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  1. Walter Hay

    Am I in the Wrong Business, or Is This How It Is? (Feeling Resistance)

    MINDSET 
    It's true that many businesses are started up by people who think it is a sprint, not a marathon. I have seen plenty of failures in my time, but the one that had the biggest impact on me emotionally was the failure by the cashed up consortium that bought my industrial chemical business. The...
  2. Walter Hay

    Does anyone has some experience starting a Franchise Company?

    Beware of franchise consultants. They invariably set out to give you a plan that involves them having the right to sell franchises for you. There are several problems with that. They charge high rates of commission. They tend to sell too many franchises and overload a territory. They charge...
  3. Walter Hay

    Am I in the Wrong Business, or Is This How It Is? (Feeling Resistance)

    MINDSET 
    You are right. "When one is open-minded, willing to learn, and willing to fail, one can achieve anything." This sums it up well. In my role as a troubleshooter I saw many trained engineers working with blinkers on. I had several instances of such people who knew my reputation calling on me...
  4. Walter Hay

    Am I in the Wrong Business, or Is This How It Is? (Feeling Resistance)

    MINDSET 
    Their problem was that their knowledge was theoretical and they were bound by the rules of chemistry. My knowledge was all practical, learned by observation and deduction. I had observed some basic stuff when working as a sales representative for a small, highly specialized chemical company...
  5. Walter Hay

    Am I in the Wrong Business, or Is This How It Is? (Feeling Resistance)

    MINDSET 
    I exited at the top of my first business for two main reasons. 1. Government regulations were becoming more onerous. I was running my industrial chemical business from home on a small acreage, and it was becoming more and more apparent that to comply with the rules I would have to move the...
  6. Walter Hay

    Self-Promotion: Post Your Offer, YT Channel, Services, etc. (2022)

    MARKETPLACE 
    Thanks @MJ DeMarco for opening up the SellMeSaturday thread. I for one have found some helpful offers in the past. I also now want to revive my MARKETPLACE Walter Hay’s Sourcing Service because again recently I have been approached by members wanting my help on small sourcing assignments. I...
  7. Walter Hay

    Me, Iraq, and The Fastlane Dream

    INTRO 
    Ameer, your introductory post was one of the most stirring that I have read. A very big welcome to the forum! I am sure you have what it takes to rise above the difficulties and succeed. You are fortunate in finding TMF and this forum, because you have been shown the possibilities that are...
  8. Walter Hay

    How difficult could it be when dealing with Manufacturers.

    RANT 
    That's a good approach except for the fact you should avoid describing yourself as an "agent". Call yourself Purchasing Manager, and you will get more responses. Readers of this thread will find som relevant stuff in this thread: Sourcing Alibaba (Product Creation) There are only 18 posts so it...
  9. Walter Hay

    Taking over business from retiring baby boomers

    HOT! 
    That would be the key to success. Any person who has built up a business from nothing will have a strong attachment to it. They will want to see it continue. The ongoing success of the business even without their continuing involvement will be a major part of their legacy. Convince them by your...
  10. Walter Hay

    100 Unsexy Business Ideas: Name as many as you can!

    GOLD! IDEA 
    I don't know the one you refer to, but I once hired a guy who called his business Mister Whiffy. He was always busy, and I think that with that business name he could have sold franchises in other parts of the state. He was so casual about it that he ate his lunch while pumping out the tank...
  11. Walter Hay

    I've created an invention!! Now what...??

    As usual follow up is very often needed, but yes, giving away samples would not be viable unless the cost of the sample is low enough. It would certainly be an expensive form of advertising for B2C eCommerce, but B2B is a different matter. I and my B2B franchisees gave away thousands of...
  12. Walter Hay

    I've created an invention!! Now what...??

    Selling B2B via ads is a very tough call. B2B selling is direct selling by various methods such as direct mail, which can be very effective if done skilfully, cold calling, cold emailing, or personal visits by self or a commission sales representative. If the product is really going to benefit...
  13. Walter Hay

    I've created an invention!! Now what...??

    My general advice for all inventors first and foremost is to beware of product/invention developers. It is rare for them to actually take your product to market and the whole industry has a very bad reputation. I have an invention that I have so far been unable to get to market because the...
  14. Walter Hay

    Sharing my lifetime experience in export/import. Product sourcing specialist.

    GOLD! SOURCING 
    It is not obvious to Chinese manufacturers. In fact most will sooner or later use your mold for another customer. If a competitor contacts them with a picture of your product, brand name, or description, the manufacturer will rarely say no. I would definitely ask them to confirm that your mold...
  15. Walter Hay

    Sharing my lifetime experience in export/import. Product sourcing specialist.

    GOLD! SOURCING 
    In my latest book revision I deal with the subject of contracts, and here is a paragraph from Chapter 12 CULTURAL AND LANGUAGE DIFFERENCES: "In China, less emphasis is generally placed on the overriding importance of contracts. The relationship itself is far more important than anything written...
  16. Walter Hay

    Sharing my lifetime experience in export/import. Product sourcing specialist.

    GOLD! SOURCING 
    That document has unfortunately been given the wrong title by the compiler. This thread is all about importing, not exporting. A good example of how easy it is to use the wrong terms. It is also important to note that although it covers most of this thread, it does not tell the whole story. As...
  17. Walter Hay

    Walter Hay's Business Books

    MARKETPLACE 
    The price for the three book bundle is $169. The ROI can be mind blowing, even if only because of the money that can be saved by avoiding common mistakes. For example one Fastlane member wrote: "“You literally saved me $3000 USD", and that is only a result of the guidance found in the...
  18. Walter Hay

    Verifying identity

    PEOPLE 
    I think I have guessed what niche you are planning your review site to cover, but even if my wild guess is wrong I believe there is a real need for a trustworthy review site in many industries. I can't offer much help on how to obtain verification of the business, but I do know that...
  19. Walter Hay

    Starting a service business for real estate agents

    HOT! EXECUTION 
    It might be a while before you reach the scale of Boston Consulting Group, but I think you have it in you to make a big impact even if you don't get that far. Do agents have quiet times at similar times during the day? If so I would hit the pavement hard during those times and try for an...
  20. Walter Hay

    Business idea in the disguise of a job?

    IDEA MINDSET 
    What you say is very important, and needs to be taken aboard when any offline business first starts up. For example, if proof of profits is not available, a franchise buyer would not be interested. If the process used to reach a saleable level of success is not set out clearly in an Operations...

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