Turning 20,000 - 1 Million

stcstc

only way to make serious money

win it, steal it, inherit it

Rabbo

Mustard1972 wrote: »

I've done similar. £25k to just under €1M.
I should hopefully pass the million in another year.
that's assets - liabilities.
No.point having a million if you owe two.
don't have time tonpost now but will later.
I'm not the only one who has done it either that I know.

*Still waiting patiently for Mustard to return*

Mustard1972

Rabbo wrote: »

*Still waiting patiently for Mustard to return*

Will come back when I have time to write a long post. Lets just say it involved a lot of luck and taking opportunities when they arose.

lomb

It is easy(I think see below) on paper to make 1 million from 25k. Its only paper after all , there is no real secret to accumulating it, yet most people are unable to. Logically it requires-
selling a product with a healthy margin between the gross and net margins with less than 25k of capital to do it. This could only be done by not having any premises, very few staff etc, as they all waste your energy and resources making you second guess yourself:D As a previous poster said you would have to use any potential opportunity that came your way to do it keeping your eyes peeled for same . It involves you spending as little as possible on non yielding junk ie new cars, sofas, holiday and yes even houses for yourself. It involves treating people -staff,customers, trading standards ,tax authorities with policies laid out and followed fairly but with an iron fist as they are unlikely to give you any peace if you dont.
Il let you know how Im getting on on this thread in a year although I am flexible how much I put in as I have a profession and personal funding. Im doing it as a 'hobby' to see how easy it is to become a millionaire. When I do it I will see how easy it is to make a second million and so on. I actually have no interest in money and would be happy with very little personally and see it as something that creates massive disagreements, splits, divorces and even marriages , stress etc but it can be good and you have to do something with your time to entertain yourself and later you can give it away to a useful cause Im thinking.

The most important thing in business is the gross and net margin and the factors that effect these coupled with treating people fairly. If you can provide something with more perceived value (expensive marketing possibly-not a good idea when new ) or can lower the overhead (thats fairly easy as a new start cutting out all the useless employees out there on old terms and conditions) you manipulate the margin.

Woody_FX

Hi guys,

Anybody able to recommend a supplier for padded envelopes/jiffy bags?

Need them for my business so will be ordering in bulk. Prices in places like Viking seam on the high side.

Any recommendations?

Many Thanks,
W

Peterdalkey

Woody_FX wrote: »

Hi guys,

Anybody able to recommend a supplier for padded envelopes/jiffy bags?

Need them for my business so will be ordering in bulk. Prices in places like Viking seam on the high side.

Any recommendations?

Many Thanks,
W

http://www.discountpackaging.ie/padded-envelopes.html Give Cherise a call at 01 464 7300 or email cherise@faulkner.ie, she will be delighted to help!

superelliptic

Mustard1972 wrote: »

I've done similar. £25k to just under €1M.
I should hopefully pass the million in another year.
that's assets - liabilities.
No.point having a million if you owe two.
don't have time tonpost now but will later.
I'm not the only one who has done it either that I know.

Hey Mustard,

Not asking you for the secret sauce here or anything but could you give us some specifics, such as;

• How long did it take to turn your 25K into sub 1M
• Did you stay within your area of expertise or have an idea for a business that you had never worked in before?
• Did you work alone or with a group?

EIREHotspur

lomb wrote: »

It is easy(I think see below) on paper to make 1 million from 25k. Its only paper after all , there is no real secret to accumulating it, yet most people are unable to. Logically it requires-
selling a product with a healthy margin between the gross and net margins with less than 25k of capital to do it. This could only be done by not having any premises, very few staff etc, as they all waste your energy and resources making you second guess yourself:D As a previous poster said you would have to use any potential opportunity that came your way to do it keeping your eyes peeled for same . It involves you spending as little as possible on non yielding junk ie new cars, sofas, holiday and yes even houses for yourself. It involves treating people -staff,customers, trading standards ,tax authorities with policies laid out and followed fairly but with an iron fist as they are unlikely to give you any peace if you dont.
Il let you know how Im getting on on this thread in a year although I am flexible how much I put in as I have a profession and personal funding. Im doing it as a 'hobby' to see how easy it is to become a millionaire. When I do it I will see how easy it is to make a second million and so on. I actually have no interest in money and would be happy with very little personally and see it as something that creates massive disagreements, splits, divorces and even marriages , stress etc but it can be good and you have to do something with your time to entertain yourself and later you can give it away to a useful cause Im thinking.

The most important thing in business is the gross and net margin and the factors that effect these coupled with treating people fairly. If you can provide something with more perceived value (expensive marketing possibly-not a good idea when new ) or can lower the overhead (thats fairly easy as a new start cutting out all the useless employees out there on old terms and conditions) you manipulate the margin.

That's a great post and a lot of sound advice there.

I always think of those people who go into Dragons Den and pitch and whose idea or/and personality the Dragons love but say to them "We could invest in you but what happens when you take on people who are not as enthusiastic as you in your business".
That's where a lot of Business falls down....the quality of the people you employ.

Making a load of money or 1 million for a lot of people who are not Actors, Sports Stars or Rich Peoples kids usually means either
A: Corner the Market with a product or service
B: Do a product or a service a lot better than someone else

Treating people fairly is sound advice too because that's creates good word of mouth and reputation and draws in good karma.

I read a great book....actually the original Business Book off which everyone else has copied and turned into a fortune ..."Think and Grow Rich".
Lots of great stories of which one phrase has always stuck with me that went something like..."People only hang onto the money they deserve to make".
As in all the people who don't have a skill for what they are doing usually end up losing the money they make doing a particular thing.

think Celtic Tiger.....everyone thought they were a property developer.
Bill Cullen thought he was a Hotelier.....had he stuck to what he knew best and banked his money he would have not lost as much as he did.

The One Who Knocks

EIREHotspur wrote: »

Lots of great stories of which one phrase has always stuck with me that went something like..."People only hang onto the money they deserve to make".
As in all the people who don't have a skill for what they are doing usually end up losing the money they make doing a particular thing.

think Celtic Tiger.....everyone thought they were a property developer.
Bill Cullen thought he was a Hotelier.....had he stuck to what he knew best and banked his money he would have not lost as much as he did.

I'd have to disagree with that, take Richard Branson for example

As for the Celtic Tiger, the only reason people failed was because it was just a bubble. Even if you don't have a skill for something doesn't mean you can't learn it and become the expert in that field. In the end it just comes down to perseverance.

EIREHotspur

The One Who Knocks wrote: »

I'd have to disagree with that, take Richard Branson for example

As for the Celtic Tiger, the only reason people failed was because it was just a bubble. Even if you don't have a skill for something doesn't mean you can't learn it and become the expert in that field. In the end it just comes down to perseverance.

We will have to agree to disagree then.....Branson made his money on his core Business in Virgin Airways...he never sold that branch of his company and that gives him his core wealth to invest in other ventures. There was an awful lot of things he failed at. There are also exceptions to every rule.

It all being a Bubble is too simplistic....it was every Tom, Dick and Harry buying second homes to make a profit on....and we know how that went.

relaxed

EIREHotspur wrote: »

We will have to agree to disagree then.....Branson made his money on his core Business in Virgin Airways...he never sold that branch of his company and that gives him his core wealth to invest in other ventures. There was an awful lot of things he failed at. There are also exceptions to every rule.

It all being a Bubble is too simplistic....it was every Tom, Dick and Harry buying second homes to make a profit on....and we know how that went.

Actually it was the record stores that he started with.

Fair enough Virgin airways survived but in a lot of cases people who go into something different fail badly.

I think the saying goes, the best way to become a millionaire is to start off as a billionaire and open and airline.

Also as I have seen them say on dragons den a few times - keep the main thing main.

lucky john

EIREHotspur wrote: »

We will have to agree to disagree then.....Branson made his money on his core Business in Virgin Airways...he never sold that branch of his company and that gives him his core wealth to invest in other ventures. There was an awful lot of things he failed at. There are also exceptions to every rule.

It all being a Bubble is too simplistic....it was every Tom, Dick and Harry buying second homes to make a profit on....and we know how that went.

As relaxed said Branson's core business was music. Starting virgin airways was a vanity project than almost broke him. The banks were ready to bankrupt him so he was forced to sell vergin music against his will but that sale was the making of him in the end. . Branson is a rare breed of risk taker and had a huge amount of luck along the way. However he does prove that anything is possible with vison, determination and a lot of luck.

cabla

Right I'm over half way now to the 20k. I should be very close by the end of March if my calculations are right. I thought I'd dig this thread up again to see if anyone else may comment if this can be done or not!

pedronomix

cabla wrote: »

Right I'm over half way now to the 20k. I should be very close by the end of March if my calculations are right. I thought I'd dig this thread up again to see if anyone else may comment if this can be done or not!

So only 990,000 to go!!

jimmii

cabla wrote: »

Right I'm over half way now to the 20k. I should be very close by the end of March if my calculations are right. I thought I'd dig this thread up again to see if anyone else may comment if this can be done or not!

Of course it can be done!

I plan on turning my 50k into 1m+ a year turnover in the next few years. We'll be going two years in just over a month and so far so good. We'll be expanding this year and I am expecting year 3 to be >5x year 1. Its been some craic so far.

cabla

jimmii wrote: »

Of course it can be done!

I plan on turning my 50k into 1m+ a year turnover in the next few years. We'll be going two years in just over a month and so far so good. We'll be expanding this year and I am expecting year 3 to be >5x year 1. Its been some craic so far.

Thanks Jimmii - good to see you're doing so well. Probably the first post with actual proof. Do you mind me asking what business you're running?

jimmii

cabla wrote: »

Thanks Jimmii - good to see you're doing so well. Probably the first post with actual proof. Do you mind me asking what business you're running?

Its been done many, many times before with a lot less than €20k unfortunately a hell of a lot more have gone broke trying it!!

You need a good idea, a good business head and a lot of luck but it certainly can be done. The shorter the time frame the more luck involved. You need to be sensible and give yourself as much chance to succeed as possible.

I am in Retail. They say those who can do, those who can't teach. They should add those who can't teach open a shop! Whatever you do come up with don't get into retail!!

If you can find the right magic a highly scaleable and monitisable service (ideally an app) looks to be the best low start up cost high potential option right now. Lots of competition there though!!

cabla

jimmii wrote: »

Its been done many, many times before with a lot less than €20k unfortunately a hell of a lot more have gone broke trying it!!

You need a good idea, a good business head and a lot of luck but it certainly can be done. The shorter the time frame the more luck involved. You need to be sensible and give yourself as much chance to succeed as possible.

I am in Retail. They say those who can do, those who can't teach. They should add those who can't teach open a shop! Whatever you do come up with don't get into retail!!

If you can find the right magic a highly scaleable and monitisable service (ideally an app) looks to be the best low start up cost high potential option right now. Lots of competition there though!!

Thanks Jimmii - you don't like the retail world eventhough you're doing so well?

At the moment I'm not in a position to be opening a fixed premises sort of business. I do have some ideas but I'm trying as stated above to be careful and give myself the best foot forward. I'm speaking with a couple of other friends at the moment who also have money and are interested. Again none of these are in a position to settle somewhere permanentely so we are discussing some online sort of ideas.

I'll keep you updated as I go. I'm at the idea generating stage but by the end of 2015 I would like to have something up and running even if it's not making much but for some experience to begin. I don't want to give up my job just yet until I'm 100% confident.

jimmii

cabla wrote: »

Thanks Jimmii - you don't like the retail world eventhough you're doing so well?

At the moment I'm not in a position to be opening a fixed premises sort of business. I do have some ideas but I'm trying as stated above to be careful and give myself the best foot forward. I'm speaking with a couple of other friends at the moment who also have money and are interested. Again none of these are in a position to settle somewhere permanentely so we are discussing some online sort of ideas.

I'll keep you updated as I go. I'm at the idea generating stage but by the end of 2015 I would like to have something up and running even if it's not making much but for some experience to begin. I don't want to give up my job just yet until I'm 100% confident.

Retail is a pretty high cost way to go into business and with a very high failure rate. We have been exceptionally lucky so far fingers crossed it continues! I know from talking to other retailers, even in areas that look very profitable, that they are only just hanging on one won a shop of the year award a few years back that got a lot of national coverage and is in a prime location and they are having to borrow money from all over the place every week just to be able to get by.

cabla

jimmii wrote: »

Retail is a pretty high cost way to go into business and with a very high failure rate. We have been exceptionally lucky so far fingers crossed it continues! I know from talking to other retailers, even in areas that look very profitable, that they are only just hanging on one won a shop of the year award a few years back that got a lot of national coverage and is in a prime location and they are having to borrow money from all over the place every week just to be able to get by.

Crazy! Ye to be honest, I wouldn't be into the retail business at the moment anyway for sure. It's a tough game I'd imagine.

Congrats on your success btw, I hope it continues.

AlmightyCushion

jimmii wrote: »

Retail is a pretty high cost way to go into business and with a very high failure rate. We have been exceptionally lucky so far fingers crossed it continues! I know from talking to other retailers, even in areas that look very profitable, that they are only just hanging on one won a shop of the year award a few years back that got a lot of national coverage and is in a prime location and they are having to borrow money from all over the place every week just to be able to get by.

Retail is very, very tough especially the way the economy has been over the past few years and well continue to be for the next few (hopefully it picks up big time). Fair play to you and hopefully things continue to go well for you.

jimmii

AlmightyCushion wrote: »

Retail is very, very tough especially the way the economy has been over the past few years and well continue to be for the next few (hopefully it picks up big time). Fair play to you and hopefully things continue to go well for you.

Yeah it is a toughie for sure. We are very lucky to stock an in demand product where supply is incredibly restricted. We've worked very hard to do it better than anyone else and I believe we are number 1 or 2 in the country inside two years. Without that one product we would have run out of money in about 9 months i would have thought.

guitarrrszz

Dean0088 wrote: »

Convert it to Zimbabwean Dollars .... enjoy life. :P

I've a few ideas myself, but they're mine. But if more people in Ireland had this kind of idea we'd be a start-up hub. Unfortunately, nobody is willing to risk their reputation or cash by throwing all they've got into an idea.

I normally come up with good ideas by examining how business already operate and asking "Could this be done in a better way?". A lot of the time, the answer is yes.

I then try to pull apart my idea to see how strong it really is. 95% of the time I tear it to shreds and realise it was a crappy idea. But every once in a while, I discover a good one that gets stored away in a secret little notebook I keep.

One day...

i like what you said at the start about reputation. particularly in Ireland people initially like to see people have a small amount of success [think local hairdressers, pubs etc] but I think irish people love to see some one **** it up and go bust and have a nice gossip about it.

connundrum

jimmii wrote: »

We are very lucky to stock an in demand product where supply is incredibly restricted.

Do tell what the product is! I feel that I should own one, maybe two.

jimmii

connundrum wrote: »

Do tell what the product is! I feel that I should own one, maybe two.

Don't want to get done for advertising!!

cabla

Well I've reached the 20k mark. Now to keep saving while I go through some ideas. I'm not going to jump into anything but part one of my goal is complete!

jimmii

cabla wrote: »

Well I've reached the 20k mark. Now to keep saving while I go through some ideas. I'm not going to jump into anything but part one of my goal is complete!

Nice one! That was the easy bit though the hard bit is finding an idea that won't turn your 20k back into 0!

cabla

jimmii wrote: »

Nice one! That was the easy bit though the hard bit is finding an idea that won't turn your 20k back into 0!

Absolutely. I'll just keep saving. Probably just head for the 40k mark and hope there's an idea at some point. I'm really not in a position just yet to take a risk or settle in an area. I'll see how it goes anyway. Update to follow... in two years probably!!

jimmii

cabla wrote: »

Absolutely. I'll just keep saving. Probably just head for the 40k mark and hope there's an idea at some point. I'm really not in a position just yet to take a risk or settle in an area. I'll see how it goes anyway. Update to follow... in two years probably!!

Probably best to put that 20k to use in some way even if its just something like prizebonds where its nice and safe and tax free. You could loan it out via one of the crowd sourcing places that would earn a little more than you could expect from prizebonds but obviously the big thing with PBs is the safety and who knows maybe you could get lucky!

cabla

jimmii wrote: »

Probably best to put that 20k to use in some way even if its just something like prizebonds where its nice and safe and tax free. You could loan it out via one of the crowd sourcing places that would earn a little more than you could expect from prizebonds but obviously the big thing with PBs is the safety and who knows maybe you could get lucky!

Good advice. I'll look into that alright.