Diary of Opening A New Business

[PureA]

and I can help.

what it all comes down to!

 

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[Clayton]

Not the one where we make a linkedin/facebook for little people. The other one.

Stealing this idea. Expect a complaint post from Jack in about 6 months.

 

[jazb]

Read the whole thread. just wanted to say thanks bro. I think of a lot of us young guys can learn from the mindset more than anything else. See everything as a business opportunity and aim to keep it simple and effective.

 

[JEdwards]

I need 64 Yes's. Decided to get on the phone and make all these deals myself.

Two reasons,

1. I just want to, bored and it will give me something to do.

2. I need these people strategically for something else next year.

So I want to introduce myself, get to know the owners, and build the win win relationship now, (I am going to make them a lot of money) so Next year I can hit them with something big. Their cost to get into this deal is about $3k, so not that much money, but at this point since I have the customers already it is all just going into my pocket.

I am going to keep a log of my calls here. Success and failure. Should take 45 days.

 

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[jazb]

jack you should start a blog or something which talks about your past business ventures (like the business you mentioned in the original post). things you did right and wrong. what you learned and advice in general for other entres.

I think that would be awesome and very motivating

 

[GravyBoat]

I am going to keep a log of my calls here. Success and failure. Should take 45 days.

Pumped for this! Will be following very closely.

 

[JEdwards]

Here we go, going to start calling in the am. I pray it goes well.

Here is the prep work I have done.

Step 1. Broke down the US into 60 or so shipping points.

Step 2. Made a list of all the wholesale companies that do what I need. How did I do that? I had one of my girls call and ask the retailers/installers, when you need this who do you call? and made a list from that. Finding small distributors is sometimes kind of tough. Bit of a problem there is only about 500 of them, so for me to sell 60 is going to be tough but hopefully I can get a few to take more than one market.

Step 3. Created a very, very, compelling offer.. Basically there is zero chance they can lose, zero. Of course they will need to give me 2-4k up front but zero chance they can lose it. And they dont know they have nothing to lose. To them it will still be a risk.

Step 4. Made a website powerpoint presentation. So when I get the owners/managers on the phone I walk them through that , instead of trying to paint a picture in their head of how great of a deal this deal.

Step 5. Now all I need to do is get the courage to pick up the phone...

Should I be scared? What if someone hangs up on me? What if they yell at me? What if they call me names?

Wait forget it. I don't think I can do it. Crap its over. I am such a loser.


Is there a chance it might not work the way I am thinking yes. but I will make the 500 calls to find out and adapt and change. I need these people long term so we will see.

 

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[mikey3times]

Basically there is zero chance they can lose, zero. Of course they will need to give me 2-4k up front but zero chance they can lose it. And they dont know they have nothing to lose. To them it will still be a risk.

You lost me here. Why wouldn't you tell/show/demonstrate/teach them why they can't lose? Isn't this like not talking about a money-back-guarantee?

 

[jpa0827]

I love following your posts. Always a ton of knowledge mixed in with humor and sarcasm... Have fun!

 

[JEdwards]

You lost me here. Why wouldn't you tell/show/demonstrate/teach them why they can't lose? Isn't this like not talking about a money-back-guarantee?

Of course that is part of the pitch. But as I said before, you can pick up the phone tell people I will come to your house and give you a new $100 bill for free. and 99 out of 100 will hang up on you.

 

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[RogueInnovation]

How do you handle the credibility factor when it "just goes into your pocket"?
Any trick to it? Cuz I have a biz that seems to go straight into my pocket, and one of my major hurdles is creating credibility in my own mind (there is vague credibility in that no one sells what I sell and that I've set everything up, but still it hits a nerve... I figure its the lingering sidewalker in me but I have no clue).

Cool stuff btw, I love how you spun the wheel at the start and pumped on all cylinders to get that synergy going. You had a really solid process in place, then just scaled the hell out of it. You said you would but watching it in action was cool cuz you did all these tweaks on the way. Pretty clean stuff. There is a mindset lesson within all this somewhere. (noted a bunch of stuff for if I choose to scale by hiring, was awesome for that)

I like how you keep going in cuz its something to do. Funny how that works.

 

[JEdwards]

How do you handle the credibility factor when it "just goes into your pocket"?
.

Well they don't know it goes into my pocket, they are paying for something that I already have created. Thus there is no cost. If I hadn't already called and bugged all their customers before, it might be tough though.

The only thing tough about credibility is that dont know me, personally, but I am about to change that. I need to make 30-60 new friends.

 

[JEdwards]

We will see how it goes, going to get on the phone after lunch at Pappadeux.

 

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[JEdwards]

Things went well, have not made as many calls as I thought, spent a lot more time on the pitch, avg call when I get to the owner is over 25 minutes. (going through the presentation) and it looks like the industry is a little more consolidated than I thought, Which means either a few are going to write me a 25k check or they will face the repercussions of the man with the phone.

Which I told them, don't make me do it. One of my lines is, don't make me go mid-evil on your a$$... I''ll do it.

Still at zero sales out of the 60 I need. Think I have 4-5 for that will close next week, then hopefully 10 a week, until I am sold out.

As of Monday I am going to call in 2 1 and 1/2 hour blocks 10-11:30 and 2-3:30.

On a personal note, I am really enjoying it.. I think I have been way to bored. I have made it into a game in my head. I win when the 60 sell out.

Bright side, which I was worried about, I thought I would of had to fire myself... But not yet.

 

[IceCreamKid]

Still at zero sales out of the 60 I need. Think I have 4-5 for that will close next week, then hopefully 10 a week, until I am sold out.

In your experience, how many phone calls do you have to have with somebody before you land a sale? Do you break down the calls into stages? If so, care to explain the stages?

For example,

Phone call 1: Build rapport and educate customer about product

Phone call 2: Follow up with customer so that you're always in the back of their mind.

Phone call 3: After customer has thought about what you have to offer, you follow up to answer any last questions. Close the sale.

I think I have been way too bored.

Time for a new hobby. I can almost see you getting into duct tape art. jk

 

[JEdwards]

In your experience, how many phone calls do you have to have with somebody before you land a sale? Do you break down the calls into stages? If so, care to explain the stages?

For example,

Phone call 1: Build rapport and educate customer about product

Phone call 2: Follow up with customer so that you're always in the back of their mind.

Phone call 3: After customer has thought about what you have to offer, you follow up to answer any last questions. Close the sale.

Dang Ryan, Tough questions.


Here is the reality of it, these guys are getting screwed over by their massive consolidating competitor. Imagine 500 million dollar biz against your 1 million dollar biz... they know it, I know it. So really all I need to do is explain how we are going to screw the big guys back.

It is not a money issue, it is a trust issue. They dont know me from Adam. They see the value, but it might take me a few calls to get them to yes.

The ones I have pitched have owned Multiple locations, So it is just a matter of them thinking about it, going through it and saying ok, Instead of most of them cutting me a 3k check they are having to cut a 15-20k check. which they think, they have to think about.

Had it just been a 3k or 6k check, I feel I would of done a few one call closes.

BTW: This is not arrogance or ego. They actually need what I am selling, They just might not of accepted it yet.

 

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[JEdwards]

Didn't make 1 call today. Boy I wish I was 25 again.

 

[Rawr]

I found it useful to just pound the list 1-2-3 callers non stop. Once you get in the groove it goes smoother. Hope the game goes well tomorrow.

 

[jazb]

Do you think you could of done all of this (starting with the initial 15k) all from scratch at the age of 22?

 

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[theBiz]

Made a list of all the wholesale companies that do what I need. How did I do that? I had one of my girls call and ask the retailers/installers, when you need this who do you call? and made a list from that. Finding small distributors is sometimes kind of tough

Can't teach this type of stuff,
smart.

 

[JEdwards]

Hey as of the last few days this thread has become the number 1 viewed thread on this site, over 133,000 views, so thanks for that.

Ok with calling my deal, I have come across a buyers group and they can literally take all 60 spots, (with shipping) They buy stuff together to keep prices down, Cool deal. Anyway. I had a conference call with the principles and some managers of their places. They are discussing taking at least 30 spots, so will know that in the next week. My guess is the guys who need me the least Because they own their markets, will influence the guys that really need me. So I am going to stop calling as I feel I am going to walk away with something here.

This could be a real easy deal now, or a really sucky deal if they say no. Cause then that narrows the amount of places I can get on.

Will keep yall posted

 

[LeftBench]

Hi Jack,

I don't have much value to add to this thread (yet anyway), but I just wanted to say THANKS. Like MJ's book, this thread has been life changing. Keep up the great work and I'll keep reading. One day I will tell you my story of how I became rich and "free." Till then I will keep learning from you and the other great people on here.

 

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[Mike TG]

Wow, I really thought there would be a big reveal at the end of this post. Doesn't matter. Great stuff here.

Jack, you are spot on about the "old business" mentality. My first business was in the residential/commercial/auto glass installation business. One thing about this business was that the guys who own the market in Dallas are old. Their websites suck and they understand very little about the new way in which customers find the businesses they want to use.

Translation? It took 6 months, but we had our advertising down and did 100K in revenue in 3 months. Literally just fixing broken windows.

I have no idea what if the next social media app will be mybook or facespace, but I do know that "old" industries are ripe for the picking.

Thanks for sharing.

 

[ricardo123]

Hey as of the last few days this thread has become the number 1 viewed thread on this site, over 133,000 views, so thanks for that.

Ok with calling my deal, I have come across a buyers group and they can literally take all 60 spots, (with shipping) They buy stuff together to keep prices down, Cool deal. Anyway. I had a conference call with the principles and some managers of their places. They are discussing taking at least 30 spots, so will know that in the next week. My guess is the guys who need me the least Because they own their markets, will influence the guys that really need me. So I am going to stop calling as I feel I am going to walk away with something here.

This could be a real easy deal now, or a really sucky deal if they say no. Cause then that narrows the amount of places I can get on.

Will keep yall posted

Great thread Jack!!!, I basically spent the entire night reading through this thread (9am now..), copy thoughts, ideas etc, the business you are in really doesn't matter (I say that because lot of us really wanted to know what you are in lol) whats important is the process and mindset that keep one pushing forward and in your case your creativity (Of course the need has to be ther for a biz to work...), I almost hit it big in my last business (almost because I relinquish the control of the company to my partner who was my best friend...1 lawsuit later i am back to square one,
I only mention this as I saw somewhere in the thread people wondering if they should start a business with their friend...I didnt listen..I did it...didnt end up well! Lesson learned..) in any event THANKS for sharing as this kind of give me that little push that I needed to get, to get the mindset, BACK in the GAME!

 

[jazb]

I must of read this thread like 7 times. it has inspired me to run a model similar. Essentially importing a product and selling to businesses which they can't live without. then using my ''in'' to hit them with more inventory, all the while scaling everything up. Just unsure of what industry to go for.

I first considered something in the medical industry, something like surgical supplies. Figured it might be too competitive and massively saturated. gonna have to find something a lot more 'boring'.

what are your thoughts mate?

 

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[brandonrush]

I must of read this thread like 7 times. it has inspired me to run a model similar. Essentially importing a product and selling to businesses which they can't live without. then using my ''in'' to hit them with more inventory, all the while scaling everything up. Just unsure of what industry to go for.

I first considered something in the medical industry, something like surgical supplies. Figured it might be too competitive and massively saturated. gonna have to find something a lot more 'boring'.

what are your thoughts mate?

Surgical supplies is a massively regulated industry with cost of certifications on new products being the high barrier to entry. It could be lucrative if you have the capital, but understand that the certifications on certain products can be quite large.

 

[Oztrepreneur]

Translation? It took 6 months, but we had our advertising down and did 100K in revenue in 3 months. Literally just fixing broken windows.

Wow, great inspiration. How did you identify this market in particular if I may ask?

 

[skekasaurus]

@JackEdwards

Just finished reading this amazing thread! Thank you for sharing such insights and valuable information.

Wish I had made it to your INSIDERS call, but I wasn't an INSIDERS at the time.


Looking forward to meeting you at C&B, and anywhere else around Texas.

This could be a real easy deal now, or a really sucky deal if they say no. Cause then that narrows the amount of places I can get on.

How did this end up turning out?

 

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[bane]

Well I just spent 3 hours reading thru 26 pages in prep for my call with Jack in a few hours! haha

Woo!

Thanks for the thread Jack. Peace


I loved this part:

Here is the reality of it, these guys are getting screwed over by their massive consolidating competitor. Imagine 500 million dollar biz against your 1 million dollar biz... they know it, I know it. So really all I need to do is explain how we are going to screw the big guys back.

 

[jon.a]

Well I just spent 3 hours reading thru 26 pages in prep for my call with Jack in a few hours! haha

Woo!

Thanks for the thread Jack. Peace


I loved this part:

Here is the reality of it, these guys are getting screwed over by their massive consolidating competitor. Imagine 500 million dollar biz against your 1 million dollar biz... they know it, I know it. So really all I need to do is explain how we are going to screw the big guys back.

Good move, I re-read this thread after my call the other day and "liked" nearly everyone of his posts.