I'm bored - free business advice! Come one, come all!

Hello everyone

So I'm sat here in my office, a bit bored. However, I am stuck here for the rest of the day.

Instead of surfing the web, playing chess online, or searching through ATS, I should I would run a novel experiment.

I am the MD of a very successful company, which I have just recently negotiated a sale on - the sale is in the millions of dollars.

My secondary business is offering new business start ups / entrepreneurs advice, mentorship and guidance.

My fee is quite high, but is based on my ability to fast track small business to a highly profitable state, or to offer innovation within a fledgling company.

I have not, in my entire time on ATS, ever mentioned this business, nor have I tried to use ATS to spruik it - I never have, and never will.

What I would like to offer is advice to anyone in business / looking to get into business. As a disclaimer, I will never reveal the name or nature of my business, and I will never ask or seek payment.

MODS - if you think this topic is inappropriate, please accept my apologies; I'm simply trying to utilize my time productively, and give something back.

If this doesn't get deleted, please post your questions / problems, and I'll do my best to help!

Cheers guys!

reply to post by ExCommando

If you were starting from scratch and you wanted to make a lot of money in the shortest time with little capital what kind of business would you start?

reply to post by ExCommando


How would you respond to E4? If C5 then Nf3 Where do u play chess online?

Originally posted by kingsac
reply to post by ExCommando

 

If you were starting from scratch and you wanted to make a lot of money in the shortest time whith little capital what kind of business would you star?

Talk about the hard question first!

I think service based industries, where you can upscale quickly and easily, are the best forms of business for quick growth and profit.

If you are dealing in a product, you are competing against a slew of online companies who will buy in bulk to discount price, so that's a no goer.

Service based industries, as a general rule, can take little to no start up.

Take, for example, opening a reduced fee real estate agency in your area (I'm in Australia, where the real estate market is nowhere near as bad as the US, but let's use this as an example)

You can work literally from home with a laptop and a high spec website - you undercut your competition while adding in a few USP (Unique Selling Points), which make you stand out.

You would look at investing circa 20 - 30k into an aggressive marketing drive to secure your initial business, while offering a huge incentive to capture a small market share.

Fast forward 12 months, you can start upscaling the business - either franchise, or employ staff at a reasonable income split (70/30) so you can increase your amount of staff and service offering.

Certainly not easy, but one of the most cost effective and profit potential business I think one could start.

reply to post by ExCommando


I'm working on a a business venture currently.

When building an organization, what qualities do you consider the most important for leadership/management positions and how do you accurately judge people?

Should honesty be valued above intelligence? Work ethic over talent?

Maybe a mix of people with different tendencies is best?

What is the most crucial element to getting off the ground?

reply to post by ExCommando


Thanks, now how do I stop procrastinating about good ideas and put a plan in action to get the ball rolling?

reply to post by PatrickGarrow17


First, how they walk into the interview. You can tell alot about a person based on how they walk, hold themselves, and greet you.

Next, I only EVER hire on attitude - sure, they have to have the core skills to work within the role, but I've learnt, the hard way, that you cannot train attitude.

Everything else you can train, but attitude is either there, or isn't.

Self motivation is also critical - are they applying for the job for the money, or for the challenge? If they say for the challenge and the love of the job, challenge them by setting strong KPI's on their performance and attitude, and they lose a portion of their pay if they do not reach the goals they set for themselves.

Originally posted by kingsac
reply to post by ExCommando

 

Thanks, now how do I stop procrastinating about good ideas and put a plan in action to get the ball rolling?

Honestly? You either do or you don't.

For every viable, successful business out there - there are 100, or even a 1,000 that are lying dormant in the minds of people who don't have the risk taking personality to do it.

I want to start my own house-cleaning business (using environmentally friendly cleaning products) - any pointers?

And thanks for offering your services - this is why I call us the ATS family

S&F!

How do you set up a company policy on wages paid to new employees? Also, if you hire them as subcontractors, how should they get paid for that as opposed to a regular 9 am - 5 pm job?

reply to post by ExCommando


I'm retired as well, and work part time for a company that pays well and gives me a great workout in the process.

But I will be moving soon to be closer to family. I've always loved animals, though don't want to become a veterinarian.

I am more interested in animal behaviour and possible temp housing (Kennel).

I'm sure insurance plays a big part as does haveing a vet on speed dial. Then there is the property to consider as well.

Am I forgetting something?

reply to post by ExCommando


Congratulations on the sale of your business.

I have a question if you don't mind. Mine is more about ethics.

I am self-employed with a small client base. My main client is ... well, lets just say I have been having trouble the past 18 months with late payments (very late). This is impacting on me no end financially.

How does one keep a good relationship with a long-standing valued client that is suddenly extremely late in paying and doesn't return phone calls or emails when chasing invoices?

I may have the opportunity to rectify this in the future but I'm torn with ethical decisions.
(There is a bit more to explain in this scenario, but I would rather not put in on a public board.)

Thank you

What are your thoughts on outsourcing certain areas of your business, such as customer service/technical support? I figure if it's a job that can be done from anywhere, it's much cheaper to hire an assistant who lives in, say, the Philippines.

I'm looking to start a business once I'm out of college, so any advice on how to properly start up a small business would be a great help.

Originally posted by Netties Hermit
reply to post by ExCommando

 

Congratulations on the sale of your business.

I have a question if you don't mind.

Mine is more about ethics.

I am self-employed with a small client base. My main client is ... well, lets just say I have been having trouble the past 18 months with late payments (very late). This is impacting on me no end financially.

How does one keep a good relationship with a long-standing valued client that is suddenly extremely late in paying and doesn't return phone calls or emails when chasing invoices?

I may have the opportunity to rectify this in the future but I'm torn with ethical decisions.
(There is a bit more to explain in this scenario, but I would rather not put in on a public board.)

Thank you

I would say you go to their place and patiently wait with a crowbar.

Originally posted by followtheevidence
I want to start my own house-cleaning business (using environmentally friendly cleaning products) - any pointers?

And thanks for offering your services - this is why I call us the ATS family

S&F!

Tricky one - I'm assuming you are based in the states?

Do people appreciate value for money, or environmental issues when they engage a cleaning company?

Your best bet would be to do a relatively easy survey of 100 - 300 people - ask them if they would pay "slightly" more for completely environmentally friendly products etc.

It will help to build a database, plus it will answer your question prior to you sinking $$$ into the business direction.

Originally posted by DestroyDestroyDestroy
What are your thoughts on outsourcing certain areas of your business, such as customer service/technical support? I figure if it's a job that can be done from anywhere, it's much cheaper to hire an assistant who lives in, say, the Philippines.

I'm looking to start a business once I'm out of college, so any advice on how to properly start up a small business would be a great help.

Depends on your business, and also depends on how closely you monitor the service levels.

I would never, ever outsource customer service - it's the lifeblood of your business, and you're better of spending more than the going rate to get the best of the best.

Your business will sink or swim based on the customer service you deliver.

Originally posted by Netties Hermit
reply to post by ExCommando

 

Congratulations on the sale of your business.

I have a question if you don't mind.

Mine is more about ethics.

I am self-employed with a small client base. My main client is ... well, lets just say I have been having trouble the past 18 months with late payments (very late). This is impacting on me no end financially.

How does one keep a good relationship with a long-standing valued client that is suddenly extremely late in paying and doesn't return phone calls or emails when chasing invoices?

I may have the opportunity to rectify this in the future but I'm torn with ethical decisions.
(There is a bit more to explain in this scenario, but I would rather not put in on a public board.)

Thank you

People don't pay invoices for 2 reasons

1. They can't
2. They couldn't be bothered

I would sit down with the client / phone them / write an email, and explain that you are initiating a payment policy on all invoices.

If the invoice is paid on time, you are offering a % discount (say 5%).

If they invoice is more than 14 days overdue, you will be charging interest on the late payment, calculated daily (say 10% for example)

This is fairly standard practice, and no client would look at this adversely.

Originally posted by TDawgRex
reply to post by ExCommando

 

I'm retired as well, and work part time for a company that pays well and gives me a great workout in the process.

But I will be moving soon to be closer to family. I've always loved animals, though don't want to become a veterinarian.

I am more interested in animal behaviour and possible temp housing (Kennel).

I'm sure insurance plays a big part as does haveing a vet on speed dial. Then there is the property to consider as well.

Am I forgetting something?

To be completely honest this is outside of my experience - I wouldn't really be able to offer any sound advice on this.

Sorry! Hopefully someone else might be able to help?

reply to post by ExCommando


Thank you for your advice.

I'm honestly stumped as to whether that would work or not with this particular client.
They're a strange mob

May I u2u you with a real quick ethical question? It won't take much of your time.

Thanks

reply to post by Netties Hermit


Of course you can!