Entrepreneur

F

I could sell my business now but I need the income.

Why did you sell if you didn’t have a plan for what comes next?

How much was the business clearing p.a.?

You shouldn't have fear or anxiety to start again.

You have done it in the past, might take time to kick off but will happen

Maybe the new idea might be for a wider cause

Getting to your goal > achieving your goal. What you're going thru is pretty common., so you are not alone.

How long ago have you sold the company? And when does the non-compete ends? In what market? Maybe you can re-entree the market from another angle, so that you can build on your previous network and momentum.

Put 60% into savings and/or a safe investment heaven. And use 20% as starting money for your new venture. Identify honestly what made the first comp. successful, and what not.

Why did your previous projects fail? Too afraid to invest?

I know it sounds silly, but making a profitable exit puts you in an elite club. Have you considered teaming up with someone for your next venture?

Like an RPG, life is a resource gathering game. You’ve gathered enough resources to go from zero to six figures.

You need this time to figure out how to go from six figures to seven.

Pause, take a breath, and remember that you can’t get to seven figures by solving the same problems that got you to six.

I have no idea whether these posts are made to serve some whiny sense of narcissism or people making these posts are experts are (barely) failing upward. I can’t fathom why someone would want to ask perfect strangers on what to do because they are feeling “lost and depressed”. This idea is batshit insane to me.

WTF do you think anyone would tell you here OP? This wasn’t a glamorous exit… but what were you expecting exactly?

Take yourself out of it and read your post. You’re missing the point. I think this is a very human time for you. It’s like an actor that thinks their sitcom isn’t enough then does movies and finds that’s not enough. You now know doing something valuable has its merits and benefits for mental health. But maybe take a vacation and reset. Dude. 100-500k? You fucking did it! Yeah new ventures are a new challenge but you’re more likely to succeed after succeeding once before. Be wise since you have something to lose. You don’t have to earn for a long time, start with sweat equity why not? Work wherever you want. Hit the beach after. Tackle your mental situation (depressive thoughts etc) and what you do and need to do come with ease. Don’t lose sight of the big picture. Crashes are super common when you attach yourself to a quest that is now complete. Makes you forget the world is in a constant state of flux and to accept it. You’re exactly where you need to be just take a step back and come back even harder after a reset

Start a small digital marketing agency. You can get clients cheap and work out the kinks and then start cash flowing immediately. Pick a niche like med spas.

I know how you feel I sold a business of mine recently and it was sad but now I have more money to invest in my rental business

Why did you sell?

I feel you.

After I sold my business. I was lost for 3 months. I basically could lean retire but I felt empty.

I decided to go get a job.

now I torture my manager the same ways my staff used to torture me. it brightens my day.

work for someone until your non compete ends then do the exact same business again.

I was in a very similar situation to you. Sold my business, moved to a new area… and felt flat. Well, very flat and depressed for about a year afterwards. It’s strange to feel like you’re winning with a successful business, to then sell, and realise all that hard work you put in is now condensed into an amount of money. You question your life, existence, the lot.

I now fill my days by doing a mix of whatever the hell I like… long walks, nice cooking, doing up my house, volunteering, and work wise, I offer up my services to people I used to work with… so that takes up maybe 3 days a week.

My only suggestion is teach what you did to people in a similar situation. Charge a premium for these consultancy sessions.

Stick 90% of it in a tfsa with some gics and get 5% at least on that money a year! 400k at 5% is 20k a year

Yeah, I'm frequently discouraged and unmotivated, despite being financially secure I hate having no income and nothing to work on so I often take on projects outsides of my expertise just to feel like I'm doing something.

Mentorship?

I understand you're depressed about this but there are many entrepreneurs that would love to be where You're at. Take advantage of it and in the process. Find a niche you like based off the founders you mentor. Maybe work for advisor shares or stock options if you think you would want to go along with their endeavors. This way you don't have to worry about dealing with starting from scratch but in something that perhaps midway or is profitable but at a stuck point.

Could challenge yourself that way and get paid for pursuing those challenges.

Count your blessings, I sold mine (51%) for $12M cash and netted negative $800K due to litigation and lawyer fees.

Are there any ways you could’ve improved the business? Make another one

Take a month off and don’t think about it. Come back and look for something to sink your teeth into again. Just stay curious and you’ll find it.

I’m in a similar boat financially. Being in this middle zone of so much, but not enough to stop, is a strange place. All you can do is keep going and decide if your next goal is to make enough to stop working, or to reach some new height.

The entrepreneur in you is still alive!! When ever you doubt yourself looks back once and think about what made you start your first venture. When even your past failure taunt you, do not dwell in it. Instead try to pick up learning’s from it and march ahead.

I can recommend three solutions.

1. First, accept that your new venture failing is a real possibility just like your old one was. The only difference being that back then you had less to lose.

2. Second, create a MVP and instead of using your own money, get someone else to invest. This should ease your anxiety a bit.

3. Third, find a job in the domain other than the one you have a non-compete in. Find what kind of skills you can transfer across different industries.

Buy Bitcoin and ethereum 40/40 and then use the remainder 20% to start a new business that you like to do. Also pickup new hobbies I recommend cycling or other physical activities

Let’s work together! I’m looking for a first time biz, have a few ideas, could be fun to work w someone.

After selling your business, it's common to feel lost and a bit depressed, as it's a significant change. Starting new projects is often challenging and discouraging, especially with the added pressure of financial risk and the uncertainty of success. I've been stressed out recently too, and I always find myself totally burned out. There's this one article that I always find interesting to read. Hope it helps https://www.cuppa.so/post/breaking-entrepreneurial-burnout-understanding-signs-and-recovery-strategies