Hello from the UK

[Mass]

Hey Everyone,

I've joined up as I've been inspired by TMF to use my skills and experience to build a company that I can take pride in and use the passive income to semi-retire.

So what's my skill set and what do I do?

I'm a Salesman who's been working in travel for the last 7 years, during that time I've worked within some pretty large companies (one which was just sold for £10 million and another which had to have a buyout to survive) and I'm currently working for a much smaller company learning how they operate.

For years I've said that I can run my own Travel Business much more effectively than the companies I've worked for and now its time I put my money where my mouth is and start to do something about it. I've got a wealth of experience and have stayed at some of the best hotels in the world, I've worked with people who spend £40,000-£50,000 per holiday and people who spend £500 per person on their holiday.

My vision is a luxury travel company specialising in long haul multiple destination holidays.

I look forward to reading the forum and offering my insight when it will be useful!

Mass

 

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[tafy]

Welcome man, I'm in the travel/hospitality trade and have a hotel booking startup im launching soon, pm me if you wanna chat

 

[Mass]

Hi Tafy,

Thank you for your message and encouragement, good luck with your start-up!

 

[Mass]

Hello Everyone,

How you all doing?

I’m not sure if anyone is reading this thread but I’m going to use it as a way of tracking my progress.

I’ve got a plan, a fastlane plan and I’m 100% that it will work and give me the life I want. However, due to work restraints and responsibility it’s going to take a while to build what I need and get it up and running as I have quite a substantial amount of new skills to develop. I’ve ran my idea through the CENTS framework and I believe that it ticks every box but there are elements of it that require me to develop and hone a few skills, namely website building, adwords and the concept of a online database with a paid subscription.

However in the meantime I wanted to brainstorm a couple of ideas of how to make my job pay a little better and I came up with a idea that is ticking along nicely which I thought I would post here just in case anyone is in my position.

My position;
One of the top sales people at my company with a pretty crappy basic and next to no benefits, its mainly commission based. I also commute nearly 100 miles each day

My idea;
Turn the weakness of my situation into my strength

How;
I will register my own ltd. company where by I bill my boss for my services based on what profit I produce the company.

Why this will work;
By doing this I can pay myself a very low basic (avoiding the higher tax bracket) and I can claim my mileage and fuel back as expenses.

Where to next;
I have to set a meeting up with an accountant who specialises in contractors to run this idea through him and see what he says. I’ve contacted a friend who works as an accountant who thinks this is a feasible option, I’ve already ran the idea past the boss at work and aslong as there is no impact on the company he is happy.

Rough calculations;
Based on a £75k income into the company I will be able to take £62k of that home, nearly 88%. That is much higher than what I am able to take home now.


I’m not sure if this will help anyone in a similar position as there are obviously risks involved by not being an employee of the man anymore, but doing so will accelerate my drive to focusing more and more on my fastlane work.

 

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