Hi All from the Mornington Peninsula, Vic

[sforrester]

Hi all,
just thought Id introduce myself

My names Steve and im on the Monrnington Peninsula in Victoria.
I'm currently in the process of opening my second company.
If there is anyone else close to me who wants to get together to shoot off some ideas that would be great!

Thanks

Steve

[Carl Taylor]

hi steve,

thanks for joining us.

what are the 2 businesses that you are in?

How long have you been in business?

[sforrester]

Hi Carl,

Well my first venture I have sold off. It was a small company that put up signs for commercial real estate agents (and residential). It was more of a "lets see if I can put into practice all those things I think I know".
It didnt work out too well, mainly due to poor planning and a bad partnership I was involved in (business partnership that is).

I am almost finished my new business plan and have been subtlety marketing my next venture to Marinas and boat companies around the area and have been getting a much better response. I am going into commercial diving with a view to license the operation once successful.
Im currently working on the operational plan for the various positions within the company (thanks Michael Gerber!) and feel like I am in a much stronger position both in planning and in capital to make this venture work.

[Brendan]

Hey Steve, Welcome to the forums!

I think its great you tested the water with your first business and took the right approach to establishing how much you actually knew in business, a lot of people think they know it all and fail within the first 6 months and never really know why!

Your new business sounds great.

What are some of the biggest challenges you have faced so far in business?

[sforrester]

I think the biggest challenges that ive faced is probably the standard accross the board
1. Underestimating the competition, and their power to react to competition. Price isnt anything and that customers want value not just in terms of dollar value.

2. Going into business with a mate and no clear idea of who does what. Now i know im preaching the e-myth stuff hear but I think that was a fatal flaw in my first business desgin. There was no accountability and inconsistency with all tasks .

3. I would say that another thing we didnt do was really play on the terrific branding that we had. We had a fantastic design and image. The vehicles were signed up and we had great uniforms but we left it there. I would in Hindsight have developed a whole range of stationary and gift packs all signed up for clients and leads.

4. Planning...PLANNING PLANNING PLANNING PLANNING, RESEARCH...RESEARCH..RESEARCH..RESEARCH! Enough said on that note.

[J_D]

It is funny you mention Promotional materials such as branded stationery and gift packs.

I have previously worked int he promotional and marketing industry and i find it interested that alot of companies (big and small) or marketing managers, do not see the value in producing a fantastic looking pen, colour coded and branded effectively instead of the pen that looks good but has nothing to do with the brand and what their company stands for etc.

You have just stated your 3 biggest challenges in your previous venture and like a good smart entrepreneur, i am sure you will take those lessons learnt into your new ventures.

Thanks for sharing :-)

JD

[Slade]

Welcome to the board steve, are you going it alone on this venture, chosing not to go with a partner at all?

I personally prefer the solo route.. and have a team working for me, it works a lot better for me that way.

What a pitty you didn't read an article like this before you started your first business - What to Look for in a Business Partner - Aussie Tycoon

[sforrester]

Hi Slade,

I will definately be going this venture solo. I prefer to be fully accountable for the decisions.
I had to laugh when I saw that article come out yesterday as it certainly highlights some of the key things that I felt was wrong in my old partnership.

I dont think I would go into business with someone again to be honest, investing I would to pool capital but for a living, breathing thing like a company I would have to say I have been burned once too often.