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Ideas are cheap (Read 310 times)
NooneOfConsequence
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Ideas are cheap
Feb 3rd, 2020 at 11:27am
 
Ideas are cheap. Execution of ideas is hard.

Thereís been a lot of buzz about Dangergoods and Elliotís mysterious tennis ball sling, but this also applies to the Slingers Guide book and almost every invention  or business idea people come up with in their kitchen or garage.

Ideas are easy, but making ideas into reality will always take longer and cost more than you anticipate.  People get really protective of their ideas and try to keep them secret, but if you do that, you wonít get valuable feedback that makes the idea work in the real world.  Itís easy to invent a thing that solves a problem. Itís hard to make the thing that solves the RIGHT problems. That takes time, effort, and learning from mistakes.  If you donít put yourself out there, you nay never know what mistakes you are making.   I have respect for those who put in the work. Whatever your ambitions... Hereís hoping that you can endure all the way to the finish line.
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Kick
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Re: Ideas are cheap
Reply #1 - Feb 3rd, 2020 at 11:55am
 
On the creative side more than than the business side, executing an idea is very hard. Everyone has some great idea for a movie or a book but how many people actually go ahead and make it? I have a lot of ideas for stories and one in particular I've been working on for a long time now. I'm terrible at knuckling down and completing things so who knows if it'll ever actually be finished. People sometimes forget that actually finishing a thing is impressive even if it doesn't turn out the greatest thing in the world. Cheers to all the entrepreneurs and creatives that get things done!
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Sarosh
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Re: Ideas are cheap
Reply #2 - Feb 4th, 2020 at 3:29am
 
the problem I have faced is not the marketing, not the production and supply, not that the market will not respond. I would like to try and sell slings online and if they don't sell for any reason then I wouldn't really lose something or adapt. The problem is that I will have to return ~60% of my revenue to VAT and income tax the rest 40% would be to pay for fixed taxes for having a "company" and paying insurance and accountant. At the end of the day I wouldn't get paid.

My idea was already dead before its conception. I would have to make more than 20k of yearly revenue on selling slings to make some money out of it.

Etsy doesn't help, legally I still have to open a company and pay the above amounts to run it.



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Curious Aardvark
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Re: Ideas are cheap
Reply #3 - Feb 5th, 2020 at 7:00am
 
Unless you are making a significant amount of money selling slings - I don't see why you need to become a business ?

As far as declaring income goes - hobbies don't usually count.

your figures just don't sound riight.
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Sarosh
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Re: Ideas are cheap
Reply #4 - Feb 5th, 2020 at 9:10am
 
Curious Aardvark wrote on Feb 5th, 2020 at 7:00am:
Unless you are making a significant amount of money selling slings - I don't see why you need to become a business ?

As far as declaring income goes - hobbies don't usually count.

your figures just don't sound riight.


I've asked an accountant and I'll ask more to make sure.
and I've searched on forums of my country for the matter.
What I understand is :
Legally I can't sell any physical product without paying VAT and giving a receipt , to do that I need to create a company.

sell over 15 items without a receipt and I am a company not paying VAT the fine is ~500 euros per item sold this way.

I can't even sell old magazines legally . If it's cash it's almost impossible to track small amounts so people don't bother .
If it's through e.g. paypal and bank accounts then it's easier to be tracked , again here the state won't bother for small amounts but it's a risk with a very high price to pay.

If I remember correct selling outside the EU there is no VAT.
Will see...

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"The main reason we stop doing something we love is because we forget our love of doing it for enjoyments sake and replace it with the desire to be good at it."
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NooneOfConsequence
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Re: Ideas are cheap
Reply #5 - Feb 5th, 2020 at 11:11am
 
... and thatís why I live in Texas!  No VAT, and business fees are very reasonable.
Have you considered just bartering/trading slings for other items?
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Sarosh
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Re: Ideas are cheap
Reply #6 - Feb 7th, 2020 at 4:55am
 
Haven't thought of trading slings a lot.
I want to buy tools and materials to make and test other ancient artillery weapons ...
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"The main reason we stop doing something we love is because we forget our love of doing it for enjoyments sake and replace it with the desire to be good at it."
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Slingbasket
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Re: Ideas are cheap
Reply #7 - May 18th, 2020 at 6:10pm
 
Well Gents- talk is cheap! Especially when you have COVID-19 hit the planet. I am still working on the project. Iíll post again with details.

Please stay safe, wherever you are slingers!
Elliott
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Mersa
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Re: Ideas are cheap
Reply #8 - May 18th, 2020 at 11:25pm
 
Weíre all awaiting your release Elliott, CA has given some hype
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