February Status Report

February Status Report

February started off rough. I made it back to North Carolina in the early morning of January 31st. I was still off my normal schedule starting in February, and mainly dealt with banks rejecting my loan request for the newest investment deal.

I also got to deal with 2019 taxes along with determining what course of action I will take for 2020. Waiting until the last minute and then scrambling to get everything together isn’t the greatest option.

Unfortunately, I don’t’ think the scripts and processes I come up with for dealing with taxes will be of any use for anyone else. That makes the idea of coming up with a solution and then turning that solution into a product to sell really won’t work in this case.

It would just end up helping me every year so I don’t spend so much time worrying about it and can instead focus on something else. I have been focusing on selling websites, but I think I have a website I could run that I need to start paying more attention to.

Investments

The newest investment deal is also starting to unravel. I am having a hard time finding a bank that is willing to do the deal, and I am not entirely sure why. I also brought up the idea of seller financing, but that was shot down. At this point, though, everything I was told about it is turning out to be untrue, so if it falls apart, I am not too sad about it.

I am spending a lot of time on the deal, though, which is starting to get annoying. I am at the point where if it falls through, I don’t mind, but I don’t want to spend days and days on it just for it to fall through. I still have a few ideas and options to make it work, but weighing the pros and cons of even trying to do it is becoming too time-consuming.

The first deal is getting closer to actually happening, but still a couple months away. I do need to start focusing on getting the money together to finish that, though. I am back to the issue of doing things now that generate immediate cash or doing things that lay the foundation for a potential high return later on.

Strategy

I am leaning more towards laying the foundation and trying to promote my own things fully knowing I will not immediately generate revenue.

However, I still have one contract, which I expect to lose in the next couple of months…I got the call on the 20th saying I get until March 6th, and then the contract will end, making it the perfect time to start scaling up something of my own. I was expecting this to happen, but not until the end of April.

Plus, the timing of the investments works out. Getting both deals in the works done in the next couple of months should align with the contracts I currently have and should be completed, or at least close, by the time I lose a contract…yeah, this didn’t happen. I wrote this early in February still thinking I had until the end of April.

That relieves some of the pressure of finding a replacement contract immediately and gives me time to get my own thing going without the risk of it costing me an opportunity. This is also now not true.

I will likely spend a little bit of time trying to replace the lost contract, but only focusing on higher-quality, higher-paying clients. No more taking anything I can get out of desperation. That will severely limit the number of potential clients I even start a conversation with.

I could use the money now, but I fell like the best long term approach is to get my own thing going, especially since I was given a 2-week notice that the contract will end.

I do have a site that could be a nice stream of income, but it would be more long term. I think, for now, I still focus on selling sites since it’s the closest to being ready. Early next month, I would like to kick off the big marketing campaign that I have been talking about but never did.

To wrap up this month, preparing for the marketing campaign to run was a priority. I would like to have initial versions of the campaign get sent out to the email list and posted on Facebook as a preliminary test of how well it would do before I fully execute the campaign.

All in all, it wasn’t a great month, and I’m happy it’s finally over. Even with losing a contract in March, I am hoping it will be a better month. If nothing else, at least more exciting. February was a bit of a boring month, with the exception of the call saying I will be losing a contract.