Initial Q&A

1. What are my purposes of starting a business?

I knew some of you may be wondering this!

First, I like the idea of stewardship over something. I already am a steward at work and at church. This would allow me to be a steward over many things. Another reason is to have add’l income. I was motivated when I heard that a coresident was doing a similar thing: starting rental properties! My rental property business might be 1-2 years out, but that doesn't mean I can't start the process now! I also LOVE the challenge. This will give me areas to problem solve, come up with solutions, and utilize my resources. It's like Age of Mythology, but in real life. It would give me some personal freedom, mostly with flexible income. It would also give me a wonderful opportunity to serve, if anyone I knew ever needed a temporary room--I'd be willing to give them a discount.

2. What impact could this have on my family?

I think this would allow my family to expand honestly. I can start saving up realistically for housing expenses, and I'll learn great techniques in making a home. I'd be in-tune with real estate trends so that I could expand our space as children that came along. It'd allow me flexibility in my schedule. I'm thinking one day, this might transition to becoming my work outlet. It'd allow me to still be a "homemaker" and flexibility of hours. But, that's years down the line.

3. How much money do you hope to earn with your business?

That's a great question! I'm currently making ~$22/hr, so it'd have to be at least as profitable if not more. If I say I'd make $3/hr more by doing real estate, and working on it ~5 hours/week, then I'd anticipate to make ~$6,500 the first year. That means I'd have to make $540/month for it to be worth it. It'd take me approximately 7 months to make up the expenses from when I started. If I were renting the room for ~$50/night, then I'd have to rent the room at least 3 nights a week to make up that income. I think that'd be reasonable as that'd be a little over a weekend for most weeks.

4. What are my strengths I bring into this business?

I’m willing to work hard, long hours to make things happen. I've worked 16-18 hour days. I've driven
home from a hospital, slept in a fast food restaurant parking lot for ~2 hours, went home, showered,
and went back to work. I am not afraid of working hard when I know I'm investing in my long-term
goals. I'm comfortable making quick decisions, enough for short-term tenets. I'm not afraid to delegate
authority--something I've learned from many positions I've worked. And I'm a positive person! I can
lighten a mood, as well as soften an argument.

5. What do I perceive as my current limitations: I have not worked in real estate before, so I'm going
to have to do a lot of research. I'm unsure if family would be supportive at this point. I think I'd have
to wait until a few more things had fallen into place.

"Successful business owners are observant, curious, and eager to learn new ideas every day.

They recognize that their business opportunity is a work in progress."

To become this kind of business owner, you will need to exercise faith and get outside of your
comfort zone. 

Each week I will be practicing the following: 
1.Observe and talk with customers: to gather ideas, understand customers’ needs, test and adjust
my business ideas, and gather feedback.
2. Write down my thoughts: to note observations, ideas from others, and impressions from the Holy
Ghost.
3. Sell: to learn to listen to the needs of others and identify appropriate solutions.
4. Record financial details of our businesses: to track the key success factors of our businesses and
to project the future.