need a little push and words of wisdom lol

Whats up guys, been watching this forum for a while and enjoying the cars and everything you guys have to say and share. I havent done much more than post a couple off-topic threads but you have all been great so far so maybe some of you more seasoned business men will be able to give me some words of wisdom and push me in the right direction.

 

Some of you may have seen this in a previous thread but let me give you a little backround on myself. Im 20 years old and currently growing my own business. Over the last year or so ive made good money, acquired some assetts (some cars, business vehicles, equipment etc.) I absolutely love what i do and believe it was a great place to start on my own venture except for the fact that in New York we are a seasonal business which sucks! Busy time for us wont pick up for another 2.5 months. However, along with the assetts i have acquired and stored away a fair sum of money and can comfortably do nothing until the busy time but that is simply just not me. Im a firm believer that if you sit idle you get nowhere and no movement is bad to me. A day that i dont make a dollar is a wasted day. With that being said here is the perdicament- I have a buddy who owns a company which is doing great, he has asked me a few times to help him out when he was loaded with more work than his employees could handle so as a friend of course ill go and help him out when i have the chance. Within the last month or so when winter hit us he asked me if i woud like to work with him during my off season which would benefit him and make me a couple bucks. I did it for the last month and simply hated it. Maybe its the fact that i know im making somebody else dollars while im making pennies, or maybe its the fact that im not in control of the situation and i just feel like another employee.

 

As said before, i dont neccesarily NEED the money, all my bills are paid and i buy everything in cash to avoid more debt but its an extra couple bucks that i just throw at some projects i have going on, some money is better than no money! However, I feel like this time could be better well spent on working on myself. The biggest piece of advice ive gotten from you guys on this forum is to focus. Focus on one thing and make that one thing great until it thrives then focus on something else. I agree with you guys, but focusing on something like my business that is not in play right now seems wasteful.

 

My question to you guys is, do i quit the winter job fun and focus on growing myself? Maybe venture into something different while im off? Do i settle and keep the job for the next couple months and say to myself "well some money is better than no money".. ive had ideas of making a .com (amist a bunch of other things) but dont know what to do. Somebody had to be in a similar situation when they first started out. I appreciate all the advice and things you guys have taught me thus far and look forward to hearing from you.

 

In all seriousness, find something your business can do in the off season. I'm taking a shot in the dark but are you in landscaping? If so pick up some snow contracts even if it is just driveways.

 

In all seriousness, find something your business can do in the off season. I'm taking a shot in the dark but are you in landscaping? If so pick up some snow contracts even if it is just driveways.

 

Ehhh we do a bit of everything honestly, mostly pressure cleaning for commercial accounts but also acid washing, siding renewal, masonry sealing etc. Snow accounts dont mean much, we havent gotten a real snow in 2 years

 

Quit the side gig... Become a male exotic dancer... It worked for me.

Quit the side gig... Become a male exotic dancer... It worked for me.

 

perfect! bring the singles ill see yah there!

I only pay with quarters!

Ehhh we do a bit of everything honestly, mostly pressure cleaning for commercial accounts but also acid washing, siding renewal, masonry sealing etc. Snow accounts dont mean much, we havent gotten a real snow in 2 years

 

Then how about expanding the services that includes interior maintenance of the same commercial accounts such as sanitation and upkeep --- bathrooms, air ducts, floor polishing and waxing etc...; these aren't seasonal and should keep your company busy throughout the year.

 

Ehhh we do a bit of everything honestly, mostly pressure cleaning for commercial accounts but also acid washing, siding renewal, masonry sealing etc. Snow accounts dont mean much, we havent gotten a real snow in 2 years

 

What can you do for the same customers on the internals of the buildings?

Then how about expanding the services that includes interior maintenance of the same commercial accounts such as sanitation and upkeep --- bathrooms, air ducts, floor polishing and waxing etc...; these aren't seasonal and should keep your company busy throughout the year.

 

this has been something ive thought about recently. its getting the accounts thats the fun part!!

Then how about expanding the services that includes interior maintenance of the same commercial accounts such as sanitation and upkeep --- bathrooms, air ducts, floor polishing and waxing etc...; these aren't seasonal and should keep your company busy throughout the year.

 

We talked about this didn't we? Snow is bad for business

We talked about this didn't we? Snow is bad for business

 

at this point in the game i cant see spending 25k on something that i possibly might not make my money back with lol

 

I would quit the side gig and figure out how to make your business non seasonal, or even pounder a new business in that time altogether. It doesn't need to be wasted time because you're losing money. You could turn it into valuable time by improving services, learning more, etc.

 

Even just taking time off and doing a little head clearing will help. One thing you have figured out, is that you don't enjoy it. So, don't waste your time with it. Figuring that out is #1. Harder part is knowing when to walk away and doing it. Follow your instincts, everything else will follow

at this point in the game i cant see spending 25k on something that i possibly might not make my money back with lol

 

I was referring to a discussion I had with VCR in private.

 

I (we) am (are) not sure what advise to give you in relation to your business when your information about it is quite vague, I understand you can't come in here and discuss intimate details relating to it but you can see how that would obstruct many from give you tailored info.

 

Also I really don't think anyone can teach you anything about something you should know intimately yourself, business is instinctual if it doesn't come to you it's almost impossible to teach, it constantly evolves, you have to make it evolve, how can someone be there with you every step of the way in order to guide you on the right path and tell you what the next move should be ? it has to come from within.

 

Things just come to me because I always look for them, I know exactly what I am looking for, constantly challenge myself, keep asking myself questions, look for solutions, analyze and over analyze until I hone a certain situation to perfection, I can't see how an outside influence could help me with that, I am not sure maybe I am just different.

 

Good luck in your endeavors.

We talked about this didn't we? Snow is bad for business

 

True. Unless the business is a ski resort or a snow removal operation.

 

at this point in the game i cant see spending 25k on something that i possibly might not make my money back with lol

 

Nobody likes to lose of course and perhaps I am reading it wrong. But based on your first post on this thread, if you cannot accept 25k as a possible loss, then you need to change your mindset a bit. Not every transaction can generate revenues and one cannot win all the time. At times, a loss may actually be an advancement. Your counterpart may see the virtue and integrity in you accepting a loss and thus help you out in subsequent transactions. As others had said, quality is the key. Fast money is easy but short term. How you want/need to evolve is something that you have to figure out on your own. Factor in losses and plan for a viable long-term solution.

at age 20 with nothing to do, have you though about expanding your educational portfolio? As a business owner its always a plus to have a few finance classes under your belt. As far as investments, there is always a bull market somewhere, real estate is never a bad option.

at age 20 with nothing to do, have you though about expanding your educational portfolio? As a business owner its always a plus to have a few finance classes under your belt. As far as investments, there is always a bull market somewhere, real estate is never a bad option.

 

real estate is def next years investment, i prefer to pay in cash so id like to stack some more first. i took some college classes before and not for me! i enjoy learning but not in a proper class room setting, i prefer to learn hands on

real estate is def next years investment, i prefer to pay in cash so id like to stack some more first.

 

You not going to live long enough in order to earn what you need for a proper RE investment.

 

 

You not going to live long enough in order to earn what you need for a proper RE investment.

 

 

^^^This.^^^

You not going to live long enough in order to earn what you need for a proper RE investment.

 

what do you guys consider a proper RE investment? planned on starting out with something a little cheaper. Some apartment buildings and such. I know commercial property seems to be the big dog around here!

what do you guys consider a proper RE investment? planned on starting out with something a little cheaper. Some apartment buildings and such. I know commercial property seems to be the big dog around here!

 

What is a little cheaper in your mind? Talk me through a RE deal you have in your mind, the one you want to save for.

 

I was talking about the exact same thing with a very good friend today, the most valuable commodity we all have is time, because of that we need to act fast and work smart, you need to spend your time on activities which completely maximize your potential. I can do tones of things to make money but I need to work on things which make me the most amount of money in the shortest time possible but most importantly do what I love because if I do that it doesn't feel like work.

 

 

real estate is def next years investment, i prefer to pay in cash so id like to stack some more first. i took some college classes before and not for me! i enjoy learning but not in a proper class room setting, i prefer to learn hands on

 

that statement right there tells me that you have a lot to learn... what ever business venture you get involved in (starting a business, investing in real estate, or what ever) its best to limit the amount of your own cash that you put into it... $100k position or investment does not require $100K in cash, not when lenders are willing to work with you... and say what you will about hands on learning, but in a classroom you can learn from other people's mistakes and successes.

that statement right there tells me that you have a lot to learn... what ever business venture you get involved in (starting a business, investing in real estate, or what ever) its best to limit the amount of your own cash that you put into it... $100k position or investment does not require $100K in cash, not when lenders are willing to work with you... and say what you will about hands on learning, but in a classroom you can learn from other people's mistakes and successes.

 

no i totally agree with you on learning from others mistakes and getting an education. I am not at all knocking what youre saying or advising me to do. I just dont feel its for me. and you are 100% correct i have TONS to learn!

What is a little cheaper in your mind? Talk me through a RE deal you have in your mind, the one you want to save for.

 

I was talking about the exact same thing with a very good friend today, the most valuable commodity we all have is time, because of that we need to act fast and work smart, you need to spend your time on activities which completely maximize your potential. I can do tones of things to make money but I need to work on things which make me the most amount of money in the shortest time possible but most importantly do what I love because if I do that it doesn't feel like work.

 

cheap to me for a residential 2 family building would probably be somewhere in the 65k range with minimal work needed (i actually looked at one a few months back but ended up missing out) and maybe anywhere from 80-100k for a 3 family.

 

I agree with what youre saying as far as maximizing your potential. In a sense that was the point of my post, im really young and inexperienced in the world especially compared to you guys. Im sure you remember being my age, any amount of money seemed great and leaving gauranteed money and taking a shot at something that could potential make me no money is quite scary. I do see from every aspect though and do understand that without take the chance youll always be at idle and not moving forward! I love what i do as far as working for myself and going to work is always a good time. However, helping my buddy out over the last months while my business was in the off season has been horrible. i didnt enjoy it, i hated going to work and i was making mediocre money but i just kept looking at it as "well i have nothing going on right now so some money is better than no money"

I know understand the level of investment you have in your mind, that's why I said you will not live long enough in order to save for a proper RE investment.

 

I don't think I can continue here without sounding like I am bragging and I will not do that, the only thing I will say is that you will need a lot more education on the subject and that you must think bigger MUCH bigger, once again good luck.

no i totally agree with you on learning from others mistakes and getting an education. I am not at all knocking what youre saying or advising me to do. I just dont feel its for me. and you are 100% correct i have TONS to learn!

 

 

Well what is for you? One way or another you have to learn the tools of the trade, or be burned by them.