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As a Canadian lady, I admire all the posts that come from all parts of the world. I want to first off say thank you to MJ and for all you who share your story/updates. I am incredibly inspired and challenged to be in the presence of giants.
My 29th birthday was a few days ago and I told myself that now is the time to stop coasting and take ownership of my life. I called myself an "entrepreneur" but in reality, I was a dreamer...nothing that I ever did stuck. I hope that I can make a change for myself...even though I am aware that I tend to start things for a year or two and then eventually give up. Hopefully, I can continue to motivate myself to keep going through life's ups and downs.
BACKGROUND
TL;DR Married at 27, graduated from grad school at 28, paid off condo at 29
Worked 2 part-time jobs, started&closed 4 businesses, and completed grad school. Ate rice and beans according to Dave Ramsey. Became Debt Free.
Got a job in mental health. Trade time for money.
Business #1: Cleaning
No one wanted to go into houses to clean for fear of catching covid. News of my business spread like wildfire and I was booking appointments starting as early as 6am. I provided 3 tiers of cleaning: Basic (using client's own products), Deep (I would bring my own cleaning supplies), and Complete (cleaning/laundry services). I targeted busy moms because that is one of their biggest pain points. These jobs would be weekly recurring events which was easy to slot into my schedule.
Business #2: Nannying
With the same audience, I found that these families needed nannying services...especially overnight. Since I have a specialty in child & adolescent psychopathology and have worked at daycares in the past, I gave it a go. It was rough but paid very well (aka a few dollars above minimum wage).
Business #3: Plants
I had a love for plants and I knew that over the pandemic there was a huge upswing in plant prices. I sold exotic plants (i.e. hoya, cacti, succulents) online through kijiji and facebook marketplace for ridiculous prices (i.e. $100/plant). Clients would simply pick up their purchases and I didn't need to spend any additional money on shipping. It was a fun side gig growing and selling plants.
Business #4: Tutoring
Due to my background in psychology, I was able to support many youth with psychological disabilities/challenges through one-on-one tutoring services.
When I graduated grad school, things got way too busy so I closed businesses #1-4 to focus on my current job in mental health. I absolutely love my job and my clients...but I'm facing the same thing that I encountered in my "businesses". I am trading my time for money once again. If I don't see clients, I won't get paid. At the same time, I plan to have kids either next year or the year after. My dream would be a stay-at-home mom...so now the question is, how can I continue providing incredible value to my community which is devoid of my time? I'm anticipating not being able to work for at least 6 months as I recover and take care of a newborn.
I am not trying to toot my own horn. In fact, I am quite ashamed that I put so much effort in trading my time for money when I could've started growing my own money tree.
What I loved about these businesses was that I was adding value to my community. It made me feel extremely happy when I was helping others solve their problems. I loved working for myself which gave me complete freedom to plan my schedule and priorities. It helped me pay off my grad studies and my condo. At the same time, I experienced a few cycles of burnout because I was working myself very hard. When I turned 29, I told myself, "Enough is enough. Now is the time to put what I'm learning from MJ into practice. It's time to get into the fastlane." I understand that I am in a very privileged place where I have very little to risk right now. I have no dependents, my family is healthy, my husband is supportive, and we have no debt.
Here are some of my thoughts on growing a money tree:
1) Start a psychotherapy podcast
Cons: Podcasts are "trendy" right now, may not be able to monetize until a few years later, may not come up with a "good enough" digital product that people would purchase.
2) Build a multi-psychotherapist business
Cons: need higher capital to start and need to hire/manage psychotherapists. Also, I signed a contract with my current job that includes a non-compete clause. If I start my own clinic, it can only be one year after I quit my job.
If you have any feedback, I'd humbly accept and listen. I am here to try, fail (better) and to learn from all the giants who go before.
My 29th birthday was a few days ago and I told myself that now is the time to stop coasting and take ownership of my life. I called myself an "entrepreneur" but in reality, I was a dreamer...nothing that I ever did stuck. I hope that I can make a change for myself...even though I am aware that I tend to start things for a year or two and then eventually give up. Hopefully, I can continue to motivate myself to keep going through life's ups and downs.
BACKGROUND
TL;DR Married at 27, graduated from grad school at 28, paid off condo at 29
Worked 2 part-time jobs, started&closed 4 businesses, and completed grad school. Ate rice and beans according to Dave Ramsey. Became Debt Free.
Got a job in mental health. Trade time for money.
Business #1: Cleaning
No one wanted to go into houses to clean for fear of catching covid. News of my business spread like wildfire and I was booking appointments starting as early as 6am. I provided 3 tiers of cleaning: Basic (using client's own products), Deep (I would bring my own cleaning supplies), and Complete (cleaning/laundry services). I targeted busy moms because that is one of their biggest pain points. These jobs would be weekly recurring events which was easy to slot into my schedule.
Business #2: Nannying
With the same audience, I found that these families needed nannying services...especially overnight. Since I have a specialty in child & adolescent psychopathology and have worked at daycares in the past, I gave it a go. It was rough but paid very well (aka a few dollars above minimum wage).
Business #3: Plants
I had a love for plants and I knew that over the pandemic there was a huge upswing in plant prices. I sold exotic plants (i.e. hoya, cacti, succulents) online through kijiji and facebook marketplace for ridiculous prices (i.e. $100/plant). Clients would simply pick up their purchases and I didn't need to spend any additional money on shipping. It was a fun side gig growing and selling plants.
Business #4: Tutoring
Due to my background in psychology, I was able to support many youth with psychological disabilities/challenges through one-on-one tutoring services.
When I graduated grad school, things got way too busy so I closed businesses #1-4 to focus on my current job in mental health. I absolutely love my job and my clients...but I'm facing the same thing that I encountered in my "businesses". I am trading my time for money once again. If I don't see clients, I won't get paid. At the same time, I plan to have kids either next year or the year after. My dream would be a stay-at-home mom...so now the question is, how can I continue providing incredible value to my community which is devoid of my time? I'm anticipating not being able to work for at least 6 months as I recover and take care of a newborn.
I am not trying to toot my own horn. In fact, I am quite ashamed that I put so much effort in trading my time for money when I could've started growing my own money tree.
What I loved about these businesses was that I was adding value to my community. It made me feel extremely happy when I was helping others solve their problems. I loved working for myself which gave me complete freedom to plan my schedule and priorities. It helped me pay off my grad studies and my condo. At the same time, I experienced a few cycles of burnout because I was working myself very hard. When I turned 29, I told myself, "Enough is enough. Now is the time to put what I'm learning from MJ into practice. It's time to get into the fastlane." I understand that I am in a very privileged place where I have very little to risk right now. I have no dependents, my family is healthy, my husband is supportive, and we have no debt.
Here are some of my thoughts on growing a money tree:
1) Start a psychotherapy podcast
- Grow my audience by serving first
- Once I start getting traction (podcast, youtube, social media), I can start to provide some options for paid content depending on my audience's pain points (ie. webinar, courses, books, etc...)
- Look into sponsorships (less control, but it's something instead of nothing) and other ways to generate monthly revenue
- Over time, exit the business
Cons: Podcasts are "trendy" right now, may not be able to monetize until a few years later, may not come up with a "good enough" digital product that people would purchase.
2) Build a multi-psychotherapist business
- Get business license from the governing body
- Set up business systems
- Hire competent psychotherapists over time
- Market the crap out of the business
- Over time, exit the business
Cons: need higher capital to start and need to hire/manage psychotherapists. Also, I signed a contract with my current job that includes a non-compete clause. If I start my own clinic, it can only be one year after I quit my job.
If you have any feedback, I'd humbly accept and listen. I am here to try, fail (better) and to learn from all the giants who go before.
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