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Kll985 accountability thread

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KLL985

New Contributor
Read Fastlane!
Dec 13, 2018
6
9
Howdy Folks,

Intro:
I am starting this thread as a long time lurker and occasional commenter. My goal is to use this thread as accountability to get things moving in my business life. I have been stagnant for a long time and am ready to get moving.

About me:
I am 51, living in the boonies of Wv but within 30ish minutes of a 100k population town in Va. I own several part-time businesses (all slow lane) and looking to take at least 1 of them to the next level due to my wife's recent retirement. We home-school our 4 kids, are active in church, sports, and lots of other things. Being stretched so thin over the last few years has meant that I didn't put in the time necessary to turn any of my businesses into something that will provide a full time income.

About Current Businesses:
Business 1- Carpet cleaning – I have a very part time carpet cleaning business. I run the office and answer the phones while a guy that works for me cleans the jobs, and maintains the van. The equipment is wearing out and will need expensive upgrades in the near future. I have not been successful in marketing(you will notice this theme), but I close about 50% of inquiries over the phone. I would like to continue to run this if it was making enough money to provide some income and fund the upcoming capital expenditures. It would be an ideal education for my kids as they are getting to the working ages.

Business 2 – Handyman Business – I have always kept this small on purpose and used it to teach my children how to do home repairs, work with customers, build stuff, etc. I am not interested in continuing to do this, however since my wife's retirement I have continued to take jobs just to keep some income coming in.

Business 3 – Carpentry – I am just starting to offer carpentry for outdoor structures, sheds ,greenhouses, decks, etc. I am hoping to turn this into a business that will provide income for us and that I can hire help for as I build the business and get consistent work. I am currently struggling with marketing and not getting the amount of qualified leads I need to close enough sales to meet needs.

Rental Units – We have 11 units, 9 that are performing, 1 that is almost ready to rent (thinking weekly rental on this very small unit) and 1 that has a deadbeat in it that will be out soon. We may sell that unit to capture some capital for other investments.

All my businesses are geared toward teaching business skills to my children so they aren't helpless when they hit the workforce, but are in fact prepared (an actual education) and ready to far outperform me. Regardless of what area they choose to work in.

What I think I need:

First and foremost I need a space away from all the action of the family to go to work. I currently work in the dining room but I am building an office for myself in July that should give me a place to “hide” and set work hours for myself so I can “get stuff done”. Making sure what Stuff needs done is an area I could use some advice on. A morning routine is something that has been lacking and I think will help to instill good habits as we make this transition from my wife's income to mine. A focus on the one or two things that will get the ball rolling downhill in one or more of these businesses so as I continue to age, I can continue to have income, but work less physically.

Goals:
I am an idea guy, but my follow through is terrible. I have many ideas that I would like to get into, many of them are fastlane, but time always seems to slip by.

My current and most important goals are to:

Build a source of income that runs itself.

Purchase a large piece of land to produce food, and raise kids and grandkids.

I will continue to update this thread with wins and losses and look forward to hearing from you all. Feel free to leave your input, or give me a kick in the pants as needed.

Next week I am taking kids away for a week, then we will get down to business. I probably won't respond while I am gone, but will catch up when we get back.

Thanks,

Ken
 
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KLL985

New Contributor
Read Fastlane!
Dec 13, 2018
6
9
So here is an update after 1 month.

Carpet Cleaning had a better than average month. Haven't come up with a long term solution for this business yet. I think selling it would be ideal if I could get my investment back.

The Handyman Business had a great month. I sold 2 paint jobs. Trouble is I do the work. I have hired someone for production. He will work with me next week. Hopefully he is as good as he says he is. I will take more work if it comes, but I will need some help doing the work.

Carpentry - I sold 2 large jobs in the last 2 weeks. The guy I hired will help with this too. This is the direction I want to go. Selling work and having someone else do it. Obviously this is the part everyone struggles with. Finding good help.

Real estate - The deadbeat will be out on the 5th. Still undecided on the direction of that unit. It could cashflow about $500 monthly if I rehab it and keep it. That is a fair return, however the location isn't the greatest, and the market is still booming with all the city people buying property out here. Will be rehabbing another unit and increasing rent significantly. Considering an airbnb, but there are a few logistics to work out first.

Building my office has been pushed back until August. I have it on the calendar now and the dates are unmovable lol. I still think this will change things significantly.

Thanks,
Ken
 

Victory!

Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
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Speedway Pass
Jul 27, 2022
15
35
So here is an update after 1 month.

Carpet Cleaning had a better than average month. Haven't come up with a long term solution for this business yet. I think selling it would be ideal if I could get my investment back.

The Handyman Business had a great month. I sold 2 paint jobs. Trouble is I do the work. I have hired someone for production. He will work with me next week. Hopefully he is as good as he says he is. I will take more work if it comes, but I will need some help doing the work.

Carpentry - I sold 2 large jobs in the last 2 weeks. The guy I hired will help with this too. This is the direction I want to go. Selling work and having someone else do it. Obviously this is the part everyone struggles with. Finding good help.

Real estate - The deadbeat will be out on the 5th. Still undecided on the direction of that unit. It could cashflow about $500 monthly if I rehab it and keep it. That is a fair return, however the location isn't the greatest, and the market is still booming with all the city people buying property out here. Will be rehabbing another unit and increasing rent significantly. Considering an airbnb, but there are a few logistics to work out first.

Building my office has been pushed back until August. I have it on the calendar now and the dates are unmovable lol. I still think this will change things significantly.

Thanks,
Ken

Best of luck on your journey Ken! I love the way you are raising your kids, I hope to do the same one day.

Have you considered using the extra unit as your office? If there's still a mortgage to payoff, you can rent it to one of your businesses at cost and reduce your taxable income. You'll save time on building your office for now, and you can put that time back into your businesses.
 

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