Dear Hiveans, how did you spend your Weekend? Lie in? Catch up on some content on your favourite Hive platform? Well, I spent it on one of my side hustles that I wanted to share with you.
Building my client base and revenue stream while working a 9-5 to pay the bills
I've been slowly building a fire and security business that I started with another friend while I work a corporate sales job. I handle the business development while my friend handles the technical side. Being in sales for over 15 years I have quite a significant client base which was a benefit. some clients would rather work with me than the former company I worked for in the past which used to provide the same service. A few of which are a couple of construction companies who give us repeat business as they have ongoing new construction projects.
I've always wanted to have multiple revenue streams which is what financial advisors talk about a lot.
Right now the balance is a bit off as my corporate job is getting extremely demanding with the administrative tasks. So I don't get to focus on my business. But it's paying the bills and I'm slowly clearing off some debt. My aim is to be debt free by in 24 months and invest more.
I don't really go to the customers' premises which is what my partner does. But when there's a lot to do I put in some time on weekends or holidays.
But before I give you guys a sneak peak into some of our work, especially last weekend's project, here's some background information on my business.
How I Started my Business
I've just recuperated from getting furloughed during the pandemic and selling insurance for a year after that. Probably the worst time to get into that industry. I didn't bring home a paycheck on some months.
I got my old sales job back at a telecom company late last year that I worked at for 5 years in the past that's steadier but very demanding and cutthroat.
Now the job I got furloughed for was in the Fire Detection and Security Industry. I really liked the job but hated the company that I worked for which micromanaged their staff and never motivated them. I got along really well with one colleague in particular who has a wealth of experience in project management when I worked there.
We kept in touch after I left. We'd rant about our immigration woes, laugh at how badly things were at the company and frequently discussed what we wouldn't do if we ran our own business. A long story short, we started our own company two years ago.
Our services include design, supply, installation and maintenance of life safety systems for commercial and industrial clientele. We also run an online store. https://shop.ibisconsultants.com/
My Saturday morning: A pre- handover inspection that turned into half a day of troubleshooting and remedial works
We had only scheduled a couple of hours of our Saturday morning to go down to a site where our company is contracted to install the fire alarm, access control and hose reel systems. The agenda was to have a walk around and ensure everything was in order before handing over to the client.
Upon an inspection it turned out that the guy we hired to wire up the access control keypads for the doors on site had wired them all wrong!
He had one job which he messed up after showing him how to wire the keypads and giving him a diagram!
[Above: One of the keypads in the auditorium we had takes off the wall to re-wire.]
If you want something done well, do it yourself right!
Well for me this was a good way to learn the other side of the business. Eventually when the business picks up we'd like to hire more staff and supervisors or project managers. But I would like to get some basic knowledge of installations so I wouldn't be taken for a ride again.
We ended up working half the Saturday and went for beers with the foreman who works for the company that sub-contracted us afterwards. It was partly a sales meeting😄
Some More Pictures of Our Installation
[Above: One of the two hose reel cabinets we installed on the first floor which is the primary source of fire suppression. The secondary source are handheld Fire Extinguishers.]
[Above: The fire alarm panel that all the fire detection and alarm devices are connected to]
[Above: The access control panel on the ground floor that all the keypads are connected to]
[Above: A network cabinet with a network switch that we installed in the media room on the ground floor]
My Financial Goals and How This Business Fits in
A business is a really good source of retirement is it is structured and built well.
I plan to work my regular job to sustain my household expenses and use the income from my business to invest for my retirement and children's college fund.
I would need the stability especially as I'm planning to buy a house soon. Hence the need have a steady job. I'm even considering investing in a property that can generate rental income. Like a multistorey house that I can rent a level out. Ideally, I'd like to cover at least half my monthly mortgage payments.
Now for investment avenues for retirement and education, I'm thinking of a mixed portfolio of stocks and crypto. What I'm considering is ETF's such as the SNP 500 and Hive, HBD savings specifically.
20% APR on HBD Savings
HBD Saving's 20% APR looks pretty attractive especially since the interest compounds monthly.
If I start of with US$ 1,000 and invest $100 per month for 25 years. I would end up with close to a million dollars.
FV = A * ([1+i]^n-1)/i
where;
FV = future Value
i = the interest rate
n = the number of periods
A = the payment amount each time
With HBD savings the interest is claimable every month, so
n= number of months
i = 0.2/12 (i.e. the monthly interest rate)
and my intended initial investment is $1000
so future value = 100((1.016)^300-1)/0.0166 + 1000(1.0166)^300 [ the last part is to allow for the starting balance]
Future value = $990,050 to be exact!
I'd like to gradually increase my contributions and build up my retirement and kids' education fund. I feel that Hive could really help me achieve my financial goals.
I hope you enjoyed my post. Here are a few of my previous posts on finance:
A Few of My Posts:
@islandboi/generational-wealth-how-to-increase-it