Success Log!

[playa99]

This forum is a great idea and just what I've been looking for from this site for a while!

I'm going to be doing a log on my successes when it comes to my finances, the first one on this forum!

I'm 22, and I own a business with my Dad. It's been running for 4 years now, we've had an o.k level of success, our most recent year, we will have turned over approx £90k ($140,000) and have cash reserves of around £15k approx. With the nature of our business our layout is very low.

I've had my share of problems in my past, got myself into debt, I currently owe nothing to anyone, the business has no debts either.

I've worked a few jobs previously, telesales, fitness, laboring.

Our business is strictly b2b, we offer a service to SME's which large companies usually employ full time. We also undertake contract works for larger companies and offer training services.

I'm not going to disclose the exact nature of my business or where its based or the exact contract values I want to keep a level of anonymity which I always have with SS, I will provide a brief financial overview (roughly how much I'm making.) And how my business is doing day to day.


Aims by September 2015

• To set up a 2nd business and possibly 3rd business in my own right.
• To purchase a property.
• To have gained my level 3 accounting course.
• To have £400k in Cash reserves for my first company. (AIM HIGH)
• To have a business as opposed to being self employed.

I ain't having no ego sh1t on here, you will be ignored. I want guidance off people who may be ahead of me career wise and offer advice to people who may not be at the point I am.

 

[playa99]

I'm gonna make my first post based on today's events.

The day started off quite well, started early, took an early order for contract works until November.

Unfortunately a family member passed away recently so I've had to take my Nan shopping as of late which has drained my time today.

I've been looking at offices, bit of a struggle, found a good deal which is only £600 + VAT per month including business rates.

We're currently advertising for an apprentice, hence the need for an office.

My Dads decision, it annoyed me quite a bit, it is a common thing him trying to override me. I'm not sure if there is the turnover there for it right now. She's going to be taking a lot of admin work off me when she comes in. I guess I will have a lot more time to sell our products so it will be worthwhile. we will need 2 sign ups a month to sustain growth.

In terms of other investments I haven't given them any thoughts today.

Overall a productive day. I need to busy myself more in the mornings and be more organized with billing.

I need a system which my Dad will work to which translates work into billing, Freeagent seems to be the way to go with this, if anyone has any better alternatives please comment!

 

[playa99]

Yesterday wasn't a great day work wise, my Girlfriends grandad went into full time care which I'd agreed to help out with which took a lot of work time out of the day.

I did some training for a large firm and re-signed a client we had let down slightly.

Doing this log is already changing my thought process, I'm thinking more about growing the business a hell of a lot more. I'm considering buying an office an converting the second floor into flats to rent out and also considering starting several different arms of the company in new industries so I'm going about making a plan.

First things first I'm going to take stock of what we have and consolidate all of our existing business over the coming 3 weeks, raising as much cash as possible and speaking to the bank about a potential loan to buy the office, there is a property next door what could be renovated and rented out also to cover the running costs of the offices.

Whilst doing this I'm going to look at the management procedures we have in place for EVERYTHING. We aren't huge yet so it shouldn't be hard to get a system in place which works.

My Dad is concerning me by potentially wanting his partner to project manage the development of the office if we buy it. She has no experience and will want £2000 a month, this is something I am not willing to do.

The biggest hindrance to the business at present is my Dad, he has had several meltdowns over the past year and he doesn't undertake the work properly so I'm going to make a concerted effort to bypass him and grow the business myself, whilst gaining a bigger share of the business. This has been my biggest problem, me doing a lot of the work whilst he fvcks about and still had 80% of the business based on his qualifications. By Christmas I want this to be a 50/50 business which I feel it will be based on our responsibilities.

For the next few months I need to put his sh1t down and grow this business into a full fledged business in order to get to some of my goals. Property and setting up other business's are contingent on having cash which I can get out of this business if i grow it.

For now I'm going to plan and report back what I've done when I've done it!

 

[ImTheDoubleGreatest!]

keep going dude

I'm actually interested in this as I have ideas about virtually creating an empire of some sort (like in business, an empire would be Coca-Cola for example). I might not post a lot but I am always reading. Always educating myself. Also, when you own a business, ALWAYS own the property with it too because the landlord can kick you out and take everything even if you payed for it.

You probably already knew that, but hey, just in case you didn't. Anyway, I will be following up with this man so don't stop until you're a billionaire. Sh!t, you know what? Don't stop for anything.

 

[henry555]

this forum is really a great idea



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[playa99]

An update...

I had it out with my Dad and cleared the air, we had a long talk and said things we both needed to say to each other! We have decided on one common goal, I just need to grow the business to a point where I have more control over what goes on, regard less of the emotional side of business he is very disorganized and has little business acumen.

We are finally getting sorted though, I am taking matters more into my own hands.

I met a client yesterday who I had to discount £1200 on account of my Dad just not doing the work, these things aren't acceptable. He doesn't deserve 80% of the business, he only brings qualifications.

I've started what will be a long term project. An app which will provide instant news on certain subjects. I need build an image for what I do first which I am doing through social media.

Going forward I need to be more forceful with my Dad and give him sh!t when he doesn't do the work, that is the be all and end all of it! Getting an office will help and getting office staff is a risk which could be great but could be bad!

I need advice on organizational systems, I use Freeagent and outlook, however things seem to be a bit all over the place.

 

[playa99]

The past few days have been manic, I have caught up on my documentation and everything is in order now, which is always a good feeling!

We have a move in date for the office in a month or so which is great! I think this is going to be the biggest difference for me, I struggle to focus working from home.

Things with my Dad still aren't the best, he always snipes at things and makes snide comments all the time. Even writing that sentence I felt like a kid but that's what I'm dealing with, its fvcking child's play! Even when we clear the air he still goes on like a fool and I think in time as the company grows he will have less and less influence. However my concern is that he is that deluded that if we have no concrete goal in terms of ownership of the business, I aint gonna have 30% of a business that I've built into a company making millions, I'm gonna want at least 50%, that is one thing holding me back at the moment.

I'm going to set in stone a concrete goal which will enable me to have 50% of the company, this will give me absolute clarity into how I will progress, its what I need and whats fair!

I am currently implementing a CRM into our company to get us organized

I do struggle to focus sometimes and we are our own worst enemies in this company. I think going forward getting an office should make a marked difference.

I can only change how I am with regards to my Dad, it always has been a complicated relation ship which is exacerbated by working together. I have a strong business acumen and the more control I take of the company the better. I harp on about the same things because things aren't changing at the moment and I do struggle a lot of the time. I shouldn't have to get my Dads medication which he's forgot on a working day! The change will come when I grow the company and get my own place, it will hopefully make our relationship more like a father son relationship!

 

[TheSlasher]

Your rough relationship with your dad probably goes beyond business. That part of the log woks quite like a cautionary tale for others who have a rough relationship with their parents, but still want to do business together.

 

[playa99]

It's been a while but here's my progress..

The new employee we have is doing well, we are still working from home which isn't ideal but we have finally organized all of our documentation which is great.

My Dad's commitment is still poor, he sleeps during the day sometimes and doesn't complete the work. However we are going to expand out of this and take on further employees who can do his work.

I have several meetings with prospective buyers over the next couple of weeks and I am redesigning the website.

I will post next week after the meetings in further detail.

 

[playa99]

Things are going Ok. Our administator has been off ill early into his term, which is not good. He is only 20 and the reservations I had are coming into fruiton.

We are doing a massive marketing push and I am looking to gain enough clienteleto take the workload off my Dad.

I am stripping the company down to be as simple as possible to keep overheads low and promote growth.

I am selling my first item in my side venture currently and have decided I am going to develop the apps that I want to when I have generated enough funds from this.

Cash flow is a tiny bit slow at the minute which is a bit of a concern, however we are owed a lot of money at the moment which makes up for this!