My journey to becoming a CEO 10k/day after poverty mode [business log]

[TooShredded]

In this thread will be the complete log of my journey to becoming a 10k/day CEO. I will document chronologically every week the process of starting my own business, and hope this can be used by some as motivation or a helpful guide on how to do it yourself. Here is a little info about me before we start off with the details:


I’m a 19 years old French Canadian, mixed caucasian/libanese(mom). Ever since I was a kid I knew I wanted to be rich, and growing up to who I am today only made this desire stronger. I’m currently studying business management in CEGEP (pre-uni school here in Quebec), and plan on starting university in January 2014. I’ve only had a few jobs; a summer as a construction worker , a year or so as a waiter in a pasta restaurant, I’ve worked at Costco and I’ve been a snowboarding instructor for the past 4 years. Working at those places made me realise how I hated to work by someone else’s work ethic and organisation, which helped me realise how bad I wanted to start my own business. After thinking about hundreds of things I could do, I finally found what I think is the perfect way to begin my journey. I will, for the next 8-9 months, start and work every day to start my own exterior painting company.



The Calender:

During the months of January to July, I will recruit a few employees and start going door to door to find contracts. As soon as the weather allows it, I will hire more employees and form teams of 2-3 to complete the contracts.


The Objectives:

In this 8-9 months project, I plan on having revenues of around 150,000$, of which 20-25% will be pure personal profits. The most realistic goal is to make 120,000$ in revenues with around 15-20% profits. Keep in mind, this ONLY depends on how hard I work and how well I organize myself.


The log:


January 5th:

We are now the 5th of January, which is a Saturday. My bank worth is currently around 150$ (poverty brah, yes lol). I have a car already, and my expenses for the next year in insurance is already paid. The goals for the next week or two is to find financing. I need to make an investment of roughly 2000$ to pay the employees and buy the materials, from January to the end of May. I have went to a few banks already, and now I need to open a business bank account to ask for a business loan. I need to register my company name to the provincial registering, which I will do Monday since it’s closed on the weekends. If this ends up taking to much time, I will go to my bank, book an appointment with my parents financial advisor and ask for a personal loan. This is the current goal for the next week, and I will update this thread with the details on how I will manage to obtain this loan, as I have no job, and no revenue currently.

[TooShredded]

January 7th

Went to the bank today, and set an appointment for Thursday at 2pm with a financial adviser. I finally convinced my parents to sign the loan for me so it shouldn't be too hard to obtain. I will ask for a personal loan instead of a business loan, as it should be easier and faster to obtain since the financial adviser knows my parents.I will still pursue a business loan at the second bank waiting, just in case something goes wrong. I will update again on Thursday after my visit to the bank.

[NDAPUPR]

subbed

[JKD]

whats the business?

ottawa brah here, perhaps potential business partner knowmsayain?

[99problemsbut]

subbed

[TooShredded]

whats the business?

ottawa brah here, perhaps potential business partner knowmsayain?

Exterior painting brah, I know some people doing it in Ottawa, you might want to give it a chance

[McLarenGTR]

good luck

[Yoona]

Step 1: Leave Canada so that you don't pay more than half of your money as taxes...

[TooShredded]

Step 1: Leave Canada so that you don't pay more than half of your money as taxes...

Bahaha at this point the profits won't be high enough to cost me bank so it's not much of a problem

[CycloneDude]

door to door.....Exterior painting company.....you fuked OP.

[PerFit]

Do you have a business plan? 1-3-5-10 year goals? exit strategy?

[TooShredded]

Do you have a business plan? 1-3-5-10 year goals? exit strategy?

It's a seasonal business. It's winter here, there's a ****load of snow so I cannot start working on the contracts until summer comes. I do have a business plan, which I very roughly posted in the OP. I don't think I will need an exit strategy, the starting investment is minimal and will raise only if the business takes off as I'm expecting

[dunners99]

if you really wanna do something CEO10k/day you are better starting something that the market would demand more of if it was there... although I don't live where you do there can only be X amount of exterior painters

but anyway goodluck - longterm goal should be selling franchises etc?

[CycloneDude]

Ever heard of college pro? they kinda do the same thing except franchise it off to college students. It's extremely hard for the students to make legit profits .

[ho_124]

Exterior painting brah, I know some people doing it in Ottawa, you might want to give it a chance

ROFL don't tell me you are doing that college pro **** or whatever those college painting companies are called now days

[moosecakes4all]

Inn. Starting another serious business myself soon here.

[mike.hunt]

good luck brah, I'm starting on online business venture myself, actually just finished recording first episode

[Billy_Biceps]

College pro painting is a scam.

[eloblivion]

you won't be ceo 10k a day with a painting company

[ClosetMonster]

Op you should sell blinds. My dad owned a business in ottawa for 25 years and it's golden because of the development around kanata, orleans, nepean etc. You make crazy margins and yearly sales of 5million was his average. Srs pm me if you are interested

[TooShredded]

January 11th


Good morning brahs! I went to the bank yesterday, and even though I'm a student and have no current job, I managed to get a 5k student's credit loan. This is waaayy more than I will need, but it's good to know I have it on hand if anything. I'm in my finals week right now and barely got a few hours of sleep in the last days so it's pretty rough. We're friday currently: I have 3 exams today, and I'll be leaving for Ottawa tomorrow morning for a business meeting. I'll meet other people in the industry and will get a sales training. I'll update this thread once I get back with some more details on how went the weekend! By then it'll be the time to start hiring

[TooShredded]

January 14th


What's up guys! I came back yesterday from the meeting in Ottawa and I must say I had a blast! The other guys were great and the training we had was particularly helpful. I'm in my finals week right now so I don't have much time, but i'll be done by Wednesday and then will be the time to actively start hiring. I've posted a Kijiji add and already had a few answers, I'll be adding one on Emploi-Quebec as soon as I get my company officially registered. I'll finally start going door to door this Sunday, and will do it every Sunday, Monday and Tuesday. I will then call the people and book a job estimate during the weekends. Will update this thread later in the week with how the hiring process is going.



Also, does anyone have any original idea on where I could put my job offer signs to get a good amount of replies? Yet add websites and ******** were the ones who yielded with the most replies. I'll also go and put posters at some highschool bus stops and leave my phone number or email adress to see if I can get some of them interested.

And if anyone in the Montreal area is looking for a job hit me up, i'm hiring lol

[kimbles]

GL op, painting in my area has slowed down considerably but it is still good money. Have you thought about doing other stuff other than just exterior painting? Like woodworking with lacquer or even making cabinets? I remember when I worked in a paint shop some guy came in and said he did a whole kitchen (cabinets only) and got paid 15k for it...

[rbsx]

door to door.....Exterior painting company.....you fuked OP.

Oversaturated market of peace.

[TooShredded]

Oversaturated market of peace.

I'm not worried a tiny bit. I'm not in the US, and I tested the market it's good

[TooShredded]

January 18th


Sup guys updating this while taking a huge chit, feelsgoodman. This week's been pretty cool. I went and posted adds on various websites, put up posters in high schools and in the neighborhood. I just finished conducting a few interviews, and I must say they went pretty well. As of right now, I have 4 trustworthy people hired ready to start going door to door on monday. Speaking of which, I went knocking on some doors for a few hours throughout the week and have gotten pretty good results. Out of the few numbers I got I managed to set 3 appointments for estimates on the next weekend. Can't wait to test everything I learned about doing those lol it'll be fun. I also officially registered the company, and gotten my tax numbers.

I'm officially CEO mothaphuckas, hopefully the 10k/day will come in soon

[GliAzzuri]

What Cegep? Reps if you went to Dawson (negs if you went to Mario).

[TooShredded]

What Cegep? Reps if you went to Dawson (negs if you went to Mario).

Aha none, ahuntsic brah checking in

[tdsItMFm]

this should be interesting

[koruso]

Subbed, 'mirin OP I wish you the best of luck with this.