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The Entrepreneur / Business Owner's / Self Employed Lounge - GyopoPlayboy - 11-11-2017
Quote: (11-06-2017 12:54 AM)Disco_Volante Wrote:
The frustrating thing about being self-employed is so much is still dependent on other people and them either buying your product or agreeing with your point of view.
It's not like running a marathon or weightlifting where your ambition is directly in your hands. You can't force clients to agree with you or move at your speed it sucks. So many men who make decisions are older with families and well-off to the point where they don't act with a sense of urgency or expediency it's frustrating as fuck.
For example, I guarantee anyone trying to get anything done Nov.18-30th will take twice as long simply because the cocksucker you're trying to do business with is going to be mentally checked out due to some family event or some shit. I hate it. Ultimately you can only move as fast as your clients can mentally accept.
The world changes fast as fuck and some of the older guys who run companies you'll deal with have already 'made it' and don't share your urgency.
Yea all of this exactly. I feel like I could've written this word for word.
The key decision-makers are usually middle-aged men with no sense of urgency. Some (most?) are at that point where they've delegated a lot of key responsibilities to their managers and only sign off on stuff after the managers have done all the heavy lifting with the due diligence.
When I first started my business, I went after the largest companies possible since they had the resources to decisively capture the market. However, I personally preferred dealing with smaller companies because they were (1) hungry to grow, (2) their CEOs were willing to give me direct access to them, and (3) they didn't/couldn't try to bully me into accepting their one-sided terms due to their market cap and influence.
But being small also meant they wouldn't have the warchest necessary for a proper marketing/advertising campaign.
And on the other hand, I got this one guy, real OG in the industry, who could make me a multi-millionaire with a stroke of a pen. He's a cunning little shit who is remarkably talented at getting others to take on the lion's share of the risk in any new venture and also frustratingly patient. I am genuinely concerned that he will try to exploit any weakness or mistake I may make to take the company out from under me.
That's been my experience so far. Swimming with turtles who mosey along at their own speed or sharks who are out for blood.
tl;dr: We don't always get to choose our customers/clients, and that sucks, but it is what it is.
The Entrepreneur / Business Owner's / Self Employed Lounge - PapayaTapper - 11-11-2017
Quote: (11-05-2017 08:45 AM)Malone Wrote:
So late last month I pitched a couple VCs for the seed funding of a project I have been bootstrapping for the last 6 months or so. Got a bit of interest, but the primary feedback was that I needed some customer data/pre-sales.
This week, I start reaching out and talking to the marketing directors of massive multinational companies, to try to pitch them/get their feedback.
New things!
By definition for seed funding you need to be looking at "angel" level investors. Like anything else youre better off with a specialist...and early rounds of capital are the most critical as they usually are the steepest in terms of dilution. You want money but it should come with industry expertise and connections.
Strategic alliances such as filling a niche need for a big multinational are good strategy when boot strapping but fraught with their own perils
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 11-12-2017
I purchased a manufacturing tool this week to aid in my physical product development work. It's simply an upgrade from a tool I have already, but will allow me to make significantly better use of my time. Should have bought it months ago.
Efficiency > Saving $150
The Entrepreneur / Business Owner's / Self Employed Lounge - Malone - 11-12-2017
Quote: (11-11-2017 10:03 PM)PapayaTapper Wrote:
By definition for seed funding you need to be looking at "angel" level investors. Like anything else youre better off with a specialist...and early rounds of capital are the most critical as they usually are the steepest in terms of dilution. You want money but it should come with industry expertise and connections.
Strategic alliances such as filling a niche need for a big multinational are good strategy when boot strapping but fraught with their own perils
Thanks brother, I'm obviously omitting a lot of detail.
On a related note: Being a solo founder is very tiring. It means you're basically the only one that gives a shit about your business. No sir, I don't like it.
The Entrepreneur / Business Owner's / Self Employed Lounge - Vaun - 11-12-2017
I have no motivation or energy for a nights and weekends gig. What should I do??
The Entrepreneur / Business Owner's / Self Employed Lounge - Malone - 11-13-2017
That's a tough one man. I am in the same boat. Whenever I'm working, I can be billing my time to my primary client. It's then hard to spend additional time on my own projects, neglecting the new kid and wife.
Maybe I need to start breaking off an hour or two per day as part of my regular schedule.
The Entrepreneur / Business Owner's / Self Employed Lounge - CleanSlate - 11-13-2017
Quote: (11-12-2017 11:41 AM)Vaun Wrote:
I have no motivation or energy for a nights and weekends gig. What should I do??
Maybe look into joining a small firm/startup that allows you to a flexible work schedule? Or even a remote gig?
The Entrepreneur / Business Owner's / Self Employed Lounge - H1N1 - 11-13-2017
Quote: (11-11-2017 10:03 PM)PapayaTapper Wrote:
Quote: (11-05-2017 08:45 AM)Malone Wrote:
So late last month I pitched a couple VCs for the seed funding of a project I have been bootstrapping for the last 6 months or so. Got a bit of interest, but the primary feedback was that I needed some customer data/pre-sales.
This week, I start reaching out and talking to the marketing directors of massive multinational companies, to try to pitch them/get their feedback.
New things!
By definition for seed funding you need to be looking at "angel" level investors. Like anything else youre better off with a specialist...and early rounds of capital are the most critical as they usually are the steepest in terms of dilution. You want money but it should come with industry expertise and connections.
Strategic alliances such as filling a niche need for a big multinational are good strategy when boot strapping but fraught with their own perils
I'd add that industry could be a potential source of investment, if it's the right kind of product. I am looking at getting one of my ideas off the ground at the moment, and am actually contacting some of my would-be customers to see if they'll put the money into it to back me developing the technology. Big business moves very slowly, really without exception. If you can be agile and move quickly, you may well be an attractive bet. Your customers, or would-be customers, are always your cheapest source of money, and I think if you can swing it that goes for investment too.
The Entrepreneur / Business Owner's / Self Employed Lounge - Ski pro - 11-13-2017
My business partner on two of my businesses just quit.
Means more money but more work. At least I'll have total control over everything now.
The Entrepreneur / Business Owner's / Self Employed Lounge - H1N1 - 11-13-2017
^ Where does that leave you on equity & issues down the line if you're successful and he decides he wants back in?
The Entrepreneur / Business Owner's / Self Employed Lounge - Malone - 11-13-2017
Quote: (11-13-2017 06:04 AM)H1N1 Wrote:
Quote: (11-11-2017 10:03 PM)PapayaTapper Wrote:
Quote: (11-05-2017 08:45 AM)Malone Wrote:
So late last month I pitched a couple VCs for the seed funding of a project I have been bootstrapping for the last 6 months or so. Got a bit of interest, but the primary feedback was that I needed some customer data/pre-sales.
This week, I start reaching out and talking to the marketing directors of massive multinational companies, to try to pitch them/get their feedback.
New things!
By definition for seed funding you need to be looking at "angel" level investors. Like anything else youre better off with a specialist...and early rounds of capital are the most critical as they usually are the steepest in terms of dilution. You want money but it should come with industry expertise and connections.
Strategic alliances such as filling a niche need for a big multinational are good strategy when boot strapping but fraught with their own perils
I'd add that industry could be a potential source of investment, if it's the right kind of product. I am looking at getting one of my ideas off the ground at the moment, and am actually contacting some of my would-be customers to see if they'll put the money into it to back me developing the technology. Big business moves very slowly, really without exception. If you can be agile and move quickly, you may well be an attractive bet. Your customers, or would-be customers, are always your cheapest source of money, and I think if you can swing it that goes for investment too.
Yes, that's front of mind actually. At least one of the companies we're talking to has internal funds specifically for investing in guys like us. I hope to get some of that, along with the crazy-good partnership that would entail.
We're ahead of the curve now, just have to get noticed.
The Entrepreneur / Business Owner's / Self Employed Lounge - Vaun - 11-13-2017
Quote: (11-13-2017 02:55 AM)Malone Wrote:
That's a tough one man. I am in the same boat. Whenever I'm working, I can be billing my time to my primary client. It's then hard to spend additional time on my own projects, neglecting the new kid and wife.
Maybe I need to start breaking off an hour or two per day as part of my regular schedule.
Yeah I am in the same boat. I want to start a new business in my spare time outside of my full time gig. I have done it before and grew a consultancy to five figures a month. But I dont want to consult again, I want to build a product, and actual business. But I put almost 100% of my heart and soul into my main thing. My deepest desire is to start my own company again, someday.
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 11-13-2017
Quote: (11-13-2017 08:09 PM)Vaun Wrote:
Quote: (11-13-2017 02:55 AM)Malone Wrote:
That's a tough one man. I am in the same boat. Whenever I'm working, I can be billing my time to my primary client. It's then hard to spend additional time on my own projects, neglecting the new kid and wife.
Maybe I need to start breaking off an hour or two per day as part of my regular schedule.
Yeah I am in the same boat. I want to start a new business in my spare time outside of my full time gig. I have done it before and grew a consultancy to five figures a month. But I dont want to consult again, I want to build a product, and actual business. But I put almost 100% of my heart and soul into my main thing. My deepest desire is to start my own company again, someday.
Are you still running the consultancy?
If so the most obvious course of action would be to create products within the industry where you already consult.
I'm convinced that there are essentially three types of people in the world.
(1) People who constantly notice problems that need a solution and needs that require filling. They have no shortage of ideas that could arguably be turned into a business. Their greatest weakness is generally a lack of focus or the discipline to stay committed to one idea.
(2) People who spend their whole lives never imagining potential solutions to problems. Instead of seeing problems and needs as opportunities, they simply bitch about them. Some of these people are very successful in other areas and others live in a trailer park somewhere. These people represent the bulk of humanity.
(3) People who aren't terribly imaginative, but at some point have an "ah ha!" moment where they devise a solution to a problem they personally have. They tend to be moderately intelligent, but lack any real business skills due to inexperience and tend to become overly emotionally connected to the business idea they pursue and are unwilling to move onto something else even after the idea proves unlikely to succeed as a business.
I have no idea how to give advice to Group 2. Group 3 could probably be successful at turning one or more ideas into a business if they trained themselves to think creatively every day. Group 1 often never amounts to anything if they don't learn to pick one idea that seems the most viable and stick with it for as long as necessary (or until it proves itself unviable).
Which group are you in?
The Entrepreneur / Business Owner's / Self Employed Lounge - Ivanis - 11-13-2017
Need some help all. I am running into trouble networking. I am in need of high income clientele, I live in a relatively wealthy area, and I am currently affiliated with the chamber of commerce but I am running into problems getting workable leads from the COC or any networking that I do on my own. The problem is that the COC is mostly B2B and my company is mostly B2P. I was hoping to jump start the business off of the COC and then use that to catapult myself into some of the wealthier social clubs around.
Any thoughts from anybody?
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 11-13-2017
Quote: (11-13-2017 09:56 PM)Ivanis Wrote:
Need some help all. I am running into trouble networking. I am in need of high income clientele, I live in a relatively wealthy area, and I am currently affiliated with the chamber of commerce but I am running into problems getting workable leads from the COC or any networking that I do on my own. The problem is that the COC is mostly B2B and my company is mostly B2P. I was hoping to jump start the business off of the COC and then use that to catapult myself into some of the wealthier social clubs around.
Any thoughts from anybody?
A couple years ago a took a Skype call with a forum member who was looking for some advice. And by "looking for some advice," I mean that he was looking for someone to tell him what he wanted to hear.
He'd already fucked up big in the oil fields, despite a couple of other forum members going out of their way to set him up with a job.
During the course of our conversation, this forum member told me that there was no point in creating a product with a low-end or mid-end price tag, because according to him, the costs of creating and marketing a product is exactly the same regardless of how much it costs the end user in the end.
Ignoring how stupid that assumption is, this forum member went on to spend the next couple years ignoring the advice he got from myself and others and achieving fuckolutely nothing.
I mention this story, because the forum member in question is a perfect example of someone who always wanted to take the easy path to riches and as such, he wanted to sell big ticket items that required a minimum effort to sell so that you could get rich and live big.
He has never asked himself the most important question of all: "What value can I create that actually helps others?"
OP, I think you're approaching this from the wrong angle. If the product or service you are offering has value that others need and want, "networking" will be the least of your concerns.
The Entrepreneur / Business Owner's / Self Employed Lounge - Vaun - 11-13-2017
Quote: (11-13-2017 09:23 PM)Suits Wrote:
I'm convinced that there are essentially three types of people in the world.
(1) People who constantly notice problems that need a solution and needs that require filling. They have no shortage of ideas that could arguably be turned into a business. Their greatest weakness is generally a lack of focus or the discipline to stay committed to one idea.
(2) People who spend their whole lives never imagining potential solutions to problems. Instead of seeing problems and needs as opportunities, they simply bitch about them. Some of these people are very successful in other areas and others live in a trailer park somewhere. These people represent the bulk of humanity.
(3) People who aren't terribly imaginative, but at some point have an "ah ha!" moment where they devise a solution to a problem they personally have. They tend to be moderately intelligent, but lack any real business skills due to inexperience and tend to become overly emotionally connected to the business idea they pursue and are unwilling to move onto something else even after the idea proves unlikely to succeed as a business.
Group 1 for sure. My problem is not procrastination, or not executing, its having the energy to do multiple things in one day, when one thing dominates 60+ hours a week. My problem is becoming Jack Dorsey, running multiple heavy projects in one day. Mostly my issue is time and energy management. I recently quit all of my dating apps, and walked away from all of my plates, for this very reason, even though a few are hanging on. I ghosted a girl tonight for this very reason. I feel like every minute of every day matters, seven days a week. If I am not working, I am relaxing or working out. Anything else can throw me off.
I have been chronically tired lately as well, and sleeping poorly. One all nighter with a plate can bury me for several days, so I walked away from it.
The Entrepreneur / Business Owner's / Self Employed Lounge - texas - 11-13-2017
Quote: (11-13-2017 09:56 PM)Ivanis Wrote:
Need some help all. I am running into trouble networking. I am in need of high income clientele, I live in a relatively wealthy area, and I am currently affiliated with the chamber of commerce but I am running into problems getting workable leads from the COC or any networking that I do on my own. The problem is that the COC is mostly B2B and my company is mostly B2P. I was hoping to jump start the business off of the COC and then use that to catapult myself into some of the wealthier social clubs around.
Any thoughts from anybody?
Identify neighborhoods where the wealthier people live in your city. Go to your local appraisal district's website. You can do a search via street and block number and it will show you whose names appear on the tax records for the properties on whichever streets you choose. Copy the names of the owners of record into a notepad or email to yourself. Google them later. They will most-likely be business owners and high-level corporate people. Look at their LinkedIn or similar type sites, and scroll to the bottom. Many times there is a part that lists volunteering activities or related charities/causes they affiliate themselves with. Familiarize yourselve with these events and start showing up at them.
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 11-13-2017
Quote: (11-13-2017 10:12 PM)Vaun Wrote:
Quote: (11-13-2017 09:23 PM)Suits Wrote:
I'm convinced that there are essentially three types of people in the world.
(1) People who constantly notice problems that need a solution and needs that require filling. They have no shortage of ideas that could arguably be turned into a business. Their greatest weakness is generally a lack of focus or the discipline to stay committed to one idea.
(2) People who spend their whole lives never imagining potential solutions to problems. Instead of seeing problems and needs as opportunities, they simply bitch about them. Some of these people are very successful in other areas and others live in a trailer park somewhere. These people represent the bulk of humanity.
(3) People who aren't terribly imaginative, but at some point have an "ah ha!" moment where they devise a solution to a problem they personally have. They tend to be moderately intelligent, but lack any real business skills due to inexperience and tend to become overly emotionally connected to the business idea they pursue and are unwilling to move onto something else even after the idea proves unlikely to succeed as a business.
Group 1 for sure. My problem is not procrastination, or not executing, its having the energy to do multiple things in one day, when one thing dominates 60+ hours a week. My problem is becoming Jack Dorsey, running multiple heavy projects in one day. Mostly my issue is time and energy management. I recently quit all of my dating apps, and walked away from all of my plates, for this very reason, even though a few are hanging on. I ghosted a girl tonight for this very reason. I feel like every minute of every day matters, seven days a week. If I am not working, I am relaxing or working out. Anything else can throw me off.
Sounds like you've already done some soul-searching, some planning and are on a path to success.
That's a good start, but as you know, it guarantees nothing.
The biggest problem for imaginative problem solvers is that they always try to do too much.
You've got to narrow it down to one product that you can put all your time, energy and resources into, even if it means letting other great opportunities go by the wayside.
I've had to do this myself. I've never been short on ideas, although admittedly, there have been few that I've really felt full confidence in, as I lacked the skills, knowledge and commitment to test demand and the temperament and discipline and stay committed to one idea long enough to either create a finished product or at least either learn how to test demand or create a prototype.
At age 29, I finally developed the idea that I'm working on right now. Like many men in their late twenties, I got to the point where I realized that if I didn't change something, I'd never achieve my dream lifestyle, so I started to make some changes.
I settled on this particular idea, not because it was my favourite or my innovative, but because it was the most intuitive for the uninitiated to understand and use. I wouldn't have to educate people first to get them to understand and finally buy the product. I use this product (or at least the prototype iterations of it) for my own daily work to pay bills, so it's been easy to fully commit to it, because I know it works and really believe in it.
Once I got that far, I had to teach myself to get work done, even with no promise of a short-term benefit. After a month long trip to Malaysia where I failed to accomplish anything, despite having a ton of free time to work with, I came back to Beijing and learned how to get out of my apartment early each day and get at least a few hours of work down during my free time of the day when I still had creative energy remaining.
The result has been that I slowly but surely created the bulk of a nearly finished product over the past 8 months and I have a lot to show for my effort.
I never would have accomplished any of this if I hadn't chosen one project to exclusively focus on and then learned the necessary skills and discipline to follow through on it.
The Entrepreneur / Business Owner's / Self Employed Lounge - Ivanis - 11-13-2017
Quote: (11-13-2017 10:13 PM)texas Wrote:
Quote: (11-13-2017 09:56 PM)Ivanis Wrote:
Need some help all. I am running into trouble networking. I am in need of high income clientele, I live in a relatively wealthy area, and I am currently affiliated with the chamber of commerce but I am running into problems getting workable leads from the COC or any networking that I do on my own. The problem is that the COC is mostly B2B and my company is mostly B2P. I was hoping to jump start the business off of the COC and then use that to catapult myself into some of the wealthier social clubs around.
Any thoughts from anybody?
Identify neighborhoods where the wealthier people live in your city. Go to your local appraisal district's website. You can do a search via street and block number and it will show you whose names appear on the tax records for the properties on whichever streets you choose. Copy the names of the owners of record into a notepad or email to yourself. Google them later. They will most-likely be business owners and high-level corporate people. Look at their LinkedIn or similar type sites, and scroll to the bottom. Many times there is a part that lists volunteering activities or related charities/causes they affiliate themselves with. Familiarize yourselve with these events and start showing up at them.
That will be my next goal to work toward. Thank you very much for the help. I will keep you guys updated.
The Entrepreneur / Business Owner's / Self Employed Lounge - qwertyuiop - 11-14-2017
first project is FINALLY making revenue happen. money while you sleep baby.
started a second one with a biz partner who is good at the things i hate, and i'm good at the things he sucks at.
my main job should be able to go remote q2-q3 2018.
starting a new co here soon too in 2018. need to get my skill a little better.
The Entrepreneur / Business Owner's / Self Employed Lounge - H1N1 - 11-14-2017
Quote: (11-13-2017 10:11 PM)Suits Wrote:
Quote: (11-13-2017 09:56 PM)Ivanis Wrote:
Need some help all. I am running into trouble networking. I am in need of high income clientele, I live in a relatively wealthy area, and I am currently affiliated with the chamber of commerce but I am running into problems getting workable leads from the COC or any networking that I do on my own. The problem is that the COC is mostly B2B and my company is mostly B2P. I was hoping to jump start the business off of the COC and then use that to catapult myself into some of the wealthier social clubs around.
Any thoughts from anybody?
OP, I think you're approaching this from the wrong angle. If the product or service you are offering has value that others need and want, "networking" will be the least of your concerns.
I agree with most of your post, but I couldn't disagree more strongly with this. I have built and developed quite a range of products, both B2B and B2C. Selling B2C is an absolute nightmare. Trying to get the word out to the end consumer, who has to spend their taxed income on a product, particularly if it is something innovative, is a total horror show. People VASTLY underestimate the kind of marketing penetration you need to achieve even modest sales. Even people you reach, who want the product, who know they need the product, may have a 12 month+ conversion period.
To cope with this, particularly if it is a relatively low value item, you need to reach enough new people who will buy immediately every single month. Assuming you're running a business with some overheads and staff costs, and have production costs that you can't get credit for, and you may have to give customers a 30 day credit period, you need to reach 10's of 000' of people each month to meet your outgoings and build momentum and grow your business month on month.
This is an absolutely classic mistake everyone makes when they approach a B2C product. I did the first time I took one to market too. My eyes lit up at the size of my customer base, and the fact that the product I'd developed was created specifically to solve a problem I'd experienced that I knew was common to them too. Everyone I talked to thought it was a genius idea, and cheap for what it could do. I must have talked to close to a thousand people about it in the first 18 months, whilst I was developing it - I didn't get a single piece of bad feedback - everyone could see why it had been developed, and why it would be so effective. It still took a very long time to get any kind of momentum, and I'm advanced in the process of selling the product line to a much bigger company because it needs such substantial resources to successfully sell an innovative product B2C.
Selling B2C requires a big marketing budget, serious underlying marketing skills, and enough cash to withstand a very slow initial uptake period. People will not just find your product, or just splurge their hard earned cash on it.
Networking for distribution/manufacturing/sourcing/marketing partners is a very good idea. Try to go to lots of exhibitions, local events if there are any, networking breakfasts with small business institutes, all that stuff. There'll be a lot of duds, but every so often you'll come across someone serious, and then you could be away.
The Entrepreneur / Business Owner's / Self Employed Lounge - Ski pro - 11-14-2017
Quote: (11-13-2017 09:13 AM)H1N1 Wrote:
^ Where does that leave you on equity & issues down the line if you're successful and he decides he wants back in?
It doesn't. Both companies are straight forward partnerships. He leaves then that means we sign some papers that means the company is just me trading as xxxxx. At the end of the season I think we will need to make a provision for some future costs, I'll pay him his dues and that's it.
If I'm successful, and I will be, it's his loss.
This season I need to work out what he actually does (which won't be much) and replace that.
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 11-14-2017
Quote: (11-14-2017 06:20 AM)H1N1 Wrote:
Quote: (11-13-2017 10:11 PM)Suits Wrote:
Quote: (11-13-2017 09:56 PM)Ivanis Wrote:
Need some help all. I am running into trouble networking. I am in need of high income clientele, I live in a relatively wealthy area, and I am currently affiliated with the chamber of commerce but I am running into problems getting workable leads from the COC or any networking that I do on my own. The problem is that the COC is mostly B2B and my company is mostly B2P. I was hoping to jump start the business off of the COC and then use that to catapult myself into some of the wealthier social clubs around.
Any thoughts from anybody?
OP, I think you're approaching this from the wrong angle. If the product or service you are offering has value that others need and want, "networking" will be the least of your concerns.
I agree with most of your post, but I couldn't disagree more strongly with this. I have built and developed quite a range of products, both B2B and B2C. Selling B2C is an absolute nightmare. Trying to get the word out to the end consumer, who has to spend their taxed income on a product, particularly if it is something innovative, is a total horror show. People VASTLY underestimate the kind of marketing penetration you need to achieve even modest sales. Even people you reach, who want the product, who know they need the product, may have a 12 month+ conversion period.
Networking for distribution/manufacturing/sourcing/marketing partners is a very good idea. Try to go to lots of exhibitions, local events if there are any, networking breakfasts with small business institutes, all that stuff. There'll be a lot of duds, but every so often you'll come across someone serious, and then you could be away.
I agree with your post, but it was clear to me from OP's post (and further confirmed by PM's between me and OP) that OP doesn't really have a product so much as a service concept posing as a product.
Once he develops an actual solution to an actual problem, there will definitely come a time when networking in the right circles will be extremely important, but that's a distance off for him at the moment.
Right now, he needs to be 100% focused on identifying a need and seeking to create a product that answers that need, not simply angling at getting closer to people of means in the hope of selling them services in an industry that is already full of contenders.
The Entrepreneur / Business Owner's / Self Employed Lounge - qwertyuiop - 11-14-2017
Quote: (11-14-2017 06:20 AM)H1N1 Wrote:
Quote: (11-13-2017 10:11 PM)Suits Wrote:
Quote: (11-13-2017 09:56 PM)Ivanis Wrote:
Need some help all. I am running into trouble networking. I am in need of high income clientele, I live in a relatively wealthy area, and I am currently affiliated with the chamber of commerce but I am running into problems getting workable leads from the COC or any networking that I do on my own. The problem is that the COC is mostly B2B and my company is mostly B2P. I was hoping to jump start the business off of the COC and then use that to catapult myself into some of the wealthier social clubs around.
Any thoughts from anybody?
OP, I think you're approaching this from the wrong angle. If the product or service you are offering has value that others need and want, "networking" will be the least of your concerns.
I agree with most of your post, but I couldn't disagree more strongly with this. I have built and developed quite a range of products, both B2B and B2C. Selling B2C is an absolute nightmare. Trying to get the word out to the end consumer, who has to spend their taxed income on a product, particularly if it is something innovative, is a total horror show. People VASTLY underestimate the kind of marketing penetration you need to achieve even modest sales. Even people you reach, who want the product, who know they need the product, may have a 12 month+ conversion period.
To cope with this, particularly if it is a relatively low value item, you need to reach enough new people who will buy immediately every single month. Assuming you're running a business with some overheads and staff costs, and have production costs that you can't get credit for, and you may have to give customers a 30 day credit period, you need to reach 10's of 000' of people each month to meet your outgoings and build momentum and grow your business month on month.
This is an absolutely classic mistake everyone makes when they approach a B2C product. I did the first time I took one to market too. My eyes lit up at the size of my customer base, and the fact that the product I'd developed was created specifically to solve a problem I'd experienced that I knew was common to them too. Everyone I talked to thought it was a genius idea, and cheap for what it could do. I must have talked to close to a thousand people about it in the first 18 months, whilst I was developing it - I didn't get a single piece of bad feedback - everyone could see why it had been developed, and why it would be so effective. It still took a very long time to get any kind of momentum, and I'm advanced in the process of selling the product line to a much bigger company because it needs such substantial resources to successfully sell an innovative product B2C.
Selling B2C requires a big marketing budget, serious underlying marketing skills, and enough cash to withstand a very slow initial uptake period. People will not just find your product, or just splurge their hard earned cash on it.
Networking for distribution/manufacturing/sourcing/marketing partners is a very good idea. Try to go to lots of exhibitions, local events if there are any, networking breakfasts with small business institutes, all that stuff. There'll be a lot of duds, but every so often you'll come across someone serious, and then you could be away.
It seems easier to get over Sarah in Marketing to use her budget being that's it not even her money and she has extra funds for something that seems useful.
The Entrepreneur / Business Owner's / Self Employed Lounge - hervens - 11-15-2017
Does anyone here own a convenience store, or ever thought of opening one?
2 years now into the workforce and I'm slowly starting to feel like I don't really belong in the corporate world. I have around $50k to my name at this point.
From the numbers I've seen, convenience stores seem to be a pretty affordable way to own a small business. They hours might be grueling, but it's not long hours I'm worried about, it's office politics, tensions between colleagues, etc.