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PROTECT YOURSELF FROM SCAMS!  Research all business opportunities thoroughly, and never blow off other people's bad experiences.  Ask around (and listen!).  The Scams101 Message Board is a good place to start.  What's that?  You've found a Biz Op and you're wondering if it's endorsed by FIB?...  Not unless it's listed in MaaMaw's Magnificent Toolbox.






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FIB - Scams 101

Nail on the head as usual...

Posted By: Jim Wilson
Date: Monday, October 30, 2006, at 2:06 p.m.(pst)

In Response To: Articles on turning a hobby into a business (Mel. White)

Hey Mel,

The most money I ever made online was:

1. on eBay - I love the online auctions

and

2. selling Golf equipment - I LOVE anything to do with golf!

At one point in mid 2001 I was netting around $4,000 per month believe it or not. I had a wonderful supplier that dropshipped, an incredible margin of profit, and life was good. I was REALLY close to actually leaving the FD early and had already talked to my Chief about an early out.

Then September 11 hit.

The bottom of my market fell out. I lost my supplier and in the end I stopped selling golf stuff.

The moral of the story is actually twofold:

1. Do something you love and that passion will follow through into your business endeavor. It happens naturally. I didn't even look at my eBay sales as work. I loved shipping the clubs and sending along free gifts that customers didn't know were going to be in there. (At one point I was putting a sleeve of expensive Titleist in each package - for $5.00 I virtually guaranteed a positive feedback rating!)

2. ALWAYS, and I do mean ALWAYS....have a backup plan. Because I had absolutely NO backup plan for my online business for a long time I was completely stagnant on eBay which was my main online income source. (Thank the Good Lord I didn't take the big step of leaving the FD with a partial retirement!)

So...

Indeed follow Mel's golden advice. Centering your business on something you love yourself makes it a lot less like work. But just be sure to learn from my mistake and have a backup plan.

Ironic sidenote:
Some two years post September 11 I was offered an offline job. It would mean leaving the FD and moving out west. The starting pay would be some $60k per annum but I would also be a part owner of the business. I reflected back upon my experience in 2001 and bowed out.

Uggggghhhhh....

Last year the business sold out for just over $1m. As a 1/3 owner I would have been entitled to about $350k. And in addition the guy has since started a new business and I am completely certain he would have taken me with him. And yes, it too, is a success.

I opted for absolute job security and a retirement that is guaranteed.

Final lesson of this post from me...

Carpe diem. (sp?) Seize the day! You just never know when a real opportunity is going to come knocking and I believe that those who are successful were either smart enough to recognize a worthwhile gamble and/or they were willing to take a little bit of a risk and gamble and it paid off.

Solid advice, Mel. Solid advice!

Jim Wilson
AuctionHints.com

Please Continue To Pray For Sean

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(you know who you are... you scream "Foul!" when the truth comes out)
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