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Progress Thread Local service based business (low start-up, hard-work, high reward)

Discussion in 'Progress/Execution Threads' started by ChasingPaper, Mar 19, 2017.

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  1. ChasingPaper
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    ChasingPaper Bronze Contributor Speedway Pass

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    I've been a member of this forum for 3 years now. I've accomplished a bit in that time, I've started a thread or two over that time on other progress threads.

    I've taught myself to code, I've taught myself how to sell, etc...This will most likely be my final progress thread on this forum. I will keep it up to date and treat it like a diary of sorts.

    I'm 21 years old, I have some funds saved up. I'm launching a service based business locally.

    I've tried the online thing, and I've made thousands throughout the years but nothing life changing. I also have my real estate license and have done inside and outside sales. I also helped a lawn company launch during high school and did really well in that (Two man operation, averaged about $60 an hour after expenses). Was very hard work.

    I'm going to start a local based business in the home painting/home renovation industry. I've already bought quiet a bit of supplies for painting and I've been working on the skills to go all out in this.

    I have a great connection in this industry of a man who has made over 3-4 million in this industry that has retired. I know plenty of real estate agents with clients who will need their homes painted/renovated.

    I'm basically going to start out as a contractor and hoping to hire someone in a month or two once things get going. I will document my journey on jobs with pictures included, and how I get clients, workers, payroll, etc.

    Lots of people can't do a service but not sell, and some can sell but not do a service. The key in starting a local based business is having both these skills.

    I am just starting this venture this past week and have done a small dog room renovation for free (painted the walls, trim, floor and restored the door).

    I've also just finished a small bathroom, painted the walls, trim, cabinets, door, and installed a new tile floor and did some caulking, I averaged around $30 an hour for this job.

    Enough of me rambling, post coming soon on whats next. This thread will be pretty fast paced as I'm putting in all my time into this, funds are saved so no need for a job at this time as long as I get this going. No time to slack.




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  2. mark51669
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    mark51669 New Contributor

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    Correction?
    Agreed.

    What are you thinking in terms of bonding/insurance?

    Also - does this person with experience want to mentor you?

    Great idea - lots of hard work!
     
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  3. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Good luck! Subscribed. Reach out if you want to pick my brains about local lead gen via AdWords paid search.
     
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  4. AdamMaxum
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    AdamMaxum a worthy successor indeed Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I look forward to it! Good luck!

    I think starting a service based business when you're younger is a good idea as long as you don't become the one doing all the work forever. There's also a lot of room to become better than a lot of the competition as most service based businesses don't manage them well or market them well (both offline and online)...which sounds like you realize.
     
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  5. Samuriscimi
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    Samuriscimi New Contributor Read Millionaire Fastlane

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    This is exactly what I'm trying to build, but with a focus on GC work for home improvement.
    I'd like to move into improving my own houses as I can.
    Keep us updated man!
     
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  6. Nik Krohn
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    Nik Krohn Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Good luck on the business!

    For me, I have done the local business thing and have decided that it is the hardest thing to be FASTLANE. Even if the business takes off, you have to leverage other people (Human Resource System) to bring it to scale. You will hit a certain ceiling for the local area and will likely have to expand to other markets which requires more human resources.

    Not saying it can't be done (It has been done a lot) but to me, it is the hardest thing to bring to the fastlane.
     
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  7. ChasingPaper
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    ChasingPaper Bronze Contributor Speedway Pass

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    Update time:

    The connection I talked about in the first post of this thread, a real great friend...passed away.

    On top of that, my dog I've had for 16 years ran away 4 days ago. I've had a real tough time this week.

    Onto the business:

    I got paid for the bathroom I did the other week.

    I did some landscape work for two days, made $150. Not much but it's better than nothing.

    Practiced some techniques and painted a room for free.

    Bidding a garage for a person I know to paint.

    MONEY RECAP:
    Coming in on end of the first week of the month and I pulled in around $300. Not much but I haven't been going as hard as I should as of the recent events. I'll be back on track full force next week and hoping I can get this two car garage to paint. I think I can knock it out by myself in two days.

    One thing I need to work on is getting more clients, that's going to be the biggest challenge. I need to create a brand, Facebook page, and start advertising everywhere.


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    Last edited: Apr 7, 2017
  8. Michael Burgess
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    Michael Burgess Bronze Contributor Speedway Pass

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    I'll be watching this thread as well!

    Service businesses are a great way to get going in business, broadly speaking.

    I'm going into my third year of landscaping right now, and have learned a few things along the way. I'd be happy to share what I've learned, and pick some stuff up from you too. I've got some questions that hopefully can help you clarify how you will grow your business (if you haven't already thought of them)

    - Which services in particular do you offer? Obviously GC broadly, but do you have any plans to go niche?
    - What's your marketing / advertising plan? How will people learn about your services? Have a website or paper materials yet?
    - Do you have a fixed price list to use for your projects? A certain hourly rate you charge / shoot for? Will you mark up materials? How much?
    - Where will you keep equipment, tools, and vehicles as your company expands?
    - Do you have all the permits, licenses, insurances, etc you need? If not, do you have a plan and timeline for when to acquire them by?
    - Do you have a service agreement / estimates you have customers sign?
    - Do you accept all forms of payment? How do you treat offers for "cash deals"? Do you require a deposit - how much? How will you deal with non paying customers?
    - Do you have relationships with specific suppliers developed yet? Do they like you, and refer work to you?
    - How will you ever grow out of doing all the hands on work yourself?

    These clearly aren't literal questions, but hopefully give you some things to think about. I'd love to hear more details about your business and see where you take it!

    Good luck man :)
     
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  9. jazb
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    jazb Silver Contributor Read Millionaire Fastlane Speedway Pass

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    Good luck. Look into sub-contracting out the jobs also
     
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