Millionaire Challenge

lessonlearned

Hi Tinktay

That's a brilliant idea :T:T

As you say you will be pulling in extra business, not taking away from your core business - different client base altogether. The best way to expand is to diversify - it's also good insurance for quiet times. Not all your eggs in one basket etc.

Selling sundries - decorating materials, tools etc - don't forget your interiors ideas either, soft furnishings etc

I know exactly what you mean about the "finish". My dad taught me to paint - I still can't hang wallpaper:rotfl: - don't even try now.

He was an absolute perfectionist and it has rubbed off on me and my work. I cringe sometimes when I see other people's slap dash work - some of it the work of supposed professionals.

For me I stick to what I know I can do and take great care to do it well. For those things I can't do, then I'm quite happy to pay someone to do a good job.

I mentioned before that I am hoping to do a plastering/tiling course and also some basic joinery/carpentry. This is not for me to set up in those trades but to hone my skills for my own projects. The simple things I will do myself - for anything more complicated I will contract the work out as normal.

Although I worked in sales when I worked on construction sites I did learn a lot just by watching the "trades" do their thing and asking lots of questions. I even taught my husband how to lay bricks after watching the brickies.

Being able to do simple DIY projects and routine maintenance will stand me in good stead, both for my own personal use and for my future property portfolio.

Busy times ahead - next Spring once OH is settled in his nursing home.

Recently I have been looking at getting some fencing done - had several quotes ranging from £200 to £500. Ouch.

Bought two packs of hedging plants from Aldis £7-98 in total. Today I've planted them up. Fingers crossed they grow and then I will have saved myself a small fortune - all for a couple of hours work. I do love a bargain. Environmentally friendly too - win-win.:)

PS - hope you don't mind me suggesting this - but one area you might consider is Enviromentally friendly paints and materials.

I now find that most oil based products affect me quite badly and I now use environmentally friendly products. I think there is a growing awareness about this and it might be worth you stocking some. They do cost more of course but people do seem happy to pay a bit extra.

tinktay84

In the past few years and even more so in the next 2 years the focus is really on oil based paints and making things more environmentally friendly.

This is another area where I have advantage over some of the older or more experienced guys as i have trained up when the new regs have already been brought in and loads of new products have already been put into colleges etc. Some of the more experienced guys just will not get on with the water based glosses so yes I am also looking at that side of things.

Soft furnishings etc- yes again another thing I want to look at. I have the opportunity to borrow money to help set up but i want to try and get the ball rolling without the need of extra funding..that way if things dont take off as planned I wont be struggling and can just amend plans.

I did strick a deal with a shop but today have decided against it as it didnt have its own entrance and to put an entrance in the owner wanted a further £40 a week. Im currently trying to get details on another property. I also had a major wobble last night after speaking to an accountant(not my own) who baffled me with tlk of LTD, VAT etc and mde me wonder if I was mad for taking on a shop too but after a good nights sleep (and my first panic attack in 5 years :-( ) I have decided I do want to do it and that worst case scenario is I will have a town centre advert for 2 years tht just so happens to have storage with it

Yes im a firm believer in being able to pick lots up by watching and its alwys good to have some basics under your belt! i bet you'll be sorting properties out yourself instead of waiting for trades hehe.

I personally cringe when I see a light socket that has a 'box' of paint round it...one of the first things you learn is laying off so you cant see things like that.

loving how much money youve saved by not getting fencing. All I will say is mke sure you keep on top of them once they get to a decent height...my mum keeps letting hers get too high then its my job to cut them (which of course I dont mind as shes my mum :-) )

zorro10

well i dont have any ideas but i i hope you achieve it
good luck

rictus123

Im still going for this as my long term challenge!! Want to be half way with my net worth by 30...now thats ambitious!!

tinktay84

well im far from a millionaire yet but im certainly a little more comfortable and haave a few more options than I did. nd thats just because ive paid a few debts off! makes me wonder what it will be like when all my debts are gone!!!

EllaBeagle

tinktay84 wrote: »

I kind of gave it away a bit in another thread so I may as well tell you all...

Well im already a painter and decorator and a few months back i took 2 more girls on making us one of the few all girl decorating companies, we are doing really well so we are now looking at opening a showroom come training area come sales area.
Basically the shop front will be the showroom area with mock ups of wallpapering, decorative effects etc and then we would have workshops showing people how to do basic skills..... theres a bit more to it than that but thats a brief outline.
Just trying to hash out some deals at the moment to see if we can get it to work for us and hopefully come new year we will be ready to work on it which will tie in well with decorating work going quiet.

The only painter and decorator I've ever come across only became a millionaire by playing poker not through the actual painting and decorating. I'm sorry to sound negative but I have just never heard of a painter and decorator business become so big that the director has a million sitting in the bank.

I have worked as an Accountant for huge construction companies and although the turnover is millions, the bank balance of the directors is in the thousands after many many years.

If I were you I would be thinking about expanding beyond just painting and decorating and leave off the shop until things have advanced.

tinktay84

what do you see painters and decorators doing other than a bit of painting and hanging wallpaper?

Its a great misconception that, yes painting and decorating is decent money, but you will never be rich off it. If you knew of the people I know of that have been jetted out to america, australia, emirates etc to do work on less m2 than your average lounge and coming back 2 weeks later with £1000s in their pocket you may change your thoughts ;-)

As with any industry there are people that are happy with their lot and people that will continue to strive for more. My uncle became a millionaire out of fitted bedrooms....... he may not have £1m in the bank but he spends half his time in his villa in Spain now.

The idea of the shop is exactly what you are trying to tell me...diversifying. Its not only about having a shop its about having one of the biggest most visible andverts in town.

Not sure if youve read any of the rest of the thread but i also have a property with more to come and other projects on the go. Im not simply expecting to become a millionaire by painting mrs smiths lounge, I have several streams of income on the go already and with the recession im finding opportunities that others are not seeing.Im also still at college learning more skills and having an open mind means I am soaking up so much info :-)

lessonlearned

EllaBeagle wrote: »

The only painter and decorator I've ever come across only became a millionaire by playing poker not through the actual painting and decorating. I'm sorry to sound negative but I have just never heard of a painter and decorator business become so big that the director has a million sitting in the bank.

Yes that is a tad negative.

The point is that Tinktay is young enough to do it with ease. It is perfectly do-able if you put your mind to it .

The great thing about Tinktay is that not only is she extremely focussed and motivated, she also understands the need to diversify her business and how to do deals. She has a good business head on her shoulders.

Very few people become millionaires by having only one income stream, you have to diversify, partly to increase the number of income streams but also to minimise risk. You also need to always be on the look out for the next deal. This is exactly what Tinktay is doing.

Secondly, although you may have worked as an accountant for construction companies I don't think you've perhaps realised the role that design plays.

Decorating isn't simply about hanging wallpaper and slapping a bit of paint around. There are some very high end jobs involving special paint effects and finishes such as marbling etc.

You would be stunned if you knew just how much money could be made. There is a huge commercial calling for high quality work like this, country houses and mansions, penthouses, film sets, theatrical work, hotels, banks and financial institutions etc. Where-ever there is a prestigious building there will be a need for high end high class decorative work.

Add on interior design solutions, customised hand painted furniture, bespoke kitchens and bathrooms etc - there is some serious money to be made.

I have to say that anyone repeat anyone can make a million. You don't need a university degree, you can be dyslexic, you can have a rotten start in life, you can come from nothing.

Money is no respecter of age, class, religion, gender, educational background, political beliefs (you can be a diehard socialist and still make millions - i.e. Lord Sainsbury), race or anything else for that matter.

Whether it's decorating, scrap metal, hairdressing, retailing, haulage, construction, IT, medicine, gardening, music, being a supermodel, scientist, writer, whatever.

It's about attitude, motivation, thinking smarter, working harder and applying yourself. It's about energy, dedication and commitment. It's not for slackers. Oh yes and it's not for negative pessimists.;)

EllaBeagle - it may not be for you, you may not want it for yourself which is fair enough but Tinktay and a few others on this thread do. They are prepared to work hard and do well.

For myself - well I've set my goals and targets, they are achievable and doable. With a fair wind I will probably surpass them - I certainly won't complain if I exceed my target. :rotfl:

I've worked for one or two multi-millionaires in my time. I watched them like a hawk, how they did business, what made them tick, how they worked, how they lived. I learned a lot.

I will succeed and I will enjoy every moment of the challenge.

lessonlearned

tinktay84 wrote: »

well im far from a millionaire yet but im certainly a little more comfortable and haave a few more options than I did. nd thats just because ive paid a few debts off! makes me wonder what it will be like when all my debts are gone!!!

Spot on - for me its all about being able to live my life the way I want.

Financial stability = choice = freedom.

Once you've made your million or whatever the target - you can do what you like. Retire or not - travel the world, blow the lot on fast cars and cocaine (wouldn't recommend that option:rotfl:) pass it on to your kids, give to charity, or build up an art collection to leave to the nation. It doesn't really matter.

Paying off debts is a great start and being debt free is a wonderful feeling. I know, I cleared my debts and reached that happy state about a year ago.

Feels great;)

EllaBeagle

lessonlearned wrote: »

I have to say that anyone repeat anyone can make a million. You don't need a university degree, you can be dyslexic, you can have a rotten start in life, you can come from nothing.

I agree it is possible BUT it depends how you expand your business.

For instance a hairdressers will never make a million unless you expand to having shops dotted about the place. Some have become a household name and have celebrity clients.

A painter and decorator is unlikely to make a million unless they have a massive workforce or maybe turn their hand to Interior design covering rich areas.

Just writing this I've put on the episode of wife swap that I missed last night and uncannily its about a woman with three children who became a self made millionaire selling aromatherapy products. I'm now eating my words and strangely intrigued of joining the thread