Entrepreneurial ideas in a small town needed
Jalen
Dear all,
I have been posted to work in a plant at a small industrial town. The
major industry in the town is the gas and petrochemical industry.
There are quite some factories here, mostly providing services in some
form or another to the industry. Most of the people here are poor and
live on the vegetation they plant or work in factories that pay just
enough for them to survive. The other group of people with purchasing
power are the employees of the gas and petchem industry. I have been
trying to figure out what small business to start. I have very little
capital so that is an obstacle. Things that have crossed my mind
include:
1. A Go-Cart racing track - the yuppies around here need the
entertainment for the weekend (exceeded my budget)
2. Longhouse tourist experience - To arrange for tourists an
experience living in the longhouse (No problem with budget but not
many tourists visit this town)
3. Collecting recycle materials and sending it to the factory
I appreciate your feedback. Thank you.
STJensen
On Apr 7, 7:46=A0am, Jalen <Jalen....@gmail.com> wrote:
> I have been posted to work in a plant at a small industrial town.
You're in the military?
> I have been trying to figure out what small business to start.
I'd suggest a miniature golf course. It is even a kind of business
that you can go and do during the evening and weekends while keeping
your daytime full-time job. All you need is a bit of land and it
doesn't have to be flat. In fact, a bit of a slope would be good.
Here's what you do.
FIRST, you need to find the piece of land and option it. Not buy it.
Just option it. I'll explain why to option in a second. As for the
location of the land, it needs to be on a main road (ideally along and
visible from an interstate highway) but it doesn't have to be in a
prime location. A bit out of town is actually best. The ideal is
with a lot of undeveloped land around it that you can also option.
Optioning the rest of the land is for future development. Learn from
the mistakes of others. Walt Disney learned this lesson the hard way
with Disneyland. It is why Disney World owns the center part of
Florida.
SECOND, what you now need to do copy something that Walt did right the
first time. He got major corporations to pay for the attractions in
his park. In your case, you need to get local business to pay to have
a hole done up to promote their business. Pitch it to them as
advertising. Come with three designs of what could be done for them.
The more expensive, the more elaborate and impressive their hole and
thus the better advertising it will do of their business. By selling
them this "advertising", you get THEM to pay YOU to start up YOUR
business! In the price they say, it a portion of the overall cost of
buying the land, building the clubhouse, paving the parking lot, etc.
You sell all your holes to local businesses and you start your
business DEBT FREE!!! As for the designs, if you're not a good
artist, find one that is. These artistic perspectives are the key to
your success so don't go cheap. Get them done up right. And think
funny. Not serious. Funny but not making fun of their business.
It's a delicate line but you need to walk it. Be open to any ideas
the business owner has for their hole. Even let them design it
themselves. As for who to approach, approach all businesses. Not
just retail businesses but law offices, insurance agencies, and even
the local oil industry. The local oil industry will view this as a
bit of good local PR and pitch it that way to them. Join business
associations and talk to their members about this idea and pitch them
to "buy" a hole. Talk to your local armed forces recruiters to get
one done up for each of the military branches. Talk to the local
distributor of Coca-Cola and Pepsi and have them bid against each
other not only for a hole to advertise their sugar water but also you
exclusively selling their junk to your patrons. Oh and be sure to
layout your holes so that the course's halfway point comes back to
your clubhouse so you can sell more drinks and snacks. As for how
many holes, start with eighteen and cap it at 45. How many holes is
determined by how many local businesses you can sell holes to.
However, I wouldn't have the mini course go beyond 45 as that then
gets too long.
THIRD, think about your future expansion plans when designing your
miniature golf course. The most important part being your clubhouse.
This clubhouse eventually be the entry point for your entire amusement
park. It does not have to be elaborate or massive to start with, but
it does need to be in the right location and have room to grow for the
rest of your future amusement park. It will need a men's and women's
bathroom. It will need an counter for you to rent out putters and
balls as well as sell soda and snacks. And don't forget about the
future expansion needs of your parking lot either. As for other
future expansion, that go-cart racing track can be the next one. You
save up for it. Then possibly a roller coaster, another go-cart
racing track of a different design, then another roller coaster,
another go-cart track, another roller coaster, and then look into
rides you see at carnivals. Then look into building a water park and
just keep expanding out that water park from then forward. If you
haven't gotten the idea yet, I'm recommending you option a lot of
land. :-)
FOURTH, get a touring carnival to come at least once a year and set up
shop on your undeveloped land. This will draw tons of people from
around your region to your ever-growing amusement park.
FIFTH, work on a business plan and before you do ANY of the above, go
visit as many miniature golf courses as you can. Drive up to
Wisconsin Dells and spend a week there learning from the pros there.
Look at how all these places lay out their holes and other
amusements. Sit down and really figure out the logic they're using.
Watch how the public moves through their establishments. Pick out the
gems and copy them. If you see something they're doing wrong,
remember it and don't repeat it. If you see someone else doing the
same mistake, question yourself if it is you that is wrong and maybe
they're doing it that way for a good reason.
SIXTH, get every book that has ever been written about Walt Disney,
Disneyland, Disney World, and read them. Not just one. All of them.
Both the ones that praise him and the ones that condemn him. Go to
your local public library and check them out. Once you have read them
all, find others at other public library and request them from your
public library by way of an inter-library loan. Read. Read. Read.
Take notes and read more. He should be your guiding light to the
point where whatever you do, you should first think: "What would Walt
do?"
SEVENTH, miniature golf courses are ideal businesses for bartering.
At the end of the next point ("EIGHTH"), I talk about barter.
EIGHTH, this is related to FIFTH, is my standard advice for wannabe
entrepreneurs. If the following advice doesn't precisely fit your
situation, use your brain and make it fit. Don't discount it because
it isn't exactly customized to your predicament. Again, it is
standard advice that I have repeated so often I have it in a file to
copy and paste onto the end of posts like this. So go and grab a cup
of coffee, sit down, and let us begin.
The purpose of business is to make profits and only profits. It is
not a toy to play around with. It is not a social experiment. A
business is a business and a business is to make profits. Period. It
is not to enable you to be your own boss. It is not to enable you to
stay at home. It is not to give you better control over where your
life is going. It is not to make the world a better place. Those
might be nice side-effects but not what your business should be about
or for. Your business is to make you money and lots of it. That
isn't greed. That's what businesses are for. To have your business
have any other goal is only putting it at risk of failing. Only by it
striving to make as much money as possible does it have the best
chance of surviving and succeeding as well as providing you the life
you dream about. Capitalism is a positive to society. History bears
this out. And before you start working on your business plan, you
need this philosophical mindset. I strongly recommend you read "The E-
Myth" by Michael Gerber, "Capitalism: The Unknown Ideal" by Ayn Rand,
"The Virtue of Selfishness" also by Ms. Rand, "The Double Win" by
Denis Waitley, and, whether you're an American or not, "Restoring the
American Dream" by Robert Ringer. After reading these, you will have
the philosophical foundation for becoming a successful entrepreneur.
And when you read Michael Gerber's "The E-Myth", be honest with
yourself. That book's real value is helping you determine if you're a
Technician, Manager, or Entrepreneur. If you're just a Technician and/
or Manager, save yourself grief and don't start a business and instead
just hunt for a better job and/or company for which to work.
After you read the above books and thoroughly understand their
messages, work on a business plan. Regardless if you're going to get
a business loan or not. Or buy an existing business or start one from
scratch. A business plan forces you to think of all aspects of your
business. Question every aspect of it. Think how you can do it
better, cheaper, and faster. Always remember to K.I.S.S. it. Keep It
Simple, Smartass. [Yes, I know it is usually said as "Keep It Simple,
Stupid", but it is the smartasses that make things more complex and
difficult than they need to be. Stupid people keep it simple (usually
too simple) because they're stupid.] And forever keep in mind that
this is a business you're starting and a business is to turn a
profit. It doesn't turn a profit and it's just an expensive hobby of
yours. Your goal should be for the business to work for you and not
you work for it. Your end goal should be that you don't have to even
show up at the business for it to turn a profit. Golf, anyone? If
you need to always be at the business for it to turn a profit, the
only thing you've made is a job for yourself. If that's all you want,
don't start a business (and all the headaches it entails) and just go
work for someone else.
As for what to put into the business plan, go to your public library
and pick up a book about writing a business plan. Skim through it to
see if they give a comprehensive example of what a business plan's
Table of Contents should look like. Look it over. Does it match your
business plan's needs? If you're unsure about a section title, read
the book's section on it. The book I like using ... though it has a
corny title ... for its Table of Contents example is "Business Plans
that Win $$$: Lessons from the MIT Enterprise Forum" by Stanley R.
Rich and David E Gumpert (Harper & Row, 1985). Their Table of
Contents example is on pages 32-33. Then you simply open up a word
document, copy the Table of Contents into it, and start throwing your
business ideas into the appropriate sections. Don't worry about form,
flow, or organization at this stage. Just throw all your ideas for
your business into the appropriate sections. Once you have drained
your brain dry of all your business ideas (which you might be
surprised at how few you actually possess), start working on the
business plan to make it readable by others. You will find holes in
it that need filling. Fill them. Don't leave a section untouched.
Address all aspects of your business. Address possible problems
(focus on the likely ones) and tell how you will deal with them
(a.k.a. develop contingency plans). This isn't a thought exercise.
This is a blueprint of your business' success. Treat it seriously.
As for how much time to invest into your business plan, studies have
shown that those that work less than six months on their business plan
have a 90% failure rate. Those that work six months or more on their
business plan have a 90% success rate.
Once you get your business plan done, it isn't done. Far from it. It
is just the beginning. Next take it to a general business
consultant. Have him look over the business plan and tell you what he
thinks. What you want him to focus on is the soundness of your basic
concept. After him, take it to a consultant that specializes in the
industry of which your business will be part. Is someone already
doing what you think is something only you have thought up? Has
someone already tried and failed doing what you think will be your
competitive edge? This consultant might be a cold splash of water in
your face, but that's great. Better learn that now than later after
you have risked your child's college fund on the business. If the
industry consultant thinks you might have a good idea, jump for joy
and head off to the next consultant. Next up is a marketing
consultant for marketing is the most important thing to any business.
It doesn't matter if you have a better mouse trap if no one knows you
do. Marketing gets everyone to know you do. After the marketing
consultant has helped you improve it as much as he can, take it to an
accountant and have him run the numbers and compare them against the
norms of your industry, area, and so forth. Will there be a profit?
Your accountant will tell you. If he says there won't be, don't think
he=92s wrong. He isn't. Go back and work on your business plan. If
you can never get your accountant to tell you that you will make a
profit, kiss him. Yup, right on the lips. I don't care if you're a
man or a woman. Give him a big sloppy kiss. He just saved you from
bankruptcy. At this point, either think of a new business to go into
and start the process all over again or just continue to be an
employee and build your wealth one paycheck at a time. If the
accountant does say your numbers are sound and it looks like you
should make a profit, have a business lawyer glance over the
document. Even if your business is a corner hotdog stand, get the
lawyer to give you his nod that no legal troubles (like a permit to
use that corner for your hotdog stand) is waiting in the bushes to
attack you.
All the above will cost you money but it will be money well spent.
This is not the time to pinch pennies. Do so at your peril. After
you do the above (which should add another month or more to the whole
process), you now need to get the best advice possible. The above
just made sure you=92re not making a mistake. What I tell you next will
make you a success.
What I recommend you do is determine what your sales territory is.
What's its radius? Double that and add a healthy 10% more distance
then go and talk to people out that distance that are in the same
business you want to start up. Literally drive there. Do not do the
following over the phone or email or through snail mail. Show up on
their doorstep during the slow time of their business day. Tell them
that you want to start up a similar business at such-and-such location
and if they would consider you competition. If they say you would be,
drive further away from your proposed business location until you find
a business that says you won't be. If you have to go to a different
country, do so.
If your business' sales territory is theoretically the world (i.e., a
mail-order catalog or an online-only business), forget about the
territory stuff above and simply look for businesses that are doing
business HOW you're going to do yours but NOT selling the same thing
(s) as you. For example, if your business is a mail-order catalog
that sells special dusters for silk top hats, go and talk to people
that sell shoes by mail-order but not anyone that sells anything to do
with the head. Hunt for them, find out their corporate addresses, and
go visit those closest to you IN person.
HOWEVER, do not interview franchisees. They are following a very
detailed plan on how to run their businesses. These plans are very
good, but franchisees have done nothing to write those plans up and
literally just bought them ... thus are useless to you and your
pursuit of knowledge. Franchisees are a murky mutant between an
employee and an entrepreneur. Their franchiser is the one that
figured out how things can be profitably done and the franchisee is
just following suit. As for franchisers, don't talk to them either or
you will have just given them their next expansion location. HOWEVER,
this does not mean you shouldn't consider becoming a franchisee. It
should always be an option you should consider. Not the only option,
but one of them. But even if you know deep down that you'll
eventually be a franchisee, you need to still do the research I'm
laying out here so it is an informed decision. And if after doing all
the following, you (still) decide to become a franchisee, interview
ALL the different chains for your type of business you want to start
up and LOTS of franchisees in each chain to find the one that's best
for you. But that's after you do the following and let's now get back
to that.
Once you find a business that says your two territories won't overlap,
ask if they wouldn't mind answering some questions about how to start
and run a business like theirs. Play to their egos and they'll love
to talk to you. Everyone likes to feel important and worth listening
to ... especially business owners when it comes to their businesses.
Have a list of questions written out on a notepad, but do NOT write
down their answers. Instead, bring a tape recorder (yes, put it right
out in the open ... no need for spyware ... and besides it plays to
their egos as their words are being treated as worthy of being
recorded) and concentrate on getting as much information out of them
as possible ... as well as picking up the other half of the answers
they give in body language. If they say something you don't
understand, speak up and ask for clarification. Let them wander off
your list of questions since to where they wander might be a place
about which you never thought of asking questions and should have
been. However, keep an eye on the questions you've written down and
try to ask them all before the interview concludes. Of course, always
yield to customers that come in, but, naturally, try to continue the
interview after the customers leave so you get answers to all your
questions.
After you've interviewed one owner, don't interview another but go
home and digest what was said. Listen to the tape on your way home.
Think it over. Adjust your business plan accordingly. Adjust the
questions on that notepad and then on your next free day (or the
following day if you've got both off), head off in another direction
and do the same thing. Try to interview at least twenty businesses.
A hundred businesses would be ideal. Interview the good, the bad, and
the ugly. If you're lucky, you'll interview one that is going out of
business or has just went out of business so you can hear about the
dark side ... as well as possibly pick up good equipment, inventory,
and supplies for a song. Likewise, interview those businesses you
think are bad. Keep in mind that since they're still in business,
they are probably doing something right ... if just being the only
game in town for your products/services.
Share as you give. Let them know what you think is a good idea and
they may tell you their own gems. Don't get paranoid that they'll
steal your good idea. They will! Or rather, you should HOPE they
will as that means your ideas are actually good ones. These are the
individuals that are the best judges of your business ideas. However,
you'll never know if your business ideas are good unless you tell
these business owners them ... or blow a ton of money actually doing
the idea and thus finding out the hard way. Also, if you're not
willing to share, don't expect them to as well. In fact, it will
likely take you telling them your best idea for them to tell you
theirs. Also, ask them to read over your business plan right there
before you. Naturally, don't leave a copy of it behind. What one of
these business owners is going to tell you will be better than ALL the
advice from ALL the business professors on the face of the Earth.
Even from the ones that are going out of business! These business
owners are DOING IT RIGHT NOW ... whereas business professors live
in the fairyland of academia. Oh, and that smack-down goes the same
for SBA's Small Business Development Centers (which are manned by
business professors and burnt-out business executives) and SCORE
(which is an abbreviation of the Latin phrase: "Grumpy Old Men Waiting
To Die").
And don't stop doing this after you open your business. At least once
a month (if not once a week), visit still more businesses. And for
one afternoon, make this part of any vacation or business trip you
take anywhere. In fact, you'll very likely get more out of these
interviews AFTER you open your business than before you did. After
you open your business, you can really start to talk shop since you're
now currently running a shop. This worked great for a little-known
starting-out pizza-parlor owner by the name of Tom Monaghan ... the
founder of Domino's Pizza.
And don't forget these individuals after you interview them. Once you
get home from interviewing them, send them a nice thank-you snail mail
letter for taking the time to answer your questions. When your
business opens, send them an invitation to come and see it. Ideally,
hold a special Grand Opening dinner and invite all the good business
owners you interviewed to it. Give them a group tour of your business
(no matter how small the shop is ... even if it is a desk and a
computer in a corner) and then treat them to a nice meal. I'd
recommend a barbecue at your house/apartment so it is informal and
relaxed. Do NOT drink alcohol or do drugs at this dinner. Do NOT
tend the grill but have your spouse or a caterer do that for you.
Listen, listen, and listen some more. You've got the most valuable
think tank right there eating your steaks. They'll just naturally
talk shop and focus most of that talk on YOUR shop. The only downer
of all this is that it would be bad form for you to tape record it.
However, you can put a small notepad in your back pocket and when
someone tells you something good, whip it out and write the thing
down. It will again play to their ego and will actually get the other
business owners there to open up as it plays to their egos and
competitive spirit. Oh, and if they argue, you just sit along
ringside and listen. Do not inject anything since you don't know
anything worth injecting into their argument. After the argument,
there will rarely be one clear winner but that's what you have your
brain for. Think over what both sides (and there can be as many as
there are those in attendance) and try to figure out what would work
in your situation.
Now if you want to really succeed, see if the good ones are also
willing to sit on your Board of Directors (or Board of Advisors, if
you don't want to give them any control power). The rest of your Board
of Directors should be made up of marketing consultants (at least have
two) and one and only one accountant. I'd recommend the board number
nine. Your Board of Directors will help you keep the big picture in
mind and an eye on the future. And pay them! Pay them handsomely.
Tell them what you're willing to pay if they'd sit on your board. Do
not ask for charity since if you get them on your board for free,
their commitment to it will be about as deep and long as a fat
person=92s commitment to a diet. Oh, and if you pay really handsomely,
drop me an email (sj [at] rpwsj [dot] com) and I might be willing to
be one of the marketing consultants to sit on your board.
If you need major outside financing (a.k.a. venture capital), you will
need to assemble a top-notch management team, add them to your
business plan's "Management" section, and their resumes to the plan's
appendix. Sorry, but this isn't the time to bring on your best buddy
or that cousin that needs a job. Your management team needs to have a
track record of actually doing what you need them to do for your
company. They also need to give your company what you lack. If
you=92re not good at marketing, you need to get yourself a great
marketer. Hate doing the books? Get yourself a great CFO. This is
where your best buddy might actually come in handy. Have her/him tell
you what are your weak spots. What you lack. What you're not good
at. When you go into that general business consultant (mentioned
earlier), have that person interview you and point out your weak
spots. Once you know what you're weak in, fill those spots with
people who not only have the work experience to do their jobs but who
are excited about working for an explosive growth company. Just to
give you a heads-up. Few CFOs like working for start-ups so you'll
need to do a really good sales job to get a great one to come
onboard. And how you sell them all on joining you is your business
plan. Let them read it. Discuss it with them. If they point out a
fault in it in an area that they're the expert, don't argue with them
but ask how it can be overcome. If they point out something wrong in
an area in which they're not an expert, calmly address that concern
and how you think you're right about it. Do not use emotion to win
the day but cold hard fact-based logic. Emotion only wins you the
moment but will lose you that person once they're away from you and
the emotional plea will then be viewed for exactly what it is. Once
you have assembled your A-Team, take your business plan to a broker
and have them put you in contact with venture capital firms, hedge
funds, and so forth.
Do note that the above paragraph was placed AFTER you have taken
around your business plan to business owners and assembled your Board
of Directors (Advisors). That was on purpose. One of the things you
can get from your board is referrals to people that would make
excellent additions to your management team.
Lastly, if you're not willing to do the above, you don't have what it
takes to start and succeed at your own business. Period.
Also...
The lifeblood of capitalism is communication between businesses and
their customers/clients. Yes, this means advertising, but that's just
one aspect of the communication I'm talking about. There's also
public relations (such as appearing on local radio talk shows),
business image (everything your customers see), and, most important of
all, word-of-mouth. Approach all expenditures on such communications
as simply an investment. Track how much you spend and what profits it
generates for you. Be always willing to experiment with new
approaches but discontinue unprofitable ones once they've shown
themselves to be this. If you employ a marketing firm, hold them
accountable. Ditch them if they don't produce profits for you after
six months. Don't let emotion decide their fate. Let's the cold hard
facts of accounting be the heavy. And nothing gets a marketing firm
to work hard for you more than them knowing you expect results and
will ditch them if they don't produce.
As for what gets you the best bang for your advertising buck, that
would be postcard advertising ... as long as you have a message that
can be relatively short and concise. The key to postcard advertising
is the mailing list. The fresher the list, the better. You want to
target those who will most likely become your customers/clients.
Spend a lot of time thinking over who this might be. Once you're in
business, find out the demographics and psychographics of your
customers and market to those. As for the postcard itself, EVERY
single word on it should be carefully chosen. The goal of the
postcard is to get its recipient to take some form of action. That
action could be calling and/or visiting your business or visiting your
business' website. The best way to get them to visit your physical
location is to make the postcard a meaningful coupon they can use.
Use color, bold, and all caps in the text of the postcard sparingly
and to just give impact to key words. ALWAYS send out two differently
designed postcards. One to one half of the mailing list and the other
to the other half. Design them so you can track results, such as
giving different telephone numbers to call. If one pulls in more than
the other, try to figure out why that happened and test that theory in
your next dual mailing. Advertising should always be considered to be
fluid and not etched in stone. Adjust with the times, be topical, and
always be willing to experiment.
Now if you put up a website for your company, do NOT take the attitude
of "If I build it, they will come." That only works in Hollywood
movies. Instead, work to get your website high in the results
generated by search engines for keywords that potential customers
might enter into a search engine to find your business type. To get a
high ranking on such search engines, you need links linking to your
website. One way of doing this is by posting a lot to newsgroups and
online forums with a link to your website in your post's signature.
If you post to newsgroups and online forums whose topics of discussion
involve your business in some way, you might also be able to directly
get customers that way. However, this is very time consuming and
requires you to be a good prolific writer. If you're not or don=92t
have the time to spare to do this, hire a service that will work to
get your website a high ranking in results generated by search
engines. You pay them a small monthly fee and they work to keep your
ranking near or at the top. For if you don't work/pay to get your
website high in results generated by search engines, don't bother
putting up a website. That would make as much sense as putting up an
unlit billboard in a dark alley.
And finally two more points...
Barter, barter, barter! Almost all businesses can barter with other
businesses. This is a great cheap way for you to get something
(product or service) you need for your business for a fraction of its
cost ... if not essentially free. Think what other businesses have
that your business needs. Not wants, but NEEDS. Don't overdo barter
or you'll be strapped for cash. Now think what they (or their family
members) might need or want from you. Note I also said "want" this
time. If they foolishly use barter for their desires, that's up to
them. Don't you make that judgment call for them. One person's
desires can be another person's needs. Now go and talk to them about
a trade.
Lastly, ONLY buy used. Never buy new anything that doesn't ABSOLUTELY
have to be new. All it has to look like is being in good
condition ... and not even that if it's in the backroom and your
customers will never see it. Go to sheriff auctions, business
liquidation sales, and garage sales; scan the classified ads in
newspapers; browse the online auction sites (like eBay); and hunt for
bargains. Find a place to store these bargains during this collection
phase. This collection phase usually takes about six months ... which
is just fine since that's the minimum amount of time you should be
working on your business plan anyway. One of the keys to being a
business success is keeping your start-up and expansion expenses as
low as possible and buying used is one of the best ways to do this.
[The other way is barter.] If you do buy something new, it should be
with a great deal of thought on why it has to be new and not used.
Again, if the customers see it, it only needs to LOOK like it is in
good condition and that's it.
Good luck!
Scott Jensen
Jalen
> Jalen <Jalen....@gmail.com> wrote:
> > I have been posted to work in a plant at a small industrial town.
>
> You're in the military?
>
> > I have been trying to figure out what small business to start.
>
> I'd suggest a miniature golf course. It is even a kind of business
> that you can go and do during the evening and weekends while keeping
> your daytime full-time job. All you need is a bit of land and it
> doesn't have to be flat. In fact, a bit of a slope would be good.
> Here's what you do.
>snipped<
Dear Scott,
Thank you very much for the valuable advice. I think the miniature
golf course is a brilliant idea. But there is already an existing golf
course and as you mentioned, i should not start a business that is
within the competitor's vicinity. So, I need to scratch my head to
come up with an alternative. I am a fresh engineering graduate. Just
starting to learn the ropes of my trade.
Jalen
STJensen
Jalen <Jalen....@gmail.com> wrote:
> STJensen <RecreationalPo...@gmail.com> wrote:
> > Jalen <Jalen....@gmail.com> wrote:
> > > I have been trying to figure out what small business to start.
>
> > I'd suggest a miniature golf course. It is even a kind of business
> > that you can go and do during the evening and weekends while
> > keeping your daytime full-time job. All you need is a bit of land
> > and it doesn't have to be flat. In fact, a bit of a slope would be
> > good. Here's what you do.
>
> golf course is a brilliant idea. But there is already an existing golf
> course and as you mentioned, i should not start a business that is
> within the competitor's vicinity. So, I need to scratch my head to
> come up with an alternative.
Is there only one restaurant in your city? Only one church? Only one
gas station? Only one barber? Only one bar?
I'm sorry but I think you misunderstood my advice. The advice of mine
that you're referring to is about getting advice from those doing the
same business as you plan to start up. That's it. It has nothing to
do with possible competition.
Don't be afraid of competition. It is actually good for your business
to have. Those who have no competition are almost always horrible
businesses. Look no further than government monopolies for examples of this.
And now I'll propose something that will probably even astound you.
Start up your putt-putt course right next to the established one. Or
as close a possible while giving yourself room to grow. Try to be
within at least eyesight of each other. You do and what you then
create is a mecca. The two of you will draw even more people than you
would separately. This is why fast food restaurant chains love
locating next to their competition. It is why Wal-Mart and K-Mart
happily locate next to each other. By starting up another putt-putt
course next to the one that already exists, you give people more
choice in their entertainment and, here's the most important thing,
you'll pull customers from further away than your stand-alone would.
That and you will very likely have people go play at one and then head
right over and play at the other.
> I am a fresh engineering graduate. Just starting to learn the ropes
> of my trade.
You're an engineering graduate that wants to start a non-engineering
business??? Explain that one.
Scott Jensen
Jalen
>
> Is there only one restaurant in your city? =A0Only one church? =A0Only on=
e
> gas station? =A0Only one barber? =A0Only one bar?
>
> I'm sorry but I think you misunderstood my advice. =A0The advice of mine
> that you're referring to is about getting advice from those doing the
> same business as you plan to start up. =A0That's it. =A0It has nothing to
> do with possible competition.
>
> Don't be afraid of competition. =A0It is actually good for your business
> to have. =A0Those who have no competition are almost always horrible
> businesses. =A0Look no further than government monopolies for examples of=
this.
>
> And now I'll propose something that will probably even astound you.
> Start up your putt-putt course right next to the established one. =A0Or
> as close a possible while giving yourself room to grow. =A0Try to be
> within at least eyesight of each other. =A0You do and what you then
> create is a mecca. =A0The two of you will draw even more people than you
> would separately. =A0This is why fast food restaurant chains love
> locating next to their competition. =A0It is why Wal-Mart and K-Mart
> happily locate next to each other. =A0By starting up another putt-putt
> course next to the one that already exists, you give people more
> choice in their entertainment and, here's the most important thing,
> you'll pull customers from further away than your stand-alone would.
> That and you will very likely have people go play at one and then head
> right over and play at the other.
Now I get you. Initially I thought you suggested making all the golf
courses 'friends' instead of 'competitors'. This idea of yours is
really worth exploring. I bought E-myth Mastery at a local bookstore.
I will give myself some time off for education.
> > I am a fresh engineering graduate. Just starting to learn the ropes
> > of my trade.
>
> You're an engineering graduate that wants to start a non-engineering
> business??? =A0Explain that one.
>
Lol. I am an instruments engineer. Usually at my trade, when they say
they want to start their own business, it means they want to set up
their own consultancy firm. And I am too green to be having a
consultancy firm. Of course, that might be a very narrow minded way of
looking at it. I will not dismiss other possible business options that
is engineering related. Thanks Scott for your advice. It really helps
me get started.
Jalen
STJensen
Jalen <Jalen....@gmail.com> wrote:
> Now I get you. Initially I thought you suggested making all the golf
> courses 'friends' instead of 'competitors'. This idea of yours is
> really worth exploring. I bought E-myth Mastery at a local bookstore.
> I will give myself some time off for education.
Since you own it, get a yellow highlighter and highlight its good
points. Then after you're done reading it, read over your highlights
at least once. In fact, I'd suggest you highlight all the books on my
book list and then when you get a new one, read over the highlights of
the previous ones before starting the new one.
> Thanks Scott for your advice.
My pleasure.
> It really helps me get started.
While you're reading the books, feel free to come back and post
questions you have about what you've read.
Are/were either or both of your parents business owners? Did you take
any business classes in college?
Scott Jensen
Jalen
> Since you own it, get a yellow highlighter and highlight its good
> points. =A0Then after you're done reading it, read over your highlights
> at least once. =A0In fact, I'd suggest you highlight all the books on my
> book list and then when you get a new one, read over the highlights of
> the previous ones before starting the new one.
That is a good idea.
>
> Are/were either or both of your parents business owners? =A0Did you take
> any business classes in college?
My dad was a business owner in a sense. He was a mechanic who owns a
mechanic shop. But that was a long time ago. Now he is at retirement
age and like me is figuring out what small business to start. He lives
closer to the city. My mom has been an employee all her life and is
contented being so. Now, retired, she considers housekeeping a hobby.
I didn't take any business classes in college. I took some unpopular
electives because the lecturers were interesting. So, yes, I have a
lot to learn about business :) Thanks again Scott.
Jalen