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First steps for first business…service business dos and don’ts

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Knowledgefactry

Contributor
Read Unscripted!
Jan 28, 2021
24
22
15
After reading Unscripted three times and TMF twice, I just started my first business. I live on a large recreational lake and have been working as a dock hand for years for the cash, and just graduated college.

I’m starting a boat detailing business which includes interior and exterior detailing, which is extremely profitable, but right now is a one man show. In the last 4 weeks since I started, between my two other jobs, I haven’t had enough time to fill all of the need in the area that has already reached out to me since I have started posting on Facebook to friends and family. Word of mouth is already catching up and I’m having people I don’t know reach out to get their boats detailed, I guess there are a lot of over priced people who detail sub-par jobs.

I’m meeting with someone to advise on getting the business structure established and insurance, And I have a lot of mentors available.

my problem is I don’t even have a name decided on yet. Do I keep a simple name that includes my last name, which will be popular in my local area, or do I want a basic/generic name that will set me up for the potential to sell the biz in the future if/when scaling occurs.

my initial objective of this first business was to get XP points in the entrepreneur world, and use the quick cash to get out of college debt. Now I’m wondering if I can hire enough help/outsource work to turn it into a Fastlane business to fund the lifestyle I want, which I genuinely believe is possible in my area where the demand is high.

what would you focus on in my shoes?
 
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geekboy

Contributor
Read Millionaire Fastlane!
Speedway Pass
Nov 8, 2013
56
70
126
Cheshire, UK
If it's 'extremely profitable' and you're turning away work, why are you working two other jobs?
 

Knowledgefactry

Contributor
Read Unscripted!
Jan 28, 2021
24
22
15
If it's 'extremely profitable' and you're turning away work, why are you working two other jobs?
Because I haven’t made enough money on jobs I’ve gotten yet for actual equipment I need.And even though It’s profitable, I haven’t gotten a large quantity of jobs to justify quitting. Maybe that’s my problem
 

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