have gained enough knowledge, invest in shares
3) Invest in your child so he will have a bright future.
4) It is still not too late to upgrade your skills. Use some money and government fund to upgrade relevant skills.

May I add
1) Look beyond money. Having a happy family is very rewarding. Be satisfied with what your have now and treasure it.
2) Be ambitious and hardworking. Do not be greedy.
3) Draw up a 10 year plan and be realistic.


You are really a great guy who has labored hard all these years, have a family and a small saving. I am sure you are a hero in your child's eyes. It is really not easy what you have achieved. All the best.