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MenuHow can I be successful and keep my business small?
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Chiropractors often sell supplements to drive revenue in their business. They're capped out like dentists and tradespeople on the hours they can crack backs (or 'drill and fill' as the dentists do), so supplements are a great complimentary product that doesn't eat time to fulfill. You'll see a bunch of them and doctors getting into CBD oil now. Their client base already has trust in them so these recommendations are easy to swallow heh heh.
Be looking for your version of supplements in the architectural field. Something complimentary, that your clientele already trusts you about, that you can earn a recurring income on while not using up more of your time.
One advantage I see them having over you is I presume they see more people in a day. What can you do to increase the number of people you see in a day, to leverage your
"architect authority" and drive the income stream of the complimentary product or service?
Could be as easy as loans: helping people rent money from your position as a professional.
Food for thought.
Hi, I’m a General Contractor, licensed Real Estate Agent, and land developer. Your ultimate end user in the USA is definitely a niche clientele. Having been approached by similar vendors in my home building business, I would certainly say a portfolio of designs would help set you apart from other designers and have buyers confident in your work. On top of creating recurring revenue you could “modify” the plans for clients for a fee.
In terms of growing your business I would recommend contacting contractors with a portfolio of your work as they are essential to fulfilling a buyer’s dream. I would create your ecosystem website then offer builders to be a partner on your site to build your plans. With that, you have your foot in the door and have opened your network. Then reach out to Realtors who have vacant land listings and offer to list a completed home with your builder partner and you have yourself a home run.
I wish you the best of luck with your business!
Hello:
It sounds like you have the foundation for a solid business.
Things to consider as you get it rolling:
* Regarding your customer focus - is it more efficient to build a good relationship with a real estate broker/agent who represents many or cast a wide net in hopes to catch some good end-users? Finding a real estate agent/broker who can be a champion for your designs could be incredibly valuable.
* Great to think of different revenue streams. If you invest your time and energy to develop a portfolio of good core designs, that could serve as the basis for “semi-custom” work. I would guess you would still need to do some work as the end-user in these cases has different preferences, but you can define how much change the project can include.
* Otherwise, a portfolio of pre-made designs would likely work better with a developer, who would incorporate that work into their sales efforts for a collection of homes. So those are separate from end-user or realtor relationships.
If you wish to discuss, send me a PM through Clarity for 15 free minutes.
Cheers,
Kerby
There is a lot of ways to sell your value to clients. I would start off by creating a store of pre-made floor plans.
Building the store will give you the advantage and create the oppurtunity to show your skills and also create the possibility of selling the floor plans to make money.
On this store of floor plans I would create a strong call to action that makes customers aware you can do any type of custom design they can dream of.. Using a lead magnet to capture customer info.
If these are high ticket floor plans it may take some customers days/weeks/months to pull the trigger. Make sure to have a well written and planned email funnel setup to try and convert every single lead.
I would target end users first. This will build the demand and will make it easier to attract agents.
Instagram & facebook would be ideal places to show off your work too and build a build in customer base who will help spread the word of your skills just by sharing your designs.
I have brand names that sell digital products in the same manner you are looking to do. I can help you along the way if you need my help Im just a call away.
To be successful and keep your business small, have a written plan. Without a plan, it is merely a dream. It does not have to be a book, but you need a few pages outlining specific objectives, strategies, financing, a sales and marketing plan, and a determination of the cash you need to get things done. Writing it all down is a crucial first step.
Do not marry your plan. Every great military general in history has known that even the best-laid plan sometimes must be thrown in the fire when the bullets start flying. Adjust, confront and conquer.
Keep your ego in check and listen to others. Advisors are crucial because you need people to bounce ideas off, inspect what you're doing, and push you to greater accomplishments, holding you accountable for what you are committing to do. Always be good to your word and follow through on commitments, even when difficult and challenging. This is not about you; it is about the business. Do not take things personally and stay out of emotion. Do not let your ego take control.
Keep track of everything and manage by the numbers. Create written systems for everything because you will reap benefits from them later. This is how you train your employees and retain consistency. Know your numbers and check them daily and make all decisions based on what they tell you.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
Related Questions
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What companies have successfully implemented both B2B and B2C products or services? Which should I start with for the non-profit sector?
I would suggest the first question to ask is "what problem do I solve?" And of those people I solve problems for "who do I create the most value for?" In the non-profit world you need to add "How does my business help the non-profit run better and/or help the group the non-profit focuses on?" For example, if you've created a platform that drives donations, your company "has created a platform that helps you reach fundraising goals faster." What you don't want to do is market and sell to B2B and B2C audiences simultaneously. They have different ways of buying - a B2B audience needs to have their benefits quantified (using your thing makes me x amount more) - and it's extremely hard for a startup to be able to do both well. Better to start with one, execute really well and move into the other. Feel free to give me a call and we can dig into who your most valuable audience is.AV
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How can I become an idea person, as a professional title?
One word: Royalties This means you generate the idea and develop it enough to look interesting to a larger company who would be willing to pay you a royalty for your idea. This happens all the time. Rock stars, authors and scientists routinely license their creative ideas to other companies who pay them a royalty. Anyone can do it. Your business, therefore, would be a think tank. You (and your team, if you have one) would consider the world's problems, see what kinds of companies are trying to solve those problems, and then develop compelling solutions that they can license from you. You have to be able to sell your idea and develop a nice presentation, a little market research and an understanding of basic trademark and patent law. The nice thing about doing this is that if you develop enough cool ideas you will have royalties coming in from a lot of different sources, this creates a stable, passive revenue stream that requires little or no work to maintain. Start in your spare time and plan on the process taking 3-5 years. Set a goal to have a few products in the market that provide enough revenue (royalties) to cover your basic living expenses. Then you can quit your day job and dedicate more time and increase the momentum. A good idea business should have dozens, if not hundreds of license contracts generating royalties. It's possible to pull this off. And it is a fun job (I'm speaking from experience).MM
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Business partner I want to bring on will invest more money than me, but will be less involved in operations, how do I split the company?
Cash money should be treated separately than sweat equity. There are practical reasons for this namely that sweat equity should always be granted in conjunction with a vesting agreement (standard in tech is 4 year but in other sectors, 3 is often the standard) but that cash money should not be subjected to vesting. Typically, if you're at the idea stage, the valuation of the actual cash going in (again for software) is anywhere between $300,000 and $1m (pre-money). If you're operating in any other type of industry, valuations would be much lower at the earliest stage. The best way to calculate sweat equity (in my experience) is to use this calculator as a guide: http://foundrs.com/. If you message me privately (via Clarity) with some more info on what the business is, I can tell you whether I would be helpful to you in a call.TW
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If I have a business idea for a large company, how can I give it to them and mutually profit, without them just taking the idea and squashing me?
Probably not the answer you're looking for, but companies have so many unimplemented ideas that the likelihood of partnering to implement someone else's idea is really low. And besides which, the idea is not something that has much value in and of itself. If you're passionate in the idea, build it yourself. That's the only way you can have leverage.TW
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Should I hire a bookkeeper? (what does one do exactly?)
NIcole is right. When I first started my business I thought I was saving money by doing my own bookkeeping. It took me much longer than it would take a bookkeeper - all time that I was not spending on marketing or billable activities. And in the end I made errors which made the initial work of the bookkeeper longer. I now have a consistent routine. My bookkeeper picks up all my material monthly and does my books in less than 2 hours. Very worthwhile.RL
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