Started my own business... business is good. ...too good?

[911SauCy]

And hire a hot young 20-something babe to answer the phone/run a desk

Originally Posted by Rot 911

Actually this is very sound advice and one I learned quickly when I started my own law practice. Most people equate quality with higher prices. Make sure you deliver on that. You will do less work for the same total income. Your reputation goes up because you do quality work. How many times have you heard people brag that they are on a waiting list to get what ever widget made by some well known artisan? Become that person.

[McLovin]

If you are as talented with guns as you are with plywood aerodynamic devices, I see a very bright future for you indeed.

[dewolf]

The secret to any business success is your ability to delegate. You farm out what you cannot do or you employ people who can. All successful businesses have the right people in the right positions put there by someone who knows how to delegate. You must also have the ability to let them go if they are not working out. The parts of my business that I don't know enough about, I employ people who do. After 20+ years I'm still going.

[cstreit]

Originally Posted by island911

Easy. Raise your prices.

...and send me 5%

This. Same as the airlines do. If demand is too high, adjust it by changing the price. Less business, more money, same result with less stress and same quality.

[Seahawk]

Are there any steps In the process that a 1099/cash employee could do that is not critical?

Tear down, parts cleaning or cleaning after reassembly. Even packaging for shipping. Lots of no value added tasks I'd bet.

Catalog your process informally and see where a good hand could help.

[Leland Pate]

Seriously, there's a lot of good advice in this thread. I love it. Even my wife read it and said there's some awfully good insight posted here. I really appreciate it, guys.

[Evans, Marv]

Great advice indeed. The only thing I can think about adding is being upfront with your customers and prospective customers. Let them know your backlog situation and make sure they know it's because the quality of work is causing it. That sort of thing can also serve as a bit of advertisement. Those who have friends wanting the same thing will tell them to get on the ball if they don't want to be faced with a potentially long wait.

[Rick Lee]

Two rules I have always lived by in sales:

If you're willing to pay it, I'm willing to charge it.

Underpromise and overdeliver.

[Mericet]

As others said, do not compromise the quality of your product. Very good advise and I hope I have your problem when I start out after college.

[drmatera]

As a small business owner I can this. Don't grow to fast, I see lots of guys move into larger shops and hire people as soon as business picks up. Without a stable base you die quickly

[targa911S]

this is all good advice. I myself am a one man shop, and it can be a bit overwhelming. I have found that if I get too busy the quality of my work goes down because I rush, That is bad because that where your reputation lies and that IS the essence of your biz. Hiring somebody to help me is just silly, and I end up doing the work over again anyway and pay somebody for the trouble. I know my rates are stupid cheap and I should raise them. People actually expect to pay more for what I do. However this area is pretty depressed and I try to stay with what the local market will bear. Ido an occasional moratorium on full out restorations, like I'm doing now because of over load, catch up, and now I have hunting season coming, then the holidays. I have found that people are only too willing to wait if you are reasonably priced and do good work you stand behind.. Good luck with whatever you do.

[tabs]

There is fear of an Obama 2ND term out there. What wil he do next? Then there is the fear that things are going to he11 in a hand basket. So people want those tricked out AK's There is a guy here in LV that tricks out Assualt weapons, and has now opened a Gun Store as well that his wife runs...and it seems to be doing very well.

The market for Spoons since the end of 2008 has been strong to very strong. Spoons are a commodity that can be used if things detoriate and as such have the cache of being a hedge against inflation much like Gold and Silver. So I would not expect much of a slow down at your level. Of course this business is a bit seasonal...much like the whole collector market in general.

[ODDJOB UNO]

remember this from my sales life selling mill-yon dollar tooling packages thruout the SW, for aerospaced CNC's....................... or anybody who had a mill or a lathe.

1) YOU CANNOT SELL out of a empty wagon.

2) the customer is always right. even when said customer isnt right, you make him fell right.

3) being the most expensive means YOU better do it right the 1st time.

4) saving the customer TIME is HUGE!

5) saving the customer hassle is huge.

6) people buy from their FRIENDS not their ENEMIES!

7) the ONLY DAMN THING ANYBODY HAS IS THEIR WORD! doesnt matter the product, the price,the warranty, there are no monopolys on ANYTHING!

8) if you dont have it , find it asap.

9) if customer asks for a catalog/part/widget/screw/bolt/etc...................ya better get it for him. they DO REMEMBER THIS!

10) dont just focus on one spoon group, not all of us LIKE commblock stuff. and if things go bad..............whats the 1st thing thats going down the pooper?????????? yep ANYTHING IMPORTED! which if i was a u.s. mfg. WOULD LOVE! cuz it narrows the playing field.

11) FOCUS ON 1 JOB AT A TIME! multi tasking is bullcrap, proven harmful to yer health, and all ya get in the end is a bunch of monkeyfeeked product.

12) keep yer "t's" crossed and "i's" dotted for the ATF! ask me how i know after all this bullcrap with "fast and furious" here and my friends with their FFL's licenses.

13) anchor yer safes to the ground. buy fireproof ONLY!

14) place anti vehicle barriers in front sides back of building for smash and grabs. its happened here a few times already being close to the border.

15) have a video camera in building.

16) be just like ANY JEWELERY STORE OWNER.................ARMED WITH (1) IN PIPE AT ALL TIMES! remember YOU are NOW a TARGET!

17) always vary yer routine making deposits/withdrawls etc.

18) attend all trade shows ya can, its a write off, good source of info, meet new people, possibly have show booth, always hand out catalogs or flyers or biz cards. always have something stoopid with yer logo on it. t-shirts hats beer can openers whatevars.

19) make yer website EASY! not some damn cluster feek to get through to place an order.

20) the number 1 fail of all small biz is accts payable/receivables. if ya aint getting paid.................ya aint paying the bills. cash/visa/amex baby. screw the checks/screw the promises....................CASH ON THE BARREL HEAD!

21) one off parts on mill and lathe= BIG BUCKS! make 100 or more parts=price comes down. invest in any/all latest greatest tooling. faster ya make it..........the more profitable ya are.

22) people like to talk...................if after a few minutes the conversation isnt leading to a sale............tell customer you are busy and have to get back to work. TIME=MONEY$$$$$


23) GOOD LUCK!

[Leland Pate]

Thanks again everyone for the positive words and sound advice. Here are some photos of some work I've recently completed to give you an idea of the type of guns I build.

This is a Saiga 12 ver. Exp. 030 which is the export version of the high;y coveted Izhmash 12 SK-K combat shotgun. They are imported in a bastardized configuration to get around restrictions imposted by the GCA. Once they are here, enterprising individuals such as myself convert them using authentic parts to put them back to a way god intended.

Before:


After:




Here's a Title II SBR AKS-74U I built on a Nodak receiver:



Love it!

[Rick Lee]

I see an SBR in my future.

[nynor]

i just looked at Saiga Rifles for Sale By Legion USA!. i think i am going to get one from you when i sell my browning HiPo.

cheers,

d.

[Superman]

Originally Posted by Chocaholic

The vast majority of businsses that fail, do so because they are under-capitalized. Great product, great customer service and great intentions do not equal success in business. If you believe your businss volume is sustainable (at a minimum), you'd best consider investment in the infrastructure necessary to turn out consistently high quality in a timely fashion, regardless of the model you chose (as in previous posts).

You'll quickly reach a cross-road based on your description (or perhaps you already have). If so, invest wisely.

This is very important advice. If you do decide to expand, you'll be exposing yourself to the greatest danger, which is cash flow. You can have customers up the yingyang and skyrocketing sales, and go bankrupt because the capital is not there to support the too-rapid growth. Even as a one man show, you're likely to 'grow' your 'plant assets,' which could outstrip revenues at times.

You're going to have to raise your prices. To slow, and finance, growth.

[vash]

Originally Posted by Rot 911

Actually this is very sound advice and one I learned quickly when I started my own law practice. Most people equate quality with higher prices. Make sure you deliver on that. You will do less work for the same total income. Your reputation goes up because you do quality work. How many times have you heard people brag that they are on a waiting list to get what ever widget made by some well known artisan? Become that person.

only thing i learned from business school is that this strategy is called "prestige pricing"..

and vanilla bicycles has a stupid 5-year wait list..what an exclusive club that must be!!

good luck Leland!! next time i am up that way..love to check out the operation.

[Baz]

Originally Posted by fastfredracing

So , I guess , my advice will not go far here.

Hey Fred,

I think Rick meant his comment to be in GREEN - but I'll let him confirm that if he wants.

As a small business owner myself.....I haven't seen anything in your posts to denote anything out of the ordinary from what all business's experience throughout their normal operations.

In fact - your posts/threads only demonstrate how engaged you are with the successful management of your business.

I think most of us who own business's can resonate with the various scenarios we run into whether it concerns customer relations, material handling, bookkeeping, labor, etc. etc.

I've never seen any business that didn't have daily challenges - and those challenges certainly are not an indicator of failed operations. They are more indicative of a thriving operation.

Carry on and keep posting - we can relate!

[BlueSkyJaunte]

Originally Posted by Rick Lee

I see an SBR in my future.

I've wanted a Saiga-12 shorty for years. Just not interested in paying Uncle Sam $200 + an anal probe for the privilege.