Diary of Opening A New Business

[wallstreet]

You sir are amazing

 

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[Michael W.]

Your my hero JE. Keep up the good work!

 

[JEdwards]

You sir are amazing

Your my hero JE. Keep up the good work!

Thanks..

 

[Blu]

Jack,
regarding the average value of the sale, the reason I was asked as if it was something that people took a long time to consider, or if it was something that they would sign up for on the phone after one or two calls?

 

[Likwid24]

Did you ever think of not adding cubicles to make your office a little more relaxed for you workers. Happy workers = more production and better customer service. I would feel like I'm trapped and probably hate my job if I was in one of those cages. Once my company gets rolling like yours, I'm going to look into the way google and facebook take care of their workers. They have extremely talented and educated people banging down the doors to get in because of the work environment. I know it's just the beginning and your on a budget but that might help you get where you want to go faster. I still like what your doing and wish you the best! I'm dying to know what it is though.

 

[Nikon]

This looks like this will be a good read when you update it. I will keep a eye out for more...

 

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[JEdwards]

Did you ever think of not adding cubicles to make your office a little more relaxed for you workers. Happy workers = more production and better customer service. I would feel like I'm trapped and probably hate my job if I was in one of those cages. Once my company gets rolling like yours, I'm going to look into the way google and facebook take care of their workers. They have extremely talented and educated people banging down the doors to get in because of the work environment. I know it's just the beginning and your on a budget but that might help you get where you want to go faster. I still like what your doing and wish you the best! I'm dying to know what it is though.

Well it is what it is, you cannot do what I do and have everyone individually in an office or open space. Yes, The cubicles are really small for now, the dream is in a short while in the least everyone has a full cubicle, but cost, and time do not make that possible.

There is a perfect built out place in my office building, big cubicles still there, big break room open spaces.. Seats 50... Problem is the rent is $11,000 a month.. It would be nice to have and build better employee relationships, just can't do it, yet. But we will see, maybe in 180 days.

As for getting there faster, it might make me broke faster too.

Thanks for wishing me the best. Best to you, also.

 

[rtekpro]

Jack,
wow this is very inspiring, and sweet ride you've got !, love the bentleys. Looking forward to read your updates.
thanks

 

[mrhahn]

Awesome thread Jack, I'll definitely follow your progress.

How do you weed out the bad applicants? Is it just an instinctual feeling you have through all your business experiences? After hiring, how long usually until you know someone's not going to cut it?

Also, I just wanted to clarify (I think you mentioned in page 1) that your salespeople are on hourly + commission? Do you also offer insurance?

 

[CEBenz]

This is a pretty spectacular thread. Fun to watch. It's amazing to me to see a b&m operation go up like this. Pretty cool.

 

[JGbolagoke]

I am simply blessed reading this thread. Its inspirational content gives us hope and confident that it is not only possible to succeed, but it is also fun. How do you deal with your record keeping activities? Do you source it to outsider?

 

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[JEdwards]

Awesome thread Jack, I'll definitely follow your progress.

How do you weed out the bad applicants? Is it just an instinctual feeling you have through all your business experiences? After hiring, how long usually until you know someone's not going to cut it?

Also, I just wanted to clarify (I think you mentioned in page 1) that your salespeople are on hourly + commission? Do you also offer insurance?

Sad to say but most bad applicants weed out themselves.. you tell me you are great and smart, but then you are stupid enough to put every job you've had, most for less than two months and you think that is going to help you. I am all about quality.. Now do people get passed, yes, they are sales people after all and good at B.S. but they weed themselves out, cause the phone does not lie. You can either close or you can't.

On insurance, not yet, but it is in the plans, you need x amount to pay x amount. I miss the 90's on that.

I am simply blessed reading this thread. Its inspirational content gives us hope and confident that it is not only possible to succeed, but it is also fun. How do you deal with your record keeping activities? Do you source it to outsider?

Records like accounting? Payroll, monthly P and L are done by my accountant firm. I am building this business to sell, so it needs to be perfect, and if I kept the books, it would be me going through drawers looking for statements at the end of the year. Is it expensive? Yes. But 100% worth it.

 

[biophase]

Sad to say but most bad applicants weed out themselves..

Hey Jack,

Just wondering if you require an online test for your applicants to take as they submit a resume? A friend of mine does that and it helps weed out alot of people before you even see the resume.

 

[CEBenz]

Jack,

How did you get into building businesses? And would you be willing to share some failures with us and why you believe they were failures?

 

[Inphinity]

So much useful information in this thread, thanks Jack!

 

[JEdwards]

Hey Jack,

Just wondering if you require an online test for your applicants to take as they submit a resume? A friend of mine does that and it helps weed out alot of people before you even see the resume.

No, good idea, any links or have a script by chance.. Please pm me.

Jack,

How did you get into building businesses? And would you be willing to share some failures with us and why you believe they were failures?

Getting into building businesses is easy, making money is the hard part.

As for failures, on a whim and because I thought I was smart, on the side, I once opened a pest control business, (never sprayed one house or ever talked to a customer) In under 5 months grew to 3 trucks, kept them pretty busy, just no matter what I did I lost 100 bucks a day. Fired someone, lost 100 bucks, hired someone lost 100 bucks. I didn't really have the time to deal with it. Closed it and gave all the accounts to one of the techs.

Looking back, I probably should of kept it open because the repeat, "quarterly contract" business was really starting to build, Just didn't really have the time or the want, or really even the real know how on how to make it successful. All in all probably lost 50k in that brainstorm of a great idea over that year.

I would say it was fun, but it sucked.

There are many others.

 

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[CEBenz]

No, good idea, any links or have a script by chance.. Please pm me.



Getting into building businesses is easy, making money is the hard part.

As for failures, on a whim and because I thought I was smart, on the side, I once opened a pest control business, (never sprayed one house or ever talked to a customer) In under 5 months grew to 3 trucks, kept them pretty busy, just no matter what I did I lost 100 bucks a day. Fired someone, lost 100 bucks, hired someone lost 100 bucks. I didn't really have the time to deal with it. Closed it and gave all the accounts to one of the techs.

Looking back, I probably should of kept it open because the repeat, "quarterly contract" business was really starting to build, Just didn't really have the time or the want, or really even the real know how on how to make it successful. All in all probably lost 50k in that brainstorm of a great idea over that year.

I would say it was fun, but it sucked.

There are many others.

I should have specified what got you into businesses that made money. Sorry for my lack of specificity there.

 

[JEdwards]

I should have specified what got you into businesses that made money. Sorry for my lack of specificity there.

Luck...

 

[andviv]

Jack, I am missing my dose of JackEdwards' diary entry.... where are you?

 

[CEBenz]

Jack, I am missing my dose of JackEdwards' diary entry.... where are you?

x2 Jack

 

[PopEmersen]

This is a fascinating thread.

 

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[JEdwards]

Jack, I am missing my dose of JackEdwards' diary entry.... where are you?

x2 Jack

This is a fascinating thread.

Thanks.. Been busy over the last few weeks doing a charity event here, that is why I have not posted much. Was real successful. Now back to normal.

As to the business, everything is going well. adding new people, getting rid of some others.

Still hoping in 6 weeks I will be out of here to a new bigger office. Really only about 4 more employees and we will be to full here. and before you ask, yes I am picky to who I hire and I do fire quickly when I know they are not going to work out.

If everything keeps on it's course, I figure 40 full time employees by October.

Lot of fun.

 

[darkjediii]

Hey Jack,

Just wondering if you require an online test for your applicants to take as they submit a resume? A friend of mine does that and it helps weed out alot of people before you even see the resume.

Hi Biophase, I'm interested in this as well. can you send me info on this if you have the scripts/links?

 

[JGbolagoke]

Hi Biophase, I'm interested in this as well. can you send me info on this if you have the scripts/links?

Hi Jack,

You can also use the phone interview to weed off many 'unserious' candidates.

 

[JEdwards]

Quick update:

Had a long talk with my manager, basically I need to hire a another manager for the troops, someone with better managing skills, organization skills. But here is the deli-ma, I want to keep both.

This part is tough because it is going to be tough to pay for both, that is the big problem with growing and I might run into the problem of not having enough for both of them to do, so now I am paying double but getting the same results. Which they might get used to. Sadly no one in-house-I would really want to move up, so I even have to look outside.

Just cannot see it going on this way for long. Sales are going well. Lot of deals happening.

 

[Inphinity]

If I'm reading this correctly, you're looking to hire, essentially, someone to directly manage the sales staff? You've probably already considered it, but can you offer a performance-based remuneration package rather than a fixed salary, to keep the initial costs down and also give this new person some vested interested in ensuring things go well?

Recently for my (dreaded) j o b I was in the position of having to help recruiting a new service manager, but with a severe fixed budget restriction. However, because most of the company's current service agreements involve different support fee levels depending on our response times (i.e. if we successfully respond to issues within a specified time frame, the company gets more $$ for it than if it takes longer), and so I ended up suggesting a low base salary, but that the new service manager receive in this case 15% of the "bonus" payments the company receives for meeting the response limits. I guess you could look at it as the company takes a penalty if they fail to meet them, but whatever.

It's working great so far... he goes out of his way to do anything he can to ensure the response times are met, leading to very happy customers, and a very happy new manager (who in the nearly 4 months since he started has managed to bring in about $9k more than he would have had he gone for an industry-average salary package for the role, which was our other option). And it's keeping his service team happier, because they're getting less stick for failing to meet response times, and as a result of increasing revenue are also getting better budget allocations for gear, training etc they've been after..

 

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[JEdwards]

Something to think about.

 

[Metrix1234]

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?

 

[DeletedUser2]

Awesome Jack, Just Awesome.

Ok I have read this thread now, I need to go start one also.

Speed +

 

[Denise]

Very interesting and inspiring thread Jack!! From all that you have posted, I believe you will meet your goal. Employees are difficult... incentive to earn more seems to be a true motivator for most, even slackers. speed++