It’s been a bit since I’ve done an update. I’ve been in execution mode lately so updating the blog has been on the back burner. I’ve also wanted to make considerable progress before I did another update. I’ll keep this short but it’s nice to document progress so here are the updates:
Yellowstone
Most of my attention has been on Yellowstone. I’m working furiously to finish the place so that I can get my mind off of it. I feel pretty comfortable making the car keys now and I’m starting to see growth. We hit our highest week ever (2/23 – 2/29). The training I did in Northern California definitely grew my confidence.
I’ve been spending most of my time on the key portion of the business and setting up the aesthetics of the store. Since the last update, I’ve done the following:
- Moved the entire water vending machine a foot back
- Added a TV on the left for marketing
- Added another cart and moved them to the front
- Bought a new reception desk and display rack
- Added a waiting area (4 chairs and a water machine)
- Painted the metal gate white
- Painted the lower glass area white
- Touch up paint on the bottle rack
- Added a pegboard rack to the backroom
- Created a website for the Yellowstone Keys
- Created business cards for Keys and Water
- Created Yelp and Google listings
I’m sure there are other things but those are the things off the top of my head. I feel pretty good about the keys now and I’m almost done. I just need to find new suppliers for key accessories and change the lighting in the store. I’ll feel pretty good after that.
I’m now looking for a new hire. I’m hoping to hire 1 full time or 2 part-time people in the next several weeks. Once I do that, I’m going to focus on finishing up setting up the phone business. I’m aiming to finish that in March. I hope to hire another full-timer or 2 part-timers by May.
My focus will shift from operations to full-on marketing soon. Once I shift to marketing, I’m hoping I’ll have more time to focus on Unwage.
Keys
Business Cards
Front of business card 
Back of business card 
Key Website
Unwage
There hasn’t been much progress with Unwage but I have made some updates to the Hustles. I’m anxious to get more focused on this business. I think I’m about two more months away from focusing on it more full time.
Bitcoin
Corona Virus (COVID19)
Bitcoin has been really volatile. The Corona Virus (COVID19) is startling the market and everything is taking a nose-dive. The Dow Jones took a hit of about 4,000 points in a couple of weeks. The biggest impact is the supply shock and fear-mongering promoted by news outlets. Apple, giving guidance on quarterly earnings, believes they won’t be able to make revenue targets because of supply issues from China which is a big tell for many businesses that work with China.
U.S. Presidential Election
I’m not sure how much or how long COVID19 will affect the market, but it’s definitely something to worry about. This could eventually blow over but I’m not sure the type of impact it will have nor if it will precipitate a global recession. Another factor that’s getting me on edge about the market is the U.S. presidential elections. With the economy taking a crapper, the likelihood of Trump being re-elected is taking a hit. If we get a democratic president, I believe that could create more trepidation in the market.
There is a lot of uncertainty until the Presidential elections in November. We also don’t know the containment of COVID19. If the containment of it doesn’t get stymied, it could cause even more of a supply shock and cause a major ripple effect through the market.
Bitcoin Reaction
No one knows how Bitcoin is going to react to global uncertainty like this. It could be a great buying opportunity. Bitcoin prices have taken a hit. We’re now trending around 8.5k per Bitcoin. This could be great for me because it could give me more time to make more cash to infuse into Bitcoin. Right now there is no correlation between the broader market and Bitcoin so hopefully, it continues to resume its historical growth pattern.
In the meantime, I’m continuing to just focus on growing businesses. It’s hard to predict the exact moment that a global recession will hit. I’m keeping a pulse on the market but I’m not going to allow the fear to slow me down. I’m going to move forward and hopefully be wise enough to navigate this turbulent market.
Those are the updates for now. I hope to be mostly finished with the store by the next blog post in a couple of months.