DUNBAR
07-12-2008, 02:43 PM
I'm going to have a few :scratchhead: scratching their heads on this one but that's alright.
This is a business decision that makes a lot of sense, to me that is. I'm making a decision this weekend to shelf my second business, or just stop the tracks so to speak even though I'm midstream with the idea.
The idea is to stop putting so much into it as I'm depleting my reserves and even though it's a stellar idea, I need a more solid focus.
I started this idea in august of last year and it took it to this day with monies spent and all that was involved to get it this far.
The truck I built, the accident I had between the two and the massive costs of renting a truck to get me by has knocked me off the pedestal to keep trudging forward.
This doesn't mean I'm "closing shop" however. This means I'm going to limit what I do with this product, continue to put it out there randomly, meaning I'm still going to do bank grand openings and a few festivals....but that's about it and chaulk this year up to development.
The economy isn't helping my plight; I knew going into it that I was high risk with the idea completely. My attitude is to appreciate what I've accomplished, pay down some debt over the next 14 months and come back with a solid, strong advertising campaign in march of next year.
The revolving debt for my idea is minimal, the plumbing biz can manage it with no problems. There was no way in hell I was going to be able to cover all bases this first year, I knew I was going to rob it in some fashion.
It's a start-up company, 90% of all new businesses fail and I'm locking down on my idea to prevent just that. I'm just going to put it in a holding pattern so I retain the name, the legalities, the conversation stirrers and the fact that I own it along with my other 2 companies to prevent its demise.
I made this decision to do this this morning because I cannot keep pushing money into it. The return isn't there....yet. There are quite a few businessman struggling locally and my intentions are to start pulling back on my advertising at some establishments. Pulling out all of my yellow pages advertising will be nice.
All of the decisions made above I can still afford....but I'm travelling a road that is one way if I don't stop and look around to see that I'm in this journey alone. Instead of spending 600 hours building a truck for all to see next year, I have the luxury of emailing/snail mail/phone contact all these organizations I missed this year because I was too focused on the building of this business and prop myself up for introductions of my product in a planned event, not a last minute we'll get ya in scenario.
My focus should of been a two year design which it is now, not 1 year. I started off looking at the smorgasboard of opportunities with this product, not what's on my plate. Spreading far and wide is an action I caught onto quickly was a bad move, promising the world when I only can offer a box of dirt. lol
But anyway, I'm hoping my situation helps others because my idea is a good one, I wouldn't of leaped 150 grand deep into it.......I'm just on a time delay to regroup, pay down some debt, consider some other opportunities with the product itself and see where it takes me.
I feel like a nascar driver who's had a rough start, didn't win many races early on that's kept me from being a contender....and now is focusing on 'next year' to provide clarity of what mistakes not to make on the second go around. No freaking way is it a start over situation. Would be way too expensive and I'd never try this twice.
Everywhere I go with my truck, set up my product, gets outstanding results......the problem is cash flow which isn't there yet and I'm not going to gamble on this one. Plumbing once again is the save of the day as I yanked in a couple grand just this week doing drain cleaning, replacing toilets and what have you.
Having a 100 grand of inventory and completely built truck ready to roll sitting in one spot isn't a loss, it's a protection right now till the market provides a better economic climate. Along with the current weather I'm having here in my area......hasn't been consistently hot. :scratchhead:
So, 4 factors got me where I'm at:
Economy
Personal wreck
New Product to market
Late arrival/no advertising/development year
I could be selling sunshine in a jar with this product right now and people are hesitant until they've been exposed to its likeness for a number of years. My plumbing company faced the same gammut and you can't force the phone to ring........now, 5 years later, you can't get the phone to stop ringing. :killingme:
Holding off on this idea on a casual retrieval will land me with success with this product in the 3rd/4th/5th year. Notice I didn't say 2nd year. That will be entirely a growth year with plenty of mistakes, the same manpower issues and the same "get in the door" semantics that need to be ironed out.
This decision isn't cut and dry however; I'm still leasing my product to a band camp for a couple weeks, still doing grand openings for a bank in my area and still doing a few charitable events, a couple festivals. It's still in demand, I just can't keep this onslaught of money going into it, and I don't think I want to bring investors in until I'm on a solid standing.
I'm so glad I have patience on this idea because if not, I could be considered very volatile to keep pursuing this heavily.
Talk about a huge burden lifted....I now can breathe easier now that I've realized that all my hard work and effort is protected and I can establish working relationships with possible future affiliations to get these under lock and key.
If anything you pull from these words, know when to stop and protect, replenish your reserves. A good idea will stay a good idea, but mean nothing if you expire beforehand.
Besides, I love building an idea when nobody else is in the off season. I surely wouldn't work this hard to lose it all so I will continue to keep the ball bouncing, just off the court.
Oh and I think I need a new kidney
Bah-dum-tisk!
This is a business decision that makes a lot of sense, to me that is. I'm making a decision this weekend to shelf my second business, or just stop the tracks so to speak even though I'm midstream with the idea.
The idea is to stop putting so much into it as I'm depleting my reserves and even though it's a stellar idea, I need a more solid focus.
I started this idea in august of last year and it took it to this day with monies spent and all that was involved to get it this far.
The truck I built, the accident I had between the two and the massive costs of renting a truck to get me by has knocked me off the pedestal to keep trudging forward.
This doesn't mean I'm "closing shop" however. This means I'm going to limit what I do with this product, continue to put it out there randomly, meaning I'm still going to do bank grand openings and a few festivals....but that's about it and chaulk this year up to development.
The economy isn't helping my plight; I knew going into it that I was high risk with the idea completely. My attitude is to appreciate what I've accomplished, pay down some debt over the next 14 months and come back with a solid, strong advertising campaign in march of next year.
The revolving debt for my idea is minimal, the plumbing biz can manage it with no problems. There was no way in hell I was going to be able to cover all bases this first year, I knew I was going to rob it in some fashion.
It's a start-up company, 90% of all new businesses fail and I'm locking down on my idea to prevent just that. I'm just going to put it in a holding pattern so I retain the name, the legalities, the conversation stirrers and the fact that I own it along with my other 2 companies to prevent its demise.
I made this decision to do this this morning because I cannot keep pushing money into it. The return isn't there....yet. There are quite a few businessman struggling locally and my intentions are to start pulling back on my advertising at some establishments. Pulling out all of my yellow pages advertising will be nice.
All of the decisions made above I can still afford....but I'm travelling a road that is one way if I don't stop and look around to see that I'm in this journey alone. Instead of spending 600 hours building a truck for all to see next year, I have the luxury of emailing/snail mail/phone contact all these organizations I missed this year because I was too focused on the building of this business and prop myself up for introductions of my product in a planned event, not a last minute we'll get ya in scenario.
My focus should of been a two year design which it is now, not 1 year. I started off looking at the smorgasboard of opportunities with this product, not what's on my plate. Spreading far and wide is an action I caught onto quickly was a bad move, promising the world when I only can offer a box of dirt. lol
But anyway, I'm hoping my situation helps others because my idea is a good one, I wouldn't of leaped 150 grand deep into it.......I'm just on a time delay to regroup, pay down some debt, consider some other opportunities with the product itself and see where it takes me.
I feel like a nascar driver who's had a rough start, didn't win many races early on that's kept me from being a contender....and now is focusing on 'next year' to provide clarity of what mistakes not to make on the second go around. No freaking way is it a start over situation. Would be way too expensive and I'd never try this twice.
Everywhere I go with my truck, set up my product, gets outstanding results......the problem is cash flow which isn't there yet and I'm not going to gamble on this one. Plumbing once again is the save of the day as I yanked in a couple grand just this week doing drain cleaning, replacing toilets and what have you.
Having a 100 grand of inventory and completely built truck ready to roll sitting in one spot isn't a loss, it's a protection right now till the market provides a better economic climate. Along with the current weather I'm having here in my area......hasn't been consistently hot. :scratchhead:
So, 4 factors got me where I'm at:
Economy
Personal wreck
New Product to market
Late arrival/no advertising/development year
I could be selling sunshine in a jar with this product right now and people are hesitant until they've been exposed to its likeness for a number of years. My plumbing company faced the same gammut and you can't force the phone to ring........now, 5 years later, you can't get the phone to stop ringing. :killingme:
Holding off on this idea on a casual retrieval will land me with success with this product in the 3rd/4th/5th year. Notice I didn't say 2nd year. That will be entirely a growth year with plenty of mistakes, the same manpower issues and the same "get in the door" semantics that need to be ironed out.
This decision isn't cut and dry however; I'm still leasing my product to a band camp for a couple weeks, still doing grand openings for a bank in my area and still doing a few charitable events, a couple festivals. It's still in demand, I just can't keep this onslaught of money going into it, and I don't think I want to bring investors in until I'm on a solid standing.
I'm so glad I have patience on this idea because if not, I could be considered very volatile to keep pursuing this heavily.
Talk about a huge burden lifted....I now can breathe easier now that I've realized that all my hard work and effort is protected and I can establish working relationships with possible future affiliations to get these under lock and key.
If anything you pull from these words, know when to stop and protect, replenish your reserves. A good idea will stay a good idea, but mean nothing if you expire beforehand.
Besides, I love building an idea when nobody else is in the off season. I surely wouldn't work this hard to lose it all so I will continue to keep the ball bouncing, just off the court.
Oh and I think I need a new kidney
Bah-dum-tisk!