My biggest problem right now is not making money.
My biggest problem is how to best make the most money, and manage my time knowledge and skills.
Looking at my business deposits this month, I’ve pulled in around $8500 this month. And my margins keep getting better as my new projects have less overhead than ever.
Lots of Potential
I know I can make more money. Of the 4 different projects I’m currently working on, 3 are profitable and 1 will be very soon. All 4 could bring in much more if I only was able to clone myself and work 24 hours a day.
Anyone seen multiplicity? I love that movie.
Business Manager?
Sometimes I wish I had a “business manager”. Someone who could keep me on track, analyze my different projects, and help manage employees and vendors that I use. Kinda like what many Dentist offices have. Most productive dental offices have a business manager to keep the business moving so that the Dentist can focus on what he/she is really good at: teeth.
I’m pretty talented at coming up with new plans and the initial implementation of them. I can even handle getting them to their initial push. Keeping them growing, maintenance, and pulling myself out of them is where I tend to flounder.
W-2 Update
I did get an official offer for the part time position I’ve discussed before. I’m going to mull it over this week and make sure it fits my goals longer term. It would allow me to not draw a salary from my current business and use my company then as a complete debt destruction machine.
I like the sound of that. Debt destruction machine. Eh, cool.
IRS Update
Still waiting for final approval from the IRS on my $600/month payment plan. I got some last minute paperwork to them last week, so I hope they get their act together and make a decision soon. I have $600 just waiting for them, if they would just wasting money on certified letters and accept my money…
Girl Update
Ahh…the bane of my existence! No, just kidding.
No real updates here. I do still have my eyes on a girl at my church, and to be honest, she is a big influence on me staying in Seattle. If nothing pans out with her by the end of the year, it might be time for me to pack it in and try a new location. We’ll see. If anything super exciting happens, don’t worry, you all will be at least the 3rd or 4th to know (I do have some good friends outside the city who I would have to call first!)
{ 6 comments… read them below or add one }
Be very careful about changes to your business. Didn’t you say you (will/have?) a federal tax lien against your business assets? Fed tax collections are very precise so I understand what you presume to be delay on their part. I hope you have an attorney; you’re going to need one.
DebtKid, my man.
You say: “All 4 could bring in much more [than $8500] if I only was able to clone myself and work 24 hours a day.” And then you talk about getting a W-2 job. How much money is that job going to bring in, and how much of your time will it consume? Will you be able to run and grow your business (and the rest of your life) without that time?
Cheers,
Alan.
Debtkid,
You have the right idea- to create separate income models that produce each month. Now, the trick is how to hire people to replace you to manage and maintain these projects so that you can focus on overseeing the business as well as creating more income producing ideas. Leverage is key. Did you know that the KISS brand has over 3,000 licenses? That is exactly what I mean by leverage!
Just came across your blog. 300K is a lot of debt. I see your bringing in some good income. I will follow along. – Debt Free Hispanic
Well if Seattle doesn’t work out, you could always try the Olympia area. Just make sure you can get an apartment before finalizing a move. My GF and I had to leave the greater SF area after looking for an apartment for about a year because she has bad credit. :’( We were spending like 2-3x the average rent by being at a hotel, but most apartment managers and private parties don’t want to take a risk. It will probably be easier for you since you’ve already done your BK though.
But the upside is that many places are cheaper than Seattle (depends on your current rent though).
You might considering outsourcing any tasks that aren’t worth your time to someone who would appreciate the work. This could include global arbitrage in the way of personal assistant type jobs or just any task that is necessary for your businesses to make money but don’t require your personal attention-get specialists for parts of the whole.
You know that focusing on your business is going to bring in more money than you could probably get from any dayjob based on your traditional employment prospects.
At least I THINK you know that. Sometimes maybe you aren’t so confident. I think that is common for those of us who run our thing but don’t exactly make a boatload of money. I think you breakthrough that ceiling by resolving that you will succeed with what you are doing and then do it.
A thought/question regarding your business structure and wages from self-employment. Depending on your business structure you may be self-employed or you may be an employee/officer of a company you happen to own. I think in some circumstances the IRS pretty much REQUIRES ( or maybe it’s just a red flag if you don’t) the owner/employee to draw a salary. Not sure your situation there. Though having a w2 job and having other employers do a lot of the business work might factor into an exception for that- idk.