Here we are with the next business update. It hasn’t been that long since the last one, but significant updates need to be addressed.
Yellowstone
The biggest update is with Yellowstone. I started working on this business in March of 2019. It’s now been a little over 2 years and 4 months. It’s been quite the journey, to say the least. When I first started, we were doing $45-$150 a day if we were lucky. The business was a complete mess both physically and operationally. I didn’t have much capital to start so I basically did all the renovations myself.
The beginning of Yellowstone (blog)
I added some businesses services and revamped everything. Now we usually do between $500-$1,200 daily. We’re on track to do over a quarter-million dollars this year. That all being said, we grew the business revenues almost 10x in 2.5 years. The plan initially was to sell the store from day 1. The objective was to help my mom retire and not have to manage both businesses she had. It worked out because I had just quit my dream job and I was planning to work on building some online businesses.
I didn’t think I was going to help her for very long. However, I was here every day so I figured I’d just slowly work on making the business better. Before I knew it, I was fully engaged in making the business grow. At some point, I was planning to just keep the business as a cash flow. I had a good manager that would run it for me. But it wasn’t long afterward that he reaggravated his back and had to leave and get surgery.
I knew at that point it was time to sell. I didn’t know what to expect but I listed the business for sale and started telling customers about it. I started getting interested buyers and even started the selling process with one. But last minute, I had someone else give me an offer that was even better than what I was hoping for. I got my full asking price and 4 months of profits up to November 1st, 2021. It’s been a long journey but by the grace of God, I just sold the business.
The process was a lot smoother than I had expected. Thank God for that. I also ended up selling to a really good guy that I think will do some great stuff with the business. I’m thrilled that my journey here is coming to an end. I’ll be officially done with training and transferring the business on November 1st, 2021. My last day here will be Saturday, October 30th, 2021. I can’t believe the day is here. I’m excited about figuring out the next journey!
AutoTech Keys
Now that I’m transitioning out of Yellowstone, I’ll be working on getting sales for AutoTech Keys. As of now, I don’t plan to grow this long term. My goal is to just make as much as I can within the next several months. I’d like to add another 100k in profit from sales. All of that would go into crypto. Course videos are pretty much done. I’ll be working on marketing that soon.
Bitcoin
As you already know, I’ve been following Bitcoin and the entire crypto space for some time now. I started back in July of 2017 and went through the tail end of a boom and bust cycle. We’re currently in another one. It looked like I would be missing a large chunk of the bull run before I felt I was completely ready, but it looks like I might have another chance with a potential second boom in the same cycle.
I believe these days will be the last times you’ll be able to buy a Bitcoin (BTC) below $100k. I think in the next 5 years, Bitcoin will be over 6-figures for one and shortly afterward, $1,000,000 for one Bitcoin. I’m doing everything to get as many as I can before it’s over $100,000. That’s been my mission for the past 4 years. I’ve basically invested everything into the crypto space. I believe decentralized money and organizations will be part of the future – or at least a future that I want to live in. I’ll continue to invest in this emerging industry because I believe it’s only going to become more prevalent.
Fortunately, I’ve been able to sell the store at a decent time. All proceeds will be going into crypto. Some might think that is risky. I believe it is risky if you aren’t familiar with the industry. However, knowing that we are living in a new paradigm, it’s a bet that I’m willing to take.
Jeff Bezos has a decision-making framework that minimizes regret. I would regret more by not investing in the space than losing everything that I’ve invested. So the simple decision for me is to go all in. Warren Buffet, even though he’s an opponent of Bitcoin, he does have a saying,
“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.” – Warren Buffett
You just need to know what those opportunities are and take the chance. I believe this is a once-in-a-lifetime opportunity. I’m going to swing. But it doesn’t mean I don’t hedge against risk. I’ll do my best to protect my downside. The game is also to survive. We’ll see how things are at the end of the year.
Unwage
No new updates with Unwage. I’m going to take some time off and figure out what the next steps are.
The Life After Yellowstone
I’m not sure what comes next. I’ve been spending more time in prayer, worship, and reading the Word. It’s been great. I feel more emotionally stable and I have way more peace than when I don’t. Being grateful, spending time with the Creator, and worshipping His greatness brings about some incredible security and peace.
I’ll probably take some time off after I leave the store. I want to travel domestically for a bit. I’ll explore some states that I want to live in and pray about the next business venture. I don’t want to jump into anything hastily. I want to think and pray hard about what to pursue next.
Whatever venture it is, I want to do it for the next 5-10 years. I really want to enjoy what I do and it has to be remote. I can’t be stuck at an office or a store. I want the freedom to work when and where I want. It also has to have at least $100,000,000 million dollars in a potential sale. That’s roughly $15,000,000 million in sales per month at a profit margin of 30% with a 2.0x multiple on the business valuation.
Personal Life
I’m also taking the time to focus on taking care of myself. I’ve been working on business so much that I haven’t had time to take care of my own personal things. After I leave in November, I’m going to get Invisalign for my teeth, Lasik for my eyes, and start focusing on my personal fitness and health. No more eating bad and more consistent exercise. I’ll probably get a nice haircut too since it’s been a while that I’ve had the time to go to a proper barber. I can’t wait. It’s those little things in life you have to appreciate.
I think that’s the update for now. Until the next update, keep your faith, follow your dreams, and don’t give up.