As always, when I start a new company I like to come back to the site that made everything happen.
A little background for those who don't know me and/or do know me and want an update.
I came on here in 2014 when I was trying to rapidly grow my web development company. Since then we've expanded into software development, app development, and digital marketing services. Everything is fairly successful for a "1" (2 other contract employees) man show. I have several clients, acquire news one every month, and it gives me the 6-figure lifestlye people want.
I then attempted to create a company featured around a baby product. Although it was profitable in the first quarter someone said something to me that changed my perspective. Why did I focus on this difficult product when I had a 15k/mos. business. He was right and I pivoted back to my main and grew it.
Well this past year I am cycling back to a new startup in Virtual Reality. I don't want to say what I am doing just yet, but it is very exciting and not another one of those B.S. "pretty dragon" applications.
My current obstacles are time and additional developers. Finding raw talent in this tech space is difficult since it is so new. I plan to launch my product in the next month if everything goes well. I am currently working on finishing the backend system that will run the software and finalizing some tweeks on the software itself. We made massive breakthrough this past week.
I am currently in a position where I was offered exclusive distribution from a company for a specific industry/market. I am debating whether I take the offer or grow the business organically. Would like some advice.
Option 1: The offer will be for a certain duration (i.e. 3-5 years) and we will keep a % of profit (I presume a scaling system that decreases every year until a fixed rate i.e. 30% Yr 1, 20% Yr 2, 10% Yr 3+) as well as a major sum of capital (in the M) After this period the company will be able to purchase the rights to use our software exclusively in this market at a discounted rate or continue another lease. I believe the % they pay us will incentivize them to purchase us out fully if the software deems successful.
Option 2: Put 110% effort into generating 100k revenue in the next 2-3 months and then grow a sales team to push more revenue. Organically grow the business. My biggest concern is time. The more time we waste the more likely we lose market share to new competitors.
A little background for those who don't know me and/or do know me and want an update.
I came on here in 2014 when I was trying to rapidly grow my web development company. Since then we've expanded into software development, app development, and digital marketing services. Everything is fairly successful for a "1" (2 other contract employees) man show. I have several clients, acquire news one every month, and it gives me the 6-figure lifestlye people want.
I then attempted to create a company featured around a baby product. Although it was profitable in the first quarter someone said something to me that changed my perspective. Why did I focus on this difficult product when I had a 15k/mos. business. He was right and I pivoted back to my main and grew it.
Well this past year I am cycling back to a new startup in Virtual Reality. I don't want to say what I am doing just yet, but it is very exciting and not another one of those B.S. "pretty dragon" applications.
My current obstacles are time and additional developers. Finding raw talent in this tech space is difficult since it is so new. I plan to launch my product in the next month if everything goes well. I am currently working on finishing the backend system that will run the software and finalizing some tweeks on the software itself. We made massive breakthrough this past week.
I am currently in a position where I was offered exclusive distribution from a company for a specific industry/market. I am debating whether I take the offer or grow the business organically. Would like some advice.
Option 1: The offer will be for a certain duration (i.e. 3-5 years) and we will keep a % of profit (I presume a scaling system that decreases every year until a fixed rate i.e. 30% Yr 1, 20% Yr 2, 10% Yr 3+) as well as a major sum of capital (in the M) After this period the company will be able to purchase the rights to use our software exclusively in this market at a discounted rate or continue another lease. I believe the % they pay us will incentivize them to purchase us out fully if the software deems successful.
Option 2: Put 110% effort into generating 100k revenue in the next 2-3 months and then grow a sales team to push more revenue. Organically grow the business. My biggest concern is time. The more time we waste the more likely we lose market share to new competitors.
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