Buying a business

FrankC21

I am looking at buying this convenience store,

https://www.businessesforsale.ie/irish/convenience-store-in-dublin-for-sale.aspx

can anyone kindly explain to me the meaning of the following:


*Equip €19k (forms part of the sale)?

*Stock: €5 k (avail separate to business sale)?

*Rates: €4k ?

Thank you

jimmii

Means you have to take the equipment and you can buy the stock separately (for €5k) from them if you want.

You don't know what rates are? I hate to put people off but this seems like a really bad idea. This is not an easy game to get into its bloody hard if you know what you're doing if you don't have experience of running a business already then it seems almost impossible!

Bandara

That store cannot make profit at those turnover figures. Even if you increase sales by 20% it will still be loss making.

Walk away. Genuinely. It’s a dog of a site.

FrankC21

Thanks for the reply, but what business should i get into? I do not want to be a slave anymore, i am thinking of a business that will give me 50k profit per annum.

My second idea is real estate, buy property outside of ireland possibly spain where the cost of living aren't high as ireland or uk.

Mooooo

Invest in yourself before anything else, night courses or whatever. Jumping in blind to something could have you losing money not making it

jimmii

FrankC21 wrote: »

Thanks for the reply, but what business should i get into? I do not want to be a slave anymore, i am thinking of a business that will give me 50k profit per annum.

My second idea is real estate, buy property outside of ireland possibly spain where the cost of living aren't high as ireland or uk.

What's your background? What interests do you have? Running a business is probably not harder than you think. Everyone wants to stop being a slave and start earning 50k a year but theres a reason not many people can achieve that. If you search this forum for similar posts you'll often see people recommend going to you LEO and seeing I'd they have a start your own business course this is the best place to start.

enricoh

FrankC21 wrote: »

Thanks for the reply, but what business should i get into? I do not want to be a slave anymore, i am thinking of a business that will give me 50k profit per annum.

My second idea is real estate, buy property outside of ireland possibly spain where the cost of living aren't high as ireland or uk.

Your second idea is worse than your first! As others have said try rigging up something you are in- preferably something small n cheap start up costs

FrankC21

I am an IT graduate with no commercial experience and I work part.time in healthcare industry for more than 10 years, but my interest will be more on real estate. Even just a business that can generate 12k per annum for start

FrankC21

jimmii wrote: »

What's your background? What interests do you have? Running a business is probably not harder than you think. Everyone wants to stop being a slave and start earning 50k a year but theres a reason not many people can achieve that. If you search this forum for similar posts you'll often see people recommend going to you LEO and seeing I'd they have a start your own business course this is the best place to start.

Yes, I saw that, they have a start.up course next February 2020

FrankC21

Mooooo wrote: »

Invest in yourself before anything else, night courses or whatever. Jumping in blind to something could have you losing money not making it

I have done a couple of night courses. But you will not learn anything if you don't do it. I feel like I really need to get started on something the only way I will learn is to fail.

jimmii

FrankC21 wrote: »

Yes, I saw that, they have a start.up course next February 2020

Definitely sign up for that. Might help with some ideas and always good to meet a few people looking to do the same further down the line you might be able to help each other out. You can make 12k a year easily enough on ebay/Amazon etc with the traditional retail route or via dropshipping but it's not much fun. Do you want to work for yourself and make some money or do you want to run a business? They are very different things!

jimmii

FrankC21 wrote: »

I have done a couple of night courses. But you will not learn anything if you don't do it. I feel like I really need to get started on something the only way I will learn is to fail.

You can try start something part time in the evenings with the hope it develops into something you can move into full time. Cheaper to do it that way too so you don't need to worry about living costs draining your business bankroll.

Das Reich

FrankC21 wrote: »

Thanks for the reply, but what business should i get into? I do not want to be a slave anymore, i am thinking of a business that will give me 50k profit per annum.

My second idea is real estate, buy property outside of ireland possibly spain where the cost of living aren't high as ireland or uk.

Absolutely forget about buying house in Spain, don't even know why some Irish and Britons does that, the price of property just reflect the poor yield. Even buying land there is a better option. In my country I bought few years ago about 20 hectares and planted half of pecan nuts, other half mixed macadamia and hazelnuts but take years before being productive. But my country rains nearly every day and hot as hell. Spain instead is dry, very risky to get a fire in summer and lose the trees. Also hard yo get irrigations. Never buy property abroad where you have nobody there to take care if needed.

NSAman

FrankC21 wrote: »

Thanks for the reply, but what business should i get into? I do not want to be a slave anymore, i am thinking of a business that will give me 50k profit per annum.

My second idea is real estate, buy property outside of ireland possibly spain where the cost of living aren't high as ireland or uk.

Errrr... any self employed person will tell you, you may not be a slave to the machine, but you will ALWAYS be a slave to your business.

There are no easy ways to make a living in this life.

People that do well, watch every penny and also work damned hard.

The above is not a good venture..... profit margins for Shops in general are very low. Not to mention the costs involved (outside of purchasing stock).

VAT calculations, Accounts, wages, Rent, Rates, Advertising, updating/new F&F all have to be factored into the day to day running of any retail environment... Then you have the unaccounted for items... Theft, breakages, increase in rates, the yearly (five yearly) (in some cases) increase in Rent (look at the lease agreement VERY carefully), Technical costs and breakdowns, Staff issues/hiring/firing.

You said you wanted not to be a slave anymore. Retail is one of the most difficult businesses to own. If you work at it, in a good location and work hard, It CAN be successful, BUT it is damned hard work.

AlmightyCushion

FrankC21 wrote: »

I am an IT graduate with no commercial experience and I work part.time in healthcare industry for more than 10 years, but my interest will be more on real estate. Even just a business that can generate 12k per annum for start

Would you not try and get a job using your IT degree? It might be difficult with no commercial experience but once you get a job you have a foot in the door. Even look at taking something low paid at first to get the experience before moving on after a year or two. What area of IT is it?

drunkmonkey

AlmightyCushion wrote: »

Would you not try and get a job using your IT degree? It might be difficult with no commercial experience but once you get a job you have a foot in the door. Even look at taking something low paid at first to get the experience before moving on after a year or two. What area of IT is it?

I think the ad even says what to do..

"Reason For Sale: Owner is taking a job in an IT company in Cork."

ironclaw

You could easily make 50k+ a year teaching IT online (or any in-demand skill). It's also entirely passive income if you set it up correctly. Takes some effort to get going but it is possible.

And as others have pointed out, you can't walk away at 5 pm from self-employment. You may get to walk away with an earlier retirement or scale your business where you can delegate, but your talking years to get to that point.

wandererz

ironclaw wrote: »

You could easily make 50k+ a year teaching IT online

Could you advise me how to do this please?

drunkmonkey

You could start with the local colleges that run courses or talk to a local politican, I know I was approached to call out to old peoples homes to teach them how to send emails etc, it was good money, you can also teach a few classes maybe over let's say 12 weeks basic IT, how to use a smartphone there's loads of stuff people are clueless in that you take for granted, you can start that kinda thing while holding onto your regular job until it can stand on its own two feet.
Self employment is no walk in the park, you need a robust plan and if it's not on track after a few months be prepared to walk away and try again. Edge yourself into it slowly.

ironclaw

wandererz wrote: »

Could you advise me how to do this please?

At the bare minimum, you need a teachable subject that is in demand. Can be anything as long as you give value to the students. The problem in IT is that a lot of subjects are done to death or simply available at rock bottom prices (Thanks Udemy etc) So, forget teaching Python, C, Ruby, PHP etc. You simply won't carve a niche or build a following.

Assuming you had a niche-ish subject, like SAP or B2B software products that are generally not that widely know but require training for, you are on to a winner. Of course, doesn't need to be in IT at all, it can practically be anything. I know a lady who teaches a style of weaving that cleared 50k USD over Black Friday or a guy in the UK who teaches manually handling and is a millionaire.

In short, if you can save a business a few quid on staff training or allow someone to ladder up on their career, you'll make bank.

Once you have the subject sorted, you'll need to build out the course and host it. Either on your own platform or something Thinkific.com (I use this platform)

Then it's a case of marketing, networking and working with your students.

I've been doing it on the side since July 2017 and in that time, I've averaged between $2k and 5k USD per month. Overheads depend on your route to market but with digital marketing, you can keep them pretty low.

FrankC21

AlmightyCushion wrote: »

Would you not try and get a job using your IT degree? It might be difficult with no commercial experience but once you get a job you have a foot in the door. Even look at taking something low paid at first to get the experience before moving on after a year or two. What area of IT is it?

Software development