Yep, 160 hours, and then 40 hours writing the plan up.
"This should be an 80:20 rule — 80 per cent of the time available is spent on research and 20 per cent is spent converting the research into a set of projections," he said."Is there a need in the market for the idea? Because all business viability hinges off someone buying something for more than what it costs to make it."on what you think the business will cost to set up — if you think you need $50,000, make sure you have $60,000.
"If you're going to understand accounting, you've got to understand finance, so therefore you should commit to obtaining some financial literacy."It's the lifeblood of the business and the business is the lifeblood of the family, the family cannot survive unless there's a regular income being paid into the family coffers.If you haven't realised yet, Mr Childs is a very straight talker.
He's also a big fan of accountants and suggests seeking advice from one about how to structure your business and protect yourself legally. Once you've jumped through all his hoops and set up your new dream life, Brian Childs' final piece of advice is
Yeah, and if YouTube shows me one more ad where I can buy and sell on amazon while holidaying in Ibiza.....