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$120k in the bank and 22 years old feeling lost

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Financedragon

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Hey everybody! I’m 22 years old business owner, and I feel completely lost!

I run a tutoring agency that generates 3000 dollars a month net, passively.

I graduated from university with a 5-year master’s degree in Applied IT, System Science just one week ago.

Addition to that I have saved up 120 000 dollars in cash.

Have zero debt, no credits and still living at home with very low expenses.

My tutoring agency is growing, and I am certain I can get to 5000 a month as a salary during 2022 and take out 20 k dividends every year from the company passively. But I still feel stuck and lost because I don’t feel this is where I want to be doing for the long term. I don’t want to be in the tutoring industry forever. A tutoring agency is great as my first business, but I feel like I want to build something that really could stimulate me more and give me a higher X-factor.

One thing that I know is that I enjoy the consulting industry. I like the model where I get to scalability through hiring consultants in an agency model and get paid passively by that. Charge client X, pay consultant Y, take the overcharge to the company, and then scale that equation. And I like to provide value to the marketplace where there is a demand which is recession proof and that have room for repeatable business.

I feel like I have so much more to give, and I haven’t maximised my potential which drives me nuts.

I know that if I continue along this path, I will have a decent living, but I am not taking the entrepreneurial road and making sacrifices to live decent. I want to build a company that can give me a real life.

So, what should I do? I feel lost and all my entrepreneurial experience is based on this one venture so I don’t know what my next step should be.

Should I take a job? Should I build up the agency to sell it? Should I use it as a passive income stream or should I start a new business?
 
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fridge

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22 with 120k in the bank and a business set-up? You're doing really well already. Even if you don't like the tutoring business, you can build it up to a point where you can sell it, or be hands off with it and go work on a different business. You don't really need to like it to make profit off of it, as you've already shown. You have $120k cash, you could put that to use in a multitude of ways. You should stop asking what you should do, because no one knows your exact life circumstances - we don't know if you're living with parents, need health insurance, spending habits, what your goals are short, mid, long term, etc. We can only offer you suggestions of what we think is best based off the small impression we have of you, it's up to you to implement whatever takeaways you can get.
 

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Financedragon

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22 with 120k in the bank and a business set-up? You're doing really well already. Even if you don't like the tutoring business, you can build it up to a point where you can sell it, or be hands off with it and go work on a different business. You don't really need to like it to make profit off of it, as you've already shown. You have $120k cash, you could put that to use in a multitude of ways. You should stop asking what you should do, because no one knows your exact life circumstances - we don't know if you're living with parents, need health insurance, spending habits, what your goals are short, mid, long term, etc. We can only offer you suggestions of what we think is best based off the small impression we have of you, it's up to you to implement whatever takeaways you can get.
Thank you so much for taking your time and giving me valuable feedback. I’m living in Scandinavia so health insurance, university tuition etc is covered by our taxes.

Still living at home with my parents sense I decided to complete my degree in IT before moving out. Spending habits is low 200-500 dollars per month.

My short term goal is to keep growing our clientele, and continue to scale the agency. As you said, I don’t get excited about it but it’s totally passive so I’m thankful for having something set up.

Long term goal is to run a business that can get valued at 10 Million dollars+. And really feel excited about the services the company provide.

I really found value in your answer and as you said, it’s very challenging to give me specific guidance since the information is limited.
 
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thechosen1

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What are you complaining about? You should scale and grow your tutoring agency. You are already on the fastlane! You said it’s passive! Just build 20 more tutoring agencies!
 

heavy_industry

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Kid, you've achieved more in your youth than most will achieve in their life.

You are in the perfect spot to do anything you want.
  • Time is on your side
  • You have some money saved
  • You have a steady stream of passive income
  • You have a very lean life-style and are not spending money compulsively
  • You are clearly capable of building a business
It's very good that you want to do more. And you should do more. You clearly have a lot of potential.

I don't think I can give any meaningful advice, since you understand your situation better.
But I would say:
  • If you like this business and see potential for growth, go all in.
  • If you want to pursue something different, either exit the business and sell it for a nice price, or hire someone to run it so the money keeps coming with 0 time/effort on your side. You can then use the money to bankroll your future ventures.

Good luck!
 

Financedragon

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What are you complaining about? You should scale and grow your tutoring agency. You are already on the fastlane! You said it’s passive! Just build 20 more tutoring agencies!
Yes you are right, on paper there is nothing to complain about. BUT I feel like I dont want to be 30 years old and the only thing I have done is to be in the tutoring space. I have an operator who runs the daily operation and we are growing each month. The only thing I do is to receive my salary every month with no work. The conflict I have in my head, is that it I know that the agency is not my vehicle to the big money and that frustrates the hell out of me. But as you said, the right approach here is to focus on scaling it and then decide if I want to have it as a passive income stream or if I want to sell it. Thank you so much for your feedback!
 
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Oso

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I'm going to be completely honest here, with respect, of course.

I'm failing to see the issue here, and to me, it's coming across as mildly whiny. I understand the desire to branch out, grow your skill set, grow knowledge, etc.

However the point of business isn't to own the flashiest business but rather help others, obtain success, and then "do what you love."

Why leave an industry/business you're clearly thriving in? Continue to grow it, franchise it, etc. When you're 30+, assuming your path of success continues, you won't be looking back saying, "QQ, I only ever touched the tutoring industry."

But rather, I'd like to believe you'll look back at 30 and say, "damn, I completely stole this industry, morphed it (setting a higher, universal standard for tutoring) and am now swimming in money because of it."
 

thechosen1

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Yes you are right, on paper there is nothing to complain about. BUT I feel like I dont want to be 30 years old and the only thing I have done is to be in the tutoring space. I have an operator who runs the daily operation and we are growing each month. The only thing I do is to receive my salary every month with no work. The conflict I have in my head, is that it I know that the agency is not my vehicle to the big money and that frustrates the hell out of me. But as you said, the right approach here is to focus on scaling it and then decide if I want to have it as a passive income stream or if I want to sell it. Thank you so much for your feedback!
Well, what if you created the next "Sylvan Learning Center" and you had 1,000 tutoring centers all over the world and were a Fortune 500 founder? That would be pretty damn cool, right?

You're not "just a tutoring agency" anymore. You are already on track. If what you say is true, then you have nothing to do except keep replicating your success and become a billionaire.

The bigger you grow this one thing, the more freedom you will have to pursue lots of things.
 
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MitchC

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You’ve got what’s called shiny object syndrome, perfectly normal. I’d put your head down for a year or 2, grow it as much as you can then sell it.

Once you get the mindset of selling it in your head then the focus becomes growing and getting everything out of it you can before you sell it so that you can get the best possible sale price.

There’s a really good picture that depicts shiny object syndrome but I can’t find it. Basically someone trying to get up a hill running side to side zig zagging his way up jumping between shiny objects when he could just ignore them and walk directly straight up the hill.
 
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Financedragon

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Kid, you've achieved more in your youth than most will achieve in their life.

You are in the perfect spot to do anything you want.
  • Time is on your side
  • You have some money saved
  • You have a steady stream of passive income
  • You have a very lean life-style and are not spending money compulsively
  • You are clearly capable of building a business
It's very good that you want to do more. And you should do more. You clearly have a lot of potential.

I don't think I can give any meaningful advice, since you understand your situation better.
But I would say:
  • If you like this business and see potential for growth, go all in.
  • If you want to pursue something different, either exit the business and sell it for a nice price, or hire someone to run it so the money keeps coming with 0 time/effort on your side. You can then use the money to bankroll your future ventures.

Good luck!
Thank you so much for pointing out everything so structured. When you put it that way, it feels like I have a good foundation to continue to build on. The thing I most scared about is that I want to grow my skills and continue to develop myself to really maximize my potential. The question I am facing daily is, ''Is this tutoring business the best thing to invest my time and talents into?''. I'm scared of be missing out on something that could give me a bigger victory.

I for sure see potential for growth, and we a have big following online since I use social media to drive our growth. I would also say that I am thankful to experience what a productocracy look like as @MJ DeMarco lifts in unscripted . 95% of all clients come from word of mouth or the content marketing we produce.

Thank you so much for your valuable feedback. It gave me more clarity!
 

Financedragon

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Apr 24, 2021
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I'm going to be completely honest here, with respect, of course.

I'm failing to see the issue here, and to me, it's coming across as mildly whiny. I understand the desire to branch out, grow your skill set, grow knowledge, etc.

However the point of business isn't to own the flashiest business but rather help others, obtain success, and then "do what you love."

Why leave an industry/business you're clearly thriving in? Continue to grow it, franchise it, etc. When you're 30+, assuming your path of success continues, you won't be looking back saying, "QQ, I only ever touched the tutoring industry."

But rather, I'd like to believe you'll look back at 30 and say, "damn, I completely stole this industry, morphed it (setting a higher, universal standard for tutoring) and am now swimming in money because of it."
You are totally right! I think I stated my concern in the wrong way. The only thing I’m worried about is, if I’m doing the best possible thing based on the potential I have. The main concern I try to process is if the tutoring industry will give me the biggest x-factor.

To give you a brief story about the company existent. I was a student with bad grades and decided to change that by learning how to study more effective. As a 15 year old, I went through every book about memory techniques, study skills etc and developed my own ''system'' for getting top grades. I transformed myself from from F and E student and graduate high school with straight A’s in all subjects. So I started a tutoring agency while I was studying at university because I saw a that nobody delivered what I wish I had while I was studying.

I absolutely love the way you analyzed my situation. I want to grow my skill set, grow my knowledge, and develop my entrepreneurial spirit. The scarcity I have is based on if this is the best thing to do to reach my capacity.

At the same time, I feel like it would be stupid to not maximize the momentum the business is experiencing. And to leave that and start something from scratch would be insane.

And I must say that your answer really gave me a paradigm shift. I look at the whole situation in a whole different way now, especially when you stated what it could turn out to feel like:

"damn, I completely stole this industry, morphed it (setting a higher, universal standard for tutoring) and am now swimming in money because of it''.

To be honest before I posted I felt so bored about the tutoring industry but when you phrase it that way, I'm getting excited!!

Thank you, I got so much clarity!
 

Financedragon

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Well, what if you created the next "Sylvan Learning Center" and you had 1,000 tutoring centers all over the world and were a Fortune 500 founder? That would be pretty damn cool, right?

You're not "just a tutoring agency" anymore. You are already on track. If what you say is true, then you have nothing to do except keep replicating your success and become a billionaire.
You are absolutely right, and I really appreciate your straightforward approach! To be honest I think my main concern was that I felt bored with the tutoring industry and a little bit lost.

To give you a brief story about the company existent. I was a student with bad grades and decided to change that by learning how to study more effective. As a 15-year-old, I went through every book about memory techniques, study skills etc and developed my own ''system'' for getting top grades. I transformed myself from F and E student and graduate high school with straight A’s in all subjects. So, I started a tutoring agency while I was studying at university because I saw a that nobody delivered what I wish I had while I was studying.

I like the value we provide to the marketplace, and I'm in love with the results we produce for our students. But at the same time the boredom has started to kick in and the scarcity if the tutoring industry will give me the biggest x-factor. BUT when you stated it that way, to build thousands tutoring centers all over the world and strive to become a Fortune 500 founder, that really got me excited!! LET’S GET BACK TO WORK!!
 
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Financedragon

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You’ve got what’s called shiny object syndrome, perfectly normal. I’d put your head down for a year or 2, grow it as much as you can then sell it.

Once you get the mindset of selling it in your head then the focus becomes growing and getting everything out of it you can before you sell it so that you can get the best possible sale price.

There’s a really good picture that depicts shiny object syndrome but I can’t find it. Basically someone trying to get up a hill running side to side zig zagging his way up jumping between shiny objects when he could just ignore them and walk directly straight up the hill.
I would state it like this to give you a metaphor of what I'm experiencing. It's like when a guy only had one girlfriend their entire life (Nothing wrong with that just a metaphor) and they have a relationship that is great but since the guy only have had one girlfriend, he is wondering if that is something out there that would fit him even more.

In my situation, My tutoring agency is my first company that is really taking off. It gives me cashflow and I have during the last years systematized everything so it's growing without me. But exactly like the scenario above, I have struggled with scarcity of missing out on something better. BUT now after every response I got here, I really got a paradigm shift were I look at the whole situation in a different way!

Thank you so much for pointing me in the right direction. Let's get back to work!!
 

MitchC

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I would state it like this to give you a metaphor of what I'm experiencing. It's like when a guy only had one girlfriend their entire life (Nothing wrong with that just a metaphor) and they have a relationship that is great but since the guy only have had one girlfriend, he is wondering if that is something out there that would fit him even more.

In my situation, My tutoring agency is my first company that is really taking off. It gives me cashflow and I have during the last years systematized everything so it's growing without me. But exactly like the scenario above, I have struggled with scarcity of missing out on something better. BUT now after every response I got here, I really got a paradigm shift were I look at the whole situation in a different way!

Thank you so much for pointing me in the right direction. Let's get back to work!!
The grass is greener where you water it.

You have an opportunity or business that has potential to be huge so it’s definitely not holding you back.
 

Financedragon

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The grass is greener where you water it.

You have an opportunity or business that has potential to be huge so it’s definitely not holding you back.
You are totally right! Thank you for your valuable feedback! My motivation is sky rocketing after all answers I got. I f*cking love this forum!
 
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Financedragon

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Stop paying so much in payroll tax you F*cking clown make your salary 25k and take the rest as a dividend as an S corp
Hey Johnny. Have been following your content regarding the lawn care business and must say that your approach have been an inspiration. I find value at what you saying and will consider that, but I just want to point out that I don't appreciate the way you expressed it. I am certain you could point me in the right direction in a respectful way without having to call me a ''f*cking clown''.
 

Andy Black

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the agency is not my vehicle to the big money
I only skimmed the thread and the above stood out to me as a limiting belief.

Is there any tutoring agency/business doing making big money?

There’s a phrase I like:

“Grow what you know.”
 
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Financedragon

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I only skimmed the thread and the above stood out to me as a limiting belief.

Is there any tutoring agency/business doing making big money?

There’s a phrase I like:

“Grow what you know.”
Hey Andy! It's an honor to get your input because I have been following you for a long time and read the majority of all your posts that you made in the forum. I have learned an incredible amount from all your generous knowledge, especially your posts about marketing.

I would consider myself an expert in the industry of tutoring since I have been in the space for almost 5 years. I have learned from the process and countless misstakes along the years. I have now build a strong brand and now headed to the phase were I can accelerate the growth since everything is systematized.

One of my biggest concern was that I didn't wanted to be limited, since I thought I couldn't be significantly wealthy by just run a tutoring agency. My dream is not to have a business that have a revenue of 4-5 million and that nets 1M+ (Nothing wrong for people that strives for that, I'm just speaking for myself). To be excited I want to feel like I can reach whatever level I want. The moment I feel limited is the moment when I get bored.

Before my post I felt limited. But now after all the responses, I came to the conclusion that I could grow it as big as I want. Instead of just build a national tutoring agency, I could go internationally, and if I do that, there is no limit on how big the company could be.

If you have any more input that you think could help me along the journey, feel free to share your perspectives.

Thank you so much for taking your time!
 

Andy Black

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Hey Andy! It's an honor to get your input because I have been following you for a long time and read the majority of all your posts that you made in the forum. I have learned an incredible amount from all your generous knowledge, especially your posts about marketing.

I would consider myself an expert in the industry of tutoring since I have been in the space for almost 5 years. I have learned from the process and countless misstakes along the years. I have now build a strong brand and now headed to the phase were I can accelerate the growth since everything is systematized.

One of my biggest concern was that I didn't wanted to be limited, since I thought I couldn't be significantly wealthy by just run a tutoring agency. My dream is not to have a business that have a revenue of 4-5 million and that nets 1M+ (Nothing wrong for people that strives for that, I'm just speaking for myself). To be excited I want to feel like I can reach whatever level I want. The moment I feel limited is the moment when I get bored.

Before my post I felt limited. But now after all the responses, I came to the conclusion that I could grow it as big as I want. Instead of just build a national tutoring agency, I could go internationally, and if I do that, there is no limit on how big the company could be.

If you have any more input that you think could help me along the journey, feel free to share your perspectives.

Thank you so much for taking your time!
Tutoring, learning, courses, and coaching is a massive industry. I’d say the sky’s the limit.
 

fastlane_dad

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You are totally right! Lets get back to work!
Prior to giving you some advice I'd love to know what this means (unless I missed this in the thread)

'I run a tutoring agency that generates 3000 dollars a month net, passively.'

What does running a tutoring agency mean - that you have a physical location that your employees tutor kids at math ... OR you created some e-courses and a funnel that you have set up with some ad spending that is only revving up ... OR? That's an important question to answer as it will show insight into skills and abilities and help us guide you in a direction with your business and beyond.

Outside of that - mainly just keep going. Learning, reading, brainstorming, trying, shifting. You have a terrific start - and an almost ideal situation, not much to not 'love'. Little to no expenses, a growing 'passive' business, and time on your hands.

I'm sure things will sort themselves out with time, and I'm not sure what 22 year old hasnt felt confusion or some angst and questioning of what lies in front of them for many years to come.
 

Financedragon

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Prior to giving you some advice I'd love to know what this means (unless I missed this in the thread)

'I run a tutoring agency that generates 3000 dollars a month net, passively.'

What does running a tutoring agency mean - that you have a physical location that your employees tutor kids at math ... OR you created some e-courses and a funnel that you have set up with some ad spending that is only revving up ... OR? That's an important question to answer as it will show insight into skills and abilities and help us guide you in a direction with your business and beyond.

Outside of that - mainly just keep going. Learning, reading, brainstorming, trying, shifting. You have a terrific start - and an almost ideal situation, not much to not 'love'. Little to no expenses, a growing 'passive' business, and time on your hands.

I'm sure things will sort themselves out with time, and I'm not sure what 22 year old hasnt felt confusion or some angst and questioning of what lies in front of them for many years to come.
Hey @fastlane_dad! Thank you so much for taking the time to give me direction.

My tutoring agency is structured in the following way:
  • We hire tutors, train, and develop them with the methodology that I created through desperation and then we match them with families who want help with math/science etc. Charge family X, pay tutor Y, and take the overcharge to the company.
My story is that I was a student with bad grades and decided to change that by learning how to study more effectively. As a 15-year-old, I went through every book about memory techniques study skills, etc and developed my own ''system'' for getting top grades. I transformed myself from an F and E student to graduating high school with straight A’s in all subjects.

I have a big following online in the tutoring space, which creates a huge demand for our services. We don’t have a physical location for the tutors, they either tutor online or visit the student's home. The business model is like Uber. We provide a strong brand, a great system, and then just match a family with a tutor.

Would be interesting to hear your advice that could help me along the journey, I would be so thankful.
 
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fastlane_dad

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Hey @fastlane_dad! Thank you so much for taking the time to give me direction.

My tutoring agency is structured in the following way:
  • We hire tutors, train, and develop them with the methodology that I created through desperation and then we match them with families who want help with math/science etc. Charge family X, pay tutor Y, and take the overcharge to the company.
My story is that I was a student with bad grades and decided to change that by learning how to study more effectively. As a 15-year-old, I went through every book about memory techniques study skills, etc and developed my own ''system'' for getting top grades. I transformed myself from an F and E student to graduating high school with straight A’s in all subjects.

I have a big following online in the tutoring space, which creates a huge demand for our services. We don’t have a physical location for the tutors, they either tutor online or visit the student's home. The business model is like Uber. We provide a strong brand, a great system, and then just match a family with a tutor.

Would be interesting to hear your advice that could help me along the journey, I would be so thankful.
This sounds like the perfect segway, entry and story into a fastlane business to be fully built out.

It appears you have developed a unique product, and have set up a system to market and bring it to families looking for tutoring services - that's amazing!! From what I can see - You have a good purpose behind this business as well!

You can take this in so many directions, and it sounds like the sky is the ceiling. This might not be your '100%' passion - but certainly there are parts about this business you do enjoy? Focus your efforts on building this up - and you can always take your passions to endeavors and hobbies that don't need to yield any return on investment for you then.

It sounds like you have done one of the more difficult parts as well - taken 'yourself' out of the business already. What's limiting this to grow 10 or 100X from here on out?

Just some random thoughts -- and hopefully you can do more with this as I like the premise of what you are doing and it can really be expanded in so many directions from here on out.
 
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Financedragon

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This sounds like the perfect segway, entry and story into a fastlane business to be fully built out.

It appears you have developed a unique product, and have set up a system to market and bring it to families looking for tutoring services - that's amazing!! From what I can see - You have a good purpose behind this business as well!

You can take this in so many directions, and it sounds like the sky is the ceiling. This might not be your '100%' passion - but certainly there are parts about this business you do enjoy? Focus your efforts on building this up - and you can always take your passions to endeavors and hobbies that don't need to yield any return on investment for you then.

It sounds like you have done one of the more difficult parts as well - taken 'yourself' out of the business already. What's limiting this to grow 10 or 100X from here on out?

Just some random thoughts -- and hopefully you can do more with this as I like the premise of what you are doing and it can really be expanded in so many directions from here on out.

Yes, the purpose behind this business is great. There are a lot of things I enjoy with the business and I'm in love with the results my tutors make for students.

In theory, there is nothing that is stopping me to build it 10x. What scared me was that the tutoring industry didn't feel like the right industry if I wanted to go for a business that can be valued at 100 M+ dollars. Especially since the biggest tutoring agencies where I live in Scandinavia are being valued at 4-6 Million dollars. But as you said, I can build up an agency as a first step, and then look into other related things that I can add.

The educational space is massive and if I continue to build up a strong brand and a great system, there is really nothing that stops me from adding other services and products in the educational space to get where I want to get.

Thank you so much @fastlane_dad for giving me direction! As a 22-year-old, it's easy to get lost but the forum really gets you on the right track!

Every sentence that you wrote here is massively appreciated. I have read your gold thread and I must say you are a great inspiration!
 

thechosen1

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Yes, the purpose behind this business is great. There are a lot of things I enjoy with the business and I'm in love with the results my tutors make for students.

In theory, there is nothing that is stopping me to build it 10x. What scared me was that the tutoring industry didn't feel like the right industry if I wanted to go for a business that can be valued at 100 M+ dollars. Especially since the biggest tutoring agencies where I live in Scandinavia are being valued at 4-6 Million dollars. But as you said, I can build up an agency as a first step, and then look into other related things that I can add.

The educational space is massive and if I continue to build up a strong brand and a great system, there is really nothing that stops me from adding other services and products in the educational space to get where I want to get.

Thank you so much @fastlane_dad for giving me direction! As a 22-year-old, it's easy to get lost but the forum really gets you on the right track!

Every sentence that you wrote here is massively appreciated. I have read your gold thread and I must say you are a great inspiration!
It's a great business! Any time you can scale to units (number of copies sold, number of locations/footprint, clients served, repeat orders, all of the above), you are on the right track and 100M+ is possible. You got this!
 

Financedragon

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FASTLANE INSIDER
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Apr 24, 2021
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It's a great business! Any time you can scale to units (number of copies sold, number of locations/footprint, clients served, repeat orders, all of the above), you are on the right track and 100M+ is possible. You got this!
Totally right! Never felt so crystal clear on my plan forward! @Thecosen1 You have really opened my eyes and I'm so thankful for your support and guidance.
 
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EquinoxS

New Contributor
May 19, 2021
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Hi Financedragon,

hell of an intro! You're way ahead of most user here, me included. Dude, you're only 22! Don't overthink this, I second everything the others have already posted. You already have success: keep going!

It's interesting that you're doing tutoring. I considered it myself a few years back (am 36 now, PhD in chemistry, work as group lead of an RnD team in corporate) but never went for it because I saw the (already established) competition and thought: what value could I skew here?
I've been a tutor in school and uni myself and was quite good at it. Got great feedback from my students (and/or their parents - haha) but doing the tutoring yourself and developing a tutoring product are different things.

If you don't mind me asking, how did you deal with the following:
  1. Apparently one skew is your system: is it anything never-seen-before or did you create a kind of compendium of all the stuff you picked up reading about?
  2. What are other skewed values of your business?
  3. How did you get your first customer and first tutor? How did you reach out and 'win them over'?
  4. What does the training of the tutors look like? You meet up and train them? How long does the training take (days, weeks?)?
Thanks!
 
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