What I am doing to make my business a reality
I am going to create a successful business with recurring revenue. But there are a few things I am going to accomplish before I make this thing really successful.
1. Technically I already have a business
I currently have an LLC that has a piece of property inside it. But I want to unlock the value there.
2. Currently in the process of selling the property to unlock the capital
Right now real estate is really high and my property is in a good location. I am fine with selling it and using that money as seed capital for my business.
The vast majority of the money will go into cash savings for a rain day, the other small portion will be used to experiment with business ideas.
I already have 2 business clients, but I have a plan to get more and grow that annual revenue.
I have a list of people that I am going to reach out to.
And then I also have a marketing plan to reach more people.
If I can get 200 customers I can replace my current income.
Having some type of accounting system will keep more organized, but also remind me to do things and keep me on track.
5. Chase business account
The llc already has a business account, but it is not good. Chase is more expensive, but also has more business services.
6. Investment account
Currently using Fidelity, need to actually connect and fund the account.
I think it would be good to have some type of marketing software to keep track of potential sales leads. Need to investigate Hubspot or Salesforce etc.
8. Build the business website
Somehow in my mind this will make the business more legitimate and make me take it more seriously.
9. Create a name, email and phone number for the business
10. Don't quit - I can always work on this business for one more day
11. Remember Berkshire Hathaway
Your not just building one buisness, but multiple streams of income under one umbrella
12. The goal is to provide great products and generate recurring cash flow
13. Keeping it lean
I can run this whole business myself. Might use a CPA or bookeeper if this grow.