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EXECUTION Starting my business today.

Discussion in 'Progress/Execution Threads' started by mpcharles, Nov 9, 2018.

  1. mpcharles
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    mpcharles New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Hi All,

    In this thread I will be chronicling my startup journey of my business that I am about to create.

    Here is my intro thread : INTRO - Let's try this again.

    I am currently not working for the last 6 months having had a f*ck you event in my life. I have now rested and am ready to begin rebuilding my life.

    I would say my business idea/plan is somewhere in between the slow lane and fast lane. I will be developing it as time goes on and I would absolutely love and value any feedback you can give me. I took MJ's advice seriously which is it's better to get paid early, finding a customer and once I am on the inside of this industry, I can develop further products and services using the principles in the book. Right now it covers most of the CENTS principle, but I also have a lot of re-reading of MJ's book as I have made over 200 pages of notes from Unscripted and I am trying to implement them all.
    I will try and update this thread as much as possible with information, though I am not sure how detailed you want me to be. But this thread is mainly about me taking action and asking for help.

    Now on with the business.

    Name of business - Not worked out yet.
    Nature of business - Human Resources and problem fixing within small - medium business.

    - I will be providing services to small business using my background in HR/working with employees trying to screw over their employer. Now I am on the other side.

    My target customer is actually book keepers and accountants who already have existing clients. I provide value as I know all of the dirty tricks employees try and pull on their employers. I will be offering advisory, training or full case management. Say you have someone to fire/manage. I am the guy to call. My business will basically be marketed as a HR Team available for small businesses who often can't afford a full time HR person.

    I could go into pages and pages of details, but I just wanted to let you know first what this thread is about. This is the first time I have really got something written out.

    More to come shortly :) I will be thinking about a company name over the next few days that ties into my business.

    I am really stuck on names for a business -
    I am a small business HR Team.
    Any suggestions?
     
    Last edited: Nov 9, 2018
  2. mpcharles
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    mpcharles New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Update first full week into deciding to start my business.

    1. I have completed all of the necessary government regulations and registered my business as a sole trader.

    2. I have booked an appointment with a government funded entrepreneurial startup marketing company that contracts out advice to new businesses. I have arranged to meet her to discuss my marketing ideas, how I should brand and sell myself. I already have an idea what I want to do but her advice and coaching will be invaluable.

    3. I have already found a potential customer to feed me initial work until I can get my confidence up at a low volume before I expand and offer more services.

    4. Met with a business owner friend today and got some advice on billing/contracts of service. He runs a mining company that builds oil refineries and is keen to give me work when they have their quotes accepted.

    5. I got some professional photos done today that hopefully represent who I am and want to be. Cost was free from a mate.

    DSC001522017.jpg


    So far I am trying to surround myself with people who are supportive and I can bounce ideas off. This was my failure in the past. I didn't reach out to enough people for help and guidance. These are the same people I intend to utilise for word of mouth business.

    I am trying to remember MJ's advice and in particular focus on getting customers and interest in me before wasting money on a lot of stuff I don't need just yet.

    First mistake I have made so far.. Get business cards ASAP and always carry them with you. I met a local butcher who wanted my advice on an issue while I was stopping by after the gym. Unfortunately I didn't have one even made yet and it made me look like a fool.

    Until next time.

    Mark.
     
    Last edited: Nov 13, 2018 at 6:54 AM
    Sheens likes this.
  3. Kid
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    Kid Bronze Contributor Speedway Pass

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    I'm not in position to advise to You but i thought maybe @Carol Jones might.

    She's doing successful business in Australia so maybe she'll have some insight from her perspective.

    Good luck on your journey, Mark.
     
    mpcharles likes this.
  4. mpcharles
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    mpcharles New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Thanks mate, I will look into that person.
     
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  5. mpcharles
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    mpcharles New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Update:

    I have gotten most of the legal basics out of the road and officially registered the name and company legal (limited liability) structure including registering for TAX etc I also secured the domain. My new company is called 'workrelate'.

    I did contemplate running it as a sole trader but the company structure while more costly at the start with more legal stuff means that in the end is better from a liability point of view.

    I still need to :

    · Insurance

    · Get some advice on marketing/setup

    · Business Cards

    · Website

    · Flier

    · Update Linkedin

    · Work on something to send to people about my services

    · Look at partners that I can embed with to mutually sell our services

    · Testimonials

    · Support page

    · Contracts of service, so I get paid

    · Bank Account

    · Tax advice/Book keeping

    · Xero/ Invoice

    · Logo/Branding

    This is in no particular order, just a list of things I have come up with to do.
    More to come soon, thanks guys for allowing me a place to write about my efforts.
     
  6. S.Y.
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    S.Y. Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Do you need all of that right now?

    You have an business idea. The focus should be to receive a feedback from the market as soon as possible.

    What you should be focusing on is to confirm:
    • that your target market is looking for the services you are offering
    • if they are willing to pay for that
    • If you offer enough value relative to existing solutions for them to hire you
    Things like branding, tax advice, fliers and business cards should come after. Not now.

    You are taking action, which is great. Keep doing that.

    Make sure it is focused. Don't take action just for taking action.
     
  7. mpcharles
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    mpcharles New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Thanks SY for your comments and advice, this is why I am here.

    I will look more into doing that first. People have already come to me through word of mouth, mainly tax accountants and book keepers for small business who are constantly bombarded with people issues. But I get what you are saying, I should confirm more in detail what they want and whether I can deliver it and for what price.

    I will keep you updated, thanks again!
     

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