This is a question I ask myself almost daily. I grew a business from nothing to a million dollar company in 5 years with my partner Ryan. When I left, we had around 40 employees, 20 part time, 20 full time. I realized it was not the business I wanted to dedicate all of my time towards, so I sold it. Now, I moved into flipping homes and real estate investing full time. I am self employed, my brother and I partner on deals, and sub contract out the work we do not have time to do or do not want to do. So, I went from a team of 40 or so individuals all working together under the same company, to my brother and I.
This definitely has its pros, we have extremely low overhead. If we want to hang out and not work for a day, we do not have to find work for someone else to do. However, it does have its cons. It leaves all of the work to us. Our productivity is slow because we have to have the vision for a project, we have to keep leads coming in for more projects, we have to do all of our material runs, managing sub contractors, all while continuing to accomplish the work we have for ourselves. Another massive con is, when we are not working, we are not making money.
With growth and with business, you do not want to trade time for money. You want people who can work for you, so you do not have to exchange all of your time for money. You are very limited when you are self employed or employed. You only get paid when you work, which is completely different than a business. A business, you get paid while other people or systems are working. That is how you build a business and how you build a sellable business.
So, knowing the pros and cons, I find myself in a predicament of wanting to grow another business. I love the idea of having a passive business which I grew. The passive business can run day to day and I can help keep it growing and improving. The question I now have, is, what business do I focus to grow. I could focus to grow Tutors Of Life, but I like the idea of growing that as a platform where we share how we grew other businesses. I could grow Toots Home Improvement as a contracting company for hire. Another option would be to grow Toots Home Improvement as a flipping, real estate investing, wholesaling, and syndicating company. Essentially I would grow a business fully encompassing real estate investing. I am leaning towards this option, which I can show the journey along the way through Tutors Of Life. As I proceed, I can build a team around me to make this a passive business.
There are a lot of options but I want to focus in over the next year and choose my path in business to grow.
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