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The Entrepreneur / Business Owner's / Self Employed Lounge - Off The Reservation - 05-26-2018
Quote: (05-24-2018 09:08 PM)Suits Wrote:
The last week since my most recent post in this thread has been educational.
I'm more convinced than ever about the value of the service I can offer (training, analysis) and the products I'm developing.
However, I'm not completely convinced that potential clients in China will appreciate the value of what I am offering or be willing to pay the rates that I would require to justify doing it at all.
A lot more exploring yet to do. This summer is going to be a crucial time of experimenting with marketing and seeing what the response/demand is.
Quote: (05-14-2018 07:36 PM)ballsyamog Wrote:
How much are you charging for your consultation package? How did you come up with that price? How are you prospecting?
I'm still contemplating (and researching) the exact consulting services I want to offer (and how they will be defined), so I don't have a set of fees established yet. However, I consider my time (based on local living expenses and my own belief in my value) to be worth $90 per hour for in-person appearances/training and $50 for any work I do from home. However, my consulting services will be content based (with added value training and support included), so the total fee for most services will be higher than I would charge simply for my time, because additional physical/digital product will be delivered in addition to the time I put into providing service.
This is a great post. It's a critical issue for you and it is also instructional. Go forward without any doubt that what you have to offer is far more valuable than you are currently aware, and will be of great value to the client. When they give you the $90 they gain something worth more than $90 in return or they wouldn't do it. In other words, they want what you have to offer more than the $90.
You may also slightly move away from the hourly model by packaging up some work as package price with a retainer. Let them know what they need, and why and tell them what you require. Get some money up front like a lawyer.
Rather than endlessly analyze make a list of all the potential clients and focus on the one who will give you money the soonest. Even if it's small or at a lower rate you get the ball rolling. Go close that deal now. One session with a client that you actually do and reflect on and adjust later is worth more than ten thousand million quadrillion hours of pre-doing pre-implementation analysis planning. Here's what most don't get when they do that - the client is the most valuable source of analysis / adjustments in your offering.
Try (as i mentioned above when i said a list of clients) the NIPS system.
Good luck, and don't worry about cleaning your room first. You will have several maids before you know it when the money is rolling in.
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 05-27-2018
Quote: (05-26-2018 10:28 AM)Off The Reservation Wrote:
Quote: (05-24-2018 09:08 PM)Suits Wrote:
The last week since my most recent post in this thread has been educational.
I'm more convinced than ever about the value of the service I can offer (training, analysis) and the products I'm developing.
However, I'm not completely convinced that potential clients in China will appreciate the value of what I am offering or be willing to pay the rates that I would require to justify doing it at all.
A lot more exploring yet to do. This summer is going to be a crucial time of experimenting with marketing and seeing what the response/demand is.
I'm still contemplating (and researching) the exact consulting services I want to offer (and how they will be defined), so I don't have a set of fees established yet. However, I consider my time (based on local living expenses and my own belief in my value) to be worth $90 per hour for in-person appearances/training and $50 for any work I do from home. However, my consulting services will be content based (with added value training and support included), so the total fee for most services will be higher than I would charge simply for my time, because additional physical/digital product will be delivered in addition to the time I put into providing service.
This is a great post. It's a critical issue for you and it is also instructional. Go forward without any doubt that what you have to offer is far more valuable than you are currently aware, and will be of great value to the client. When they give you the $90 they gain something worth more than $90 in return or they wouldn't do it. In other words, they want what you have to offer more than the $90.
As I believe I have mentioned previously, I took some hourly work doing some of the types of services I would like to move into doing full-time on an experimental basis. It was very helpful, because I was able to confirm that business owners would pay for this type of service with a smile on their face and never have any trouble coming up with cash to pay me. For a new business in my industry, having someone provide the finished products I am able to provide is more or less essential, so it's like paying for rent or providing salaries to sales staff -- it needs to be done or the business will collapse.
The big question was not whether potential clients were willing to pay, but whether they were willing to pay me. I was able to confirm, with no doubt in my mind that they very much will.
This is more valuable to me than most other things -- to be able to be fully confident about the recognizability of the value I bring.
More importantly, I'll be charging on a per-project basis, because I'll be delivering content based consulting where the end result is a tangible and involves the create re-use of my existing resources to build purpose built projects that would take anyone else 10X the time to create from scratch.
Quote: (05-26-2018 10:28 AM)Off The Reservation Wrote:
You may also slightly move away from the hourly model by packaging up some work as package price with a retainer. Let them know what they need, and why and tell them what you require. Get some money up front like a lawyer.
That's definitely something I will be doing. I'll break up projects into as many deliverable as makes sense and require each portion to be paid up front. With this type of work, the situation is actually much better than being a lawyer, because the precise amount of requires work is easy to estimate upfront and it's easy to divide deliverables up into fairly small tranches.
Quote: (05-26-2018 10:28 AM)Off The Reservation Wrote:
Rather than endlessly analyze make a list of all the potential clients and focus on the one who will give you money the soonest. Even if it's small or at a lower rate you get the ball rolling. Go close that deal now. One session with a client that you actually do and reflect on and adjust later is worth more than ten thousand million quadrillion hours of pre-doing pre-implementation analysis planning. Here's what most don't get when they do that - the client is the most valuable source of analysis / adjustments in your offering.
That's been the approach I've been taking. The spring experiment that I'm now finishing up has been hugely beneficial as a source of information and what clients in my industry need and are willing to pay for and how to define and plan projects. It's also taught be what type of work I like doing and what type of work I need to refuse.
The spring-time client will continue as a client. I promised initially in February to be off routine in-person service for three months and as of the end of May, that three month period ends. I've helped them out in training up staff to fill the roles I've held, so now I'll be able to concentrate on the work I want to do for them, namely the type of work that doesn't require me to be physically present.
I doubt that the potential client I wrote about most recently will be a very good fit for me, so I won't pursue that further. Instead, I'm doing a site visit with a much more desirable client who has a several fully-licensed schools in Beijing who has a full appreciation of my capabilities. I'm not sure how the meeting will turn out -- perhaps her expectations are quite different than mine and we haven't talked at length yet -- but I have full confidence that it will be of great value to me as a learning experience no matter how it ends.
I did a site visit for the other potential client (the one that I don't plan on pursuing further) and despite the outcome of the opportunity (which I felt fairly sure about even before the site meeting, it was a great learning experience and great practice for future experiences of a similar nature.
I'm in an optimal situation, because I have enough hourly teaching work to take care of myself financially as I pursue more and more consulting work. In June (in just a week from now), I'll be scaling back to just being in classrooms 4 days a week (instead of the 6 days I've been doing this spring) and if all goes well, I'll stop teaching for a while altogether in December of this year.
This always me to take the learning curve one new client at a time and learn step-by-step what works in this type of business and what doesn't.
On Value
I've had a train of though of the past week regarding this topic. With my basic needs adequately covered with my hourly teaching work, I'm in the perfect position to walk away from opportunities were the client isn't willing to pay my required fee. I'm going to be charging on value-delivered basis.
I know personally how seriously involving it is to create a curriculum system for a school. To get it right requires multiple rounds of testing and the process is significantly expedited if you already know what you are doing on day one (which I do, but I doubt many people available on the job market do).
My plan is to charge based on the assumption that I'll charge far more per hour than anyone would normally agree to pay an employee (so I'm happy), but it'll still be cheaper to hire me than hire on staff to do so (because those staff won't have my level of competence and therefore the project will cost a lot more to do when you are paying inexperienced staff a regular salary to do the work). So, the client had better be happy to, because I'm actually offering a great deal. If they think I'm expensive, then they aren't aware of how long it'll take them to do my quality of work with their own hires.
The Entrepreneur / Business Owner's / Self Employed Lounge - Donfitz007 - 05-31-2018
I know I should consult a professional but the guys on here are VERY intelligent.
I'm a 24-year-old guy who has all the ideas in the world for apps, hardware, games etc. (you know the average thinker than can't execute and goes on to be forgotten). However, I want to change that. I know a bit of coding, I know how to build an app, plus I already designed one (got the wireframing, UI, and marketing plan) and a solid business plan filled with contingencies.
With all that worthless stuff said, I need a solid real prototype. Getting an app created ranges anywhere from $5,000 to $1,000,000. I really want to work on this app while working on my marketing and networking to build a future buyers list. With that said Apple is a genius and only let Mac users create apple apps, and I don't have one.
A good Mac is around 2,000 and at the moment I have $200 and in the process of moving back in with my parents because I fucked up majorly.
I work a minimum wage Job but I have a great credit score. What should I do?
Realistically 15k is more than I need to get this business and app up and running (lawyer fees, building a small team etc), but just getting maybe 3k for the Mac and a really cheap marketing team would work also. (the app building software is free and
I don't mind sharing equity, but it seems like angels and VC's want somebody with a whole team established and everything. I have a group of friends that help me work on the project, but I'm not sure if that's enough to actually impress them.
I've been on the search for a mentor but in my city, there are very few people into tech.
The Entrepreneur / Business Owner's / Self Employed Lounge - the-dream - 06-01-2018
^ Can you not make your PC a hackintosh? What niche is this app in, what market/country are you planning on launching it in, what's the monetization strategy (commission on a service, paid for products, premium subscription etc), and how much money do you think it would realistically take to launch it successfully? Is the 15k just to make it decent enough to get further investment or you think you can start making enough money to make it sustainable at that point?
The Entrepreneur / Business Owner's / Self Employed Lounge - Donfitz007 - 06-01-2018
I could make a hackintosh but at the risk that it’ll ruin my laptop and the risk that Xcode wouldn’t run properly
Mainly the US. It’s a self help style app which adds a solution to the main problem people have while improving their lives
The main business model is subscription however I plan a large portion of the revenue to be made from references and partnerships
With me doing all the work, 15k-30k would be enough. Hiring a team or atleast a group of freelancers push me closer to 100-200k Possibly more than that if I get the app professionally made
I can lauch with 15k investment but maintainence is a problem. I plan on using Kickstarter to gain a list of users (while getting it funded) adding a reward system for this app is easy
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 06-01-2018
Quote: (06-01-2018 10:18 AM)Donfitz007 Wrote:
It’s a self help style app which adds a solution to the main problem people have while improving their lives
What makes you feel confident that there's enough demand for this app to merit a $15,000 investment?
The Entrepreneur / Business Owner's / Self Employed Lounge - Donfitz007 - 06-01-2018
I can’t get into it without describing what the app does. However it’s a huge problem that newcomers to this forum, many self help videos, the topic of many blog post, etc etc.
I complied over a hundred comments, articles, and post that bring up this problem and constantly looking for more examples. Most of the comments I used as examples have more than 1k likes.
My marketing strategy is more of a guerilla system. YouTube marketing is VERY cheap, ranging from $10-200 a video. Plus buying all the big names marketing teams for Kickstarter (that pretty much garuantees 100k in funding) only cost around 3k (which I don’t necessarily need)
The app targets aspiring entrepreneurs, people who want to make money, people trying to budget, people trying to lose weight, people who want to be more social. The list goes on and on.
The Entrepreneur / Business Owner's / Self Employed Lounge - Off The Reservation - 06-01-2018
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The list that goes on and on and on and on, is the list of apps that already do what you are thinking.
You are just another of 100 million young guys all over the world who want an app to hit it big. If you are thinking about an app today in 2018 you are only 5 years or so late. What you are not thinking about but should be is what companies with massive budgets and massive talent and the ability to act on ideas are doing. And sorry to put it too you harsh, but if you aren't a coder at 24 you aren't a coder so it's delusional to think you will just go and pick this up because of your idea.
I can tell by your writing you havent thought through this nor have you seriously looked to see what the app store already has.
Instead of thinking about wasting $15000+ why dont you think about earning. What aspect of this broad app is it you can do to get a mere $100 in the next 30 days if done manually without an app. Look up my NIPS system thread (which is free by the way), and has no need to waste investor dollars. Even your mac idea is about spending not earning.
I can go get amazing free goal setting and goal tracking videos, apps, programs and planners already, so your whole thing juat rings an alarm bell that you are knowingly or unkmowingly regurgitating existing ideas and if I were an investor looking at it to dissmiss you and move right along.
Your premise is mistaken. You believe.that receiving money will increase your value to the marketplace, but this is backwards. It will decrease your value and make you a liability plus interest and risk costs.
Right now your value to the marketplace is minimum wage as defined by you and your employer. If you want to change that I am sure there is something you can do. Find something worth more than minimum wage that you can do which is financially valuable to someone else. Get them to pay you for it on a contract, 1099, etc. basis (meaning you arent their employee.) Then grow that by growing the value you offer. In time, tools (such as apps) may be a natural part of that growth.
The Entrepreneur / Business Owner's / Self Employed Lounge - Donfitz007 - 06-01-2018
thanks for the advice, and You're right about everything besides what you think the app is about, But that's irrelevant.
Also about the coding, what I meant by that is im no revolutionary coder. I'm average when it comes to that.
About my competition, I researched them, kept notes of them, tried to contact them and tried to make my product better than theirs in every way. EVEN IF my product was the same as theirs, all it takes is a little bit of innovation.
I don't agree that you understand what im saying but your advice seems VERY smart and explained perfectly. I simply feel I'm wasting time when I could get a investment and actually start working on things. But I will take your advice.
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 06-02-2018
Quote: (06-01-2018 06:34 PM)Donfitz007 Wrote:
I simply feel I'm wasting time when I could get a investment and actually start working on things.
I think that the impression several of us are having here is that there may be nothing in your idea that merits an investment at all.
There's only one way to be sure. See if someone will give you money based on what you've accomplished so far.
I often get the feeling that some people are usual so desperate to get rich that they simply become incapable of realizing that their is simply no meaningful demand for their business idea. Instead they push aside any reasonable concern with statements like:
Quote: (06-01-2018 06:34 PM)Donfitz007 Wrote:
EVEN IF my product was the same as theirs, all it takes is a little bit of innovation.
The above statement doesn't fall anywhere within the range of fact.
It actually takes a lot more than a little innovation to succeed against another established product. You're not competing purely (or mainly)on technical terms, you're competing against established market share, convenience for existing users of simply sticking with a familiar products and the overwhelmingly expensive proposition of trying to beat the odds with a massive amount of marketing.
The Entrepreneur / Business Owner's / Self Employed Lounge - Donfitz007 - 06-02-2018
I get that Suits but there are plenty of business examples where innovation was the key, look at the taxi then uber then lift....I know there's alot that goes into it but innovation is one part.
look im not looking for the 15K, just saying 15k would be enough to give me a great start.....I really asking whether or not $3000 for a Mac is a smart move to start developing an app. My credit score is great so could i just use a Credit card to buy the mac and slowly pay off on it while i work, AND work on the app?
That's my real question, I see asking for 15k is a stupid move as of now (i pretty much figured that from the start) but i was just asking about different options
I see i worded my initial question horribly
I'll rather execute and actually try then just give up.
Put it like this, i have the wireframe, I have the UI in a very attractive color scheme, I have a solid well thought out business plan and model (which might not be perfect but its pretty nice now) I have proof that there's desire for the app, and i have a marketing strategy.
But what's the first step after this? My plan was to get a list of people who want to use the app and get a kickstarter made for pre-orders. Then contact other apps for potential partnerships if I'm able to prove myself.
Im just scared of becoming stagnant.
The Entrepreneur / Business Owner's / Self Employed Lounge - Thot Leader - 06-02-2018
Speaking of apps, can anyone direct me to resources for having an app built based on an idea? i.e. how to translate your idea to something you can take to a developer
The Entrepreneur / Business Owner's / Self Employed Lounge - Donfitz007 - 06-02-2018
Quote: (06-02-2018 04:44 PM)Thot Leader Wrote:
Speaking of apps, can anyone direct me to resources for having an app built based on an idea? i.e. how to translate your idea to something you can take to a developer
the expensive route would be to get it professionally made by companies such as fuel.com
What you should do is write out the idea, draw it out, figure out whether it works well and flows, create a wireframe (which is basically a powerpoint) Show it around, get opinions. If you know a little coding then you can do alot of the work and get the development companies to tweak it to perfection. Depending on the actual company you might have to hire an actual UI designer to make the app attractive. Adobe has new software that allows you to design the UI and wireframe with ease....Im used to Photoshop and illustrator but i've seen tutorials for the app and it's alot easier
Its all very expensive.
If you can describe the app to me, I'll do a lowbudget design. Im pretty much an expert when it comes to graphic design.
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 06-02-2018
Quote: (06-02-2018 12:50 PM)Donfitz007 Wrote:
I get that Suits but there are plenty of business examples where innovation was the key, look at the taxi then uber then lift....I know there's alot that goes into it but innovation is one part.
look im not looking for the 15K, just saying 15k would be enough to give me a great start.....I really asking whether or not $3000 for a Mac is a smart move to start developing an app. My credit score is great so could i just use a Credit card to buy the mac and slowly pay off on it while i work, AND work on the app?
That's my real question, I see asking for 15k is a stupid move as of now (i pretty much figured that from the start) but i was just asking about different options
I see i worded my initial question horribly
I'll rather execute and actually try then just give up.
Put it like this, i have the wireframe, I have the UI in a very attractive color scheme, I have a solid well thought out business plan and model (which might not be perfect but its pretty nice now) I have proof that there's desire for the app, and i have a marketing strategy.
But what's the first step after this? My plan was to get a list of people who want to use the app and get a kickstarter made for pre-orders. Then contact other apps for potential partnerships if I'm able to prove myself.
Im just scared of becoming stagnant.
Fair enough. My worry is that you waste your youth chasing big fish rather than getting a steady diet of less impressively sized, but perfect tasty learning experiences and sustainable income.
My question would be, why do you think your app will be success if you can't come up with $2000 for a new computer.
I know that isn't pocket change and dropping $2000 so far this year (on a new computer and hiring out several important gigs for the business I'm building) has definitely taken a chunk out of my pocket book, so I don't want to pretend it's no big deal.
However, I get the feeling that if coming up with money for the basic technology to pursue a business plan that you truly believe in, your first focus should be on getting your life stable and generating a reliable income -- not throwing your time in unpaid work on app that has no guaranteed chance of success.
I DO think you should build this app and/or pursue seeking investors, not because I'm convinced that this will be a success for you, but because of the incredible learning experience it will offer. But first sort out your life so that you can drop a few grand here or there on important business expenses.
The Entrepreneur / Business Owner's / Self Employed Lounge - Donfitz007 - 06-02-2018
Ok that's definitely great advice Suits. Patience is a powerful trait! Its just I feel like I'm getting up there in years, and I still have NOTHING to show for it.
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 06-02-2018
There is no reason to be patient when the time is ripe to strike, but my own person experience has been that my best (and most competitive) business ideas have come from investing serious time (at least half a decade) into a particular industry, primarily to simply earn an income, but as I spent more time working in the industry, I became aware of many problems that existed that demanded a solution.
However, if you're at the pre-specific industry knowledge stage in your life, patience is a good idea. If you're in a rush to find a problem that you can base a business off of solving, it's human nature to convince yourself that the solution you are offering has more merit that it may actually have.
This tends to led to people
(1) Solving problems that don't actually exist.
(2) Solving problems for which an unsophisticated, but perfectly acceptable solution already exists.
(3) Solving problems that don't affect enough people to drive a business worthy level of demand.
(4) Solving problems with solutions that a much bigger company with much bigger pockets can easy swoop in, copy and then beat you at your own gain by burying you in competitive marketing.
(5) Solving problems with solutions that are too expensive for the average target consumer.
(6) Solving problems that exist with inadequate solutions.
(7) Solving problems with great solutions, but failing to reach consumers due to a lack of marketing budget or failing due to a too high customer acquisition cost that burns through money faster than you can make it.
(8) Creating something completely useless.
I love the show Shark Tank, because if you watch enough episodes, you gain a real sense of which ideas actually make sense as businesses (and which ones interest investors) and also the type of business approaches required to make even a great idea successful. If you don't watch it, I suggest that you try a few seasons ASAP.
As far as this current idea goes, there's nothing stopping you right now from seeking investors. The problem you are probably facing is "how do I meet investors?" Most of the Silicon Valley app crowd would go to Silicon Valley angel investors. What's stopping you from doing the same thing?
The Entrepreneur / Business Owner's / Self Employed Lounge - Thot Leader - 06-02-2018
Quote: (06-02-2018 05:31 PM)Donfitz007 Wrote:
Quote: (06-02-2018 04:44 PM)Thot Leader Wrote:
Speaking of apps, can anyone direct me to resources for having an app built based on an idea? i.e. how to translate your idea to something you can take to a developer
the expensive route would be to get it professionally made by companies such as fuel.com
What you should do is write out the idea, draw it out, figure out whether it works well and flows, create a wireframe (which is basically a powerpoint) Show it around, get opinions. If you know a little coding then you can do alot of the work and get the development companies to tweak it to perfection. Depending on the actual company you might have to hire an actual UI designer to make the app attractive. Adobe has new software that allows you to design the UI and wireframe with ease....Im used to Photoshop and illustrator but i've seen tutorials for the app and it's alot easier
Its all very expensive.
If you can describe the app to me, I'll do a lowbudget design. Im pretty much an expert when it comes to graphic design.
Thanks very much, I may take you up on that. If I were to hire a programmer from Upwork (i.e. someone from Eastern Europe or India) do you think that would bring down costs at all? Or is Upwork even a good idea
The Entrepreneur / Business Owner's / Self Employed Lounge - Atomic - 06-02-2018
Lots of red flags, mistakes ive made in the past.
Screw the apple. Boom, 1.5-3k saved. Build a mobile responsive web application that provides 80% of what you envision the app to provide. This will let you know if your idea is even feasible. Next invest 1k into marketing and see if anyone actually uses your web based version.
Cause let me tell you, if nobody will use your website, nobody will use your app.
Finally, lets say it all pans out and you have successful product that people want. Now you have data to show investors, now you have workflow/feature concepts/color schemes/etc to show app developers, now your app can sync with data stored on your website, now you have an audience for your day 1 launch. Literally everything will become easier.
Think about what you really want. Do you want an App, or do you want a business?
Thats my two cents based on mistakes ive made in the past. Take it or leave it.
The Entrepreneur / Business Owner's / Self Employed Lounge - Donfitz007 - 06-02-2018
Quote: (06-02-2018 07:43 PM)Thot Leader Wrote:
Thanks very much, I may take you up on that. If I were to hire a programmer from Upwork (i.e. someone from Eastern Europe or India) do you think that would bring down costs at all? Or is Upwork even a good idea
Hiring a programmer has pros and cons. many programmers are only good at one particular thing, Maybe one programmer is good at coding, the other is good at making things flow etc. The benefit to having is that you pay one person who in turns pay multiple people.
Hiring a cheap but efficient programmer works if you need a prototype up and running fast.
The Entrepreneur / Business Owner's / Self Employed Lounge - tobehero - 06-03-2018
Hiring a programmer from a 3rd world country will certainly cut costs. However be warned they are more lively to cut corners. Test, trial them extensively, over a period of time. Even then, you may need to replace them as they slack or provide poor work.
The Entrepreneur / Business Owner's / Self Employed Lounge - Ski pro - 06-08-2018
I’d like to ask the lounge members here about spreading yourself too thin.
I’m just about to start another business in the winter sports industry which will be sort of a compliment to the other two.
However, with business number 1 being set up for around 4 years now and business number 2 only started last year, is all staring to feel a bit full on to go again and start another one.
Ive got the energy for sure, time was a little tight last winter and that was overflowing onto my personal life, my health and businesses , I’m just curious about the rest of the guys here and their experiences in this regard. Especially in connection to the following questions;
1. If you are the face of the brand, as I am for business #2, how can you also be a face of the brand for business #3 without compromising both?
2. Do any of you have any experiences of spreading yourself too thin? Is it better to commit fully to just 1 or 2 or to have many different income streams assuming you have the time?
Thanks
The Entrepreneur / Business Owner's / Self Employed Lounge - tobehero - 06-08-2018
Are you asking more on how to outsource it to save time and have more freedom.
If the businesses are similar why not be linked to it?
There are alternatives were you would be the "face" but really on a figurehead and hire someone else to do the legwork.
Or 2/ create an alternative persona. more work but at least you can split off the "brands".
The Entrepreneur / Business Owner's / Self Employed Lounge - Suits - 06-08-2018
Quote: (06-08-2018 06:31 AM)Ski pro Wrote:
I’d like to ask the lounge members here about spreading yourself too thin.
I’m just about to start another business in the winter sports industry which will be sort of a compliment to the other two.
However, with business number 1 being set up for around 4 years now and business number 2 only started last year, is all staring to feel a bit full on to go again and start another one.
Ive got the energy for sure, time was a little tight last winter and that was overflowing onto my personal life, my health and businesses , I’m just curious about the rest of the guys here and their experiences in this regard. Especially in connection to the following questions;
Are these really "businesses" or just services that you personally offer?
For example, are you out on the foothills teaching skiing lessons or are you in the back office, charting a strategic course while your team of 5 instructors hit the slopes to provide training and your sales team pursues leads, occasionally coming to you to make a determination on a challenging question of procedure?
The Entrepreneur / Business Owner's / Self Employed Lounge - Atomic - 06-08-2018
I've been doing software development for a while now. I was dabbling in it, but the workload has gotten to the point where I needed to make a decision to commit full time or continue to call it a hobby.
I chose to commit full time and have officially launched the company. Currently have $7.5k of backlogged contract work that I will be knocking out. I have a potential client that I'm 90% certain will sign on for $2.5k - $3k worth of work in the next few days.
But now I need to move away from the hobby mindset and shift into the business mindset.
Branding + Marketing have been non-existent from the hobby mindset. As has strategic planning. Software development is such a broad category that I need to really focus on a specific niche to target, at least in the infancy of the business. It's something I am going to have to think about over the next few days before I make a decision.
The Entrepreneur / Business Owner's / Self Employed Lounge - worldwidetraveler - 06-08-2018
Quote: (06-08-2018 06:31 AM)Ski pro Wrote:
I’d like to ask the lounge members here about spreading yourself too thin.
I’m just about to start another business in the winter sports industry which will be sort of a compliment to the other two.
However, with business number 1 being set up for around 4 years now and business number 2 only started last year, is all staring to feel a bit full on to go again and start another one.
Ive got the energy for sure, time was a little tight last winter and that was overflowing onto my personal life, my health and businesses , I’m just curious about the rest of the guys here and their experiences in this regard. Especially in connection to the following questions;
1. If you are the face of the brand, as I am for business #2, how can you also be a face of the brand for business #3 without compromising both?
2. Do any of you have any experiences of spreading yourself too thin? Is it better to commit fully to just 1 or 2 or to have many different income streams assuming you have the time?
Thanks
If these are truly businesses and not what Suits mentioned then I don't know how you have time to do more than one business at a time.
I can only think you are not picking your markets well enough if you can't spend all your energies growing one business.
Yeah, some people talk about diversification when it comes to cashflow. That is bullshit when talking about businesses and you lose a lot of leverage starting a new business, learning a new market, getting customers and so on...
Leveraging existing customers by offering more services/products is leverage and if you can't find anything else to sell to them then, again, you picked the wrong market to serve. You already have the customer, you already know what they want, you already know why they buy, you already know where they hang out and so on.
I can't fathom running two or three businesses. I would be leaving a ton of money on the table if I were to stop expanding my one.