Starting a Business

[grab an umbrella]

So I've been playing with the idea for a long time of starting my own business.  Well I think its time to get serious about it, I'm tired of working for "the man".  Well anyways I've found an investor to back my project, and now I need some advice.  The business will cater to people that are relatively well off, its basically home automation and pimping out your tv/entertainment center.  Anyways, other than word of mouth, what other avenues do I have available to generate new clients?

[Stubborn]

Word of mouth is going to be your best bet. Next will be networking with retailers/wholesalers in your area of expertise. Advertising for such a luxury expense as you have mentioned is difficult otherwise. If I were you I would get to know every Mom and Pop shop around you and give them a good deal for working with you. You will have to prove yourself worthy of their business of course so perhaps an introductory job at a discount to show just how well you perform. Dont sell yourself short, just get your foot in the door.

The best part is that you can start your proposed business while working for someone else. Stealing their customers is unethical but there is no harm in notifying your preferred customers that you will be striking out on your own soon. Take down their addresses too so you can send them discount offers and such. By that time you are just another competitor, not a thief.

You know its coming.....in this economy it may not be such a great idea, but if you can secure the clientele then whats to worry about? Cover your bases first and then consider getting out from under "the man."

[24KT]

You know its coming.....in this economy it may not be such a great idea, but if you can secure the clientele then whats to worry about? Cover your bases first and then consider getting out from under "the man."

      Lift4Size, ...you're such a Gloomy Gus!  {gigggle} I'm secretly glad you said it so I wouldn't have to 

Umbrella,
There's an old saying in Network Marketing that goes like this:

If you want to dine with the classes, ...you'd better be selling to the masses!

If you think owning your own business (with the backing of an investor) will get you out from under the man,
...please rethink that. You might be trading one man for another. You'll definitely be answering to your investor,
...except s/he will have more of a sense of urgency in lighting a fire under your tush. Consider your options very carefully, and ask yourself what's your real motivation for starting a business, and what it is you want to get out it? Go deep down to your core when answering that to yourself.

Is it job security?

Is it more income?

Is it a different lifestyle?

A desire to call your own shots?

Then consider whether your choice of business is dictated by what you truly want to do,
...or whether you feel this choice is your only logical choice because it's something you've been trained in?

Very importantly, ...do market trends support your choice right now, ...and into the future?

If you'd like to hear Tim discussing in greater detail the topic of trends and business,
you can by listening to his audio Brilliant Compensation

Hope That Helps

[buffdnet]

do you want to work 80-100+ hour weeks.
there's alot you need to ask yourself.
of which the least is concerns over trends

[24KT]

do you want to work 80-100+ hour weeks.
there's alot you need to ask yourself.
of which the least is concerns over trends

Oh... I dunno. Working 80-100 hrs a week is doable... can even be enjoyable if you're doing what you love and the business is thriving. If it's bleeding red ink and your investor is screaming for his/her money back, ...or worse, pulling his/her investment on the verge of success... then things are not so fun. 

[Stubborn]

Oh... I dunno. Working 80-100 hrs a week is doable... can even be enjoyable if you're doing what you love and the business is thriving. If it's bleeding red ink and your investor is screaming for his/her money back, ...or worse, pulling his/her investment on the verge of success... then things are not so fun. 

You must also take into account the physical nature of a business. Do you have equipment that needs maintenance? Will you be doing the labor yourself? Will it include lots of heavy moving or work that requires more than one person?


Believe me, thats the big question. I did 80+hrs a week and I was the primary source of labor, salesman, and office manager. You do not want to come back to a load of desk work after a day of busting your ass. Nor do you want to have to take care of office work at 4am so you can be out the door at 6am and back by 6pm and do it all over again. Get a partner thats worth a damn=best advice ever!

[24KT]

You must also take into account the physical nature of a business. Do you have equipment that needs maintenance? Will you be doing the labor yourself? Will it include lots of heavy moving or work that requires more than one person?


Believe me, thats the big question. I did 80+hrs a week and I was the primary source of labor, salesman, and office manager. You do not want to come back to a load of desk work after a day of busting your ass. Nor do you want to have to take care of office work at 4am so you can be out the door at 6am and back by 6pm and do it all over again. Get a partner thats worth a damn=best advice ever!

Yep!  Often people jump into a business because there is some aspect of the business that appeals to them.
If that aspect is only present 10 - 15% of the time, ...and the other 85 - 90% of the time must be devoted to managing aspects of the business that one finds unpleasant... business ownership might not be as rosy a prospect as it once seemed. 

[body88]

So I've been playing with the idea for a long time of starting my own business.  Well I think its time to get serious about it, I'm tired of working for "the man".  Well anyways I've found an investor to back my project, and now I need some advice.  The business will cater to people that are relatively well off, its basically home automation and pimping out your tv/entertainment center.  Anyways, other than word of mouth, what other avenues do I have available to generate new clients?

PM me, I work in marketing and I design media mix's for large companies.  All kinds of companies (even some of the big supplement companies...no not muscletech!!!).  I also know how small companies can use unique ideas and different types of media economically.  Advertising is a very important part of a successful business.  That and a good product.  Advertising is a necessity not a luxury.  It can be done in an affordable manner and it can grow with your revenue.  Advertising is important to all the most successful companies.  You don't have to spend a ton of cash to have a successful marketing plan...you need to be smart and patient.

[24KT]

Grab an umbrella started this thread, ...but I'm not so sure he's actually following it.

One of the most important aspects to starting your own business, is making that transition for an employee mentality to an entrepreneurial mentality.

You must first learn to think like an entrepreneur.

Hope That Helps

[PRAXIS]

Dont jump into a business where you have no experience. You will spend alot of money learning the business through mistakes.

[benz]

Grab an umbrella started this thread, ...but I'm not so sure he's actually following it.

One of the most important aspects to starting your own business, is making that transition for an employee mentality to an entrepreneurial mentality.

You must first learn to think like an entrepreneur.

Hope That Helps

think like an entrepeneur? no, you need decent studies, sorry jag