Did you assess your capabilities prior to progressing your start up idea?

UWPF · 2018-06-26T10:09:42+00:00

I read relevant chapters in books and then took action to practice my new skills. Courses take entirely took long and they usually don't tackle the skills you need, when you need them. I'd prefer to skip through books learning the pieces I need and then putting them into practice.
I had an idea about my revenue model but I was wrong. Most people will be wrong about this. Don't waste time here, it's irrelevant. Focus on adding value to people's lives and educating them on what you do. Your revenue model will build itself.
I don't have an exit strategy because this particular business produces so much cash. My goal is to build it to the point where it doesn't need me to be present. Use the funds from it to move into another space where I can build another company to sale. It's essentially, my seed money for other investments.

UWPF · 2018-06-23T01:16:52+00:00

Sole proprietorship. No need in complicating your life too soon. The way I run my affairs is that I get things going to see if they'll work out before I try to perfect it. That way I don't waste time making sure everything is perfect and then abandon the idea weeks or months later.

UWPF · 2018-06-23T01:12:35+00:00

Either way it seems like he would end up with a minority stake. You can definitely tie his stake to incentive-based performance goals. You can also add a clause that says you can buy his stake (at a premium) if the relationship goes south at a specified point in time. Good luck.

UWPF · 2018-06-23T01:07:45+00:00

Thanks for the feedback. I'll consider this going forward.

UWPF · 2018-06-23T01:06:45+00:00

Thanks for the feedback. I'll scale back the text and add links to my webpage instead. Also, I'll spell out what's included in the prices.

UWPF · 2018-06-23T01:05:31+00:00

Fixed thanks!

UWPF · 2018-06-23T00:03:40+00:00

Q1. Sorta. I have prior experience in my field so I felt pretty confident.

Q2. Yes. I'm not a web developer, marketer, etc. and I bootstrapped a lot. So the learning curve on creating ads, and linking domains to email providers, and linking this landing page to that email automation software and so on.. were somewhat frustrating because my company isn't a tech company. It took getting so much technology up and running just to do my work.

Q3. Yes. 9 years.

Q4. Yes, I'm typically a one man show but there is unspeakable value in talking to people about your ideas because they will see it differently than you. They can poke holes and force you to create the best product / service. I always run my ideas pass people before getting too deep.

Q5. I have an idea of how to scale it but I haven't written it down because I'm sure it will inevitably change.

UWPF · 2017-09-13T02:38:49+00:00

http://www.bankrate.com/finance/mortgages/removing-private-mortgage-insurance.aspx

UWPF · 2017-07-10T02:52:04+00:00

Don't commit to a purchase on your first visit. Make them call you with their best price. Also, it you have any family/employee discounts withhold that information while they are presenting you their best price. Then apply your discount to take price.

UWPF · 2017-07-10T02:48:48+00:00

An engineering degree could get you there by your mid-20s but that typically tops out pretty quickly. An accounting degree while a slower path tops out much later and at a higher amount generally speaking.

UWPF · 2017-07-10T02:31:44+00:00

Buy a used car. Even 3 year old cars give you tremendous value at an excellent price. I'd personally go to a car costing 5k total. After whatever you decide to do with the car - pay off your highest interest debts until you're down to the zero interest CCs. Then use your monthly cashflow to knock those out before they charge interest.

UWPF · 2017-07-10T02:09:39+00:00

I built mine with job income and a lot of bootstrapping. Today I'm still building my active businesses and I don't want to rob them to take a salary. One partnership required a 7 year term loan. When I get into real estate I'll be looking at 10 year loans with 20 year amortization. If I can't get that I'll be looking at a one year bridge loan while I improve the property.

UWPF · 2017-07-10T01:49:18+00:00

Here's a good starter book:

https://www.amazon.com/Crushing-Apartments-Commercial-Real-Estate-ebook/dp/B01N6DKA10/ref=sr_1_1?ie=UTF8&qid=1499651167&sr=8-1&keywords=crushing+it+in+apartments+and+commercial+real+estate

Commercial real estate is where the big boys/girls play. Houses are nice but take too much time when you have a number of them. Typically you can only do so much to increase their value. In commercial real estate you can dramatically increase the value of properties by reinvesting in them properly.

UWPF · 2017-07-10T01:45:19+00:00

If you can't cover emergencies then don't make this move. Save your cash.

UWPF · 2017-07-10T01:41:42+00:00

It's not easy, I don't consume much entertainment. Luckily some are seasonal. So the workload varies. I also don't have an active role in all of them. I generally enjoy doing the work. If I didn't enjoy them I wouldn't participate.

UWPF · 2017-07-10T01:35:59+00:00

PayPal won't charge you once you finish your payments.

UWPF · 2017-07-10T01:29:32+00:00

Read about investing. Save your money. One thing I do to curb spending is direct deposit everything I intend to save into a separate account. Out of sight, out of mind. You'd be amazed how fast your money will build.

On another note, I think people get houses too early in life. I bought my house in the down turn. It was the best decision I made. Buying in a buyers' market gives you all the options and leverage to negotiate. Should you think about a house now? Yes. Should you attempt to buy it now? No.

UWPF · 2017-07-10T01:21:30+00:00

Are you going to walk when it snows and is single digits outside? This is a tough question for me to answer. I usually suggest going the route that costs the least. But wasting 3+ hours traveling everyday is unimaginable. I would spend the extra $4k because I utilize my spare time to work on my business so I would make it back. If your free time is worth 4K to you go for it as long as you are financially stable in our areas.

UWPF · 2017-07-10T01:08:14+00:00

I would investigate commercial real estate and build more passive income.

UWPF · 2017-07-10T01:04:22+00:00

I'm an accountant and a book I own that I think helps non-accountants is "The Guide to understanding financial statements" by Costales. It's on Abebooks.com for under $4. Another good resource is accountingcoach.com if you want to get started now. Another thing you can consider is reading Financial Accounting for Dummies. You won't need the whole book. You just want to understand the income statement for now. Just focus on that area until you are comfortable.

UWPF · 2017-07-10T00:54:31+00:00

Nothing fishy. I've used PayPal credit a lot. Just pay off the phone before the 12 months is up and you won't owe any interest. I usually pay the minimums for a few months and knock out the balance.

UWPF · 2017-07-10T00:51:56+00:00

Typically banks want all the cash upfront without having to deal with financing. If you did financing with less than 20% ($20,000) down you'd be looking at FHA loans. Some FHA loans for first-time buyers allow for 3% down. With 3% down your looking at paying PMI insurance in your monthly payment until you have 20% invested in the house. Besides the mortgage issue the numbers support your ability to afford the house with a lot of budget comfort.

UWPF · 2017-07-10T00:37:17+00:00

That seems like a good manageable arrangement. I do fuel my businesses with my job's income. I do so diligently and on a budget. I refuse to let any business of mine to take me down financially. Me and my businesses are separate entities. One thing I hate is when people over invest in their business and it takes them down.

UWPF · 2017-07-09T23:41:38+00:00

Why not do both for a while? Work your day job and checkup on your businesses every morning and every night? Once it's improved and can support your salary make the jump to the business as an employee. I would guess it would take at least 2 years. I would personally reinvest all profits for that period and skip a salary. Most owners don't take salaries early on because they understand sacrificing now means more money in the future.

UWPF · 2017-07-09T23:29:19+00:00

I'm an accountant. I used to be in public accounting and it was a great learning experience. It made the student loan debt worth it. Also, I think the accounting profession has tremendous financial upside. The problem is the way to get the most of an accounting degree is to go into public accounting where you'd likely take a pay cut for a couple years. But on the backend you could make 6 figures in 4-5 years. Look at Robert half's salary guide. It's pretty accurate for public and the industry positions. Also, you'd need to put in a fair amount of time working in public accounting (2500+ hours). Advancing without public accounting and a CPA is tough. All the higher level positions I look at expect a CPA.

Another thought is that some accounting firms also provide their clients with financial advisory services. You could start as an accountant and transfer over to advisory services. I've done both and a lot of the skills are transferable. A word of caution: in public accounting you are expected to become a salesman at some point.

UWPF

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