EDIT: WOW..I just realized how long this one became!!! My apologies in advance guys!! LOL
A thread in this section entitled “Beginning Businesses you can do NOW” recently piqued my curiosity in a great way. In the past, I have always dismissed ideas such as landscaping businesses, EBay selling, etc. as I figured they did not tie into my overall goals, and would simply entail a lot of effort for possibly minimal returns. As I dug deeper into these ideas though, I realized, “What if I were to use an idea like that as a STEPPING STONE” on the way up the ladder? What if I could do something to accelerate my growth in the short-term, to set myself up better in the long?
The more I read the suggestions and ideas posted in that thread, the more interested I became as I started thinking, “Why arent I doing this???”. I’m constantly stressing over money and trying to figure out how to “get ahead” for the next month while I strive to enter the fastlane, why arent I working harder to change things? As Russ always says, what is my PLAN and what could I do TODAY to get there?
To give you a better idea of my personal situation; A large problem for me lately (and I'm sure for MANY of us!) has been simply increasing my bank account. Although I work full time and routinely save as much as I can, a large mortgage payment each month limits my savings and investing a great deal, and this is something I have been working hard to rectify. My long-term GF and I recently breaking up has also hindered progress, as I no longer have anyone shouldering the bills with me at the end of the month.
Now, I am constantly learning and on the prowl for an idea to run with, as my ultimate goal is to leave the rat race someday and start a business. HOWEVER, in the meantime, I would like to build up as much seed-money as possible so that when I do make the jump to become a full-time Entrepreneur, I am ready for it. That is where small, “EASY start-up” businesses like EBay drop shipping, pressure-washing, catering, landscaping, painting, etc. can come into play. I work M-F at my full-time job, so every weekend for me is free. I would have NO problem giving up those days off on the weekend, if I could find something to do that would:
A-Increase my business management skills and better prepare me for life as an Entrepreneur (ie: HANDS-ON experience can be worth its weight in gold).
B-Allow me to work on MY schedule and for ME alone, meaning I would not have to answer to anyone else and could 100% control my own growth (ie; the harder I work the more I get paid! My income in the beginning is DIRECTLY related to my efforts). Note: this is not the scenario I would want to be in forever.
As MJ has said, I would not want my income tied directly to a “job” where I am exchanging my time for money. This is just the beginning.
And
C-Supplement my income to the point of where I would no longer stress about paying my mortgage every month, or worry about “&#*@ hitting the fan” and putting me under from paycheck to paycheck.
Obviously, working as a cashier for Lowes or FOR a landscaper for $10 an hour will not accomplish that. (as an MBA at 26 years old, I also feel my time at this point is worth much more then that, so it would be hard for me to stomach working somewhere for 9 hours a day to clear $8.00 an hour). There are only so many working hours on the weekend, and I would refuse to let my income growth be limited. Working for MYSELF however means that the sky is literally the limit, as there are always ways to grow and expand (working harder, working smarter, hiring other employees/laborers to grow the business, etc.). Michael’s idea in that thread of getting to the point where you transition from “worker” to “manager” is ideal, as I think that is the point every Entrepreneur wants to get to. Slowly but surely, the business expands to the point where you either sell it and cash in, or set it to over-drive and let your well-oiled machine go to work each day.
Pressure washing in particular interests me, as I used to know someone years ago who did it, and was very profitable. We have since lost touch, but it seems as though that business could be started rather easily, and for an easy $5,000 or so.
-$2,500 to $3,000 for a used, fleet work van with flat panel sides (easier to advertise on)
-$1500 or less for a good, commercial grade pressure washer (a quick look on Craigslist found TONS of these for sale, many pre-owned for 50% of their original price)
-$500 for supplies (cleaners, strippers, stains, etc. to begin work)
-$100 for some T-shirts with your company’s name on it (you’ll always want to appear professional and well-kept, even being a part-time business run from a garage).
-$200 for Vinyl decals to advertise your company’s name and phone number on your new work vehicle
-$100 for some basic business cards to hand out for referrals (word of mouth is EVERYTHING at this stage)
-$300 or less advertising budget to begin throwing your name out there ALL over Craigslist, your local papers, ads in your grocery store, business cards in mailboxes, etc.
If you already have a vehicle (pick up truck, SUV, etc.) that could be used in the beginning as your new “work truck”, you just cut your start-up costs in half. Now you’re looking at $3000 or less for a professional looking, self-managed business that you could start immediately on your free time over the weekends.
The more I think about this idea (and others like it), the more interested I have become. I work hard to invest every month and to save as much as I can from each paycheck, constantly telling myself that, “by next Spring, Ill have enough of a savings account to weather any storm a new business could bring”. If I could find a way to ACCELERATE my path towards that goal, my “PLAN” could start working a lot sooner then I thought!
I will have to do some more research on all this, however I figured I would lay out the ground work and see what you guys think. Could a part-time business be the key towards accelerating my progress? Could a part-time business help do the things I mentioned (increase savings, provide experience, etc.) without deterring my longterm goals (my PLAN)?
Any ideas/input would be appreciated!
A thread in this section entitled “Beginning Businesses you can do NOW” recently piqued my curiosity in a great way. In the past, I have always dismissed ideas such as landscaping businesses, EBay selling, etc. as I figured they did not tie into my overall goals, and would simply entail a lot of effort for possibly minimal returns. As I dug deeper into these ideas though, I realized, “What if I were to use an idea like that as a STEPPING STONE” on the way up the ladder? What if I could do something to accelerate my growth in the short-term, to set myself up better in the long?
The more I read the suggestions and ideas posted in that thread, the more interested I became as I started thinking, “Why arent I doing this???”. I’m constantly stressing over money and trying to figure out how to “get ahead” for the next month while I strive to enter the fastlane, why arent I working harder to change things? As Russ always says, what is my PLAN and what could I do TODAY to get there?
To give you a better idea of my personal situation; A large problem for me lately (and I'm sure for MANY of us!) has been simply increasing my bank account. Although I work full time and routinely save as much as I can, a large mortgage payment each month limits my savings and investing a great deal, and this is something I have been working hard to rectify. My long-term GF and I recently breaking up has also hindered progress, as I no longer have anyone shouldering the bills with me at the end of the month.
Now, I am constantly learning and on the prowl for an idea to run with, as my ultimate goal is to leave the rat race someday and start a business. HOWEVER, in the meantime, I would like to build up as much seed-money as possible so that when I do make the jump to become a full-time Entrepreneur, I am ready for it. That is where small, “EASY start-up” businesses like EBay drop shipping, pressure-washing, catering, landscaping, painting, etc. can come into play. I work M-F at my full-time job, so every weekend for me is free. I would have NO problem giving up those days off on the weekend, if I could find something to do that would:
A-Increase my business management skills and better prepare me for life as an Entrepreneur (ie: HANDS-ON experience can be worth its weight in gold).
B-Allow me to work on MY schedule and for ME alone, meaning I would not have to answer to anyone else and could 100% control my own growth (ie; the harder I work the more I get paid! My income in the beginning is DIRECTLY related to my efforts). Note: this is not the scenario I would want to be in forever.
As MJ has said, I would not want my income tied directly to a “job” where I am exchanging my time for money. This is just the beginning. And
C-Supplement my income to the point of where I would no longer stress about paying my mortgage every month, or worry about “&#*@ hitting the fan” and putting me under from paycheck to paycheck.
Obviously, working as a cashier for Lowes or FOR a landscaper for $10 an hour will not accomplish that. (as an MBA at 26 years old, I also feel my time at this point is worth much more then that, so it would be hard for me to stomach working somewhere for 9 hours a day to clear $8.00 an hour). There are only so many working hours on the weekend, and I would refuse to let my income growth be limited. Working for MYSELF however means that the sky is literally the limit, as there are always ways to grow and expand (working harder, working smarter, hiring other employees/laborers to grow the business, etc.). Michael’s idea in that thread of getting to the point where you transition from “worker” to “manager” is ideal, as I think that is the point every Entrepreneur wants to get to. Slowly but surely, the business expands to the point where you either sell it and cash in, or set it to over-drive and let your well-oiled machine go to work each day.
Pressure washing in particular interests me, as I used to know someone years ago who did it, and was very profitable. We have since lost touch, but it seems as though that business could be started rather easily, and for an easy $5,000 or so.
-$2,500 to $3,000 for a used, fleet work van with flat panel sides (easier to advertise on)
-$1500 or less for a good, commercial grade pressure washer (a quick look on Craigslist found TONS of these for sale, many pre-owned for 50% of their original price)
-$500 for supplies (cleaners, strippers, stains, etc. to begin work)
-$100 for some T-shirts with your company’s name on it (you’ll always want to appear professional and well-kept, even being a part-time business run from a garage).
-$200 for Vinyl decals to advertise your company’s name and phone number on your new work vehicle
-$100 for some basic business cards to hand out for referrals (word of mouth is EVERYTHING at this stage)
-$300 or less advertising budget to begin throwing your name out there ALL over Craigslist, your local papers, ads in your grocery store, business cards in mailboxes, etc.
If you already have a vehicle (pick up truck, SUV, etc.) that could be used in the beginning as your new “work truck”, you just cut your start-up costs in half. Now you’re looking at $3000 or less for a professional looking, self-managed business that you could start immediately on your free time over the weekends.
The more I think about this idea (and others like it), the more interested I have become. I work hard to invest every month and to save as much as I can from each paycheck, constantly telling myself that, “by next Spring, Ill have enough of a savings account to weather any storm a new business could bring”. If I could find a way to ACCELERATE my path towards that goal, my “PLAN” could start working a lot sooner then I thought!
I will have to do some more research on all this, however I figured I would lay out the ground work and see what you guys think.
Could a part-time business be the key towards accelerating my progress? Could a part-time business help do the things I mentioned (increase savings, provide experience, etc.) without deterring my longterm goals (my PLAN)? Any ideas/input would be appreciated!
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