For anyone who has watched ‘The West Wing’, you know what I am talking about.
The business is 99% over. I have a few things to clear up in terms of contracts etc and also there are still some prospects out there that may come off at some point, but nothing immediate.
This leaves me with the greatest asset of all. Time.
I now have all the time in the world, the rest of my life ahead and I can do whatever I want.
So what to do now.
Well, I have learnt a hell of a lot since starting this journey a year ago, perhaps a good place to start would be to see what I have learnt and use this to form a new business plan.
1. I have learnt a lot about the markets, trading (both share dealing and spread betting)
This is mostly to do with technical analysis, the mechanism for trading, the importance of having a trading system and risk management.
2. I have learnt a lot about running a proper business, getting sales and productising ideas to sell to potential customers.
This is mostly about keeping costs down, being creative, taking that idea and making it commercially viable and then selling that idea to someone who then pays for you to build it.
This is great in a growing market, and extremely difficult in a shrinking market (as I have found).
3. Property would be great to buy now, but I don’t have any cash. Have not explored this avenue yet.
4. I love the flexibility of running my own business and the fact that this allows me to spend time with my family when I want to.
5. I like being the boss.
6. Not many of my friends understand this way of life and in fact some don’t even like to talk about it. (I had one friend who took one look at the very first paragraph of this blog and switched it off quickly as if the thought of discussing making money through assets was somehow unclean!)
7. I don’t mind using the telephone to call people up
8. I like working on my own as well as with others
9. Spending money is a good way of losing money not making money.
10. The most important aspect of anything is to have fun!
Into the pot, I could also throw that I need some cash in the reasonably short term to carry on paying my expenses.
There are some options in order of what I am thinking I might do next:
1. Get some contract work which I can do quite easily which is high paid and short term to build cash reserves. The downside of this, is it is back to working on someone else’s asset, the advantage is low responsibility, short term and high cash.
2. Go back to working on freelance work form home. The advantage of this is that I can manage my time as I like so I can keep open for opportunities, work from home to see my family more, but the disadvantage is I am not building assets and the cash is a lot less than contracting work.
3. Carry on with the business as a background task to keep up with the prospects we have made, pursue any low cost / low time prospects as they might arise.
4. Come up with a whole new business idea
5. Learn more about trading in its various forms and make a living through that
6. Carry on learning and come up with another method of making some money
I am going to think about this over the next few days. I have been testing the water with contract work and there still seems to some of it about although not as much as a few years ago.
I’ll let you know how it goes.
Read Full Post »