Finding success in business requires long years of hard work and honing niche-specific skills. But, being forced to go back to the starting point can be more difficult. It could be due to a personal matter or a total economic crash. You'll find yourself stuck and desperate to survive and thrive once more. In a situation like this, how will you get back on your feet?
In this episode, Seek Go Create Podcast host Tim Winders shares the most impactful struggle in his business journey. He shares how he went from generating six-figures in revenue to being homeless and bankrupt after the 2008 economic downturn. He talks about what he learned and how his family managed during this trying season of their life.
If you are undergoing a collapse in your life, this episode will help you seek your way back once more.
3 Reasons to Listen:
- Find out the three business ventures where Tim found success before the 2008 economic crash.
- Discover how filing for bankruptcy impacted their lifestyle.
- Know more about the future plans for the Seek Go Create podcast episodes!
Resources
Episode Highlights
[03:04] Back to the 2000s
- The late ‘90s and early 2000s were a phenomenal time for business.
- The 2000s were part of a bubble that burst; many things were happening at once.
- Back then, Tim was consulting, doing training, and coaching on business leadership.
- This bubble burst and had an impact on their business and caused a downturn in their personal finances.
“We knew that the economy was in trouble. We had clues; we knew it was there. We thought we had positioned ourselves to be diversified, but we didn't.” - Click Here To Tweet This
[05:03] Building a Real Estate Company
- After that period, he started looking at other ways to develop wealth and create income.
- He began looking at investing in and building a real estate company.
- He had a background in real estate because his family held some rental properties.
- The company eventually grew fast, and their thought process was to build it to last.
[07:54] The Birth of Tim’s Coaching Business
- Real estate always comes into play when people talk about getting wealthy and making money.
- People started asking him questions when they saw his success.
- Answering people’s questions and inquiries led to a coaching business.
[10:30] Lead Generation Business
- They spent a lot of money investing in ways to generate leads for both buying and selling real estate.
- They realized their leads wanted to sell properties in geographic areas Tim did not want to do business. So, they started selling those leads.
- It ended up as a lead generation business that grew to a nationwide business.
[12:28] Learning Points
- Tim and his family went on to stretch their lifestyle, which he now realized was wrong.
- Their businesses were thriving, but they saw a lot of clues of the economy being in trouble during that time.
- They thought they had positioned themselves to be diversified enough, but they didn’t.
- Listen to the full episode to find out the clues Tim and others saw.
"Anytime that you begin throwing debt at a business that is sinking, that's a formula that's not good." - Click...
