RE: CTP Chat For May 7th, 2021
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For me this is an easy question, I would like to scale up my reseller business to about $20,000 monthly. For my current product base in order to accomplish this I need a bigger facility. This will result in a significant investment in Real Estate unless I opt to lease but then there is no equity build up.
Currently this is completely un-doable. I do have a 5 year plan in place to accomplish this and currently we are almost half way through year 2. The hardest part is not making and stashing extra money every month, but rather staying on task and focused. The capital is starting to build and this is the dangerous spot because we both know it is ear marked for real estate.
This is the real kick in the pants the higher the balance, the greater the temptation to invest it in other things, and the way the tempting thoughts try to rationalize using the money for other things. Wow it is easy to understand why so many huge books have dedicated their subject matter to temptation 😀
I think what you said is so important....5 year plan, you are half way through year 2.
People in business always try to jump those crucial years of building and it hurts in the long run.
Great comment and I think you are on the right track!
Thank you so much for saying so, your support and acknowledgment is very much appreciated :-) It is not clear to me how a person can expect to accomplish anything without it being properly planned out. Have you heard of the "7 P's" ? (Prior Proper Planning Prevents P**s Poor Performance)
ha ha ha ha that's great, nah haven't heard that but I'm writing it down LOL
That is awesome 😀 Sharing a success acronym with you that is new to you is like winning a prize 😃
That is one thing I need to do is make my goals clearer not only for 5 years but also for 1 month,1 year and so on
Tom I was thinking the same thing
Make daily weekly monthly yearly goals
Yes do it and let me know when you are done and I will do the same.
Kind of a little challenge.
I think this trips up a lot of people. Everyone can say I want to make an extra $300 a week. Very few people actually know how to break that down into a step by step plan to achieve the written goal.
Having a business plan is so crucial but hardly ever talked about. It was a business plan that actually save us. It's also important to know that its a moving plan and needs to be reviewed and updated constantly.
I am so surprised at people when they are pitching me and I say that does not fit my Business Plan, and they rebut why not? Then I ask do you have a business plan? When they answer that the company they rep has a marketing plan, I say you do not have a business plan for your business? At this point they either lie and say yes or try to reinforce that the company they rep will take care of all that making them an employee not an entrepreneur, which is very sad if you think them being trapped in an employee state of mind.