What’s the... uhh... big idea
This year I’m looking at progressing an idea I put on the back burner last year. I’ve always wanted to make some money from my hobby and have been looking at ways to do that more.
Last year I saw an ad on Instagram about becoming a franchisee for a service installing flat pack furniture. I looked into it but on looking deeper into the process it was too much and kind of seemed like a bad deal.
During the holiday period on my mail run the thought popped back into my head that I should make a go of it and the more I thought it through the more it seemed doable.
I asked about my obligations due to me already having full time work and it seemed more of a good idea than before.
I still want to confirm everything with IRD but I think it’ll work.
I decided to include pricing for GST even though I don’t have to claim it as well as put 40% aside for any other taxes and the rest goes into my pocket to pay for tools and materials.
Below is a quick Numbers spreadsheet showing how it will all breakdown. With the foundations worked out it’s simply a matter of finalising the cost of products and services and going for it.
I’m going to work on a cost breakdown for the products using different worksheets which will fill in the initial price later on but I just wanted to see what sort of money I’ll make from it all.
This is starting to get exciting now. Now it’ll only be a matter of getting customers and I’m going to start local for that.
Posted using Partiko iOS
I hope you have worked out how many customers you will need per day to replace your current income.
This should give you an indication as to the potential for the business to be sustainable and it’s potential for growth beyond your current income level.
Truth be told I only want it to be supplemental at this time. There’s some tax things I need to think about going forward but at the moment I just want to see if it’s a viable service and leave everything to flow and build naturally.
If I jump into it headfirst and it falls apart then I have nothing so growth is not on my priority yet. Besides I love my current job.
Posted using Partiko iOS
Good plan. Proceed with caution. Good luck with it all. :)
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