Stu on Nostr: I’m sure nobody here remembers, but 6 months ago I said I was starting a home biz ...
I’m sure nobody here remembers, but 6 months ago I said I was starting a home biz with my two kids (13, 14) to give them a taste of capitalism and entrepreneurialism.
We have a mini board meeting every Sunday night and the only rule is that our biz is a zero labour biz (we don’t want chores). We probably had 15 meetings so far and the boardroom dynamics are interesting considering everyone has an equal vote. 🤣
We started out with registering a limited company in UK (£12), opening a commercial bank account (£0), and depositing £1,000, bought web domain (£10), bunch of service fees (~£100).
My plan was:
Day 1… £1,000
Year 1 profit… £10,000
Year 2 profit… £50,000
Year 3 profit… £100,000
No dividend / salaries
Well today we shipped our first £10,000 of product and next week we ship another £10,000
But our margin is ~50% so things are looking really positive at the six month mark.
Kids are loving it.
Crucially it was important to start from essentially nothing. That’s the entire life lesson here… From nothing, at any time, just know you can do this.
Blah blah something something about giving a fish or a net, blah blah.
We have a mini board meeting every Sunday night and the only rule is that our biz is a zero labour biz (we don’t want chores). We probably had 15 meetings so far and the boardroom dynamics are interesting considering everyone has an equal vote. 🤣
We started out with registering a limited company in UK (£12), opening a commercial bank account (£0), and depositing £1,000, bought web domain (£10), bunch of service fees (~£100).
My plan was:
Day 1… £1,000
Year 1 profit… £10,000
Year 2 profit… £50,000
Year 3 profit… £100,000
No dividend / salaries
Well today we shipped our first £10,000 of product and next week we ship another £10,000
But our margin is ~50% so things are looking really positive at the six month mark.
Kids are loving it.
Crucially it was important to start from essentially nothing. That’s the entire life lesson here… From nothing, at any time, just know you can do this.
Blah blah something something about giving a fish or a net, blah blah.