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Looking To Start A Service Business, Any Adivice ?

Discussion in 'The Fastlane' started by MillionaireWish, Aug 17, 2013.

  1. MillionaireWish
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    MillionaireWish New Contributor

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    Hey how are you guys doing today! I come to the conclusion that 2 ways to do business is Product or Service thanks to a great book I recently read. So main thing I want to know is , do any of you guys have any experience in a Service Business ? What skill/trade did you learn ? Did you start straight into the business, or did you work within your industry first? Any answers will be great, always can learn from something..
     
  2. ricktx
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    ricktx New Contributor FASTLANE INSIDER Read The Millionaire Fastlane

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    I started a computer consulting business in the 1980s and owned it for almost 10 years. I recommend learning the basic skills while working for someone, for a short period of time (meaning 1 to 2 years max). Getting paid to learn is a lot better than learning while not getting paid. Once you understand the business and know enough to hire and manage any staff you may need. Start you business without any further delay. Have management experience if you do not already. Six months to a year will do it. The people that work for you will be you biggest asset and your biggest pain in the ass. Without them you will not succeed in the service business. Learn to be fair and firm all while paying well.

    Lastly read the Millionaire Fast Lane before you do anything. Make sure you not going to end up on the sidewalk. Many times the service business is nothing but a job you give yourself. It took me 5 years of being a one man show to realize, I was working to hard and needed to hire people to succeed. Then big bucks and much less work was the result.

    Good luck!
     
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  3. Mike Kavanagh
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    Mike Kavanagh Silver Contributor Read The Millionaire Fastlane Speedway Pass

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    Before you start a topic, read up a little. Start with TMF then scroll down to the bottom of the main forum page.

    At the bottom you will find users with the top speed.
    Look at threads the people there have started.
    Most of the people with top speed are millions or are taking massive action in that direction.

    TL;DR - Do a fucking search.

    Pardon the French.
     
  4. MillionaireWish
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    MillionaireWish New Contributor

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    First and Far most, I came to this thread to ask questions, and not to lurk. I have specific questions..by the way "excuse my French" but lets try to get off our training wheels before we try to give advice to people..lol and fyi: probably why you only have 1 reply to a thread you started haha...
     
  5. zoomzoom
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    zoomzoom Contributor Read The Millionaire Fastlane Speedway Pass

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    When I found myself unemployed and newly separated I needed to learn a new skill and create a service business FAST. I had spent a few years as an online marketer so I was able to build websites but that wasn't going to bring me the stability that I needed so I started to build websites for local businesses and learned how to get them ranked on Google.

    While I have been able to pay my bills with my business, I'm always working long hours and even longer if I need to make extra money. For that reason, the service businesses is not the roadmap that I'm going to stick with. I'm in the process of developing a new business model to serve a larger market and leverage my work to be used by dozens of clients... I'm jockeying my way over to the fastlane :driving:

    What was the book you read and do you have any ideas of the service you want to offer? And as ricktx said, I highly recommend you get a copy of TMF, it may change your perspective about the kind of business that you want to go into.
     
  6. Mike Kavanagh
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    Mike Kavanagh Silver Contributor Read The Millionaire Fastlane Speedway Pass

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    Thanks for the reply. I gave you valid information coming from some of the threads I have read in the few days on being here on this forum. Instead of creating a thread like this one, I studied the older posts and took notes.

    You came here to ask questions but when you get an answer that requires you to do work you get defensive. Yes I did use profanity in the previous post so that may explain some hostility towards me because most people get offended by it. This is my stereotypical response to any threads like these so do apologize for the misconception. These threads come from people who typically don't like working for their information.

    Oh FYI, the thread that had a response was my introduction thread. Good troll is good.

    Don't think someone's forum status has anything to do with their knowledge of how things work.
    Thanks for this kind of reply, I won't be wasting my time on people who want everything given to them.
     
  7. MillionaireWish
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    MillionaireWish New Contributor

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    Why are you wasting time replying, lol if your so action packed focus on your own...let me handle my situation haha
     
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  8. mentalic
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    mentalic Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    Product OR Service OR Service Packaged (Product). I have experience in IT Consulting and Web Development services. Been working as a freelancer for 5+ years. Currently building my own 'product' while working as a freelancer (tough one). I used to work for a couple of companies beforehand. They did provide some valuable experience and some contacts to start from.

    However, if I was to start again, I would go for ricktx advice
     
  9. ZCP
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    ZCP Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    Let's get this thread back on track.....

    I have run a service businees for nearly 10 years. I was an engineer, so seemed like a good route at the time.

    Tips in no particular order:
    ..you must have an exit plan, how will you get out, what is the goal of the business. are you creating an asset to sell, to build a name for teaching / guru, to endure with your family name on the side
    ..read 'Emyth Revisted'. Nothing will better help detail out the mentality you need and the procedures / process that needs to be created to not just 'create a job'
    ..manage growth. be slow to hire and quick to fire. hire good people and pay them within the business plan. if they are not working, switch seats to see if they have talent in another area, be clear with them from the beginning, if we are not making money there is no reason for us to be here
    ..do what is right for the client, not necessarily for the company. clients are the lifeblood, the marketing arm, and the long term orchard that grows to sustain your company...keep good clients happy and help them grow so that you will grow as well
    ..cashflow, profits, growth... in that order
    ..manage by the books and the end result only, be clear with staff, that eliminates emotion and gets them involved

    That should get you started, any particular questions?
     

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