Diary of Opening A New Business

[JEdwards]

Jack, wanted to say how much I like this thread. Very interesting read, and very inspiring to see your motivation and drive.

Why do you feel you need two managers at this time?

What are some of the job responsibilities for your manager(s)?

Other than hiring, what are some of the tasks you personally do?

1. We are expanding, so need more leadership, actually I need someone stronger suited to do one thing, so I can start focusing on another part of the business. It is starting to be tough for one person to interview, hire, train, lead, etc all at the same time.

2. Two many to list.

3. Actually the manager hires, I hired him, my day consists of walking around the office listening in on what is going on, making sure everyone is on the right track. 90% of the time though, I come in at 10, leave at 1 or so. But it is getting to the point were I feel I got a pretty good shot here so I might start working all day. For a while.

Thanks for the other thanks.

 

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[Runum]

Jack, thanks for pointing this thread out to me this weekend. I guess this one slipped past me. Very cool to see some of your methods on display. Thanks for sharing.

 

[JEdwards]

Wow, hiring a website, PHP guy/girl is tough.. Bunch of flakes and a bunch of people who think they are worth more than they are..

Hired a guy.. He never showed up.. Hoping to get someone full time, in the office a lot of work to do.

Business is going well..

 

[Inphinity]

Hooray! Glad to see an update here, great thread

Yeah, some roles seem to be full of.. less reliable.. people

 

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[robjm]

Jack,
It sounds like hiring has been tough for you in this venture. Have you looked into the reasons why people aren't showing up after they are hired? What's giving them second thoughts? And what's going on in the hiring process that's preventing you from weeding out the "unreliables"?

 

[JEdwards]

For the regular force, not so much anymore, we got a pretty good crew, people are excited, and when people come in they feel energy, which we didn't have for a long time. We have got over the hump.

But with the specialty stuff. There are just a lot of flakes out there. It just takes time.. I am not sure I am doing anything wrong. Just some people want to work in a place with a bunch of employees, and get lost.

 

[FastNAwesome]

Great thread, thanks for keeping this diary. Good to see things progressing.

 

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[cilaes]

I don't post much, but I've been following this thread for a while and it's really something that keeps me going with my ideas. I even bought the fast lane and have read half-way through it, the mindset is really the rebellious thinking I've had my whole life. You're throwing that extra reason in to actually get it going, though.

Thanks again! +speed.

 

[Blu]

Hey Jack,
any updates?

 

[PeteLife]

ive been following this thread since day 1. VERY INSPIRING!!!

 

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[Limitless]

I also like this thread and will keep up with it...thanks for sharing!

 

[bernieshawn]

This thread is awesome!

Couple questions:

1. I don't think you have said too much about the fulfillment side of the business. How is that going so far and how many people have you hired to run that part?

2. I noticed that you seem to be fearless about jumping into a new business and spending a good amount of money before returns are guaranteed or proven. I know that this is essential to being a successful entrepreneur/business owner but how exactly did you get over the fear of possibly losing a lot of money on a business? Logically, I can reason that you have to "spend money to make money" or "bet big to win big" and that spending money to get a business off the ground is necessary, but it's still a little hard to get over the thought of losing a lot of money. Especially if you don't have, for example, $100k to start with and you're only putting $10k of that into a business (just for example).

 

[JEdwards]

Business is going good.. Now looking to add warehouse space.. 5-10k sq ft.. I will take pics and post as soon as I sign the lease.

This thread is awesome!

Couple questions:

1. I don't think you have said too much about the fulfillment side of the business. How is that going so far and how many people have you hired to run that part?

2. I noticed that you seem to be fearless about jumping into a new business and spending a good amount of money before returns are guaranteed or proven. I know that this is essential to being a successful entrepreneur/business owner but how exactly did you get over the fear of possibly losing a lot of money on a business? Logically, I can reason that you have to "spend money to make money" or "bet big to win big" and that spending money to get a business off the ground is necessary, but it's still a little hard to get over the thought of losing a lot of money. Especially if you don't have, for example, $100k to start with and you're only putting $10k of that into a business (just for example).

1. We are up to a pretty good size team. Hoping to move quickly now.

2. If you do not believe it is going to work don't do it.. If you do believe, then money is not an issue. There is no risk.. Have I lost, yes. But the gains out weigh the losses.. Just think through your idea and know for sure.

I have an old friend that literally goes all in on all his deals, I-we - the people who know him have been saying for 20 years he is going down sooner or later.. well he still has millions.. from nothing..

 

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[Runum]

Thanks for the update Jack. Always good to hear from you.

 

[911Carrera]

Good thread.

 

[Pete799p]

I love this thread. It is amazing how fast and decisively you have built this business. I am wondering how you got your start and how you learned to create a business so fast. I know it said you got started in small business. Did you start the business from scratch and if so would you mind saying what it was. Glad to see things are taking off.

Thank you.

 

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[andviv]

I am more interesting on your exit strategy. How soon will you be ready to sell it? How do you know it is time to sell it?

Again, thanks for sharing the details at the beginning.

 

[Suhaib Alam]

what is your profit now.

 

[JEdwards]

I love this thread. It is amazing how fast and decisively you have built this business. I am wondering how you got your start and how you learned to create a business so fast. I know it said you got started in small business. Did you start the business from scratch and if so would you mind saying what it was. Glad to see things are taking off.

Thank you.

Thanks... I have opened a bunch of small businesses before, some successful some not. Just have been real lucky a few times. This business I started from scratch. Just an idea and wanted to see if it will work..

Not going to say what it is until we are where I want to be. To niche. Sorry.

I am more interesting on your exit strategy. How soon will you be ready to sell it? How do you know it is time to sell it?

Again, thanks for sharing the details at the beginning.

I really am hoping to be able to sell it in 18-30 months from today, I am at that point now I just want to see the growth curve and see how far I can take it.. How will I know when? As soon as some of the bigger players call me to buy me out, that's when I know I can get top dollar.

what is your profit now.

I will answer both your pm and this question here. As soon as I get further along I will tell everyone what business it is. It is really to niche, and I want to be the dominant player.

As for profit, I am taking home high 6 figures monthly.. Just bought a G6..

No actually, I am a ways from "take home" profit, as every dime of profit right now, is put right back into the business for growth. I have yet to take a time from the biz. Wait, I charged lunch the other day on the company card. So I have profited 50 bucks...

Thanks for the questions.

 

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[Arturo-Jay]

"Not going to say what it is until we are where I want to be. To niche. Sorry."

.......You are running a contingency based debt collection office, right?
If so, I've hit sales in the 30k-40k gross per month, closing deals. And I call around 250-450 people a day.

Let me know if you can afford 50k a year salaried talent plus incentives
Maybe I would move to Texas if you made me an offer.
PM me.

 

[JEdwards]

"Not going to say what it is until we are where I want to be. To niche. Sorry."

.......You are running a contingency based debt collection office, right?
If so, I've hit sales in the 30k-40k gross per month, closing deals. And I call around 250-450 people a day.

Let me know if you can afford 50k a year salaried talent plus incentives
Maybe I would move to Texas if you made me an offer.
PM me.

Nope.. I don't call broke people to collect money. Never have never will.

Another thing, get out of that business as fast as you can.. Lying to people all day will turn your head into mush..

 

[Illusion]

Great thread, learning a bit every post.

Im sure you will hit your target Jack, you dont need luck.

 

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[pro]

JackEdwards - Great case study. I have lots of questions.
Are you trying other marketing distribution channels?
If only telephone sourced, do you do inbound/outbound?
Can you automate any of this?
What kind of after sales support is needed to fulfill the product/service?
How do you ensure all LTV contributing opportunities are seized?

 

[Jack]

Jack,
fantastic thread.

Is your product/service a one time sale, or does it result in repeat business?

 

[900]

Wow. Great thread, and like others have said, inspiring.

I'm building a web based service so there's no way we could ramp that quickly (if only, but we need to build at least a certain amount first) but it sounds like you're great at execution.

Keep us updated!

 

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[JEdwards]

JackEdwards - Great case study. I have lots of questions.
Are you trying other marketing distribution channels?
If only telephone sourced, do you do inbound/outbound?
Can you automate any of this?
What kind of after sales support is needed to fulfill the product/service?
How do you ensure all LTV contributing opportunities are seized?

1. Yes.
2. both and we do automate as much as we can.
3. on-going
4. No way to ensure that.

Jack,
fantastic thread.

Is your product/service a one time sale, or does it result in repeat business?

It is both, we have customers that pay once and then on-going..

Thanks for the questions.

 

[maximus20895]

Are you still aiming for 25M?

What have you learned most in this venture?

 

[JEdwards]

Are you still aiming for 25M?

What have you learned most in this venture?

1. Yes, if not more, but now I actually believe it can happen, at the beginning it is so easy to say, I am going to gross a billion a year.. now 8 months in I believe 25 Million is not a stretch...

2. How lazy I am now.. really, I leave for two hour lunches and usually leave around 3.. I have a horrible work ethic, nothing like I was when I was 20.. that depresses me, I want to try harder, just don't have the umth to do so.. That is what I need to work on.

 

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[winch]

Jack,

Is this an original product/service or something existing that you've just added a new spin to?

 

[fir]

A question to Jack Edwards...

Hello Jack,

I appreciate the fact that you are taking some of your time to help all of us out here, as we all realize that you don't really have to do it. I have read all your input in this thread, and I wish you best of luck.

I have a question for you, and I hope that you would give it some thought and consideration before you answer, since you are the expert here, and as I am looking for a little elaboration

My question is: Could you talk a little bit about the "creating something from nothing" businesses, What kinds of businesses could be created from very little initial capital? for example: Being the middleman in bringing and endorsment deal to a famous baseball or football player and then making a commission is one of those businesses, another example is to provide professional service (Lawyer, Accountant) or, yet another example is to flip houses, where you are only required to put in your time, and not much capital.

I don't know if I am explaining this right and I hope I am. I guess my question is: 1-Could you provide examples of those businesses(I am mainly interested in the brick and mortar, not over the internet)
A-What products could be sould
B-What Service could be provided
C-Should you be the middleman? or the producer?


2-Even if you can't name particular businesses , could you please elaborate on the theoretical side of it and not only on the technical side of "building something from nothing", Example: something non-traditional (not like being a real estate agent), something like what you are doing right now (You don't have to mention any specific information), a business that would grow considerably well, of course with a lot of work involved.

I hope you understand what i am trying to ask please let me know if you want any explanation.

Thanks in advance