Are you planning for your future?

[Scott]

Many of us started our business because we saw an opportunity to do something we enjoy and be our own boss. With that came the financial rewards and the flexibility in hours as well as several other things unique to being self employed. Unfortunately, I feel if you don't have plan of action in place, you’re potentially causing yourself more harm than good. Think about it.. (now we either are or are not), we are essentially building our future which includes retirement. Do you see yourself at 65 still doing what we’re doing now? Or are you planning your business NOW so that when you’re 65 (or younger) you’re just stopping in for coffee now and then?

A believe a lot of people lose perspective when they become self employed. With a "regular job" you have the benefits provided for you; 401K, health insurance, life, insurance, vacation time and a constant paycheck. Being self employed, these options are not as readily available. Health insurance costs are far greater, 401K plans have to be sought out, and a stable source of work has to be developed in order to pay for these normally "standard" benefits.

So what's your goal in business? What are you planning to do for YOUR future? And how are you preparing for it now?

This is something that everyone should put some serious thought into. The cost of living will always be on the rise and if you don't prepare now you may find yourself up a creek without a paddle come 65 or earlier.

[GrassMaster]

Real Estate

I've invested in a couple of decent sized properties over the years & very happy with the results. I also acquired a small tract of land in the country about a 100 miles from me now. I've now decided that there's only a 50% chance I will move there, I will never sell it though.

If we ever (less than 5 years I Hope) sell our business, we might relocate to some small town. We have options open until we sell business.

My oldest daughter is in the process of getting her Beauticians license & I've been trying to talk wife into purchasing existing Beauty Salon, her & I run it. There's one that was offered to me last week that does over $500,000 a year. But that might be too many tanning booths for me to L@@K after?

I'll be glad to sit there in Big Office part time answering phone & clicking links on the Internet. It must have BroadBand.

We've had enough businesses over the past 25 years that we can pretty much handle most businesses. Of course I'm still trying to find that magical product to sell on Internet... I only got 180 years left to find it?

I heard about a guy the other day that has a small town country mower shop on the Internet, all he basically sells is mower blades marked up $1 to $2 each, they claim he's selling close to 10,000 blades a month & has a $100,000 blade inventory. It's hard to believe, you would think shipping would be very expensive.

You never know, I just Thank God I have numerous options when I sell shop!

I could go to PC Beach, get a old bus, sell drinks, Bikinis, Thongs, Sun Tanning Lotion & Caps... LOL the possibilities are unlimited or...

I could get a 1969 Fritolay Step van & sell boiled Peanuts, Oranges & etc... under the bypass.

My wifes Grandfather started out with Stepvan later rented old Gas Station, selling Boiled Peanuts, Azaleas & Roses. He purchased a 50 Acre farm, built a house, built another 5 houses for his children on the farm & died fairly well off. He had enough Grandchildren to fill up a country school house. That's probably what killed him all those kids & Grand Kids?

Again I have many options available to me...

PS: Mr. Scott, you live in a very prosperous area, you could buy a few houses & in 10 years they be worth Millions. I've heard of properties there doubling in 3 to 5 years? Real Estate is the way to go!

[Scott]

You GM,, it's funny that you mention the bus stop (shop). Within the last 4 years the beach has been taken over by condos. A lot of those lil tiki shops are gone. Come spring break, I bet there'll be tons of street vendors, if not, somebody's missing an opportunity.

the problem with buying real estate here is that eveybody is doing it. My wife has a girlfriend that says she's big into flipping houses(still on her first one). They asked me to give separate quotes for irrigation (front and/or back), plants (front and/or back), and sod (front and/or back). I laughed and gave them one quote for the whole thing. I can see 4 different landscapers trying to do some work there, what a joke. Our market has leveled off. I remember just not too long ago my contractor had every house sold prior to me getting to it and he was building just under 100 a year. Now 40% arent' sold prior to me getting to them.
Currently I'm now trying to fix my hole up to sell so I can prepare to move into my house up on the lake. Two years ago I could've sold it for 10k more in under 30 days, now I'm seeing houses sit on the market for months. My house's value has 4x (can't spell quadrupled) since I bought it in 93. I'll be debt free (other than new house, that'll always be there), possibly retired from the miltary and looking into new ventures.

here's two options that I've been pondering:
1. I was thinking of quiting all that I've created (yeah right) and start focusing on the pool cleaning biz with my wife. That's EASY work and then after 5 years I can go from certified to licenced and start installing pools. Dang it,, there I go again,, can't leave well enough alone.
2. well I guess I've already started this one,, My plan is to startup my own somewhat wholesale nursery/tree farm. I'll strickly supply landscapers and target the new guys and guys doing new construction. I have the land, now I'm just waiting on the well guy and warmer weather to "BUY and BUMP" some goods to get started. I would also like to start an interior landscape biz that I've been dreaming about for years. Doctors, lawyers, car dealers, and whatever else office would like interior plants/flowers.

what's this thread about?
oh setting up your future.

guess I got offtrack on my own thread? I have no focus...

[Skycreeklandscaper]

I would have to say you guys are going at it all wrong! Why sell something thats making you good money. I have a Landscape Business in Ft. Worth Texas and I'm having trouble finding enough good employees to take care of it. We are more into Home Owner Assocations, and large commerical propertys. We have around 100 home lawns set up on a annual contracts. Ive gotten to the point now that All I do is go check on all my propertys I have. I am 27 and am able to put back enough in a retirement fund thats going to cover me and my family after I decide to hang it up. As long as I have someone that I can trust to run my day to day mowing I can sit back and rake in the profits. Im pretty much sitting in the office drawing up new designs and installing and thats just extra cash in my pocket. Lets be real here the lawn and landscape business is always going to be there because you and I know that the rich old ladies are not going to get out and mow their own yard. As long as your running a tight ship and not wasting your money away on junk equipment your good as gold. yeah I'm young but I didnt get into this just to sell it for a profit cause then your going to have to start over and thats not cheap as we all know. tree farms and nurserys are good business but how many times do you see thoes guys taking off every weekend and going duck hunting.

[Scott]

I would have to say you guys are going at it all wrong! Why sell something thats making you good money. I have a Landscape Business in Ft. Worth Texas and I'm having trouble finding enough good employees to take care of it. We are more into Home Owner Assocations, and large commerical propertys. We have around 100 home lawns set up on a annual contracts. Ive gotten to the point now that All I do is go check on all my propertys I have. I am 27 and am able to put back enough in a retirement fund thats going to cover me and my family after I decide to hang it up. As long as I have someone that I can trust to run my day to day mowing I can sit back and rake in the profits. Im pretty much sitting in the office drawing up new designs and installing and thats just extra cash in my pocket. Lets be real here the lawn and landscape business is always going to be there because you and I know that the rich old ladies are not going to get out and mow their own yard. As long as your running a tight ship and not wasting your money away on junk equipment your good as gold. yeah I'm young but I didnt get into this just to sell it for a profit cause then your going to have to start over and thats not cheap as we all know. tree farms and nurserys are good business but how many times do you see thoes guys taking off every weekend and going duck hunting.

I never said I'd sell everything butt then again, you need to know when to say when.
My current tree guy is always gone doing something on the w/e's.