buildingbetter
Contributor
I work best under pressure and an opportunity has come up for me to move to China for 4-5 months from October. I'm aiming to start an e-commerce business while I'm out there (starting with FBA and expanding when I return to Europe). Very few people get the opportunity to converse with their suppliers in person, look around factories, examine the product and ship directly from China to Amazon warehouses, etc and I want to make sure I take full advantage of it. It's not without its challenges though.
I've got debt to clear and savings to build. I currently owe around £3650. I have around £5500 in savings. I'm doing something akin to freelancing to earn money and I want to start treating that as a business over the next few months in order to clear the debt and build up some more cash for the business. I use my savings to make more money (it's risk-free, don't panic) so I can't just pay off my debt without wiping out my ability to earn more but the debt is on high interest credit cards.
I think the biggest challenge this year will be mental, though. I always stay within my comfort zone and avoid taking risks. It's silly because I'm also confident in my ability to pull through if things go wrong because I've done it plenty of times before. I decided that this is the year that I learn how to commit to a decision and take a risk or I'll be stuck in the same situation forever. I'll be living in at least two new countries this year, doing at least one new job (possibly 2-3) and starting a business. Not easy for an anxious human!
So my plan for the rest of the year:
I've got debt to clear and savings to build. I currently owe around £3650. I have around £5500 in savings. I'm doing something akin to freelancing to earn money and I want to start treating that as a business over the next few months in order to clear the debt and build up some more cash for the business. I use my savings to make more money (it's risk-free, don't panic) so I can't just pay off my debt without wiping out my ability to earn more but the debt is on high interest credit cards.
I think the biggest challenge this year will be mental, though. I always stay within my comfort zone and avoid taking risks. It's silly because I'm also confident in my ability to pull through if things go wrong because I've done it plenty of times before. I decided that this is the year that I learn how to commit to a decision and take a risk or I'll be stuck in the same situation forever. I'll be living in at least two new countries this year, doing at least one new job (possibly 2-3) and starting a business. Not easy for an anxious human!
So my plan for the rest of the year:
- Now-October: Clear my debt, build up savings further (need to work on a specific $ goal). I may or may not be moving to Spain for a job until October - waiting to hear on that one. Work on finding a few products that might work so I can hit the ground running in China. Look for/apply for business grants.
- October-Jan/Feb: China. Source whatever product(s) I decide on, ship to FBA. I'll be working 30 hours/week and will have my days free but will be working evenings/weekends probably. If I can, I want to take Chinese language classes.
- Feb-?: Moving to another EU country. I'm British and obviously Brexit is happening. I'm not happy about it and want to retain free movement within the EU if I can. Right now, it looks like if you're resident in an EU country when Brexit happens you'll have the right to remain and keep that permanently as long as you return at least once every 5 years. My goal would be to eventually get citizenship.
Once I'm back in Europe, the plan is to build my own e-commerce store and possibly expand to eBay if it makes sense to. If needed, I have family in the UK who could handle postage there and I could handle the rest. I know HTML, CSS and bits and pieces of other things that will make the web design thing a little easier. I'm confident I'll be able to manage a lot of that on my own.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.
Last edited: