Welcome to The Tutor Podcast! Today, your host Neil Cowmeadow talks about what happens when we reach the end of our tutoring career;
• Am I Too old?• Am I Bored?• Changes to my Economics?• Changes in my Circumstances?
Traditionally, pensions were the way to go, but Neil explains why he thinks it’s a model that isn’t worth pursuing. In episode #040, Neil goes on a deep dive on pensions so go back and listen for more Pension Info!
KEY TAKEAWAYS:
What we do need to look at though are Exit Strategies:
• “I’m a guitar teacher, get me out of here” – or, what to do when the music stops.• Have one• Don’t think “it’ll be all right” because nobody is coming to the rescue• Social security is already bankrupt in the US and Britain is following suit• Define your own retirement• Don’t rely on benefits
What options do we have?• Retain the business* stay on as owner* avoid practical work – unless it’s a top-level service* you’ll need staff* create a succession plan• Sell the business * The business cannot be just you or me * Tangible and bigger than one person * Systems * IP * Premises• Create systems:* Franchise-able* McDonalds model* Train / mentor * Get paid royalties* Earn commissions• Create IP* Books* Music* Teaching tools* Licenses and royalties• Diversify* Invest outside your business& create a passive income* Don’t rely on anything based on projected capital growth and draw-downs / refinancing – you have no control over the market* Opportunities are everywhere, so listen... * Do your homework – due diligence is a pain, but losing your investment is much worse.• Remember – it’s up to you. Start thinking and start planning – then get busy doing
VALUABLE RESOURCES
https://www.amazon.co.uk/Weird-Things-Guitarists-Do-Misconceptions-ebook/dp/B01M2YRARG/ref=asap_bc?ie=UTF8
https://itunes.apple.com/gb/podcast/the-tutor-podcast/id1369191372?mt=2
www.Neilcowmeadow.com
ABOUT THE HOST
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
CONTACT METHOD
info@neilcowmeadow.com
