I m still in school and investing. when i graduate i want to buy a small business, hire a manager, wean the business off of my presence until i can stop in once a week and run it absentee, and then repeat every few years until i have 5-10 businesses. Has anyone had experience with this? do you have any tips?
It is much more difficult than you make it sound. To run a small business successfully involves a lot of effort (and luck). Once the business is running well and under control it may be possible to get someone to continue to run it in the way you have defined, but again you have to stay close to ensure that happens. At that stage you may have the spare time and energy to take on a second business and follow the template that has proved successful, but experience says that adding a second or third business again leads to many problems. Of course if all goes well it is possible to create an empire of businesses all running smoothly with an appropriate management and supervisory structure, but don't assume it is simply a matter of paying someone else to do it.
A good idea in theory. However, it's a terrible approach when getting into Business. Small Business take an insane amount of effort and attention. Crawl before you walk, start a business and learn and grow as much as you can with it. You like wont be able to be away from your business (if successful) for at least a year, if you LUCKY! You could have 5 business's and still not generate as much revenue as one business you pour every ounce of your effort in to.
A single family rental unit is a business. After you have about 15 you should be earning enough to not need a job. Take classes from the local owner's Assn to learn how to run your business.The first year save all the income from the rental and with it and your savings buy two the next year and do the same next year and buy three, in the fourth year buy 4 and in the fifth buy five. Now you can quit your job and just buy three every year.
>do you have any tips?
After you succeed in one business for 10-15 years, THEN worry about the rest. I'm not retired yet like Tavy, but what you don't know yet is that what you want and what you are going to get are two different things.
Only a fool would walk away from a business and let a Manager run it. They don't care, as long as they are paid they have little interest. They could be fiddling the till.
Thanks for the TD I am now retired having owned businesses, you are still at school and know nothing.
As an absentee owner you better make certain you have a very close
relationship with those you trust to manage your empire. I think you are overly optomistic and will become more cautious with age.
Mentors House is a printing company in Delhi.
you probably won;t make enough to be able to PAY a manager – especially the first year or two – if ever. and that money you would be paying him might be your only profit
Typical people of this generation wanting everything for nothing.
You sound like a ,"Rich Dad, Poor Dad," convert. That was a crappy book.