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Thread: The Unpopular Opinion Thread

  1. #41

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    Quote Originally Posted by DeckstarDeluxe View Post
    My personal preference is that the government provide interest free overdraft facilities for businesses for 12-18 months. They bailed the banks out making daft decisions while this is something that's totally out of our hands. I can see this being the final nail in the coffin for many business if there isn't any help provided.
    That is an excellent idea - could be based on your previous years income so get an idea of how much the overdraft should be to stop people taking advantage.

  2. #42
    Benny Smyth's Avatar
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    Mobile DJs on a Facebook Forum: I'm retiring/stepping away and in no way seeking attention.

    DJs replying: Heaps of adulation and pleas to keep going while partaking in one of those circle-thingys.

    Me: Huh...look at that...the world continues to spin...

  3. #43

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    Quote Originally Posted by Benny Smyth View Post
    Mobile DJs on a Facebook Forum: I'm retiring/stepping away and in no way seeking attention.

    DJs replying: Heaps of adulation and pleas to keep going while partaking in one of those circle-thingys.

    Me: Huh...look at that...the world continues to spin...
    I am confused at these DJs saying due to the current climate they are selling up.

    What have they got that is worth selling realistically, who is buying, and what is it worth ??

    Unless a diary full of bookings there is nothing (most) DJs have that is worth selling up.

  4. #44
    Imagine's Avatar
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    Quote Originally Posted by ppentertainments View Post
    Unless a diary full of bookings there is nothing (most) DJs have that is worth selling up.

    And even a diary full of bookings is potentially worthless at the moment until we know when things are likely to return to some sort of normal.

    Got to admit, there's a LOAD of DJ gear appearing on FB at the moment as people start to sell unused kit.....at nearly FULL retail price

  5. #45

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    Quote Originally Posted by Benny Smyth View Post
    Mobile DJs on a Facebook Forum: I'm retiring/stepping away and in no way seeking attention.

    DJs replying: Heaps of adulation and pleas to keep going while partaking in one of those circle-thingys.

    Me: Huh...look at that...the world continues to spin...
    I haven't seen one of those in a while in any of the big groups.

    I didn't do that my with my question on MDJN, did I? (for anyone not on FB, I asked if anyone has an exit plan for their business - based on the responses, I'm guessing not ).
    http://www.bristoldiscohire.co.uk - Quality Disco and Equipment hire for Bristol & Bath
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  6. #46

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    Quote Originally Posted by DeckstarDeluxe View Post
    My personal preference is that the government provide interest free overdraft facilities for businesses for 12-18 months. They bailed the banks out making daft decisions while this is something that's totally out of our hands. I can see this being the final nail in the coffin for many business if there isn't any help provided.
    They basically have with the Bounce Back Loan.

    It's 12 months interest and fee free.

    You can use it for 12 months, and pay it all back.

    Can't pay it back? Then there's a structured monthly repayment plan.

  7. #47
    Imagine's Avatar
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    Quote Originally Posted by DJ Jules View Post
    I haven't seen one of those in a while in any of the big groups.

    I didn't do that my with my question on MDJN, did I? (for anyone not on FB, I asked if anyone has an exit plan for their business - based on the responses, I'm guessing not ).
    I did resist the urge to join in

    Yes, I DO actually have an exit plan just in case it's needed (for instance, if it's looking like things like Social Distancing are a more permanent part of life).
    I'm not going to get rich from it, but then the disco doesn't actually owe me any money (apart from the ongoing insurance and lockup rental costs). Worst case scenario, I start selling kit (so long as people buy it, I'm in profit) and wave goodbye.

    This sounds daft, but I'm actually enjoying being out in the world of work again for the moment. It's not the most glamorous job in the world (training to be a supermarket online delivery driver), but I get to be with regular workmates, share banter, and a week in I'm already starting to notice fitness levels improve.

  8. #48

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    Quote Originally Posted by Imagine View Post
    Yes, I DO actually have an exit plan just in case it's needed (for instance, if it's looking like things like Social Distancing are a more permanent part of life).
    I'm not going to get rich from it, but then the disco doesn't actually owe me any money (apart from the ongoing insurance and lockup rental costs). Worst case scenario, I start selling kit (so long as people buy it, I'm in profit) and wave goodbye.
    I got wondering about this one evening as a lot of businesses do have exit plans and they can actually be key to walking away from a business with money in the bank (as opposed to it actually costing you years of earnings to close out!) With some business/industries where the opportunity is relatively short lived (e.g. Pay day loans, PPI, etc) it's essential to have a plan on how to close up shop, or the money made during the operation could be negated by the startup and shutdown costs. I've done this once before (I sold another business) and it's probably not as straight forward as you'd think. Some costs disappear quite quickly (advertising), others don't go away until the business is done (insurance, professional memberships, storage, transport, etc), others hit you a long time after the income has gone (tax/vat) and if any part of the business was paid for using finance, then you'd also want that to be paid of when the income stops. If your cashflow is in good shape then winding down isn't a big deal, but if you're reliant on cash in hand for bills and you've been spending deposits/advance payments as they come in, then you could be in a position where you're working without a lot of income as soon as you stop taking new business. If you're not heavily dependent on the income and you've got relatively low levels of debt then it's easy, otherwise, not so much.

    I got to this because I've been looking very closely at how my household income would stack up if the disco income is on hold for 6, 12, 18months and then what income/expenses would look like without it, and I'd have to manage it very carefully.

    Quote Originally Posted by Imagine View Post
    This sounds daft, but I'm actually enjoying being out in the world of work again for the moment. It's not the most glamorous job in the world (training to be a supermarket online delivery driver), but I get to be with regular workmates, share banter, and a week in I'm already starting to notice fitness levels improve.
    I'm going back a few years now, but my Uncle and Auntie used to live near Cambridge with their 2 kids, both in reasonably demanding jobs and when my Auntie's mother died, they took the opportunity to change pace and moved into her house in Scotland to enjoy their kids as they grew up. They managed to both ditch their jobs and my Uncle used to work nights in Tesco and my Auntie did bits and pieces of music tuition to keep them going and he used to love it.

    On the plus side, you're now a key worker

    My fitness levels have improved a fair bit since we locked down and I started working from home full time. Mostly because I've spent the time catching up with 5yrs of odd jobs that I haven't had the time to do (I've got 5 builders bags of garden waste to shift now!!) I've moved on to dealing with maintenance of some of the disco kit that I've never got round to (sorting out my booth/cloth, switching out XLR connectors for Neutrix, finding a better way to mount those ADJ UV bars onto stands). Still lots to keep me busy... Sadly my increased activity has been offset by my appalling lockdown diet

    Julian
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    Weddings, Birthday Parties, Kids Parties, School Disco's and more
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  9. #49

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    Quote Originally Posted by Imagine View Post
    And even a diary full of bookings is potentially worthless at the moment until we know when things are likely to return to some sort of normal.

    Got to admit, there's a LOAD of DJ gear appearing on FB at the moment as people start to sell unused kit.....at nearly FULL retail price
    Just can't understand the thinking behind this, why waste your time photographing and compiling listing for equipment you have no chance of selling?


    Quote Originally Posted by DJ Jules View Post
    I haven't seen one of those in a while in any of the big groups.

    I didn't do that my with my question on MDJN, did I? (for anyone not on FB, I asked if anyone has an exit plan for their business - based on the responses, I'm guessing not ).
    I don't think many people starting business's have an exit plan, they assume it will work out, but statistics show this is far from the truth. A massive 60% of start-ups fail within 3 years and 20% fail in less than a year leaving many of the owners bankrupt with all the consequences they will inevitably face, very sad really. The biggest cause of failure is reckless expansion on borrowed money instead of accumulating a cash reserve in the business for the unexpected events that often befall new business.
    Observe without judging what you see

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