The £100 challenge – start a business

[InertialTooth45]

superkartracer said:

If the original £50 never made any profit then how did i get to 300k?

Anyway, £100 , up for this challenge.

Granted in your case turning £50 into £300k turnover is obviously very impressive.

I was just making the point that some people do spout how good their business must be doing because they turn over several million £'s a year. But as people have pointed out if your operating costs are higher than this then you're not profitable thereby not successful.

Out of interest what sort of profit's do you make off the £300k turnover and how long did it take you to get there from the £50?

Seriously though well done as that is some impressive growth.

[DuncanM]

RtdRacer said:

My background is big blue chip - last proper job was in AMazon UK senior mgmt.

I bet someone a couple of months ago that I could run a garage better than the idiots down the road who had just lost me as a customer for my bill moving from 'a couple of hundred quid' to £530.

Two months later, I have a garage - mainly servicing cars, but also general work and motorbikes too. And costs have been surprisingly low - more than £100, but not nearly as much as you'd think - if I was paying the insurance monthly I would be well under £1000. We will break even in month 1. :-)

This is really cool, would love to no more details if you're willing?

Obviously not expecting you to go too in depth.

There's something really great about someone completely changing what they do, and making a success of it. Good luck

[superkartracer]

OlberJ said:

50 quid stock bought and sold for 50 quid x 6000.

Resulting in £50 end OT?

Nice try tho

[superkartracer]

InertialTooth45 said:

superkartracer said:

If the original £50 never made any profit then how did i get to 300k?

Anyway, £100 , up for this challenge.

Granted in your case turning £50 into £300k turnover is obviously very impressive.

I was just making the point that some people do spout how good their business must be doing because they turn over several million £'s a year. But as people have pointed out if your operating costs are higher than this then you're not profitable thereby not successful.

Out of interest what sort of profit's do you make off the £300k turnover and how long did it take you to get there from the £50?

Seriously though well done as that is some impressive growth.

I know sorry was just taking pee ( and thanks ) , 50-80% profit at start ( low running costs ) now more like 30% after TAX/VAT/Warehouse/Rates/Staff( their taxes ) /Corp etc etc.

Ticks over without my intervention so nice pocket money.

My other businesses are based in computer games and Photography, far more interesting.

One thing i've learnt, chasing money does not make one happy, you simply buy more crap you don't need and people change and become jealous, funny old thing that...

[OlberJ]

superkartracer said:

Resulting in £50 end OT?

Nice try tho

Eh no, that's the whole point. £300k turnover is £300k in through the business, not profit.

Your profit is £0.

I would have thought an astute, succesfull business man like yourself would know the difference between turnover and profit?

[superkartracer]

Ok 300k OT with 30% Profit, hows that.

[OlberJ]

To clarify, we were not doubting your business, purely showing turnover does not equal profit.

Oh and well in, that's fecking healthy for a year.

[superkartracer]

I know sorry, slack on the details.

It was 80% but like all these things.. others jump in and spoil your fun..

New ideas required

[Anthony Micallef]

superkartracer said:

I know sorry was just taking pee ( and thanks ) , 50-80% profit at start ( low running costs ) now more like 30% after TAX/VAT/Warehouse/Rates/Staff( their taxes ) /Corp etc etc.

Ticks over without my intervention so nice pocket money.

My other businesses are based in computer games and Photography, far more interesting.

One thing i've learnt, chasing money does not make one happy, you simply buy more crap you don't need and people change and become jealous, funny old thing that...

Excellent well done I hope to emulate this but as always the one thing I struggle with is coming up with an idea

[mondeoman]

So hows everyone doing now we're two months in???

I've spent just over £1500 getting everything together (tools and materials and parts), but finally got my original product ready to ship: shame I've kinda blown the budget out of the water so I'm out of the challenge sadly, but I've had an absolute blast so far. I've impressed myself with the way I've devised solutions to allow me to keep all the manufacturing "in-house" with limited facilities, and by a bit of facebook plugging to friends of friends etc..., it's lead onto a couple of fun and challenging commissions for custom gym / keep-fit equipment that I'll be adding to the portfolio shortly, and I've just picked up another one tonight for a new client that will also have a marketable product at the end of it.

Be interested to hear of others tales - successful or otherwise.

[Hoofy]

mondeoman said:

So hows everyone doing now we're two months in???

I've spent just over £1500 getting everything together (tools and materials and parts), but finally got my original product ready to ship: shame I've kinda blown the budget out of the water so I'm out of the challenge sadly, but I've had an absolute blast so far. I've impressed myself with the way I've devised solutions to allow me to keep all the manufacturing "in-house" with limited facilities, and by a bit of facebook plugging to friends of friends etc..., it's lead onto a couple of fun and challenging commissions for custom gym / keep-fit equipment that I'll be adding to the portfolio shortly, and I've just picked up another one tonight for a new client that will also have a marketable product at the end of it.

Be interested to hear of others tales - successful or otherwise.

Tell us more about your product?

[pingu393]

superkartracer said:

Ticks over without my intervention so nice pocket money.

You know you have cracked it if you can make money while you are asleep - well done.

[mondeoman]

Not wanting to breach PH advertising rules, I've added the new site to my profile in the notes section

Its something I've been wanting to do for a few years, finally got the time and cash together to do it this summer. Its a folding stand for racing wheels and pedals, so very much appropriate for here. I'd looked at competitor products, made something similar, then changed the design to get rid of the drawbacks/issues that I had with it. I've got more design iterations/additional models in the range to come over the next few months, and maybe (hopefully!) getting to one made out of carbon fibre for the ultimate "boys-toy" factor.

Got them listed on ebay (as well as the first piece of gym equipment, which already in use and the buyer is over the moon with) and I'll see how it goes from there.

Edited by mondeoman on Wednesday 28th November 23:06

[Hoofy]

mondeoman said:

Not wanting to breach PH advertising rules, I've added the new site to my profile in the notes section

Its something I've been wanting to do for a few years, finally got the time and cash together to do it this summer. Its a folding stand for racing wheels and pedals, so very much appropriate for here. I'd looked at competitor products, made something similar, then changed the design to get rid of the drawbacks/issues that I had with it. I've got more design iterations/additional models in the range to come over the next few months, and maybe (hopefully!) getting to one made out of carbon fibre for the ultimate "boys-toy" factor.

Got them listed on ebay (as well as the first piece of gym equipment, which already in use and the buyer is over the moon with) and I'll see how it goes from there.

Edited by mondeoman on Wednesday 28th November 23:06

Awesome! What is the gym kit then?

And how do you go about constructing things? I can only make things out of Photoshop.

[Tuvra]

mondeoman said:

Not wanting to breach PH advertising rules, I've added the new site to my profile in the notes section

Its something I've been wanting to do for a few years, finally got the time and cash together to do it this summer. Its a folding stand for racing wheels and pedals, so very much appropriate for here. I'd looked at competitor products, made something similar, then changed the design to get rid of the drawbacks/issues that I had with it. I've got more design iterations/additional models in the range to come over the next few months, and maybe (hopefully!) getting to one made out of carbon fibre for the ultimate "boys-toy" factor.

Got them listed on ebay (as well as the first piece of gym equipment, which already in use and the buyer is over the moon with) and I'll see how it goes from there.

Edited by mondeoman on Wednesday 28th November 23:06

Ohh god now you have me tempted to buy your stand.....I haven't even got a bloody wheel

[mondeoman]

Tuvra said:

Ohh god now you have me tempted to buy your stand.....I haven't even got a bloody wheel

I'll take that as a positive

[mondeoman]

Hoofy said:

Awesome! What is the gym kit then?

And how do you go about constructing things? I can only make things out of Photoshop.

The first one I did was a combination exercise frame for a local sports physio - he wanted something that he could do a lot of exercises on, so we came up with the design together. He's done some videos of him and his clients using it, and some of the things they get up to are bloody impressive from a fitness/strength point of view.

Construction / fabrication is easy - basic metalworking skills and some detail drawings, cut-off saw, pillar drill, welder and away you go

[Hoofy]

mondeoman said:

The first one I did was a combination exercise frame for a local sports physio - he wanted something that he could do a lot of exercises on, so we came up with the design together. He's done some videos of him and his clients using it, and some of the things they get up to are bloody impressive from a fitness/strength point of view.

Construction / fabrication is easy - basic metalworking skills and some detail drawings, cut-off saw, pillar drill, welder and away you go

Ah - like for dips and things.

Sounds easy enough to do... until I release my hooves on it all.

[Shrimper]

mondeoman said:

The first one I did was a combination exercise frame for a local sports physio - he wanted something that he could do a lot of exercises on, so we came up with the design together. He's done some videos of him and his clients using it, and some of the things they get up to are bloody impressive from a fitness/strength point of view.

Construction / fabrication is easy - basic metalworking skills and some detail drawings, cut-off saw, pillar drill, welder and away you go

All looks great well done.

My business has stalled a bit recently, partly due to change in season, and partly because my normal working life has gone a bit mental. Showing a profit of £300 for not an awful lot of work (maybe 8hrs tops) so I'm quite pleased and will definitely continue

[mondeoman]

Shrimper said:

All looks great well done.

My business has stalled a bit recently, partly due to change in season, and partly because my normal working life has gone a bit mental. Showing a profit of £300 for not an awful lot of work (maybe 8hrs tops) so I'm quite pleased and will definitely continue

At least you've made some profit, so thats a result.