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To be self employed or to stay on path??

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  • To be self employed or to stay on path??

    So I have talked about owning a Repossession company for many years and nearly pulled the trigger. I often find myself reverting back to this idea more often than not. My issue is my current success in my career field is of high remarks and stature. So I'm asking for advice from people who have "been there and done that."

    To start with I'm currently 29 years old with a family of three ages 13-9-6. Do the math I was 16 when I had my first child. I beat the odds through dedication, determination, and intellectualism of failure among teenage pregnancies. I am now head management at a very large automotive dealership in Southern WV. Now if anyone has ever been in the retail side of the automotive industry you would know things are very uncertain. IE NO JOB POSITION is ever certain, a paycheck is not guaranteed, retirement doesn't exist unless self planed, benefits don't exist but can be bought. Therefore my life moto has always been to outwork everyone around me, be smarter, and wait for the right opening. Now here is my thoughts about the repossession industry. I wake up every morning wondering how the local economy is, America financial strength over all, and market demands.

    In the reposession industry I can't imagine that being the thought. I am aware there are many many recoveries to be made in my region. I don't know how to gather that exact information from the lenders, however through conversation I've learned its a rather astonishing amount. If the things I am to worry about is legalities, overhead (like in any business), and actually putting in the work I can't seem to think this wouldn't be a profitable business. Also still dealing in something I'm familiar with already, know cars almost inside and out, quick to learn, and able to finesse lenders already whats my hold up?

    Looking for wisdom, someone who's in the game already, and someone that has sound advice.

  • #2
    I would first find a company looking for weekend help. Work doing the weekends for at least 6 months to get the feel of it. This type of business is a lifestyle. You spend time in the truck much like over-the-road drivers.

    In this business, there are no set hours, you work when you think you can get the unit. If you need any kind of structure, this is not the business for you. You will learn a lot from working part time for 6 months.

    If you do decide to work in any business yourself, make sure you go in prepared. No debt, six months of personal expenses saved in cash, six months worth of business expenses saved in cash, and stay within your means.