Dead right.

I think Mistake 1 is more common among those over 40.

I made Mistake 2 two times between ages 23 and 28. Both ventures tanked.

Undaunted, I saved money for another venture at age 31, and I promptly made Mistake 3. We recovered, but it was tough.

Ok, I have a business but am starting over. I had a motor accident and my life now has to change. I ran my own health care practice and now I wish to hire other to work for me. I have the ability, but funds are lower and my health took a bang-literally, and my physical ability is less then it use to be. I am doing well, but know there have been some limits and changes now. I was the business, so my inability ment the business suffered. Let me know what you think?

Thanks.

We are tring with our home base bussiness we have no money for get us out in world where they can see us either.

We run a first aid and CPR training and that gose right up to training in EMT. We work in NH,VT and ME..

www.nnhemts.com

The other bussiness is SPC/QA work and we also do spreedsheets too and all form of the bussiness.

www.spreadsheets.mysite.com

I know we can do this but no money or family members whom don't belive in us other then our children and they don't have money to help us out...they belive in them both

so what to do

Good morning,

I completely understand your situation. I do have a home business that would great with your current business. We have numerous wellness coaches, chiropractors, NP, dentist and MD's that do the same business as I do - just to supplement their income.

If you are interested in finding out more, please email me at Sandi@YesWeLimu.com.

Thanks for reading and have a very blessed day.

Don't have any great advice, but loved the "Manikins On Vacation" pictures on your website!

Steve

So then Gordon, you're saying I shouldn't start my own insurance agency because I want to be able to make enough money to retire in ten years?....It HAS to be my "absolute passion" or else it won't work for me? I've already had my 'absolute passion' work for most of my adult life (being a musician), and as a result, I don't enough moola now!

How about (1.) being self-employed again, and (2.) being able to retire for my passionate desires?

Would Napoleon Hill and you approve?

Thanks,

SteveN

I just refound this site, and no matter what anyone says on the down side, there are many reasons for risking capital, time, energy and the biggest risk of all: overcoming the fear of success. I would rather screw a bucket of rusty razor blades than ever again work for someone else. I would eat catfood ... well ... IAMS, anyway, before I work for the man.

No one goes into business with the intent to fail. But there are those who do everything they are told not to do. They take a stance that "Hey, I know more than the 5000 years of business acumen that preceded me." They obviously don't want to succeed; they want to have a dream of success but not take all the steps needed to accomplish it.

It is fear of success that costs more people their business than any or all of the others combined. We all fear failure. That is why we get up in the morning and do something. Of course, if you don't follow the general principles laid out by Gordon you have about as much chance of success as a particular sperm in the flow of things!

But, success is partly psychological. You have to believe in yourself on the worst day of your life. You have to know the $7000 a month rent is going to be paid even though it is the 29th of the month and there is $12.84 in your business acount and somewhat less in your personal account. Been there/done that. Rent paid on the first of the month! Why: end of the month sale preplanned with enough incentives to guarantee that I would make my nut. Truth: That Sunday, in six hours, I needed seven thousand and took in $65000. What did I know? A big Sunday sale works if you advertise it right. Everybody is off Sunday and if you thow a picnic out front in a tent, my God! What morons will do for a hot dog that cost me about 12 cents each ... with the roll and the condiments!

When I open a business, I make it my business to know everything about it before the doors open. I study the failures. It is easier to avoid their traps than try to learn how the few successful ones do it. Successes are often by chance and they become next year's failure. You have plenty of time to watch them when they are chasing you!

I've had four businesses in three diverse fields and every one of them made a living for me the first year and improved from there. In two, my capital investment was peanuts - two to four thousand dollars, not including first and last mont rent.

The other two were respectively $60,000 and $200,000. The first was returning a

living wage the first month. The second is a part-time venture based in owned real estate so all I have to do is make a net return of about 3.5% and I beat bank rates. I'm making double that net after taxes not including the increase in the value of the properties and the fact that I am in one of the few ascending markets on earth where there is more demand than supply.

I always underprice the market. I want quick return and when it is merchandise, rapid turnover. Secret: With a retail operation, it isn't how much profit per item, it is more the number of turns per year of the same space. My neighbor set up to make 250% gross profit. I set up to make about 93% on the same class of merchandise. He had 4 turns a year on a square foot. I had 13! Same with property rentals: I charge $900 a month; everyone else charges $1000 - 1100. They average 10 months full a year or less.. I haven't had an empty day since I opened. Multiply 900x1200 and 1000X 10 and see who makes out like a proverbial bandit! The 1100 dollar unit cost the owner $45000 more than I paid for the same square footage. He thinks he has to make that up all at once. And he has a big mortgage. You do the math as far as % return on investment!

My competetors have mortgages at over 6%. I cashed out. I know they get tax breaks but they are paying almost 3 times what I paid for the unit when you count all the interest over 30 years! They will never catch up.

The devil is in the details and no matter what business I go into whether it is real estate, retail furniture or treatment clinics, I understand how money works for me and against me and know which choices to make. Let's just say, the real estate market tanks. I have paid off properties with a $350/month overhead. They have mortgages of $850/month + $350 overhead. Which of us will survive the tough times? If I rent the unit for $400 a month in the worst of times, I am free and clear with a few dollars for repairs! For the others, the banks will be waiting to take over a property that is, in the long haul, a gold mine.

It is all in how you approach a business. I don't look at what I want. I look at what the business will provide if properly managed on a minimum risk basis. I could have bought 10 units with my cash and mortages on all of them.. Insteaqd, I cashed out. If, later, I decide to risk a mortgage, I have equity and a track record and the banks will line up because I don't ask them for anything!

My $200,000 investment aftyer 8 months is worth about 25% more. Why? No units left for sale. All 374 sold and anyone who wants on board has to pay a premium. I may sell in a few years. I'll see how mny health holds up. I'm old. I'm healthy. Tomorrow, I could be old and sick or old and dead. But, I bought where it would be easy to sell so it takes that worry from me.

I love business. I am the captain of my own ship and my destiny is not in the hands of some bean counter who will take everything I give and not pay value for it.