What Business Should I Start?. Rhonda Abrams
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finally sell it. You may also buy something that brings you immediate income.
One approach is to buy things that you buy and hold over a long period of time, expecting them to grow in value (e.g., works of art, antiques, real estate). If you’re lucky enough to have bought Hawaiian beach property 20 years ago, you’ve probably seen the value of your investment increase a great deal. If during these past 20 years, you’ve been renting out that property to tourists, you may have also had income.
Another approach is to buy things that are under-priced, or from sources not generally available, and re-sell them relatively quickly for a profit (e.g., automobiles you buy at auction, collectibles, imported goods, etc.).
Finally, you can purchase things that bring you income now, such as rental properties, vending machines, laundromats, or stock dividends.
Value-added owner: Another business option for Investor/Owners is to buy something, do something to increase its value, then sell it. The value-added improvements could include fixing it, updating it, remodeling it, adding to it, or other ways to add value.
For instance, you might purchase a run-down house in a good neighborhood, remodel it—either doing the work yourself or hiring others—then sell the house for more money than what you’d invested in it. Likewise, you could take distressed cars and repair them, or restore old furniture.
Being a value-added owner may bring greater financial rewards than other investments, especially if you know both how to find a good purchase, and then how to improve it in a valuable way. It can also be satisfying for people who like remodeling, restoring, or working on projects.
You may be this E-Type if . . .
1.You are fortunate to have enough capital, from savings, previous investments, inheritance, etc., that you can afford to invest and risk.
2.You have friends, relatives, and/or acquaintances with money they can afford to invest and risk, who are looking for ways to earn more money than traditional and institutional sources provide—and you’re wiling to raise money from them for your investments.
3.You have existing knowledge about the field in which you’re going to be buying or investing (stocks, real estate, mortgages, autos, etc.). Existing knowledge improves your ability to know how to properly value investments.
4.You are good at finding deals. You have a good grasp of what things should sell for, so you know when you’ve found a bargain.
5.You’re good at judging when to buy and when to sell.
6.You know how to add value to something you purchase—by repairing, restoring, or renovating.
7.You are able to monitor and maintain your investment. It’s very rare that you can buy something and just let it sit. Most investments need regular attention—whether it is trading stocks, managing rental property, or re-filling vending machines.
8.You like working alone. There are many Investor/Owner opportunities that allow you to work—primarily—alone. And let’s face it, not everyone wants to put up with other people, especially on a day-today basis. You’d rather risk some money than have people to deal with everyday.
Obvious (and Not-So-Obvious) Business Choices for This E-Type
9.You may not have the best people skills. Since you are buying and selling something tangible—either for yourself or for others—you don’t need the people skills of most of the other E-Types. You can hire a broker to handle your transactions for you, so you’ll spend even less time working with buyers/sellers in person or on the phone.
This E-Type’s secrets & strategies
Watch out for . . .
E-Type: Organizer/Administrator