Diary of Opening A New Business

[oddball]

Had you not had to drive to Houston I would of been happy to give you a ride in the 430. Just didn't think to ask. Maybe when you move down.

I had completely lost track of time that day, I wish I made my trip longer so everything wasn't so hectic.
I'll be down soon enough, I actually bumped my move date to the end of December. I'm ready to get started down there, need to work my way to that Ferrari. lol

Oh, and I actually picked an apartment just south of Austin (about 20 to 25 minutes), figured it is closer to SA and I will probably spend a decent amount of time there.

 

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[JEdwards]

Good for you congrats, then I will see you soon, we can start a SA - Austin meetup and kill that Houston meetup group,

 

[xmartel]

Had we had some more time, who knows maybe you could of gotten a pic of you driving it.

Ouch. Tease.

Now I'm going to be having nightmares of a missed opportunity.

 

[JEdwards]

Ouch. Tease.

Now I'm going to be having nightmares of a missed opportunity.

It happens.

 

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[theBiz]

Jack, you haven't spoken much about competition. What is the process of taking accounts from other existing companies? If your potential new client has been working with someone else for 20 years i wouldent image its easy to just get them to swap over to using your company.

With that said, aside from online materials, how can they trust your product if there isnt strong branding behind it? For instance, if you were selling ball bearings or wire.. would you be sending samples daily to potential clients if they were on the fence about the product? Have you ever had someone make a big order without seeing the product first, or is that a normal occurrence for the product you're selling?

Now if you were supplying convenience stores, this wouldent be an issue because its branded packaged items but i don't think that's the case.

 

[Lagron]

Gotta love how it seems people on these forums can freely meetup like this. I haven't this kind of collaboration anywhere else. Props to you both (Jack and Martel), for bringing this to my attention. Hope in due time I can offer something of value to the forums here and maybe even be considered "awesome" enough to have people want to meet me in my R8 (hopefully heha).

Jack, I am wondering, are things/where things on schedule. I know you wanted to make 10 Million in 2 years, did you fall short? Exceed your goals? What was the biggest obstacle throughout this entire process?

I am trying to figure things out with my company that I'm posting here about, but not nearly as successful as you have been. I do hope to get there though.

 

[SanMateo]

JackEdwards. What's new with the business? Are you on track of hitting goal of $10MM in 24 months?

 

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[Bosstradamus]

subbed

 

[MyronGainz]

Hi Jack,

Great thread, admiring your tenacity.

What would you say your company's competitive advantage is? If your business is profitable (which it appears it is, or why else would you start and continue it), it would attract competitors eventually. What is something that you have that is not easily steal-able, replicatable, etc. Thanks Jack

Myron

 

[JEdwards]

Hi Jack,

What would you say your company's competitive advantage is? If your business is profitable (which it appears it is, or why else would you start and continue it), it would attract competitors eventually. What is something that you have that is not easily steal-able, replicatable, etc. Thanks Jack

Myron

1. Competitive advantage, the fact that there are too many lazy - rich people in my industry.

2. Attracting competitors: See that is the thing they were already there, As I said before in this thread I am not reinventing the wheel here.

3. What is something that you have that is not easily steal-able, replicatable, etc? Easy, My Thought process.

 

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[JEdwards]

JackEdwards. What's new with the business? Are you on track of hitting goal of $10MM in 24 months?

Everything is going fine, as I said before now it just takes time. 1st year, who is this, 2nd year, yea I have heard of you but I have been doing the same thing for 20 years, Year 3, OK I will give you a try.

This year I am adding some new product lines so that will be fun. As for hitting my goal of $10 million in sales, I will say this, at this point if you had $10 million in cash and sat it in front of me as an offer to buy me out, I would not only say no, I would say HELL NO! So with that you would have to assume I probably did.

 

[Lathan]

I will say this, at this point if you had $10 million in cash and sat it in front of me as an offer to buy me out, I would not only say no, I would say HELL NO! So with that you would have to assume I probably did.

 

[MyronGainz]

1. Competitive advantage, the fact that there are too many lazy - rich people in my industry.

2. Attracting competitors: See that is the thing they were already there, As I said before in this thread I am not reinventing the wheel here.

3. What is something that you have that is not easily steal-able, replicatable, etc? Easy, My Thought process.

Thanks for the quick reply Jack.

Just to clarify, how does there being too many lazy - rich people in your industry, give your company a competitive advantage? From point 3, I would have concluded that your thought process is your competitive advantage.

 

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[VenturePacific]

Jack, Wonderful post! I have a few telemarketers in my office and I'm always looking for ideas to improve production. What kind of follow up (frequency of follow up) system did you integrate into your CRM? Does your CRM produce performance records of each callers results? Does your CRM utilize an auto dialer? Im trying to integrate a similar platform for my office with an out of the box product. What kind of bonus structure do you offer your telemarketers? I too sell a B2b product and have always run into the gate keeper. If you have any suggestions to overcome this obstacle to contact the decision maker It would be appreciated? Does your office only recruit from monster and craigslist? I also have experience with high turnover with craigslist recruits. Do you have any suggestions on hiring and screening a manager? One of my mentors suggested recruiting for the competitors office that way there will be a seamless transition. Thanks again in advance for your wisdom and good luck on your exit.

 

[JEdwards]

Thanks for the quick reply Jack.

Just to clarify, how does there being too many lazy - rich people in your industry, give your company a competitive advantage? From point 3, I would have concluded that your thought process is your competitive advantage.

While most new entres are looking for the next cool social network, they should be looking for the best old industries. In old industries there are old people, who have been in the biz 30 years plus, they are bored and not thinking competitively anymore, they have the name, they have the stock, etc. What they dont have is the want to get going and make crap happen.

Look in your town I bet there is a company that sells bolts and screws and has a 20k sq foot store. How many of your friends are saying hey I am going into bolts and screws...

Take a look at this post from another member from today.

https://www.thefastlaneforum.com/community/threads/the-better-fastlane-idea.49681/

 

[JEdwards]

Jack, Wonderful post! I have a few telemarketers in my office and I'm always looking for ideas to improve production. What kind of follow up (frequency of follow up) system did you integrate into your CRM? Does your CRM produce performance records of each callers results? Does your CRM utilize an auto dialer? Im trying to integrate a similar platform for my office with an out of the box product. What kind of bonus structure do you offer your telemarketers? I too sell a B2b product and have always run into the gate keeper. If you have any suggestions to overcome this obstacle to contact the decision maker It would be appreciated? Does your office only recruit from monster and craigslist? I also have experience with high turnover with craigslist recruits. Do you have any suggestions on hiring and screening a manager? One of my mentors suggested recruiting for the competitors office that way there will be a seamless transition. Thanks again in advance for your wisdom and good luck on your exit.

You have a lot of questions there.

Since we are no longer an outbound cold call business, as a matter of fact at this point we are not making any cold calls. We have made them all, millions of calls, and now have the list down, most I have turned over to an inbound call. So not knowing your sales process not sure if I can offer you great advice, as in are you selling water bottles b2b or are you selling something they already buy? Getting to the DM when selling water is tough, offering them something they need already at a better price or with better service, etc is much easier. I could tell you my bonus structure but what I pay might not make sense in what you can or are willing to do.

I will say this,

1. We are in contact with our customers at least once a month, either by email, regular mail or calls. I would say we talk to them by phone or at least try every 60 days- 90 days, now.

2. My suggestions on hiring great people. Have somewhere they can move up to. If a telemarketer knows they make 10 bucks an hour and in 5 years they will be making 10 bucks an hour. that causes turnover. I have tear employees, they move up fast or they dont make it, I have a few that probably made over 100k last year and a bunch that made between 50k and 100k, My peeps know they can move up and can see people making the cash.

3. As for screening a manager it depends on so many factors. All I can say is good luck.

The problem is its a round robin, you hire a bad manager, he does a bad job, then you lose money, then you think if I fire the manager then who is going to manage. Tough call.

Hope this helps.

 

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[jpa0827]

1. Competitive advantage, the fact that there are too many lazy - rich people in my industry.

2. Attracting competitors: See that is the thing they were already there, As I said before in this thread I am not reinventing the wheel here.

3. What is something that you have that is not easily steal-able, replicatable, etc? Easy, My Thought process.

The 3 statements above say SOOOO Much about how we all need to start thinking!!!

 

[Lakeview]

In old industries there are old people, who have been in the biz 30 years plus, they are bored and not thinking competitively anymore, they have the name, they have the stock, etc. What they dont have is the want to get going and make crap happen.

That's me except the bored part and the last sentence. That is the basis of my business model. Really intrigued with what you are doing. Just read this from first post. Thinking I might change my business model to get a similar jump start. Thank you for such good stuff.

 

[Oztrepreneur]

While most new entres are looking for the next cool social network, they should be looking for the best old industries. In old industries there are old people, who have been in the biz 30 years plus, they are bored and not thinking competitively anymore, they have the name, they have the stock, etc. What they dont have is the want to get going and make crap happen.

Look in your town I bet there is a company that sells bolts and screws and has a 20k sq foot store. How many of your friends are saying hey I am going into bolts and screws...

Take a look at this post from another member from today.

https://www.thefastlaneforum.com/community/threads/the-better-fastlane-idea.49681/

Jack,
I really like your thinking and I am looking for something like this but how do I know it would be feasible. Take for example, engine coolant. Every mechanic store across any country will go through 100's-1000's of litres of this a year doing services.
Now how do I find out if there is even space for me to squeeze in there, import it from overseas, offer it cheaper?
How did you assess your angle? Should I just cold call 100's of mechanics and ask if what they pay for engine coolant and would they like it cheaper?
How would I crack this market and take a lions share or a kittens share?! I dont think branding is the answer.
Note: this is only an example, but I am looking at the boring, uninteresting industries (with obvious need but established buying). Same would go for electrical termination products, housing construction supplies, nuts/bolts, bearings, valves, flanges, other consumables.

Really interested in your thoughts as your mindset is a good model.

 

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[jpa0827]

I read this whole thread front to back, and was able to pull out some great wisdom.

Noticed that Jack was in Texas and I was heading there on holiday so I threw it out to him if he'd like to meet up for lunch. I'd never reached out to anyone before like this, makes me a little uncomfortable, but gotta step past the comfort zone to grow. Jack said yes and we had a great lunch. Only meant to talk for 1 - 1.5 hours, but ended meeting for over 3.

Best decision I've made in a while. I learned more in that 3 hours about business than most people will from a lifetime.

You're a very easy going, easy to talk to person, thanks again for your time Jack.

If anyone else is ever in a position to reach out to someone successfull, do it. Even if you're a reserved person like me, suck it up and do it. You'll grow and learn so much from the experience.

Also got a ride in the F430, icing on the cake. At 6'4" I wasn't sure I'd fit, but I do and it's quite comfortable, it's now on the buy list.

Xmartel,

What are 3 things that you took away from meeting JackEdwards? Or more for that matter...

 

[JEdwards]

Wow, only 250 more until this thread reaches 110,000 views. That seems like a lot. Thanks everyone for following the journey so far.

 

[FreeMan]

Wow, only 250 more until this thread reaches 110,000 views. That seems like a lot. Thanks everyone for following the journey so far.

No, THANK YOU @JackEdwards for sharing your journey and insights with us all.

No way could you have gotten that many views without providing massive value to the forum.

Only 249 more views to go now

 

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[OnePerCent]

Wow, only 250 more until this thread reaches 110,000 views. That seems like a lot. Thanks everyone for following the journey so far.

A great journey deserves this

 

[xmartel]

Xmartel,

What are 3 things that you took away from meeting JackEdwards? Or more for that matter...

Think big, everything you see around you is a market. I used to think I thought fairly large, and saw markets everywhere, but my view was expanded quite a bit. I’m just looking at items on my desk right now and spot at least half a dozen different business opportunities I know would be profitable to the tune of millions and wouldn’t take too much capital. Just lots of hard work and think outside the box a little.

Don’t be afraid to reach out to people. I’m a fairly reserved guy, and reaching out to people is out of my comfort zone. But it’s something we touched on in relation to an idea I had that’s in the same market as my core business. Thinking back on my life I can see the times I’ve taken that leap have proven fruitful.

Example- I’m a home builder. When you’re just getting started in this business it’s tough to secure good land to build on. So I started calling my competitors to see if it’s possible to buy lots off them. One of the guys I called is now a good friend of mine, has supplied me with good lots, we’re using the same subs to use volume to lower our costs, (probably putting an extra 10k into my pocket per build), and we’re in talks to do some larger town home developments. All from just picking up the phone and talking directly to someone I compete against in a very competitive business. Another example is the meeting with Jack itself. Just pick up that phone.

Take action. I’ve come a long way the past 5 years or more from being an action faker to taker. And I think I’ve done fairly well building my business so far. But Jack is on another level. Very cool to meet a guy that’s taken that level of action. I still sit back and am reserved about things I should be acting on a bit too much. If I want to get to another level, I know I have to be more aggressive.

Learned quite a bit on how to hire people and get the best out of them. For the interview process he didn’t have a secret formula to select the best, just go with your gut. (Which I’ve learned to the tune of 10’s of thousands lost when I didn’t follow my gut in the past number of years). But after they’re hired, have a simple easy to follow road map that they can see how to move up in the company. If you hire someone and they can see that in 20 years they’ll still be making hardly above minimum and in the same position, they aren’t going to give their best to you. They’ll slouch by with the minimum possible.

Don’t put a cap on earnings, pay tied to performance is good. Hope for a better position and more money in life will motivate people. How that looks for every business may be different. Quick example is my dad’s business. Automotive garage. Calendar is up on the wall for all to see with sales targets for each month. If that goal is met/exceeded everyone gets a bonus depending how much better they did than the target that can be applied towards free parts to their own vehicles. It’s small and simple, but it works.

Last thing I’ll touch on for now. I ran an idea past him to get more realtors working for me that could cause my business to grow very quickly if it works. He listened and we talked through it and he thought it was a great idea except for one part of the commission structure. Jack’s concern was it was going too far and might actually offend some realtors. I hadn’t viewed it that way before, but it got me thinking that maybe it could. So I contacted my realtor and ran it by him before I rolled it out to get his opinion, he basically said the same thing as Jack. He also gave me some ideas how to get more realtors to sign up, and to get more response out of them. So that was some very helpful things I learned (thanks for that Jack). Without that insight I would have gone forward with it and probably offended and turned away people that could be bringing me sales.

 

[jpa0827]

Xmartel,

I was hoping you would see that question. Thanks for sharing, it sounds like you learned a ton in those few hours! I know a few very successful entrepreneurs that I have been regularly meeting with for coffee once a month before I go to work. Surrounding yourself around people like Jack, MJ, zen*******..etc. that think at a completely different level really helps with getting rid of limiting beliefs (something I struggle with) and see the massive opportunities out there.

I know this thread specifically has really opened my mind recently to the fact that you don't have to re-invent the wheel. In fact, Jack in some of his older posts about the INC 5000 list (I think) said do what those companies are doing and do it better if you can, or the same. That really opened my eyes. Thanks Jack and Xmartel for the response.

Also, looks like Jack's Thread just blew through that 110,000 views this week without hesitation. This is a powerful Thread and forum we got here. First I've ever been a part of.

 

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[MJ DeMarco]

Wow, only 250 more until this thread reaches 110,000 views.

Holy crap. Jack, thank you for sharing some great wisdom ... tagged to GOLD.

 

[JEdwards]

Holy crap. Jack, thank you for sharing some great wisdom ... tagged to GOLD.

Thanks.. I try...

 

[GravyBoat]

Thanks.. I try...

Jack, this was the main thread that turned me onto these forums. I was a long-time lurker, and I stumbled upon this thread (probably being raved about somewhere else on the forum). It completely changed my viewpoints on business and made me think "I CAN DO THIS!"

Thank you so much for this thread. It is a 2+ year long masterpiece. Mad speed from me.

 

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[Oztrepreneur]

Think big, everything you see around you is a market. I used to think I thought fairly large, and saw markets everywhere, but my view was expanded quite a bit. I’m just looking at items on my desk right now and spot at least half a dozen different business opportunities I know would be profitable to the tune of millions and wouldn’t take too much capital. Just lots of hard work and think outside the box a little.

Xmartel, excellent insights, really appreciate them. Each additional post on this thread makes me feel like i'm not too far from solving some sort of puzzle....

Your first paragraph mainly provides hope I guess. I have this feeling that there has to be markets in many items we come across regularly, but I just do not know how to exploit or explore yet. I am very interested in these from a B2B scenario.

Again, thanks Jack for the thread and thanks Xmartel for the insights, you are certainly privaleged to be able to speak face to face with someone like Jack.

 

[jpa0827]

Jack what is your view on Private label products? Example, would it be a bad idea to go into selling a private label food since it is not proprietary? Is that something you would do, or shy away from? It seems like there are various schools of thought. One is you lack some control since you are not the manufacturer, but you also have less risk and smaller barriers to entry, which is good and bad.

I'm asking because I'm currently working on an insurance account for a cheese distributor and they sell their label of gourmet cheese as well as some other brands.

The great thing about my JOB is that I got into it to see how various businesses operate and learn sales skills. Best thing I did and certianly a change in my comfort zone since I am a little reserved in most cases.