Hey y’all- I currently own a bookkeeping firm (which consists of just me) that is netting me a couple hundred thousand a year. I’m also a realtor and will do about $70k this year with that business.
I’m considering buying some sort of franchise or service based business like a flooring company (because of the real estate contacts I now have). Obviously I don’t know anything about these businesses but I feel like I could learn and expand pretty quickly. I just really feel like business ownership in some sort of trade is the way to go in order to expand my “portfolio”.
Am I crazy?
My two cents: when you say “obviously I don’t know anything about these businesses “ kind of tells me you need to be very careful here. If you are looking to expand into complimentary businesses, you could look at other options, like maybe media. You could advertise your own real estate stuff and bookkeeping. Or a cleaning service, idk but installing flooring is pretty specialized and I would ask where the technical expertise is coming from to run the company. Just a thought, if you decide to take it on, good for you. Sounds very ambitious.