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Everything always takes me so long to do :/
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Yup! I love real estate but also don’t mind practicing law. I’m opening my own firm in a year or so and learning how to run a business/firm in the meantime.
I am about to buy a home service franchise. It’s 5 territories in total and I will be hiring a GM to run the day to day operations. My commitment will be approximately 5 hours per week. My outlook on the business is for all 5 territories to be able to gross $1.5MM (all together) in revenue by Year 3 and then hopefully $2.5MM (all together) revenue by Year 5. The profit margins are good enough to replace my salary if I can hit that $1.5MM gross revenue mark. At that point I would plan to leave law for the time.
The upfront investment is not small though as I am putting in around $540,000 into this to get it up and running with salaries and franchise fees, equipment and insurance.
My funding is roughly made up of $60,000 (cash), $125,000 (unsecured term loan) and $350,000 (HELOC from my house equity).
I think quitting to work on an entrepreneurial venture is pretty brave these days. I would only do that if you have a solid savings and you feel confident that you could survive for an extended period of time without good income. Starting a business also costs a lot of money, so I would just take a careful inventory of your financial situation and your expenses
Anyone who is seeking to build a book of business likely has entrepreneurial ambitions. If you have ADHD and hyperfocus on tasks, I’d make sure to work on the business for a couple of months and see if you actually stick with the project.
Your ability to hyperfocus is likely tricking you into believing that you actually know what you’re doing and won’t fail. Ive fallen into this trap and started several (gold mine, oil and gas, non-profit) and stopped as soon as I realized I was just bored with my current job and didn’t have the skills to pull it off.
I’m somewhat the opposite actually. I’ve wanted to start it but haven’t taken the plunge for nearly 2 years and it’s been the fear of failure that keeps me from doing it