I like the fact that you used bravery as a caveat, because personally, I think that far too many small businesses fail statistically that it’s not in my best interests to take the plunge. Years ago, someone surprised me by expressing that she didn’t understand why I did not run my own business. She herself ran a medical billing service from her home and was successful at it.
One thing I’m passionate about is the cleanliness and upkeep of neighborhoods. That includes both common areas, private homes, rental homes, roads, streets, parks, public transportation, etc. Litter, vandalism, abandoned cars, unkempt yards, blight, and other such conditions uglify an area, make it look depressing, discourage community participation in collective responsibility, invite crime, and stifle inspiration to do better.
If I owned a business, it would have something to do with reversing those aspects that drag down neighborhoods all over the city, organize drives to clean things up and to keep them that way, teach kids from a young age to take care of their environments so that it becomes second nature, etc. ~
Gee. You are just full of the best questions tonight (it's 22:00 here). Have you been saving these up? I've thought about this question hundreds of times and I still don't know the answer. I'll get back to you.
Later: At the moment I have a vacation rental in Florida. Two houses keep me pretty busy and soon-to-be cash poor. Starting a new business would take capital and that would determine which business idea I would try next. I have a lot of ideas for bumper stickers, T-shirts, and epitaphs (just kidding. No one wants to see a funny epitaph) that wouldn't take much money to start up. Other ideas would require some R & D before getting going. Can I borrow two million $$?.
This post was edited by CallMeIshmael at August 7, 2019 1:55 PM MDT
I started a bi-weekly mortgage business.. Did you know that if you paid your mortgage BI-weekly instead of monthly, you could SAVE 100's of 1,000's of dollars and pay it off years sooner? I didn't. That's still a good business.. It doesn't take capital.. It just takes legwork..
Excon, does it require a double amount to pay biweekly, or half of the monthly payment? For instance, if it’s currently $1,000 a month, under the biweekly plan, does it go to $500 every payment, or remain at $1,000 yet pay twice a month? ~
You pay $500 TWICE month. That results in 13 monthly payments having been made during a 12 month period. It'll reduce a 30 year mortgage to around 16 years, and save 100's of 1,000's in interest..
I found a bank to DO the physical transaction.. All I had to do was SELL it..
Certainly, one could do this themselves - but they won't.. I just offered a structure for fulfillment.. I charged $300 to set it up, and a couple $$'s every month.. Recurring monthly income will make you RICH..
Oh, not me.. I was a decade too soon.
excon
This post was edited by excon at August 7, 2019 8:43 AM MDT
Thanks. What stops the customer from merely making a second payment every month without setting it up as a payment plan, thereby sidestepping the fees associated with signing new paperwork? ~
NOTHING.. What stops a person from cooking their own dinner every night?? They just want somebody else to take care of it for them.. That's what service business's do.
I'm just trying to understand how it's a business model, or how it's a service that people pay for. If someone can do it on their own, what do you get paid to do? ~
People who DON'T want the service use those arguments.. They think they'll do it themselves.. But, they don't. You know about it now.. Are YOU gonna do it??? Proly not, huh? In order to work, it has to be done EVERY two weeks, week in and week out.. Truth is, MOST people won't DO that.. My service is simply a structure for fulfillment.. It provides dramatic results WITHOUT lifting a finger.. Wouldn't that be worth say $5 a month??
Thank you for the clarification. The coincidence is that my wife and I filed a refinance of our mortgage just two days ago, slashing our rate in half. By incorporating what I’ve learned from you today, there can be even more savings. :)
Very, very cool.. Just make sure the contract you sign ALLOWS for pre-payment WITHOUT a penalty.. Most mortgages stopped doing that but you gotta make sure..
Also, you gotta make sure the bank will CREDIT your payment the day it receives it.. Some wanna hold the money till your payment is due. And, make sure that extra payments are credited against your principle and not interest..
excon 