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Introduction A slow start in life but now building momentum!

Discussion in 'Forum Introductions (Who are you!?)' started by Muzzler, May 15, 2017.

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  1. Muzzler
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    Muzzler New Contributor Read The Millionaire Fastlane

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    Hi everyone,
    My names Jon and I am 34 from the UK.
    I found out about this forum through MJ Demarco's GREAT book, I have spent the last few years in a strange funk not wanting to climb the corporate ladder. I have spent many a hour day dreaming about ideas and potential businesses anything that I could start myself and run myself, yet not taking action. Here is to name but a few........ Window cleaning business, gutter & facia cleaning service,
    Carpet Cleaning Business, Car detailing service. Handy man services, Conservatory installation. House renovation and rental. All seemed like great ideas at the time. Im so glad I found this forum. I believe it has already saved me years of floundering around.

    I am a Side Walker/ Slow Laner and want desperately to beat it out of myself!
    In my 20's I managed to get myself into £27000 worth of debt due to poor choices, many cars and bikes and any other item that one might need to feel better about ones self 4 years of pain later and repaying that debt has lead me to now having no debt apart from the mortgage. I am in a slightly better position financially and mentally all be it living pay check to pay cheque. I have a small amount of savings but not much to show at this stage of the game.

    I have a lovely wife and three lovely kids and want to do well by them.

    I have been unregistered on the forum for the last 3- 4 months trying to take in as much of the information that has been kindly given as possible. I have stayed unregistered mainly due to the fact that I felt that I needed to try and build up a base knowledge level. Literally since school and my apprenticeship (aeronautical engineering) I feel that I have learnt very little In addition to this I find it mind blowing at some of the knowledge such young people posses and feel if I'm honest pretty low down on the IQ stakes. I have a lot to learn and relearn I know not to compare but i need to be realistic and I have most certainly wasted many years of my life not learning anything that would have been beneficial.

    I amazed and humbled at the amount of time people take out of their lives to help others, I have definitely been learning whilst reading through this forum and think it is great that people are willing to share their hard earned knowledge.

    My progress so far:

    So far the first few months after first reading the book have been a bag of mixed emotions, frustration being one of the greatest. my mind has been spinning and everything has been up in the air and my day to day life as I know it has been on hold.
    It has taken a few months of reading and consuming all of what I could to try and thrash out the ideas and find a vehicle to wealth. initially every article that I read was my next great idea! I listed all the vehicles I found and have gone full circle a few times. I have decided as a starting place I am going to focus on ecommerce to try and increase my savings to a point where I hope I will have gained enough knowledge on the journey to know what to do with it.
    This does to me sound like flying blind but its the best I have come up with so far. I have an interest in property and if viable would one day like to acquire some properties to rent.

    I have turned off the TV!! I now read every evening after the kids go to bed, On my journey's to and from my day job I listen to the audio version of MJ's book (Third time now)
    I have started using the gym before work and at lunch as I am far from fit, I get up now at 04:45 Am opposed to 05:00 it gives me 15 Mines on a vario trainer + 25 mins of weights etc at lunch
    I have set some life goals of what I would like to attain, next I need to figure out how much my business would need to cash flow or be sold for to allow for the lifestyle that I would like to reach.
    I need to start to really plan my time out on a schedule so that I can fit everything in and to make sure it is not squandered.

    I keep getting frustrated every time I relapse into non fast lane mind-set. A visit to the forum helps to get me back on track!

    I want to contribute but don't feel of yet I have much guidance if any to offer, hopefully that will change with constant effort.
    I think if my memory serves me correct I have only every posted one or two comments on a forum in my life in addition to that I have avoided social media like the plaque which has firmly placed me in the dark on many things.

    I will do my best to get up to speed.

    I am soon to start a LTD company and have been making some enquires into virtual offices so that I can have a registered business address which is not my home.

    I am concentrating my efforts on importing and selling via ecommerce

    I have stumbled across some posts/ threads pertaining to ecommerce so will spend some time to hopefully give myself the best start.

    Lastly I would like to say thanks again to all the contributors and obviously to MJ De Marco.

    I have made progress small it may be but Progress none the less.
     
    itmap, gatorgus, craig1928 and 7 others like this.
  2. Paul Thomas
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    Paul Thomas Bronze Contributor FASTLANE INSIDER Speedway Pass

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    Welcome! It sounds like you're on the right track! Keep moving.

    Don't downplay yourself if you completed apprenticeship and school in aeronautical engineering, IQ is not a problem, only your mindset which is changeable.
     
    cmor16 likes this.
  3. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Thank you for the intro. Glad to hear TMF has been helpful. Welcome.
     
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  4. Muzzler
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    Muzzler New Contributor Read The Millionaire Fastlane

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    Thank you both for the welcome.

    My mindset is going to need continuous concerted effort, I have been great at blaming my 'bad luck & misfortunes' on everything bar my self. Just recently I found myself complaining about my job and pitiful pay, well I only have myself to thank for putting me in that position. I chose that job! as Mj Demarco pointed out in his book the buck stops with me. It's time for me to take control of my life, start learning and adding value.

    Currently my next steps are :

    1, Sell some Items/ belongings on EBAY to raise money toward the monthly payments of a business address
    2, Research to find a virtual business premises. So that my company will look professional and to protect my home address.
    3, Contact/ interview accountants to find a good match and one that will be of benefit to my company.
    4, Apply for a limited company
    5, learn weather being VAT registered will be of any benefit at such an early stage?
    6, Begin contacting manufactures regarding the sourcing of products.

    I have put this little list up for a number of reasons, possibly for some reassurance that these are logical steps, considering I have no product of yet and no money being made by my not yet startled business and it also adds some pressure and makes me accountable if I do not complete these steps within a reasonable time frame.
     
  5. Ika
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    Ika Too slow Read The Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Welcome to the forum!
    Congratulations on waking up earlier and slowly regaining more control.

    Props for taking actions and preparing the legal base.
    You need to ask yourself if it is the right action to take though.
    This. Do you really need all of that?
    What are you going to use the adress for?

    Can you get a sale without it?

    From what I've heard, choosing a niche and product takes some time. Improving the product and finding a good factory takes time too.
    Selling the product might take time too.

    During all of that time you are going to have another monthly cost.

    I'm sure you can hustle and flip stuff to get the money - but that means spending your time outsite of your business.

    Is it worth the time investment?
    Can you still make it work with less time and more financial stress?

    Less money also means you have to get the prototype right as you don't have enough money to pay for a lot more.


    I neither know UKs laws or how importing works.
    But can't you atleast wait until you've found a product and get the adress and LLC as soon as the factory needs to know your contact information?


    I just want to help, if I misunderstood your point just tell me ;)
    ~ Ika
     
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  6. Muzzler
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    Muzzler New Contributor Read The Millionaire Fastlane

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    Hi IKa,

    Thank you for your response.

    You have brought up some points that have been niggling at me it seems so obvious now you have said it.

    I wanted to start my business so that everything was in place and that I could secure the Limited company name that I wanted to use. (I have already purchased domain names) maybe I was a bit to eager trying to make progress and need to re evaluate my next steps

    I feel that you are right I would be putting myself into more financial strain with regards to the monthly bills and then having further limited funds for investment. I would probably end up having to do overtime at my job or weekend work, again robbing the precious little time I have and leaving little leeway financially if anything unprepared for was to crop up.

    From my reading I'm pretty sure that I came across some info on Importing from memory possibly @WALTERHAYS post/ tread that mentioned that when importing you can use a false company name which is fine, however I didn't want to give my home address as the delivery address because I did not want to appear as a one man band. Having said that I get the feeling I may be missing something here?

    I see what you are saying though get all the ground work done then apply for LTD company, I think it's a fairly quick process I should definitely go on the .gov website and find out.

    Thank you I definitely need to sit down and have a rethink about my next moves and find out more details regarding the need of a business address.

    Thanks again IKa I think you have just saved me a whole lot in many respects.
     
    Ika likes this.
  7. Walter Hay
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    Walter Hay Platinum Contributor Speedway Pass

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    You can invent any business name (XYZ) you like for initial contact with suppliers, but you can't use an unregistered name when selling. If you then proceed to place orders you can do so in your correct Ltd business name and say that the name XYZ is a part of your Ltd business.

    A Ltd registration in the UK costs peanuts, and if you want that name and it is available, I would register it immediately. Your only cost after registration is lodging the annual returns. If you have a look on Get an EORI number - GOV.UK you will see what simple requirements there are for obtaining the essential importers registration. You must do this before importing anything.

    There are plenty of services that will provide you with an address that you can use when communicating with suppliers. Just make sure that they are located in a business park or similar so that when the supplier checks using Google Earth they won't see a residential location.

    Walter
     
  8. gatorgus
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    gatorgus Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Welcome Jon from a fellow newbie! Good luck to you!
     
  9. Muzzler
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    Muzzler New Contributor Read The Millionaire Fastlane

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    Hi Walter thank you for the taking the time to respond to my post it means a lot. I have enjoyed reading your own thread on importing and found that to be a gold mine of great information.

    I have recently purchased your book 'Import Direct From China and many Other Countries' and intend to use it to help guide me. It is packed with good information and believe it to be an essential purchase. Thanks for putting your effort into sharing your knowledge.

    I have checked out the link you provided I had no idea I needed an EORI number so thanks for the heads up. Like you said it appears to be straight forward and I will make sure I do this when the time is right.

    I am still yet to find a virtual office address, some I have come across seem to have some horrifying reviews or none at all. I will keep looking and making enquiries.

    Regarding the annual returns for the limited company it appears as far as I can work out that the name in the UK has changed to Confirmation Statement. File your confirmation statement (annual return) with Companies House - GOV.UK again this is something new to me but the cost is negligible and the information required appears pretty straight forward.

    As soon as I find a registered office address that I can use I am going to go ahead with starting a limited company so that I can secure the name, in addition to that any cost incurred I should be able to offset against tax.

    Back to a week of the day job for me and the merry go round starts again, I will have some hours each night to work on my business but am looking forward to Friday as I get to work on the business from 06:00 - 16:00. Currently I am achieving 21 hours per week. it's not the ideal so will have to try and find some more hours from somewhere I definitely need more!!

    Again many thanks for the responses It is a great help.

    Welcome gatorgus thanks for the good wishes
     
    Walter Hay likes this.
  10. Walter Hay
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    Walter Hay Platinum Contributor Speedway Pass

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    I'm pleased to be able to help. If you have questions that don't involve confidential informatio, just post on the forum. If you need specific help that you want to keep private, send your questions to my support team at the email link provided in the book.

    Also, to be sure of getting a free download of the revised edition of my book, due out in a few weeks (I hope) be sure to let them know that they can use your email address to contact you.

    Walter