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INTRO Slowlane sales director / future fastlaner from Europe

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BigP

New Contributor
Dec 15, 2019
2
2
11
Hi fellows,

greetings from Europe! Glad to be here and I have read MJ's both books which really made an impact.

A small intro: I have job as international sales director making around 170-200keur per year including bonuses (note that the taxman takes 50% here) in IT sector.

Some side hustles:
*A small manufacturing business with my friend with annual revenue up to 30-50keur (no profit yet, all is put to R&D + filling the stocks). Here we are selling to consumers but lost earlier 5meur deal with 2.5meur margin which resulted few quiet years. Now we have another deal abroad for almost 10meur but the tender has been stopped due to Covid. Note that the big deals have a very small probability. The plan is now to hire one full time employee and sell 100keur to consumers in 2021.
*Real estate investment. I figured out how to do this in 2020. Now I have around 1meur worth of new studio apartments with double leverage and very little own money. I still need to put around 50keur into the vehicle and then it will feed itself while making around 1meur in the next 10 years. This is the most that I canmy current income level. I see this as a vehicle where I will pump all the excess liquidity from other side hustles.
*IT company. Here I am in a bit of trouble. The idea is great, even earthshaking but we have a bad team and it is keeping me back of putting my full effort here. IPR is there but with 0 sales.
*Start-up investments. I am investing 10keur here and there through my holding company.

Some ideas that concern me at this time:
*Why some people do and some people don't. Ok, Jim Rohn already answered this but this is still a problem with the IT company. I need to find a good solution here.
*How to reach a level of passive income that would free up my time to do projects full-time. This would require an additional 1.5meur to the real estate vehicle or something else.
*Small bonuses on the day job. We will break the all time sales record this year but my bonuses are capped so that I will get only around 200keur. With competitors where the bonuses are not capped, I would probably make 1meur or a lot more. The only problem is that working for a competitor would require a relocation to London where I certainly would not like to live nor raise kids.
*Creating an additional income stream from writing a book and launching connected online trainings.
*On a larger scale I think I have huge untapped potential and my aim is to focus that on making a lot more money and via that - freedom!

Here it is for the time being. Now I will indulge myself to the forum content. Looking forward!
 

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Kasimir

Contributor
Read Millionaire Fastlane
Sep 4, 2020
87
94
108
Switzerland
Wow looking at your plans, income stream, and so on you have to a lot on your plate. I understand it's really important to have different income streams but can you manage all that? I couldn't. :)

I'd focus more on your IT company. If the team is bad, get a better team. You could also hire people remotely with Upwork. But if the government is taking 50% of the salaries in the IT industries it's harder to build something. Or do they take 50% in all sectors?
I put all my effort in the It company get it running and then you can focus on other things again.
 
OP
OP
B

BigP

New Contributor
Dec 15, 2019
2
2
11
Thanks Buddy,

yeah, I can manage it. I honestly believe that I have larger bandwith and clockspeed than your average Joe. Sure in hell I don't have any limiting beliefs...

The manufacturing company is more like a hobby to see how you can create products, use social media for selling etc. and it has a very specific niche connected to my hobbies ie. more like a hobby :) I own the majority and my friend owns the rest.

The IT company is an issue that I am thinking how to work on. I would be interested of selling the whole thing for few millions but it needs customers first before that. I find the IPR very valuable but potential buyers want proofs obviously. It's a bit of catch 22 with the current team.

Anyway, to add something to my story. It was 2012 and I realised that as a team leader in finance sector and a huge old house needing renovation etc., I really need to do something to fix the situation. Otherwise I would be sentenced to the same loop until pension and there were examples of that around me. Ok, all the above has been created after the 2012 epiphany. I started by going to NLP course, then getting another position, then taking more NLP courses, then going straight to senior leadership in one of the big consultancy companies (reducing also holidays from six weeks to five) before being headhunted to this position. In a meanwhile I created the side hustles.

With continuous (self)feedback I have been improving all the time and now finally in the past two years I have also started to get my finances in order. I have also read hundreds of books in the years after the epiphany.

I still feel there is a huge gap between my income potential and current situation. Not to dwell on the past, I am just aiming to reach financial freedom asap.

And yes, alas, the taxman (and mandatory public pension fees etc.) take 50% of higher salaries in all industries here.

Good to be here. I find that there are a lot of likeminded people here. The problem in my country is that the reference group is very very small.

Wow looking at your plans, income stream, and so on you have to a lot on your plate. I understand it's really important to have different income streams but can you manage all that? I couldn't. :)

I'd focus more on your IT company. If the team is bad, get a better team. You could also hire people remotely with Upwork. But if the government is taking 50% of the salaries in the IT industries it's harder to build something. Or do they take 50% in all sectors?
I put all my effort in the It company get it running and then you can focus on other things again.
 

Kasimir

Contributor
Read Millionaire Fastlane
Sep 4, 2020
87
94
108
Switzerland
You're not alone with the feeling of "having a huge gap between my income potential and current situation". I know that feeling to well mate. In my mind, it's not only about what you can earn also what you can achieve.

Your IT business sounds really interesting. If I were you I'd do the following:
Fire all of your "useless" and unmotivated employees. And hire some motivated once. Easier said than done but I think having a motived team has a direct effect on the numbers of costumers and customer satisfaction. I don't know what's the product/service of your business, but if you want to sell it and believe that with some costumers you can get a few million, I believe that with a huge amount of costumes you can get a lot more then a few million.
Don't know how big your team is. But I'd hire people remotely, where I live in Switzerland, people love to buy businesses, which don't need a big office space.
And I'd hire a really motivated person who can manage a team. Don't give him a salary. Give him a small part of the company and tell him you want to sell the company and he will put in 100+ hour workweeks. And with the help of him and your remaining team, maybe remotely I'd put a lot into marketing. Don't know your service/product so I have no idea what's the best way to market it. But if you put in 100K+ /month into marketing you should get a ton of costumer if your business is really that great. And then after three months of doing that try to sell the business. And you'll get a lot more because you showed them that it's scalable.

But this strategy would require that you are the only owner of the company. Or that the rest is willing to do the same.

But the taxman does only take 50% of salaries and not when you sell a business, do they?

Please note that the above is only my opinion on what to do with the business and kindly take into account that I have no idea of what you're selling. But I wish you the best of luck.
 

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