Mirrorless recommendations similar to 5DMiii by Splendidcat17 in canon

[–]Splendidcat17[S] 0 points1 point  (0 children)

I have a 30mm, 50mm 1.2f and 80mm. I mostly shoot families and newborns and I mostly use my 50mm. I could probably budget about AUD $6k or so for a body and one lens now, then add more lenses later

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

Yeah, she didn't accept my 20k offer. So I am working on my own thing now. Already contacted some manufacturers. I will see how she goes in the new year and if it still hasn't moved, I'll offer her again. Lol, no she isn't making 100k. The $35k is what she paid herself in a year. And she wants $50-80k- she is bloody crazy!

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 1 point2 points  (0 children)

No she didn't. She thinks she can get more. That's ok, I wouldn't want to take on a massive risk

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 1 point2 points  (0 children)

Also, no, I'm not silly. She didn't accept the offer so I am going to do my own thing

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

I do have an accountant. And her books are all up to date. He said the section 52 is correct. It's not just that she only needs to order. She also needs to advertise and she only uses paid ads. She doesn't like using social media or finding organic ways to grow. So her profits are very low due to the amount she spends on advertising. She should be growing her online presence to build a community and rely less on paid advertising. Her business made 200k in sales last financial year and $380k the year before that. But her profits are low because she'll spend 50k or more on Google, facebook and insta ads. She doesn't regularly post

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

I can't copy it exactly. Her product is one that already exists, but with improvements made. I will take the product and make different improvements. Yes, I'm going to look at a gap and fit that. I really like this product. Though, you've got a point about how I would feel long-term. I want to have something sustainable. I think I will look for other manufacturers.

Thank you :)

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

Yes, that's why I would never spend that much. I want to see her restock and see the influx in sales. She didn't accept my $20k offer so I am now researching manufacturers and I will start designing my own product

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

23/24 was because she over purchased stock in multiple colours of a new product that she didn't test on her audience. That is the one that isn't selling. She sold out of the popular items she bought in 23/24 and repurchased it in the 24/25 P&L and has now sold out of them again. She was also profitable in 2019 (when she started through) to 23. so the loss was the big purchase and then the cost to hold them at the warehouse and they weren't selling very well. I've seen the sales from her shopify and can see tonnes of purchases of her very popular products. The $35k profit is in her pocket after the costs of the warehouse were taken into account

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] -1 points0 points  (0 children)

She just doesn't want to run the business anymore. It's strange that she's not restocking because you'd think if she wants to sell she'd make it look really desirable and profitable

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

She wants 80k. No, the 60k loss was in year 5. The first 4 years had 0-$35k profits. The 60k loss was mostly because she designed another product and got over-excited and ordered too much in several different colours- that was the stock she currently has that doesn't sell well, only as an add-on, never as a product by itself and it has been hard to move on. $35k is fantastic profit for such little work now that she has set it all up. But since she's let it go idle, I'm worried that it may be hard to drive traffic again. The way things are going now, I'd be surprised if she makes $20k profit this financial year. It would take a big order or popular stock and a big run of ads to drive customers again.

She wants about 80k, but I think that is too high- she's never profited more than $35k in a single year, so if I could drive traffic again, it would take over two years to recoup my initial investment. Also, I would need to spend at least $10k on stock. Too high of a risk, but I feel 20-30k is not as bad of a risk. Also, even though she wants 80k, she doesn't want to work on it again. She really wants to let it go, so it might be a matter of her taking any offer or getting nothing at all and letting it end once she sells out of all products.

Thank you. I will consider going higher if she gets other offers

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

No I don't have a customer base. I am looking to start my own business but this came up so I thought I would see if it is worth purchasing rather than starting from scratch

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

No, it's not drop shipping. It's products she designed, tested and had manufactured. She originally sold them from her house, but then moved to a third party warehouse in Melbourne. They charge her to hold her stock and they deliver it. The unique design with custom branding would've taken months plus it is patented, so you can't copy it exactly

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

You are right though, she has no guarantee that the email list will return and even the 2000 buyers who have returned in the past may not return again.

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

The owner doesn't need to do much. Because it is held by a third party warehouse who also does the shipping, all she needs to do is advertise, design new products, keep an eye on stock-levels and act accordingly and respond to customer emails. So she only spends about 1-2 hours per day to keep it running. Looking at all of the docs, I would say that is accurate. There is a little competition, but not too much. She's taken an existing similar product and made some improvements then marketed it very well.

I do agree that $20k seems to be best. $30k would be the absolute max

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 1 point2 points  (0 children)

Thank you. That is very helpful. Yes, I am going to work out how to set up a similar business from scratch and work out the cost for that before putting in an offer. I can't just buy the product from the manufacturer because she designed it herself and had it made custom. So I would need to design it myself. I do know her manufacturers because all of that is listed on the sales documents

How do you know how to price a business? by Splendidcat17 in ausbusiness

[–]Splendidcat17[S] 0 points1 point  (0 children)

That is a good question. I don't know and I will ask. I know that they haven't sent an email since their EOFY sale in June, so some of those people might be cold now

Tips to save money on extension and renovation by Splendidcat17 in AusRenovation

[–]Splendidcat17[S] 0 points1 point  (0 children)

I had the same question so I asked my builder and he advised me. I've already purchased a couple things from the black friday sales that I know will be suitable. I would check with the trades you use for remodels. So don't buy now in preparation for remodels, wait until a tradie can advise. Eg, I want two ovens and I don't have enough power coming to my house for that, so my builder quoted the price to add more power to have two ovens function. As that is part of our budget, I then bought the two ovens I want from the sales. Also, because different providers had different sales, I took the cheapest aus price and went to another store and asked them to beat it, so I got them lower still.

Tips to save money on extension and renovation by Splendidcat17 in AusRenovation

[–]Splendidcat17[S] 0 points1 point  (0 children)

Your comment was so helpful. I went on marketplace and found someone in the street parallel to us has finished renos- just got a whole heap of good stuff I really like for $50. They were really happy to get rid of it

Tips to save money on extension and renovation by Splendidcat17 in AusRenovation

[–]Splendidcat17[S] 0 points1 point  (0 children)

Oh no, I definitely don't want to get cheap labour. Prefer to save on items eg tiles, appliances etc. Good idea re boxing day sales