This is the year for business!
In the past I have had many ideas for businesses and new ways to make money. I have carried out only a handful of these and they have paid off. I have been very lucky to experience it this way so far.
However, I always feel regret for certain ideas I have not followed through on...the regret of missing my 'big chance'.
This year, it's time for a change. I have decided that the gamble is worth taking on each and every one of these opportunities and keep my fingers crossed!
I mean - What's a gamble without a loss?! (Not a gamble!)
So, I am setting a small list of precedants that each idea must meet. A kind of criteria that must be ticked off before it can be continued with.
Once all the boxes have been ticked I will go ahead with the idea and will invest a set amount of funds into marketing, advertising and general business needs.
The interesting thing for me is trying to set appropriate criteria. If it is too strict then I will be cutting myself off from potential risks but may also miss out on some exciting chances that could land me in the right place.
If I set the criteria too loosely I will inevitably end up with a miniature umbrella type set up of small, unsuccessful companies.
Another thing I would really like to investigate is investing. I don't like the stock market, it took a sum of cash from me a few years ago and I will only go back when I can afford 'the game'.
I mean; investing in businesses. Either buying small companies and aiming for a turn around or buying to split and sell.
I will also be investing in companies that need cash injections to achieve full potential and in exchange will take a percentage of the ownership.
So...Will it work?
This is why it's a gamble. I already have a company which was successful and I managed to turn it around, so I know I can do it...sort of.
This company is now my toy and I like to manipulate it to fit the climate's needs but a re-brand is inevitable.
I like to push other peoples companies to see how desperate they are to keep up. Not long ago, I lowered my prices...slashed my prices to gauge what the market's reaction would be.
I had some really interesting results.
The reaction from consumers had some variation to it. I found some people were put off because the price didn't reflect the quality. I still (at my loss) provided top quality service for bottom quality prices. Customers struggled to believe this and some didn't use me, they went for the traditionally priced services. I got new custom from people after a quick, cheap job and I also met a lot of rather cheap people!
The reaction form my rival businesses was extraodinary. Some local companies who claim to be 'friends' began to bad mouth my company name to try and retain business. I know some felt jealous because they were not in a position to compete with my prices and this jealousy turned to a slight hatred.
Another funny and disturbing reaction from local 'rivals' was a competitive price drop to try and keep up. Now I'm no spring chicken. I only bottomed my prices once I was in a good enough position to do so.
I set it up so that when the price drop came, the money I would potentially lose would not outweigh the profits I had made from the previous year.
One company went over the brink and tried to beat my prices. This company is no longer trading and has to start all over again. I have spoken to the Director and he is not worried at all "The old customers will be really happy to know we're trading again and will come back immediately".
Is that so?
OR
Have the previous customers now lost faith in your business and don't want to use your services anymore?
Well - YES.THEY.HAVE
These customers are now my customers and because of the prestige quality of all the work we produce, will not want to leave.
I have been honest with them all and have told them the price drop is only there to encourage new customers to use my services. This is to provide a low risk chance for them to test the market and see if they like it. They know I will be raising charges next year but because of the dramatic drop, the raise should still keep the prices below average. I am not out to make lots of money, this is something I enjoy and I like to keep myself busy with such mundane, boring tasks.
Another very important part of the strategy this year is finding myself a reliable team. I need a bunch of guys/gals who I can always use to rebrand a business within a few days. The important things here are budget, opinion and speed.
A friend of mine is able to build websites for me, he does an incredible job and works quickly and efficiently once the general idea is set.
He is my first team member and will play a crucial role in my future. The reason I hold him so highly is because of his talent and persona. Not only is he good at what he does, he also lets me pitch to him. I get to express my excitement for these new ideas and he offers his opinion back. I know if I told him that I needed a website to sell water to fish, he'd tell me I was being a prat. Another of his talents is creativity. I believe it very important to let a designer run with their own ideas as well as yours. I like to set a vague criteria of needs but generally leave the design to him. I know he will never fail to impress me.
I now need to find some beautiful, intellectual people to help me sell each idea. I know that it's not PC to employ only beautiful people but the unfortunate facts are...more people will buy from a pretty person (in my experience).
I need sales people who won't require PAYE. I can only afford to pay them when they are selling, not waiting for me to come up with another idea!
The problem here is: If I am getting them to sell two different products a month (for example). How can they be excited about the product? I need them to love it....genuinely love it. This will show in their presentation. I want the customer to feel the excitement radiating from them. I don't want it faked, it just makes for a cringeworthy time.
I will also need some maths boffs who can quickly smash out figures for every possible eventuality. So all the figures are there and no rash decisions are made.
I suppose another important thing is the marketing. This is my forte.
I absolutely love creating a brand for a company, getting the look just right and doing it all from a good old bit of research. I sit on the phone for hours, researching companies who are already in the industry. I like to ring them up as a sort of mystery shopper asking LOADS of questions and then 'calling back later'.
I often find a scrabble about on the internet for a couple of hours helps as well.
So, there you have it..
That's the plan..
NOW TO EXECUTE IT IN A SUCCESSFUL AND STYLISH MANNER
Watch this space..
I would like to wish everyone good luck with their plans this year. I'm taking a risk here but I only get one shot and I'm gonna take it...you should too!
PS - Another thing I need is a comfortable chair because my arse goes numb everytime I write this damn blog!
HAPPY NEW YEAR AND GOOD LUCK TO EVERYONE!
It's national thanks day apparently so I would like to take this opportunity to thank my one and only team member (so far)! - I couldn't have asked for anyone better and this is the year we hit it big! With you on my side, this can only go right (and I promise, once we've hit the big time, i'll tell everyone your name! haha). Can you keep an eye out for some beautiful people for the sales team? They're going to be essential!
I look forward to our first 2010 meeting!
Also, thanks to twitterers, facebookers and friends...you help me more than you could realise.
