I Started Company Number 7 and I Think It Will be a Good One
***Originally written on sept 13,2012 and reposted
I started a new company with a partner during the summer of 2011.
I think that this new company, that provides money to companies to help fund their payroll in emergency situations will be successful. It meets a lot of the criteria that I had set for myself in my next business but it also has something in it that I don ‘t like. I hope that human contact will improve over time as we grow.
One of the good things is that I found a partner, someone who I have known for several years, that is smarter than me while compensating for my weaker skills. He and I had been looking for a business to start together and the idea for the business came about due to a meeting I set up with my mentor where we finally found a business we both liked. My mentor had been doing this business for a while and suggested it would be a good business for us. We had already been looking closely at alterative financing in real estate investment deals.
The need for capital, due to the financial crisis, is in great demand and the regulatory environment no longer is making it easy for banks to lend. Plus, this is a business that I can do well into my 70’s and might allow me to open other future businesses.
As much as I like human interaction, I don’t love managing people nor having employees. Managing people isn’t my best skill and although I have improved over the years, it is something that takes a lot out of me. This new company will not require a lot of employees.
Over the last several years, I have developed a great skill for generating leads through SEO, direct mail, telemarketing, print advertising, etc. and this new business is more about marketing then anything else.
Lastly, over the last 20 years, both my partner and I have built companies and studied companies. We have good instincts about what a profitable company looks like and I think we can be really good at evaluating too risky an investment.
Being stuck in my office everyday, out talking to people, has not been fun but I am getting more used to it. It is the fact that I need to make money now that is driving me to pick this business. I feel that my need for human interaction will have to happen more in my personal life and that need will have to be sacrificed in order for me to stay an entrepreneur.
In 2.5 months so far the new business has not landed a new client but I believe strongly that this is the right business to be in to make money. We probably would have landed our first 1 month ago but we came up with the wrong funding program that looking back, we would have changed today. I believe we landed our first client a couple of days ago.
I continue to have the passion to build a successful business. A business that makes good money and that I feel has results equivalent to my abilities.
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