The Y-man - another from Melbourne

[The Y-man]

Hi All,

Well I am just fresh out of crashing my second business, so regaining my feet, dusting myself and....getting ready to do it again

I'm a full time employee by day as an IT Manager, occasional lecturer, and director of my business (when it is running!!)

Cheers,

The Y-man

[J_D]

Welcome Y-Man!

What is your business on the side? What kind of things do you do (when it's running).

JD

[The Y-man]

Welcome Y-Man!

What is your business on the side? What kind of things do you do (when it's running).

JD

Thanks for the welcome JD.

Biz 1: Accomodation for students/working holiday travellers. We rented houses, furnished them, and sublet by the room. Just took too much time and management - although financially was ok.

Biz 2: Funds Managment. We managed an active share/options trading fund. Our trading model was going great until the market volatility increased to a point where our trading tools could not predict the movement of shares to an accurate enough degree. The resulting trade losses and interest costs on borrowings killed the business.

Cheers,

The Y-man

[Brendan]

Hey Y-Man, welcome to the forums..

Good to hear the crashing of your business hasn't made you lose interest, im guessing you are keen to go again.. and im sure you have learnt something from it?

Good to have you on board.

[The Y-man]

. and im sure you have learnt something from it?
.

Yep - main learnings this time round:

1. lock in profits when you have some
2. don't over extend - good times don't last forever

Cheers,

The Y-man

[Go Jo]

Go Y-Man!

THere is never harm in trying as long as you have health and family.

Thought about your next venture yet?

Regards Jo

[JamesGG]

Hiya,

Great to see you come on board, Y-man. Looking forward to reading your gems of wisdom here as well

Cheers

James.

[The Y-man]

Thought about your next venture yet?

Regards Jo

In a way it has started already - the "self sustainability project"

We are digging up our backyard, planting veggies and trying to figure out what we can and can't grow.

Already we are saving hundreds of dollars per month. OUr next step is to ramp up - need bigger land....

Cheers,

The Y-man

[J_D]

Sounds like a good plan Y-Man....

Good to see you haven't given up as well....

Your first business venture (student accomodation) is something i'm very interested in... At the moment there is a MASSIVE affordable student accomodation shortage in Melbourne. There was a recent story stating that HUGE % of students were 'homeless' and living on couches etc...

I guess the main entry barrier to this kind of industry is initial and on going capital requirements?

JD

[The Y-man]

I guess the main entry barrier to this kind of industry is initial and on going capital requirements?

JD

Not much capital - just furniture from the Salvo shops etc.

You can rent a house and sublet by the room.

The main issues are:

1. staying legal, while competing against illegal underprice operators
2. management of property - power use, water use, cleaning, gardening etc.
3. Rent collection

Cheers,

The Y-man