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Hi All!
Thank you for this great community. It's hard to find like-minded people around, especially those with whom you can discuss life and business and give/get inspiration.
About me:
My current situation isn't bad at all... I have a loving family with children, a good job with a good salary in the UK to where I have relocated from eastern Europe. I work 40 hours a week but I usually get the job done in half time so I usually work 3-4 days a week and stay 3-4 days at home. (Technically I'm at work 5 days a week but I prefer to focus and work hard and get 4 "free" days. I'm available for work on the other 2 days but I have nothing to do, apart from dialing in to a few meetings. Those days I spend my time with self development, read about my industry, attend online courses etc. I also read/work while I'm commuting, but those times I work on my own projects.
I can tell you that goals, plans and motivation can really get you anywhere. I remember telling to myself a few years ago: "I want a good salary but I dont want to spend my life in the office". All done now.
Also, before that in my teens when we were in extreme poverty (divorced parents and unfortunately I chose to stay with my mum who became an alcoholic shortly after and lost all the wealth and got in debt), initially we had a small shed to live in the outskirts of a rural village, dirt road, no street names or house numbers - officially nonexistent address.
I started working when I was 12. Besides school, just for the money. I was about 15 when we got really poor. So I was working more, but all the money I was making just poured away. Food, unpaid bills, debts that my mum made and I was not aware of.
Then I had a plan. I had enough time thinking during my zombie-work hours (putting thousands of letters into envelopes for 0.5c each doesnt require much thinking). I knew that my time in a day is limited, so I had to earn more in any units of time. I took risks and not accepted 'any' work but waited for better works at the agencies. It quickly turned out, that any missed days will be covered by a better paying job.
I already knew that it was a dead-end (you can only get very basic jobs at those agencies), so kept upgrading my plan and preparing for the next step. I needed a skill that pays more hourly. Instead of $1.2 per hour I could make $10-15 (the numbers are correct, I'm talking about eastern Europe in 1995).
By that time I could already speak English and knew how to use a computer, knew some programming as well because that was my hobby when I was about 7-8. I started translating users manuals for companies from English. I had to buy a computer and make sure that we have electricity at home or go to a library when there was no electricity. It paid very well - compared to my previous situations. I could work anytime, as long as I delivered results. I was 15 and making 2x the average salary from home.
I wanted to go to the university so I knew that I need to allocate time for that. I got into medical university and kept working besides.
I was continuously improving my skills. While translating the manuals I unintentionally got to know the products too. By translating service manuals, I knew how to repair them and got insightful information. My boss was surprised when at an exhibition I could deal with any problems - so shortly after I held workshops and conferences to users and technicians as well. Made all the ads, consulted with my boss about product range expansions, set up webshops etc. I was very excited in improving his business.
But then I graduated and wanted to monetize my degree. I went to a company that was a previous client and required a medical degree as entry. I was hired, and despite of being a doctor I always enjoyed the "building and improving" part of the work more, than any scientific and analytic work. Promotion after promotion and I was part of the management within a year. Worked on multiple projects and business development - it was good and interesting, but the business owner was in charge, not me. At that time I got to know that the company will be in serious trouble due to some dirty deals made jointly by the owner and financial officer.
So I have left the company in time and started my own business. Setting up a company and launching products were easier than I thought.
I had a few cornerstones set: I wanted to sell healthcare products quickly. The products should arrive from the European Union - no customs and still good margin, and also customers like the "made in EU" slogan. I dont go into regulatory and other details but I knew what was the best choice so I was looking for those specifically. Also I wanted the possibility to expand the range easily (ie. start with weight loss, then you can add diabetes, heart, healthy food etc to your brand easily).
In 2 days my excel sheet with products and supplier candidates was ready and I contacted each of them directly. My 3-page web was done in a few hours on wordpress. As a one man company, I was doing everything but I had different names. I was the CEO, the sales manager, webmaster, customer service, and I dont know how many other aliases
After finding the right supplier, I negotiated for price reduction and free samples, and were ready to sell in 2 weeks. I asked for paperwork in advance so licenses were ready. In the meantime I created the webshop and ads, flyers and contacted wholesalers. And that was it: business started. I had other companies as well, some with partners, some alone. Some failures too but thats part of the process.
Then I realized the hard truth. I could grow the business larger, but its comfortable staying under the radar. As long as you don't make more than about 10x minimum wage it' OK. But above that, you'll face corruption and legal issues. I decided not to take the risk of being humiliated as I already had children and responsibility.
I gave up and decided to go back to employment. Part of my plan was to leave the country ang go to Western Europe. I needed a good CV for this so I was working for a good reputable company in a good team, done great work and prepared for a job in the UK.
Now I'm here for 2 years and I love what I'm doing, but my plan is to gain full control of my life in 5 years. I'm 34 now and I'll keep this job for a few years because I love it, and it also funds my passive income plans.
I am starting companies now to test the market and see what is the right direction now. I see great needs around me so the opportunities are here. I'm planning my companies to grow organically in the first years and when I get there and see the road to the big money I'll start it big.
As mentioned in the book TMF , entry cost is important and I couldn't agree more. I'll start with anything between 0-3k as a market research, but most of my big ideas are in the segments where you need 50-200k to start with. I'll finance these with my savings and business profits. I won't start anything blindly, thats why I'll start small businesses, in order to get the hung of those, get involved, get to know the needs better etc etc. I'll focus my attention to a very small number of areas that would probably have a synergistic effect to each other, and at the same time does not conflict with my agreement with my employer (I cant be involved in similar businesses).
Thank you for this wonderful community!
Jim
Thank you for this great community. It's hard to find like-minded people around, especially those with whom you can discuss life and business and give/get inspiration.
About me:
My current situation isn't bad at all... I have a loving family with children, a good job with a good salary in the UK to where I have relocated from eastern Europe. I work 40 hours a week but I usually get the job done in half time so I usually work 3-4 days a week and stay 3-4 days at home. (Technically I'm at work 5 days a week but I prefer to focus and work hard and get 4 "free" days. I'm available for work on the other 2 days but I have nothing to do, apart from dialing in to a few meetings. Those days I spend my time with self development, read about my industry, attend online courses etc. I also read/work while I'm commuting, but those times I work on my own projects.
I can tell you that goals, plans and motivation can really get you anywhere. I remember telling to myself a few years ago: "I want a good salary but I dont want to spend my life in the office". All done now.
Also, before that in my teens when we were in extreme poverty (divorced parents and unfortunately I chose to stay with my mum who became an alcoholic shortly after and lost all the wealth and got in debt), initially we had a small shed to live in the outskirts of a rural village, dirt road, no street names or house numbers - officially nonexistent address.
I started working when I was 12. Besides school, just for the money. I was about 15 when we got really poor. So I was working more, but all the money I was making just poured away. Food, unpaid bills, debts that my mum made and I was not aware of.
Then I had a plan. I had enough time thinking during my zombie-work hours (putting thousands of letters into envelopes for 0.5c each doesnt require much thinking). I knew that my time in a day is limited, so I had to earn more in any units of time. I took risks and not accepted 'any' work but waited for better works at the agencies. It quickly turned out, that any missed days will be covered by a better paying job.
I already knew that it was a dead-end (you can only get very basic jobs at those agencies), so kept upgrading my plan and preparing for the next step. I needed a skill that pays more hourly. Instead of $1.2 per hour I could make $10-15 (the numbers are correct, I'm talking about eastern Europe in 1995).
By that time I could already speak English and knew how to use a computer, knew some programming as well because that was my hobby when I was about 7-8. I started translating users manuals for companies from English. I had to buy a computer and make sure that we have electricity at home or go to a library when there was no electricity. It paid very well - compared to my previous situations. I could work anytime, as long as I delivered results. I was 15 and making 2x the average salary from home.
I wanted to go to the university so I knew that I need to allocate time for that. I got into medical university and kept working besides.
I was continuously improving my skills. While translating the manuals I unintentionally got to know the products too. By translating service manuals, I knew how to repair them and got insightful information. My boss was surprised when at an exhibition I could deal with any problems - so shortly after I held workshops and conferences to users and technicians as well. Made all the ads, consulted with my boss about product range expansions, set up webshops etc. I was very excited in improving his business.
But then I graduated and wanted to monetize my degree. I went to a company that was a previous client and required a medical degree as entry. I was hired, and despite of being a doctor I always enjoyed the "building and improving" part of the work more, than any scientific and analytic work. Promotion after promotion and I was part of the management within a year. Worked on multiple projects and business development - it was good and interesting, but the business owner was in charge, not me. At that time I got to know that the company will be in serious trouble due to some dirty deals made jointly by the owner and financial officer.
So I have left the company in time and started my own business. Setting up a company and launching products were easier than I thought.
I had a few cornerstones set: I wanted to sell healthcare products quickly. The products should arrive from the European Union - no customs and still good margin, and also customers like the "made in EU" slogan. I dont go into regulatory and other details but I knew what was the best choice so I was looking for those specifically. Also I wanted the possibility to expand the range easily (ie. start with weight loss, then you can add diabetes, heart, healthy food etc to your brand easily).
In 2 days my excel sheet with products and supplier candidates was ready and I contacted each of them directly. My 3-page web was done in a few hours on wordpress. As a one man company, I was doing everything but I had different names. I was the CEO, the sales manager, webmaster, customer service, and I dont know how many other aliases
After finding the right supplier, I negotiated for price reduction and free samples, and were ready to sell in 2 weeks. I asked for paperwork in advance so licenses were ready. In the meantime I created the webshop and ads, flyers and contacted wholesalers. And that was it: business started. I had other companies as well, some with partners, some alone. Some failures too but thats part of the process.
Then I realized the hard truth. I could grow the business larger, but its comfortable staying under the radar. As long as you don't make more than about 10x minimum wage it' OK. But above that, you'll face corruption and legal issues. I decided not to take the risk of being humiliated as I already had children and responsibility.
I gave up and decided to go back to employment. Part of my plan was to leave the country ang go to Western Europe. I needed a good CV for this so I was working for a good reputable company in a good team, done great work and prepared for a job in the UK.
Now I'm here for 2 years and I love what I'm doing, but my plan is to gain full control of my life in 5 years. I'm 34 now and I'll keep this job for a few years because I love it, and it also funds my passive income plans.
I am starting companies now to test the market and see what is the right direction now. I see great needs around me so the opportunities are here. I'm planning my companies to grow organically in the first years and when I get there and see the road to the big money I'll start it big.
As mentioned in the book TMF , entry cost is important and I couldn't agree more. I'll start with anything between 0-3k as a market research, but most of my big ideas are in the segments where you need 50-200k to start with. I'll finance these with my savings and business profits. I won't start anything blindly, thats why I'll start small businesses, in order to get the hung of those, get involved, get to know the needs better etc etc. I'll focus my attention to a very small number of areas that would probably have a synergistic effect to each other, and at the same time does not conflict with my agreement with my employer (I cant be involved in similar businesses).
Thank you for this wonderful community!
Jim
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