I have so many projects going on right now it’s just nuts. My main business has changed so much in the last 2 years, when people ask me what I do, I spin a little roulette wheel in my head and pick one of the three businesses I’m running.
My Project “A” plan is still my best bet for a big payout. It’s producing around 2K a month in profit right now, but it still has the best potential. It’s not a whole ton of work though for me at the moment, so I’ve been working on other projects that pay more of the day to day bills.
My biggest problem right now isn’t lack of potential projects, or ideas. It’s lack of capitol. The past few days I’ve been doing a business budget for the next too months, and including IRS back payments I expect to start next month….I have some $ available for new business, but not a whole lot. Just around a $1000 or so. Problem is, $1000 over two months doesn’t do much.
I also have to deal with the fact that I still owe creditors a crapload of money. Besides the IRS, I’ve got a half dozen other outstanding defaulted accounts with collection agencies. Why not pay them? Well, if I pay them some of that extra $1K, I’ll be paying that for the next 20 years. No way. My best chance to settle all this is to keep putting at least some money back into my business. Smart, low-risk reinvestment. Nothing fancy or lavish, but I can get a good ROI now. Smart, low-risk. Get rich slowly….right?
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My first question would be is this something you do on the side, or is this your primary income? If it is a side deal, or it -could be- a side deal, I’d get a full time regular job and work on the side.
Your best bet is truly, to find consistent income and pay off your debtors. I would say someone that is $300k in debt can’t really afford to take risks with starts ups. Some people will disagree — if you are this far in the hole, then what’s a couple extra thousand? Depends on your point of view.
Been reading for a few months. As someone who started a business two years ago one thread keeps jumping out at me. You refer to ‘projects.’ Don’t think of projects. Build a business that serves a need, not just one that ‘generates revenue.’ If you serve a real need, then revenue will come.
Have you ever thought about looking for investors? I know you have miserable credit and a bankruptcy and the such, so getting a bank loan will probably never work… I’ve followed you for sometime now and still have no clue what you do (business-wise). Is there anyway you can vaguely mention your business, I am always wondering. Thanks, best of luck.
I’m with Jonathan – been reading for quite a while now, and very curious to know what it is you actually do. Granted, you don’t want anyone to steal your ideas, but what in the world are project A & B? Heck, if anything, maybe some of us could give you a fresh new look on how to make them more profitable.
@ Josh – good point on “projects”….
@ Jonathan – I already have investors in my business, so I need to pay them out first. I don’t want to go the investor route again, I still don’t quite trust myself.
@ Jake – Project A is software related (enterprise, B2B not consumer). My other businesses are services I provide. I should come up with better names than “A” and “B’ though huh…..kinda bland.