ChowYunPhat wrote: ↑Fri Feb 15, 2019 3:28 am
Smitcat - loved these pieces of your post. Taking your time to know yourself and properly research opportunities seems very important. I'm at the stage where my network has expanded to include people who can help evaluate as well as present opportunities. Would love to hear more about what you and your family settled on long-term to the extent you can share. Much appreciated.
smitcat wrote: ↑Thu Feb 14, 2019 9:06 am
We refined what our real interests and goals were and began a larger startup with one of us running that.
A number of years of casual but detailed research.
I believe it is quite important to figure out your own set of 'clarifiers' that will allow you to assess your business interests. Perhaps some of our will help you see what we were thinking at the time (initially 20+ years back now).
- Buy existing of build
- Do we like this product or service a whole bunch
- net profit size by time
- estimated investment
- storefront or virtual
- realistic hers of operation (24/7 , 5 x 8 ,etc)
- scalable or not
- est # of employees
- time to breakeven
- ability to be completely 'off' of work for weeks at a time
After you have a couple of dozen of these you would be best to zero in on what is most important in your case and lead with those results.
In our case the business had no relation to what either of us were doing in our previous corporate jobs, neither was any of our formal education in this area.
FWIW - we work less than 1/2 the hours and the cash flow is more than 2.5X the inflation adjusted compensation that we were receiving at the time.
There are/were 2 more really important benefits , 1.we like what we are doing and 2.We will sell the business's for a sizable amount of funds after taxes and fees.