Mind numbing thoughts - starting business

[Dave1320]

Hello,

My first real thread. It will most likely be viewed as incoherent to some. I'm in the process of getting the gears moving for a new business. I have my company name picked, DBA, EIN, PO Box, business phone, webhosting with no website made yet, business cards expected to be here in a few weeks, three business checking accounts (operating, sales tax, and paypal), and waiting for approval for Sales Tax Authority Certification. I attribute most of the initial success in getting things started to this forum. I do have a full time job of 6 and half years. I am a break fix guy working on registers, printers, self-checkouts, computers, rackmounts, ATM's, and etc. I'm one of the best at what I do and it's not self proclaimed. I've made a name for myself here with the people above me, with me, and my customers. I plan on starting the business at home and in no way competing with my current job. I'll only serve residential for the time being. That gives a little bit of background about me.

Now, to the point. I am an over thinker always have been and always will be. I read current posts on this forum and even go back years. I guess I'm wondering if any of you in the midst of starting have just thought over and over about how to make this all happen. Sometimes I feel discouraged and sometimes I feel like this is my opportunity to hopefully do something big. I guess I may feel this way because it's not live yet.

I'm funding everything with my disposable income which I have tapped out. So, now I'm thinking I have to wait a little longer to go live. I just want to do everything right. I want to provide the best customer experience and of course I'd like to make really good money. For those who have just read this and said what was the point of this thread, I'm sorry. For those who are in a similar situation currently, have just started being successful, and those who have been successful for a long time this is just a real human has feelings post.
Are my fears, thoughts, and anxiety normal? I know this will probably be one of the hardest things I have attempted. I know it may have a better chance of failing than being successful. I'm a realist and I never gamble with something I don't expect to lose. That's why I'm blessed to have a ft career and the patience to take my time with this.

This will probably be the most random post on this forum, but maybe other people have had the plethora of thoughts I have and never said anything. This is a great community. The more I learn the more it makes me think.

Thanks for reading and I look forward to your thoughts.

 

[Dave1320]

Forgot to add topics of thought. Some are...

Rates (hourly or flat)
CPA or not
Lawyer or not
Which software
Which forms
And on and on

Sold on screen connect and I know about Technibble start-up kit. Just so many moving parts to this business.

I remember growing up being a computer tech was perceived to be something so special and unique. Today not so much. It's a flooded market with the typical Craigslist techs to the big box ripoff.

 

[frederick]

Other than saying: GO CRUISE THE FORUMS!!!

Rates: whatever your target audience considers acceptable and you consider profitable. I've heard both side of the fence on rates (hourly vs. flat). Personally, I like a mixed, depending on what is being asked. Onsite is always hourly.

CPA: YES! Unless you are an accounting genius come tax time. For the most part, that is the only time you might need a CPA besides calling to ask questions.

Lawyers: Have one in your back pocket. Not a bad idea to save up and purchase a retainer. It's good to have that in place before you need a lawyer and right then and there need to produce the funds for them.

Which Software? Could you be any more vague.

Which forms? Again, you are vague.

We use Teamviewer and Instant Housecall. Personally, I've fallen in love with Instant Housecall and the fact that it's easy to use. I'm having a couple of problems with it right now, but nothing that's made it worth calling Corey over just yet. Instead, I'll shoot a Monkey at his head.

The TN startup kit isn't a bad purchase. Great for getting you started, and then from there modifying them to fit your business.

My morale is always in flux. Some days I feel it, some days I just want to go home. But the trick is to ignore it and just drive on. Go ahead, be a quitter and get it over with if you can't commit the time and energy. Won't affect me one bit. Yeah, it's flooded, so what. If you are so good, then it shouldn't be a problem, right? Don't walk in and say you're a god. I've had a few sales people do that and I told them to quit sucking their own....bertie can finish that statement... Be confident, not cocky. Be honest and transparent, not all cloak and dagger. You can't expect to win it big out the door, so take your hits, they make you feel human. So you need to keep your head high if you are serious. Right now everyone out there between 18 and 25 wants to be the boss without any education or skills and going off of what they think they are good at. As the economy begins to recover, I'm sure a lot of them will have learned their place and disappear. You are acting normal for being new to the game. You only have a better chance of failing if you believe you have a better chance of failing. I look at the glass as being neither full nor empty, and at any time it can over flow or it can get drunk by someone walking by. So my mission is to protect my glass and make that glass do what I want it to do. If I want to fill it, I go out there and get water. If I want to empty, I sit idle and do nothing while it evaporates. It's your business, take the reigns...or don't...

 

[Kitten Kong]

Hi Dave

All I can say, is your thoughts are normal, for a new business start up. During the recession, is one of the best times to start your own business, and making life better for you and your family. If you can survive through the recession, then when your on the other end, things will start to get better and better..

Re your sub topics.
Rates: I'm flat rate only in the workshop. With having for the most part, things automated now, its made life a whole lot easier for me. Onsite, its pr hour. If your just setting off, DON'T set your rates too low. If anything make them a tad higher than the average for your area. Theres numerous threads on here to do with pricing structures.

Accountant: Entirely up to you. I would say yes, get one. But check around, see which one works best for you. Don't simply choose the cheapest. As with everything, you get what you pay for.

Lawyer: I have a client who is a lawyer, and we work on a barter system. I do some work for them, they check my forms, terms & conditions etc.

Software: Ideally you would need some form of tracking software. Again theres a plethora of differences around on the forum. Some techs opt for MHHelp Desk, and rave about that, some rave over PCRT.

Theres usually a trial version. Check them all out, see which of them fits your best.

D7ii. An absolute must have imo. What this software won't do, isn't worth mentioning. Used by a heck of a lot of techs on the forum. Nick the author is a well known member on here, and is always on hand to answer questions.

Advertising: Again check the forum, for what most of us have tried, and you will see whats worked for some, and what has been a waste of time and resources.

Summary. Be the best you can possibly be. Ensure your clients receive the best customer service, and you will thrive. There must be at least a thousand years worth of technical and business knowledge on TN. It's what makes us the best IT forum on the net by far.

 

[Dave1320]

Fred - Thank you for the constructive criticism. It's something I appreciate the most. I don't think I'm god. Simply stating with what I do for a living I'm great. Difference between that and starting a business is I don't have to worry about contracts and getting the customers. I believe that's the big difference. I have the technical abilities, but I'm learning the business skills I'll need. I'm sure I have some. I'll need to refine what I know and learn what I don't. This was more of a blah blah blah about the thoughts and scares one may go through. Picking out what tools I'll need will be done with more research. Again, thanks for being a realist.

Cadished:
As usual you always have wise words. Thanks for all of your input. I really appreciate it.

I spend hours and hours a day reading. One minute I think I'm going to with idea a, read more and like idea b, and then finally I'm stuck not knowing which one is best for me. Time will tell. This is not a negative post just more of an inspirational type of thing. Need a good old slap in the face. Keep on pushing and not giving up. Even though I don't have a need for a business of my own it's something I really want and I'm very committed. The research is consuming most of my time. Have been putting a few other things to the side burner to keep learning. As always you guys are awesome.

 

[Markverhyden]

As mentioned there is a world of info on here. Both technical as well as business/operations.

At the end of the day you need to make a profit. And to do that you need customers who pay you for your services and you need to charge a good bit more than your calculated overhead. All of the rest is a moot point. No profit, no business. Very simple concept.

There is no mention of a business plan. Have you put together something that made you do actual calculations based on you market conditions? Competition? General economic state of the area? Understanding the general market in the business target market is incredibly important to it's success.

You can read, plan, pick software, forms, etc, etc all day long. If the business model/plans wrong then it's just an exercise in futility. And you are the one that pays the financial penalty.

Make sure you have the tools - knowledge, hardware, and software - to get the tasks at hand completed. Then just start pounding the pavement, calling, etc, etc. Pay very close attention to customer responses and activities, especially pricing and cash flow.

And when you get to the point of flying solo make sure you have at LEAST 6 months of personal as well as business expenses covered by savings. Absolutely do not use credit cards for those items during that period. Nothing wrong with using the CC for parts purchases that you get paid for. Even better, get the customers to make those purchases directly to minimize your exposure.

So to summarize. Get the cash flow and profits flowing. Some items are critical to that step and some are not. Then worry about folding in the rest of the details.

Best of luck!!!

 

[Dave1320]

Thanks Mark. Today I did some basic calculations on what I'd like to pay myself an hour plus my projected overhead and broke that down to what I'd need to make in a 5 day work week. It gave me a start and I was pretty impressed with the numbers.

There are a few competitors in the area. I feel there may be enough work for me to fit in. I have come up with several routes of marketing I'm interested in. The best one is my girlfriend is a hair dresser. She's going to hand cards to all her clients. She's an entrepreneur which is awesome. Logo on the back of my truck and some good seo to start.

I'll have my ft job to get me through the door so I dont fall on my face.