The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Diary of Opening A New Business

J_Boss

New Contributor
User Power
Value/Post Ratio
167%
Apr 23, 2014
3
5
34
This should be a mandatory thread to read for all newcomers. I think this is my first post outside of my intro and I can already say this is by far one of the most helpful threads I've found. I spent the better part of 2 hours reading and soaking everything up. Just wanted to say thanks!

Also I believe I have an idea of what your industry is but I'm holding out to see if I'm right!
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Simon Ashari

Bronze Contributor
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
75%
Feb 29, 2012
168
126
Sydney, Australia
Also just read through the entire thread. Well worth it.

I love how Jack just has the balls to hire people and see if it works (firing when necessary).

A few questions for @JackEdwards

1) Do you have any HR barriers to firing people, or is it pretty much a clean break every time?

Here in Australia firing isn't so easy, which stops a lot of people starting businesses.


2) You mention at the start of this thread that you didn't want to get too involved with the day to day running or management of the business. Did you create process manuals? What did workers and managers have to go on when making decisions?


3) What were accounting fees like? I think you mentioned $200 but surely that can't be right. Is it possible to give an idea of what accounting costs you and how information is transferred to an accountant?

Thanks again for the thread.
 

rickirl

New Contributor
Read Fastlane!
User Power
Value/Post Ratio
32%
Apr 6, 2014
37
12
Great thread

Usually I don't read threads that are this long but this was well worth the time, lots of helpful information.!

It's given me the kick I need to get motivated to get going

Thanks
 

JEdwards

Legendary Contributor
Speedway Pass
User Power
Value/Post Ratio
418%
Jan 16, 2011
1,339
5,600
Texas
Update.

Business is going very well. Growth Mode. This year the goal is to get the customers that buy from us to buy more. We are still most of our customers 3rd, 4th, last choice, so hopefully over this year we can become their 2nd or who knows, dare I say their 1st call (when I say most companies that is not true, I have only sold to about 7% of my markets potential customers) I am really just a speck in the wheel.

The calls that I did for a new product I talked about in the last 6 weeks. Well I failed. Horribly. I thought it was David vs Goliath, but once I got on the calls it was Goliath VS Goliath. Two companies really control the entire market. There are some stragglers but yea. that sucks. Still want to be in that biz, am going to re - evaluate how to do that sometime in the next year. The deal is I need a good share of the market to get into the market. So on that we will see.

Day to Day.. I've been FIRED and sent home, well I am majority share holder but I'm an idea guy, not a day to day guy, so all I do is go in and mess things up at this point, I tell workers to change things that don't need changing for the sake of changing something. So I have taken a step back and let the day to day be handled by my Managers. Sad but true, but I like it that way. It always happens, I build the team and let them play it out.

Offers.. I always have offers to sell out, at this point companies that are selling what we sell would love to buy us, (mostly to make us go away) the problem is their offers are no where near what I think I am worth (10 to 20 times more.) to another group of companies in my industry. (but not in my specific niche) We will see how that plays out. I still want to hold out for the hail marry money. We will see if that works.

New Business.. Cause I have been sitting at home, making some calls for charity, (see thread) and rearranging my sock drawer. I have been thinking about a new business idea. Not in the industry I am in at all. Business to consumer even. After many, Jack don't do it thoughts, You don't have the time thoughts, the idea has beaten me. I got a great feeling it will work. I am at the point that I have to know. I am opening June 9th.

Going to create a new thread and everything. Some Fastlaners are involved so it should be fun, or Sad if it fails.

Thanks for reading.
 

jazb

Silver Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
232%
Nov 24, 2013
361
839
The U.K
you make it sound like going to work just to pick up the cheque is a bad thing :)

i look forward to the new thread
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

TechMike

New Contributor
User Power
Value/Post Ratio
73%
May 10, 2014
11
8
Southern Louisiana
Loved the thread. Very engrossing.

Jack how much success would you attribute early on, to having no fears? It seems (from my arm chair) that you were able to follow the path and goals almost just by staying almost 3rd party to the operation. But then again, we can only speculate how much you do behind the scenes.

One of the first things I've pulled away from this is, if you can afford to not pay yourself, pay somebody to do the job that you'd have to do (manage).

Cheers
 

Stephanos83

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
93%
Nov 17, 2013
146
136
United Kingdom
This has been an great thread Jack. Looking forward to the next one you do for your new business. Best of luck on the new venture. Hopefully you won't need it.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

pickeringmt

Gold Contributor
FASTLANE INSIDER
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
364%
Apr 24, 2014
562
2,044
39
Man, amazing thread. I'm just blown away. Makes me feel like I haven't learned a thing about business before now.

Can't wait to see what June 9th is all about.
 

Emanuel

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
133%
Jun 23, 2014
106
141
USA
Thank you Jack! I'm sure you inspired and taught many of us here.
 

royalflush

warp 9
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
295%
Jun 20, 2014
78
230
I missed the call because I just joined this forum last Saturday.

It looks like JackEdwards hasn't sold the business for $25M he anticipated. But did he reveal what the business is? 3 1/2 has already passed. I wasn't on the call (and I know it wasn't recorded), did he reveal it there?
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.
Last edited:

AllenCrawley

Legendary Contributor
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
420%
Oct 13, 2011
4,112
17,270
52
Scottsdale, AZ
I missed the call because I just joined this forum last Saturday.

It looks like JackEdwards hasn't sold the business for $25M he anticipated. But did he reveal what the business is? 3 1/2 has already passed. I wasn't on the call (and I know it wasn't recorded), did he reveal it there?

No he did not. I don't know for sure but I don't think @JackEdwards has sold the business this thread is based on. Jack?
 

randomnumber314

speed of a drunk camel
FASTLANE INSIDER
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
227%
Jan 7, 2014
1,003
2,279
Minnesoooota,USA
Quick Update. Little venting.

New Sales Manager quit, new girl didn't show up.

So we are back to 5 people, but have a few interviews today. I want to hire 3 new people this week.

2 problems,

Voip really screwed up the day, it was sketchy at best, going to have to see if they can fix or go with the old regular lines. Sucks having 3 people (that you are paying a min of 13 an hour to) trying to sell and not being able to make a call. note google voice works perfectly.

Credibility, as of right now we have had 7 sales fall through our hands, so we need desperatly to get some references real quick. Trying to figure out how much to drop prices to get the few references we need.

Exciting times. Going through some cash right now, will give a run down at the end of the week, still under 6k probably but it is the little crap that costs. Made a run to office depot, that was over $100 bucks.

Every penny counts.

Jack

Jack, it's funny re-reading this thread. My life has been turnover since we started two months ago. There is only 1 original employee, and I've burned through 13 employees that I had to "give the rest of the year off" and at least 8 or 9 no-shows.

Nice to hear that even a seasoned guy like you has a hard time filling vacancies.
 

JEdwards

Legendary Contributor
Speedway Pass
User Power
Value/Post Ratio
418%
Jan 16, 2011
1,339
5,600
Texas
Jack, it's funny re-reading this thread. My life has been turnover since we started two months ago. There is only 1 original employee, and I've burned through 13 employees that I had to "give the rest of the year off" and at least 8 or 9 no-shows.

Nice to hear that even a seasoned guy like you has a hard time filling vacancies.



It will get easier once you have everything together. No one wants to be first.
 

leveragehacker

Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
111%
Jun 28, 2014
66
73
32
Sydney, Australia
Finally finished reading this, woohoo!

Thanks Jack for sharing the journey, learnt a lot of valuable lessons. I've always understood the importance of figuring out the angle - but what I've always struggled with is the team-building side of a business system. This epic thread has given me some great insight into why it's so worthwhile to stop doing things myself and start building a freaking team.

P.S. My bet for the industry you're in is hospitality.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Drive2Riches

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
188%
Jul 18, 2014
188
353
Washington
Funny story, I actually had a girl tell me "I can close" when I worked at Mcdonalds, I closed every night... Love that one.

Sitting in a quiet coffee shop and laughed loudly at this... :D

Love this thread. Just got started... looking forward to learning how it pans out.
 

Solrac

Bronze Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
145%
Jul 6, 2014
255
370
Florida
Wow have spent a while reading through all this! Great info, thanks for sharing Jack.
 

EthanJones

All's well that ends well.
User Power
Value/Post Ratio
167%
Apr 7, 2014
3
5
SFO, AMS & BKK
Amazing Thread! I started it last night, had dreams about it and finished it this morning. I learned tons! Please keep us updated on the exit plan. Thanks Jack!
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

jazb

Silver Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
232%
Nov 24, 2013
361
839
The U.K
Ok, so I've got a couple thoughts.

-Since I would only be taking a small cut of the items that I sell that the warehouse carries, I might actually be cheaper than the warehouse having a sales team. This would essentially make me a commission only salesman, but selling under my own brand instead of theirs. The benefit is that they could realize cost savings and reduce the hassle of having to staff a call center. The downside is that they want to build their own brand and even if I am selling their items, they don't want me to sell it under my name, but their name.


What are your thoughts about these ideas @JackEdwards?

Very curious on this, because its a great idea. inventory for 1/2 expensive products and dropship the rest. the question is, what do you do when you release new product lines....because you will be selling more of yours and less of his over time. I am based in the UK, its different for you guys because distribution is a massive thing, over here its not (UK is tiny)
 

brandonrush

Bronze Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
118%
Jul 23, 2012
230
272
Louisiana
Hey Jack, miss the updates. How is everything progressing? Are you growing at a rate you are happy with? How are employee issues going? Move office spaces again? What size warehouse space are you up to now?

Everyone is still interested!
 

Twista

Contributor
Read Fastlane!
User Power
Value/Post Ratio
79%
Oct 13, 2013
120
95
Alabama
This is a great thread, Jack. Thanks a billion for sharing. Read the whole 27 pages. You said the old industries are ripe for picking, I'm gonna look into that. So far, I've been into e-commerce. Since wrote that post about the chopsticks, I've been finding opportunity everywhere.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

csalvato

Legendary Contributor
EPIC CONTRIBUTOR
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
297%
May 5, 2014
2,058
6,106
39
Rocky Mountain West
Great info here for sure.

Does anyone on the forum know what the business is, though?

I don't mind if I don't know personally, but would be interested to know if ANYONE knew what this was.
 

Mr.B

Silver Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
207%
Nov 8, 2014
377
780
Australia
Last edited:

andviv

Gold Contributor
Read Fastlane!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
40%
Jul 27, 2007
5,361
2,143
Washington DC
I know too...
 

xmartel

Bronze Contributor
Read Fastlane!
Speedway Pass
User Power
Value/Post Ratio
261%
Jul 22, 2008
126
329
Canada, eh!
Great info here for sure.

Does anyone on the forum know what the business is, though?

I don't mind if I don't know personally, but would be interested to know if ANYONE knew what this was.

Many people do, myself included, but to find out you need to meet him in person and perform the secret handshake and swear that your lips are sealed. Or he'll run you over with his Ferrari. ;)
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top