Author Topic: SwordGuy's Entrepreneurial Odyssey  (Read 19968 times)

SwordGuy

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SwordGuy's Entrepreneurial Odyssey
« on: March 01, 2017, 06:28:06 PM »
Hi.  My name is SwordGuy and I am a serial entrepreneur.

I've started a goodly number of businesses.   I'm glad I started each one of them, even those that failed.   I hope you'll see why.

The Green Fields

My first business was mowing yards in junior high and high school.

Summertime in Memphis, TN can be brutally hot and humid.  Plus I found mowing yards, weeding, trimming bushes, etc., to be incredibly boring.

I developed a deep and abiding hatred of yard work as a result of this.   

So much so that I had only one condition on getting married, and that was I did not have to do yard work after I turned 30.   I lived in an apartment until I turned 30 so I didn't have to it before then, either.

Psychologically, I got no satisfaction from doing yardwork because no matter how good a job I did, in a week or two it just needed to be done again.

Now, for a BUSINESS instead of a household chore, that's an AWESOME selling point!    Nature generally conspires to give you more work to do!   How great is that??!!

Other good reasons to like it:  Very low cost of entry.  The basic tools are not expensive, nor do they require a lot of training to do a decent job.  Not only that, but it's likely you could find someone to loan you their equipment for your business if you mow and trim their yard as rent.   After a season doing that you can afford to buy your own gear.  The money is good for the time it takes to do the work.   There are additional side hustles like pressure washing that can bring in additional money.

I'm glad I ran this business.  It provided me needed funds for college and a small emergency fund when I got out of college.

I learned to approach people and ask for work.  I learned how to negotiate for higher rates.  I was terrible at it when I started but I got better over time.    As a bonus, when my gas prices doubled during the first Arab oil embargo, I learned I didn't want to drive a  gas guzzler.   Unlike many of my fellow Americans, I remembered the lesson and never bought one - which will be the first of many lessons I learned that paid big dividends in ways I could not have expected before I got into that business.

This was a great starter business and I would recommend it to anyone as a side hustle.   It's also scalable because you can hire people to do the work as you get more experience and contacts.   It's been a while since I was involved with this one so HOAs and lots of illegal immigrants doing the work may have changed things in important ways - so do your research.

Historical Publishing

My wife and I met in a historical recreation club that focuses on the medieval world.  We wrote and published a quarterly how-to journal for folks who wanted to learn how to do arts and crafts from the early medieval period.   We did this for a period of 8 years before we ceased publication.   At its peak it brought in about $1500 a year in profit.   Doesn't sound like much, does it?

That was a 25% raise in our take home income at the time.   That was HUGE!  HUGE!   Bigger than Donald Trump HUGE!   And actually true, too. :)    When you're living on 1/3 median family income and paying some child support too, a 25% raise is a truly welcome thing.

If that's all we got out of that business (and it's pretty much all we could have hoped for), we would have been very happy we engaged in it.   But we got way more out of it.

We both learned to research complex topics and write informative and interesting how-to articles about what we had learned.   We learned how to twist volunteer arms to write unpaid articles for our publication and to do it remotely - in an age when there was no internet or email and long-distance telephone calls were well beyond our budget.   So, let's inventory those skills we improved:  Research, Reading, Writing, Publishing and Project Management.   

My wife didn't start college until she was 41.   Those skills helped her do very well on her undergraduate degree.  So much so that she got a full scholarship and a total of $36,000 tax free stipends for her masters and doctorate degree.   Those same skills got her lots of job interviews in a market where other doctoral graduates were happy to get even one interview.   Total value for her career: $200,000.   

Those same skills made it easy for me to decide to write technical articles and papers about software development and to present some of those at software development conferences.   I got a $15k a year raise by switching jobs to a new consultant company because the owner had attended one of my talks.   I also co-authored a book on a software tool.  $10,000 in royalties and an extra $20,000 a year in salary because that book drove sales for my employer's consulting services.  Over the 10 year run I got from that book, we're easily talking another $200,000.  Plus I didn't have to do near as much scut work as I otherwise would have had to do.

$400,000 isn't a bad bonus return on a $1,500 a year business endeavor.

I rate this business as a resounding success.

And if you had told me back when we started that piss-ant $1,500 a year business that it would be responsible for another $400,000 in returns I would have though you were an idiot.   Pretty much like most folks do when we try to explain how to FIRE.

Software Development

I learned to program on the job as a value-added incentive for parents to buy their kids personal computers from me.  I would teach the kids basic programming.   Then I really learned to program because I sold some custom software development to a school and the programmers weren't getting the job done.  So I cloned their work and started cranking out code.

My wife and I were working at a small Pop-sized (i.e., not even big enough to be a Mom-and-Pop) software shop early in our marriage.   I was a lousy salesperson and so was she.   Our employer snorted and drank up any profits and he went out of business.  We went to our customers and offered to finish the software for them and support it.   I had seen a market opportunity for our software that gave us a 10% chance of ending up multi-millionaires.

Well, that didn't work out.

But I really learned how to program during that time period.  And document.  And train.  And manage projects and customer relations.  All those skills served me very well once I got a corporate programming job.
 
The business was a financial failure.  We were dirt poor while we did this.   But it set the stage for real improvements in our life.  I'm glad we did it.

Software Consultant Business

I didn't start this business, two other folks I knew from presenting at software conferences did.   But I bought into it as a 10% partner.   

The business failed.   None of us were good salesmen.   That's when I learned I wasn't likely to ever become a good salesperson.  It just wasn't something I would be likely to enjoy doing.   I learned more business skills that have come in handy.

The biggest lesson you can learn from this business opportunity is how to fail forward, not backward.   I realized the company just wasn't going to make it.   I suggested we shut down the business and call it quits while we were still ahead.   The other two weren't willing to do so.  I sold my shares (purchased for $55,000) back to them for $1.   And I was happy to do it.  I was free from doing something I simply didn't want to do.   My partners stuck it out for a couple more years but they piled up a lot of debt to do that.   That debt pulled them backward because it hampered them from getting ahead in the next business venture.  I, on the other hand, took the lessons learned and waited until I found another business opportunity.

So even though the business failed, I'm glad I gave it a try.   I learned a lot, had fun, and set myself up for success at my next venture.  Plus I would never have to wonder "what if?" on this particular topic.

Rental Property and Flipping

I ended up settling in a military town because that's where my wife got her job.   People come and go on a frequent basis in the military so there's a lot of rental property and also a lot of demand for it.   It's a low cost of living area.   I started learning that rental property was a good business prospect in my area and from MMM and the associated sites I found from it, I learned what I needed to know to get started.

Remember that lesson I learned about not being a good salesperson?   This business is great because we don't have to BE a good salesperson.  All we have to do is create a good product.  That's awesome!

I've learned a lot about creative financing which will serve me well in years to come.   As a retail buyer of homes over the years I thought I knew how to buy a house.   I did know how to buy a house - at full price!    Now I know how to buy them for 66% to 40% off - and that's a hell of a lot better!

We have a total of 5 business properties.

We have 2 properties rented out at 1.7% per month of purchase and renovation cost.

We have two more properties we're getting ready for the rental market and one to be flipped.   (I would recommend 1 at a time if you're doing the work yourself!!!)

Our old home was bought at retail price back in 2001.  This is rental #4 even though it will be ready before #3.  We expect to rent it out at 0.67% to 0.88% of current value, but that's 1% to 1.33% of the original purchase price.   That's a lousy rate.   But it's workable for a few years.  Most of the expensive stuff is (or will be) pretty new by the time it's rented out so major repairs are fairly unlikely.   We'll milk it for cash flow while we get the other 2 properties repaired and rented out or sold.    Then we'll probably sell it and redeploy the cash into other investments.   We might also decide to sell as soon as it's ready if the market price is substantially better.  Last fall (before we started working on it), the realtor thought we might get $170,000 for it after repairs were done.  Zillow values have been climbing up over the last 4 months.  If we could get $210,000 I would probably unload it right away.

We expect #3 to rent out at 1.7% to 1.88% of purchase and renovation cost when we get it ready later this year.  That's a good rate.

We expect to flip property #5 in 2018.    After that we'll decide whether to also sell #3 and redeploy the profits into better quality rentals.   Our intent was to do every 5th or 6th property as a charitable action and this house is being done for that reason.  It's an architectural gem that was in real danger of being torn down due to neglect or as a money-making opportunity.  We're restoring it.  When we decided to buy this we had no real expectation of making any money on it but we were certain we could break even.   Now, as we learn more, it looks like we might make a pretty penny on it.

I expect this business will be a success.   It's certainly getting us to FI far earlier and much more safely than we otherwise would have.

And it's been lots of fun (and lots of hard, hard, hard work).
« Last Edit: March 11, 2017, 06:51:57 PM by SwordGuy »

swick

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #1 on: March 01, 2017, 06:40:53 PM »
Awesome post, SwordGuy!

I love your drive and outlook and how you evaluate the success of your businesses while considering the long-term effects and payoffs.

Don't suppose you have digital or any more paper copies of your journal? My aunt is big into SCA and I bet she would LOVE them!

Failing forward (or fast) is also another important concept that doesn't get talked about much and I think it is an important one.

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #2 on: March 01, 2017, 06:44:08 PM »
Swick, I'm sending you a PM with a link to some of the journals.   A friend scanned a few of them in for us.   


SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #3 on: March 01, 2017, 07:04:19 PM »
My next business will be as an artist.

I won't be able to really devote the necessary time to this until I retire from my day job next year.

Time will tell whether I ever make much money from it.  I expect to be able to cover the costs of making it and that's all I need it to do.  (Oh, the joys of FI and NOT being a starving artist!!)

Potential revenue streams include:

1) hand-made fine jewelry sold online and via jewelers and galleries.

2) adult training classes in my in-house studio, local schools, or remote craft schools.

3) classes for home-school kids in my in-house studio.

4) architectural art - light switch and outlet plates, decorative wall and fence panels, outdoor art, door and kitchen fixtures, furniture, tiles in glass, metal, ceramics, wood or enameled metal.

Because we'll be comfortably FI without this income I'll be free to make what I darn well please (subject to material costs).   And if I make enough to cover those costs, I'll be free to make more of what I darn well please.

Plus I'll be able to hang out with lots of really nice artists I've met over the years. :)

This will be a win regardless of whether I make money.  And that's what FI is all about.

swick

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #4 on: March 01, 2017, 07:23:16 PM »
My next business will be as an artist.

This post warms the cockles. I noticed in you OP you didn't mention your jewelry. When the time comes, hit me up! I use to run a gallery and art centre and a lot of my clients have been artists who are looking to actually make a living off their art. Also, education teaching art classes and curriculum design is my jam. I'd be happy to do some brainstorming with you :D

Genevieve

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #5 on: March 01, 2017, 07:38:16 PM »
Awesome SwordGuy! I love your story about how you really multiplied the value of your skills and learned what NOT to do.

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #6 on: March 01, 2017, 08:01:25 PM »
My next business will be as an artist.

This post warms the cockles. I noticed in you OP you didn't mention your jewelry. When the time comes, hit me up! I use to run a gallery and art centre and a lot of my clients have been artists who are looking to actually make a living off their art. Also, education teaching art classes and curriculum design is my jam. I'd be happy to do some brainstorming with you :D

That is a deal!   

I didn't mention the jewelry because it's not a business yet.   That would require a different kind of insurance from a hobby.
Since I'm not making a lot of jewelry at the moment, turning it into a business would make it cost more. :(

However, writing about things IS a business as we still have our historical publishing and software business.   As I have more free time I'll start writing how-to content for books, journals, and online training.   

I forgot to mention a story about the technical book I wrote on software product X.

I mentioned to a programmer I knew that I was going to be writing a book on the software product.   They looked at me and said, "I've always wished I knew the product well enough to write a book about it."   Then they sighed a bit.

I looked them in the eye and responded, "I don't know the product well enough to write a book about it either, but I expect I will by the time I'm done."

I think in that moment I could have hit them with a brick-bat and they wouldn't have felt it.   The idea of actually writing the book to learn the software well enough to write the book totally rocked their world view.

« Last Edit: March 01, 2017, 08:07:14 PM by SwordGuy »

pianomom

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #7 on: March 02, 2017, 12:15:36 PM »
It sounds like you're doing great! I especially liked how you have seen your skills transfer from business to business. The fail forward concept with the software development company reminded me of sunk costs and recognizing when it's worth stopping something, even when you've put in money and hard work.

Stachey

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #8 on: March 11, 2017, 04:24:12 PM »
Swordguy this description of your entrepreneurial efforts is fantastic!

It reminds me a lot of one of my favourite books:  "How to Make a Living without a Job" by Barbara Winter.
She writes all about creating multiples profit centres and has many suggestions on how to brainstorm new MPC ideas.

I think being able to let go of something that isn't working is an important skill to have that many people need to develop.

marble_faun

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #9 on: March 11, 2017, 05:00:19 PM »
~ posting to follow ~

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #10 on: March 11, 2017, 09:08:24 PM »
Deposited $1206.39 from our rental homes today.   A bit lower than usual due to some small repairs.   If I didn't have a day job, I could have taken care of them myself and saved some money.

Here's a lesson about the rental property business we thankfully didn't learn the exceptionally hard way - though we did learn it the hard way. 

Don't finance your properties so tightly that you can't deal with an unpleasant cash flow problem.   We had two issues crop up in our first year of business.   

We had just taken an HELOC loan to purchase rental #3.   We closed on the house and then my mom got very ill.    We weren't able to make any progress on the house for months - but we still had to make the loan and utility payments.   If we had been really tight on our finances this would have REALLY hurt and might have caused our business to fail.

2nd, we've been setting aside cash to handle vacancy and repair costs.   We had an HVAC system die in the first year.  No particular surprise since they were older homes, though we had hoped we would get a few more years out of it first.   The amount were' holding back for repairs is enough for the long term, but it would not yet have accumulated enough to cover this major expense.

Thankfully, we are not (yet) counting on the income from our rental properties.  So, instead of spending any of it, we had been saving 100% of rent receipts for that year.   We were able to pay cash to repair the unit instead.  Our intent was to have a sizeable kitty of cash set aside to cover repairs before we retire from our day jobs.   Because we're conservative with our finances, we want to have at least $5,000 set aside for each property.   $20,000 (four properties) is enough to cover a full HVAC system replacement, a new roof, stove and refrigerator.  And probably a bit more.

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #11 on: March 11, 2017, 09:13:17 PM »
Here's an example of someone I met who did not "fail forward" in their business.

They retired from their day job with a sizeable nest egg.  They then proceeded to invest their entire nest egg into a new business venture they wanted to run. 

They not only failed, they lost their entire nest egg.

Now this 65+ year old guy is doing handyman work around the neighborhood to help make ends meet.

Golly.   I so very much do not want to EVER be "that guy".






stashgrower

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #12 on: March 12, 2017, 07:48:38 AM »
Well done, I like the lessons about upskilling and hadn't thought of the falling forward idea.

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #13 on: March 13, 2017, 04:19:59 PM »
Well done, I like the lessons about upskilling and hadn't thought of the falling forward idea.

Thanks!

When we were dirt poor I worked horrendous hours to claw our way out of poverty.

Once I got into a middle-class job, I didn't want to do that again!

So I made a promise to myself about my day job. 

That employee handbook was chock full of rules and conditions.  But one of them was that I worked 40 hours for pay.   After 40 hours it was my personal time, and how I spent my personal time was my choice. 

I would only work extra during my personal time if at least one of three conditions was met:

1) It was a true emergency at work.  (As opposed to a scheduled emergency due to management choices.)  It's important to be a team player.

2) I learned skills that would advance my career.

I saw no point in treading water to stay where I was, I wanted to get ahead.

3) I taught my colleagues skills that would advance their careers (and mine, because teaching is a useful skill).

I decided upon one other choice, that I would not do things the wrong way unless a manager sat there and made me do it that way.

The combination of those choices meant I spent fewer hours dealing with emergencies because I did things the right way.  (Not necessarily the perfect way, but definitely the right way.)

And I learned more new skills which let me do things the right way faster and faster.

Oh, that investment in my colleagues?   When they went to a new company, they were more likely to get promoted and be considered a star because they had learned more.   So I had people there who were more likely to be in a position to hire me or to be believed when they recommended me for hire.



SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #14 on: May 04, 2018, 08:18:34 AM »
Well, I left full time employment as a software developer at the end of April.  I'm working 8 days a month for a month and a half until my replacement gets on board and I can hand things over to them in an orderly way.

We've started the serious work on getting the mid-century modern house fixed up.   Most of the ceilings and ceiling insulation should be removed by end of this Monday.   They're setting up temporary electrical service this week and the electricians are scheduled to start their work next week.   Hopefully, after they replace the main box in the house they'll find that most of the rest of the electrical is in good shape.  I know they will have to run wire out to the HVAC, but that's the only known repair other than the new circuit breaker box.

HVAC and plumbing will follow.

Another Reader

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #15 on: May 04, 2018, 08:29:15 AM »
Looking forward to the next chapter of your entrepreneurial odyssey...  No more distractions!

SumBum

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #16 on: May 06, 2018, 08:22:19 AM »

I mentioned to a programmer I knew that I was going to be writing a book on the software product.   They looked at me and said, "I've always wished I knew the product well enough to write a book about it."   Then they sighed a bit.

I looked them in the eye and responded, "I don't know the product well enough to write a book about it either, but I expect I will by the time I'm done."

This is powerful.  I get trapped by it, too.  That mindset holds people back from doing so many things.  Most think you have to be an expert on something before jumping in.  So they research the heck out of something and never feel like they know enough to start actually doing it.  I'm trying hard to change myself in that regard.

Thanks for sharing your journey.
« Last Edit: May 06, 2018, 08:26:12 AM by SumBum »

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #17 on: May 06, 2018, 11:25:45 AM »
@SumBum, I'm glad you found that useful.


SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #18 on: August 29, 2018, 06:24:29 PM »
For our real estate venture, we'll be done getting rental #3 ready next week.

Rental #4 has already been purchased and we'll start on it the next week.

We're selling Flip #1 "as is" next week.

And Rental #5 or Flip #2 will also be purchased next week.   

That will keep us busy for the rest of the year!

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #19 on: November 22, 2018, 06:38:46 PM »
Rental #3 is now rented out.

We have a potential long term renter located for Rental #4.  I don't think we'll finish it before the end of the year.
That pushes the flip property another month back.  No big deal.

Saw an article about a musical instrument maker out in CA whose house and shop were burned down in the big wildfire.  His whole family lives there and all of there houses were burned out, too.   

Sent him an email offering him the free use of the empty duplex half in the flip property for some months until we need to start renovating it.  (We have a fair bit of work to do on the outside first.)   Plus offered him the free use of my woodshop for next year so he's got a place to work and tools to work with.   That should give him time to get things sorted out and some insurance money in hand to do it with.   Plus, if he relocates he can probably get a nicer place for less money in our place.

We'll see.   






SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #20 on: November 22, 2018, 06:43:43 PM »
Saw an article about a musical instrument maker out in CA whose house and shop were burned down in the big wildfire.  His whole family lives there and all of there houses were burned out, too.   

Sent him an email offering him the free use of the empty duplex half in the flip property for some months until we need to start renovating it.  (We have a fair bit of work to do on the outside first.)   Plus offered him the free use of my woodshop for next year so he's got a place to work and tools to work with.   That should give him time to get things sorted out and some insurance money in hand to do it with.   Plus, if he relocates he can probably get a nicer place for less money in our place.

We'll see.

For those of you who read both my journal and this thread, I have a question for you.

Why did I mention this particular charitable action in this entrepreneurial thread instead of in my journal?

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #21 on: November 25, 2018, 02:51:02 PM »
Another business idea that I doubt I will implement.   If you make a mint, send me a nice thank you. :)

We just got in an ultraviolet flashlight.   It allows us to see where the cats have peed on the wall or floor.
(It would work for dogs, too.)

There's your business.   Cleaning up dried and invisible cat or dog pee.   We're using a gallon jug of urine remover and a sponge (and rubber gloves!!!).


If you say to yourself, "Yuck!  I don't want to do that!" whilst simultaneously saying "Yuck!  I don't want pee on my walls!", you now understand your customer demographics.


You could get started for very little and go door to door.   


If you give it a go, let me know how it works out for you!

expatartist

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #22 on: November 26, 2018, 10:39:48 PM »
Saw an article about a musical instrument maker out in CA whose house and shop were burned down in the big wildfire.  His whole family lives there and all of there houses were burned out, too.   

Sent him an email offering him the free use of the empty duplex half in the flip property for some months until we need to start renovating it.  (We have a fair bit of work to do on the outside first.)   Plus offered him the free use of my woodshop for next year so he's got a place to work and tools to work with.   That should give him time to get things sorted out and some insurance money in hand to do it with.   Plus, if he relocates he can probably get a nicer place for less money in our place.

We'll see.

For those of you who read both my journal and this thread, I have a question for you.

Why did I mention this particular charitable action in this entrepreneurial thread instead of in my journal?

Brilliant idea. The potential returns are great. Similarly, I've offered the use of my studio in Sicily to several  artists over the years for a month in off-peak season. The first artist's project was written up in the Italian press which helped spread news of my studio throughout the area. The artist later offered me a one month art residency in Hong Kong which was written up in the international press and helped me meet lots of people when starting out in the city.

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #23 on: November 27, 2018, 07:12:59 AM »
@expatartist ,  You nailed it.   Plus I've been meaning to make some enameled and metal decorative bits to decorate guitars with.  But I'm not all that interested in making guitars.

Turns out they aren't interested in leaving the area.   I'll need to find a way to identify someone who is, because I don't mind providing free shelter to people for awhile who need it.

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #24 on: June 16, 2019, 07:51:25 AM »
I realized I left off a business that I started!    #LongLivedEntrepreneurMemoryProblems

Back when I was in college I got really interested in medieval re-enactments and wanted to have a nice set of armour to fight in.  I had the money in savings but using my stash for that purpose just seemed wrong.  So, I started my second business, that of making simple helmets to fight in.   They were quick to make and inexpensive to buy, and they got lots of people equipped with what, at that time, was a hard-to-acquire item.  I set aside the money I made and used it to hire a skilled armourer to make my own kit.   Since I didn't like making armour I quit that business.


SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #25 on: July 25, 2019, 07:15:38 PM »
We're starting up a new business.  Well, technically a non-profit to provide low cost housing for students or kids who age out of the foster system.

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #26 on: August 23, 2019, 10:30:33 PM »
We're starting up a new business.  Well, technically a non-profit to provide low cost housing for students or kids who age out of the foster system.
Closed on the house this week, renovation starts within the week.     We're hiring out the yard cleanup work and the HVAC system replacement. 

Once those two things are done we'll start our part of the renovation.   We know there's a bit of electrical work that needs to be done but that shouldn't be all that much.   We need the fire alarms to be wired in and GFCI outlets put in the bathroom and kitchen areas.   A couple other small things.   We need to make sure we have enough outlets and such, it's an older house. 

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #27 on: August 27, 2019, 01:34:47 PM »
We're starting up a new business.  Well, technically a non-profit to provide low cost housing for students or kids who age out of the foster system.

That's very much needed!

Will the kids themselves be paying the rent?

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #28 on: August 27, 2019, 01:39:41 PM »
We're starting up a new business.  Well, technically a non-profit to provide low cost housing for students or kids who age out of the foster system.

That's very much needed!

Will the kids themselves be paying the rent?

I'm assuming so, but if there's an organization out there that would help them, that would be fine by me!

It's important to me that it's self-supporting.  Otherwise, when we die, it might not last all that long.   If it's self supporting, it can keep going.   

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #29 on: August 28, 2019, 11:24:26 AM »
We're starting up a new business.  Well, technically a non-profit to provide low cost housing for students or kids who age out of the foster system.

That's so cool. All the best to you in this much-needed venture. Most 18 year olds need ongoing support as they launch into life.

Dicey

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #30 on: October 13, 2019, 07:23:45 AM »
Once these young people have a roof over their heads, who is going to teach them the life skills they need to learn so they can become successful adults? Is that part of your plan?

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #31 on: October 13, 2019, 08:36:22 AM »
Once these young people have a roof over their heads, who is going to teach them the life skills they need to learn so they can become successful adults? Is that part of your plan?

Well, first of all, they aren't my kids and I have no obligation to do a damned thing for them.   I'm not taking responsibility for them and their lives by providing affordable shelter.   I'm providing affordable shelter.   I already have a "forever kid" since my daughter has Down syndrome.

That doesn't mean I don't care  -- it just means that it's nothing I have to do.

I'm hoping that some charitable organization will help with that task because, well, I'm retired and don't want to spend my time doing that instead of other things.  If anyone knows of such an organization then please send them my way.

I will make the information available to them and I'll be glad to answer questions from anyone who's truly interested (like I do with anyone else).


Dicey

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #32 on: October 13, 2019, 02:16:06 PM »
I see it kind of like the parable of teaching someone to fish. You can fill the house up once with kids who have no life skills and they never leave, or worse, they trash the place and they won't leave. Or they bring home stray animals that trash the place. Or they let their friends move in. Or they have babies... In other words, you've fed them for a day.

Alternately, you can fill the house with kids who are learning how to be adults. They learn and they leave to create their own lives.  Lather, rinse, repeat, helping lots of people. In this case, you're teaching them how to fish. They can sustain themselves forever.

I'm not being critical. I'm just wondering what the plan is once you've set up the house and moved in the first group. How are you even going to select them? What will your process be? Will they be required to find/keep jobs? Contribute to the household?  Do household maintenance? Mow the lawn? What about furnishing the place? Cleaning the common areas? I'd really like to know more about your plans.

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #33 on: October 13, 2019, 05:25:46 PM »
I see it kind of like the parable of teaching someone to fish. You can fill the house up once with kids who have no life skills and they never leave, or worse, they trash the place and they won't leave. Or they bring home stray animals that trash the place. Or they let their friends move in. Or they have babies... In other words, you've fed them for a day.

Alternately, you can fill the house with kids who are learning how to be adults. They learn and they leave to create their own lives.  Lather, rinse, repeat, helping lots of people. In this case, you're teaching them how to fish. They can sustain themselves forever.

I'm not being critical. I'm just wondering what the plan is once you've set up the house and moved in the first group. How are you even going to select them? What will your process be? Will they be required to find/keep jobs? Contribute to the household?  Do household maintenance? Mow the lawn? What about furnishing the place? Cleaning the common areas? I'd really like to know more about your plans.

If we can find a non-profit group that will take care of those problems for us we'll set it up for the foster kids.  If not, we'll go the non-profit for college students route.   It's just not a burden we're in a position to take on.

It's not that we haven't thought about it.

Dicey

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #34 on: October 13, 2019, 07:46:19 PM »
I see it kind of like the parable of teaching someone to fish. You can fill the house up once with kids who have no life skills and they never leave, or worse, they trash the place and they won't leave. Or they bring home stray animals that trash the place. Or they let their friends move in. Or they have babies... In other words, you've fed them for a day.

Alternately, you can fill the house with kids who are learning how to be adults. They learn and they leave to create their own lives.  Lather, rinse, repeat, helping lots of people. In this case, you're teaching them how to fish. They can sustain themselves forever.

I'm not being critical. I'm just wondering what the plan is once you've set up the house and moved in the first group. How are you even going to select them? What will your process be? Will they be required to find/keep jobs? Contribute to the household?  Do household maintenance? Mow the lawn? What about furnishing the place? Cleaning the common areas? I'd really like to know more about your plans.

If we can find a non-profit group that will take care of those problems for us we'll set it up for the foster kids.  If not, we'll go the non-profit for college students route.   It's just not a burden we're in a position to take on.

It's not that we haven't thought about it.
The bolded is exactly what I was worried about. I kept thinking of the axiom, "No good deed goes unpunished." I'm glad you're not inadvertently getting yourself into more than you bargained for.

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #35 on: October 15, 2019, 12:15:41 PM »
We're starting up a new business.  Well, technically a non-profit to provide low cost housing for students or kids who age out of the foster system.

This is a great idea! For finding a non-profit to partner with you could reach out to your local United Way or check out CARF International to find out if there are already any non-profits within your area with programs similar to what you are looking to partner with. There is an organization where I live that provides for the demographic you are looking at and one of their programs provides them with safe and stable housing, education opportunities, employment skills and readiness, and life skills. They recently opened a tiny home community on their campus as transitional housing for individuals in this program until they are ready for their own independent residence.

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #36 on: October 15, 2019, 09:28:59 PM »
We're starting up a new business.  Well, technically a non-profit to provide low cost housing for students or kids who age out of the foster system.

This is a great idea! For finding a non-profit to partner with you could reach out to your local United Way or check out CARF International to find out if there are already any non-profits within your area with programs similar to what you are looking to partner with. There is an organization where I live that provides for the demographic you are looking at and one of their programs provides them with safe and stable housing, education opportunities, employment skills and readiness, and life skills. They recently opened a tiny home community on their campus as transitional housing for individuals in this program until they are ready for their own independent residence.

Great idea for potential partners! Kids at these ages and with these backgrounds will need extra support. You'll want to go through another org who are experts so they can manage this. Expectations can be different. Even if working through an organisation things aren't always smooth. My apt in Athens was recently used to temporarily house a mother and child who were refugees (for a week) via a very good agency I've worked with. She managed to burn holes in a curtain and towel, was probably burning incense when the wind blew the curtain then put it out with the towel. Also unscrewed the shower head to use as a bidet and for ablutions. Just different ways of thinking about objects and ownership. I didn't tell the org about this but have said I cannot house any more people. (It's been mostly for my mom to stay in over winter holidays and is now going on the market at double the purchase price.)

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #37 on: November 12, 2019, 10:30:51 PM »
Another business idea that I doubt I will implement.   If you make a mint, send me a nice thank you. :)

We just got in an ultraviolet flashlight.   It allows us to see where the cats have peed on the wall or floor.
(It would work for dogs, too.)

There's your business.   Cleaning up dried and invisible cat or dog pee.   We're using a gallon jug of urine remover and a sponge (and rubber gloves!!!).


If you say to yourself, "Yuck!  I don't want to do that!" whilst simultaneously saying "Yuck!  I don't want pee on my walls!", you now understand your customer demographics.


You could get started for very little and go door to door.   


If you give it a go, let me know how it works out for you!

I will mention this to my bf, who already has a flashlight fetish. Opinions differ on whether he needs a side gig :)

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #38 on: November 12, 2019, 11:22:19 PM »
I will mention this to my bf, who already has a flashlight fetish. Opinions differ on whether he needs a side gig :)

Whose opinion will win the discussion, yours or his? :)

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #39 on: December 18, 2019, 10:37:10 PM »
I will mention this to my bf, who already has a flashlight fetish. Opinions differ on whether he needs a side gig :)

Whose opinion will win the discussion, yours or his? :)
LOL. His. I only advise...

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #40 on: November 05, 2020, 11:19:04 PM »
I will mention this to my bf, who already has a flashlight fetish. Opinions differ on whether he needs a side gig :)

Whose opinion will win the discussion, yours or his? :)
LOL. His. I only advise...

@Missy B , is your BF now a successful entrepreneur?   Or should I say, entrepeeneur?   Enquiring minds want to know!

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #41 on: December 24, 2020, 08:56:11 AM »
Thought I would toss in an update after a over 2 1/2 years of FIRE.

We now have 4 fully paid for rental properties and a new, totally awesome fully paid for home.   25% of our rental properties have been made available (for free) to medical personnel dealing with covid patients so they have a place to live where they won't infect their families.   

Our buddy is doing very well with the rental property we helped him fund.   While it was being fixed up we let a young couple stay in 1/2 of it for free for some months to help them out.

Our daughter's adopted grandmother is doing well in her new home, too.  (We bought it for cash in a distressed state, she fixed it up at her expense, then we sold it to her for a bit below what we paid for it, which got her a much nicer home for far less money.)

As for the house we were going to use to set up a charitable group home, we sold it at a loss to avoid dealing with tradespeople in our area who STILL don't take covid seriously.   We used the proceeds to pay off our new home mortgage and have started donating $1k per month to charity instead.   We started off with a food bank.     We're letting our son, daughter in law and granddaughter choose which charity to support on their birth months.

Income and wealth have increased and expenses have decreased (even with a new $14K+ charity budget) so we're even more financially secure than we were when we retired.  :)

Daughter and wife had some serious health issues which have (thankfully) resolved for the better.   Between that, getting the last two investment properties ready to rent, and covid, we didn't get to do much in the way of travel.   Hopefully that can change for the better by the end of next year as covid vaccines tamp this epidemic down.

Looking back at where we started out, the idea that we would live on an estate with a beautiful custom home and grounds, and confidently plan to give away $14k to $16k a year to charity without holding down a job, all while our wealth grew would have been just crazy talk. 

May your dreams of prosperity come true and may you share it with others along the way.


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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #42 on: December 24, 2020, 03:42:57 PM »
Great update, @SwordGuy! Best wishes for the new year.

Missy B

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #43 on: March 02, 2021, 10:02:20 PM »
I will mention this to my bf, who already has a flashlight fetish. Opinions differ on whether he needs a side gig :)

Whose opinion will win the discussion, yours or his? :)
LOL. His. I only advise...

@Missy B , is your BF now a successful entrepreneur?   Or should I say, entrepeeneur?   Enquiring minds want to know!
Snort. No. I will point out to him that his laggard-ness is losing him the opportunity to use your excellent pun every time someone asks him about his side gig...

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #44 on: March 02, 2021, 10:43:50 PM »
I will mention this to my bf, who already has a flashlight fetish. Opinions differ on whether he needs a side gig :)

Whose opinion will win the discussion, yours or his? :)
LOL. His. I only advise...

@Missy B , is your BF now a successful entrepreneur?   Or should I say, entrepeeneur?   Enquiring minds want to know!
Snort. No. I will point out to him that his laggard-ness is losing him the opportunity to use your excellent pun every time someone asks him about his side gig...
@Missy B ,
Not only that, but if he joins the Chamber of Commerce, he'll be able to regale his peers about his peers.  :)

Missy B

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #45 on: March 18, 2021, 11:39:41 PM »
Choke. Snort :)
I apeeciate your sense of humour, Swordguy.

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #46 on: June 24, 2021, 08:25:06 PM »
Well, the thing about being a serial entrepreneur is that it's hard to stop being one...

My business buddy has a close friend who owns his own trucking company.   They swapped stories about what they've been up to and he got to learn a bit about the trucking industry.

He mentioned to me that he was going to try to start up a trucking company.   He's a bright, hard-working, energetic guy with a fair bit of business savvy, so I said, "Tell me more."

The TLDR; version is that this time I'm doing it the lazy man's way, I'm providing some seed capital and some mentoring and he's doing the work.  Right now our capital input is 50/50, but as time goes on we'll drop our percentage down to 5-10%.   That will provide a charitable giving income stream that we can put to good use.    He'll be doing all the work so that seems reasonable to us.

He gets some real advantages to doing things this way.   There are no loan payments and I'm reinvesting my share of the profits in the business.    This way, he's not having to worry about paying back the bank each and every month as we run into the inevitable dammit situation.   In addition, we can cough up some emergency cash for major repairs if they are needed.

So far, so good.  The first few months in operation have been profitable.

It's a small enough sum of money that it simply doesn't matter if the business goes bust and the upside is pretty decent.   It's fairly low pressure because neither of us absolutely need the profits to live on.   

Right now we're at one truck.   We're saving up a repair/emergency kitty from the profits, then we'll jump to 3 trucks, then 5, etc.   I hope to be at 3 trucks by the end of the year at at 5 by this time next year.   We'll see how it goes.


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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #47 on: June 24, 2021, 11:42:46 PM »
@SwordGuy, sounds perfect for you!

Without divulging too much private info on you and your friend's part, any details/examples you can give of the trucking economics, pricing, key problems/solutions, best ways to learn are appreciated bc my friend/mentee(?)/ex-renter will likely start a trucking company in a couple of years.

SwordGuy

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #48 on: June 25, 2021, 07:12:28 AM »
@SwordGuy, sounds perfect for you!

Without divulging too much private info on you and your friend's part, any details/examples you can give of the trucking economics, pricing, key problems/solutions, best ways to learn are appreciated bc my friend/mentee(?)/ex-renter will likely start a trucking company in a couple of years.

That sounds a lot like work!   So nope!


Seriously, no, not really.   I went over the details over the winter, we ran the numbers, and I wrote the check.   And my brain has been fully consumed on other topics so the details are either gone or in deep memory storage with a misplaced key.

I will tell you there are a lot of regulations (as there should be, it's a dangerous business and without them even more so). 

My buddy is super-friendly and outgoing and not at all afraid of asking for help and advice, which he did of everyone in the industry he encountered.   He picked up a lot of info that way plus online research as well.


BicycleB

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Re: SwordGuy's Entrepreneurial Odyssey
« Reply #49 on: June 25, 2021, 11:54:20 AM »
@SwordGuy, sounds perfect for you!

Without divulging too much private info on you and your friend's part, any details/examples you can give of the trucking economics, pricing, key problems/solutions, best ways to learn are appreciated bc my friend/mentee(?)/ex-renter will likely start a trucking company in a couple of years.

That sounds a lot like work!   So nope!


Seriously, no, not really.   I went over the details over the winter, we ran the numbers, and I wrote the check.   And my brain has been fully consumed on other topics so the details are either gone or in deep memory storage with a misplaced key.

I will tell you there are a lot of regulations (as there should be, it's a dangerous business and without them even more so). 

My buddy is super-friendly and outgoing and not at all afraid of asking for help and advice, which he did of everyone in the industry he encountered.   He picked up a lot of info that way plus online research as well.

Thanks, very fair.

 

Wow, a phone plan for fifteen bucks!