Hi everybody,
How I stumbled across this forum I can't remember anymore. But I have been reading quite a bit for the last 2 days and I like the mindset most people have on here.
What I've think I learned is that to grow a business quick there are a couple requirements. I'm sure I'm forgetting stuff and that not everything will apply to everything but I think these are the main points.
First: Your proces needs to be very scalable. This means that your proces either needs to be (fully) automated, or that employees can do most of the work. In other words, producing facilities must be able to grow big and grow fast.
Why: This means relativ low investment costs like office space, computer stuff like that. And not high investment like CNC machines or even more costly ones which can grind growth to a halt.
Summary: I think this results in a low overhead and possibly high variable product costs depending on product/service.
Second: Sales, it's all in the ability to sell your product.
Why: Your product me be more amazing than the moon landing, but if nobody knows about it, or if you can't sell it. It's worthless.
Summary: Marketing and selling determine the turn over at the end of the day
Third: Create value for your customer. Even though you can sell like the best. If you product doesn't add value for your costumer, they just won't buy it. They aren't stupid.
Why: If your product has no value for your customer, there is no reason for them to buy it.
Summary: Value can be turned into money
Fourth: Don't get hung up in product development. This one is a bit questionable in my opinion. It makes sense on one side because development usually takes alot of time which could have been used growing your business. But on the other side it can create alot more added value for you. I think in the end this is very product, market and person dependent.
Why: Reduce time to market and reduce time you are not selling and growing.
Summary: Although product development can be very profitable it usually also takes very much time and not every product/concept takes off. Leaving you with the chance that you spend allot of money and (maybe more important) time developing a flop or a mediocre product while you could have been growing a business.
And now a bit about me:
I'm 21 years of age. About 6 or 7 years ago a friend and I started developing an laser tag system, we have spend alot of time into it and we have learned even more. Going from very basic electronics like resistors, transistors and leds to programming micro chips, LCD displays and creating protocols to cary data through light. But the most important thing I learned is that with developing things you need to take baby steps. Try to do to much at once and you'll collapse under the weight. This project however is still on going and currently also partly outsourced.
I'm also still school going studying Industrial Engineering and going into my last year now. I also sell and produce scale RC products. This ranges from CNC milling aluminium products to making molds to injection mold products. The turnover from this is not very great. It's actually pretty low. But it earns me more with doing less than any job I could currently get would. I'm currently planning to expand this business a bit more and hopefully it will make me financially independent before I finish my study.
I am however not confident in the ability of my current business/market to be able to let me get into the (even slightly) fast lane. I think this is mostly due to it being more work then running a business which also makes it badly scalable. I am however planning on developing my current business a bit further and probably start up other project into completely different directions on the way.
So basically I have no set plan to wealth yet. And I think that probably should step out of my comfort zone more to achieve something worthwhile. But that is more easy said than done.
I'm sure I've forgotten stuff and I'm sure people have read more interesting things. But just wanted to introduce myself properly to this quite interesting forum.
Any comments are appreciated.
How I stumbled across this forum I can't remember anymore. But I have been reading quite a bit for the last 2 days and I like the mindset most people have on here.
What I've think I learned is that to grow a business quick there are a couple requirements. I'm sure I'm forgetting stuff and that not everything will apply to everything but I think these are the main points.
First: Your proces needs to be very scalable. This means that your proces either needs to be (fully) automated, or that employees can do most of the work. In other words, producing facilities must be able to grow big and grow fast.
Why: This means relativ low investment costs like office space, computer stuff like that. And not high investment like CNC machines or even more costly ones which can grind growth to a halt.
Summary: I think this results in a low overhead and possibly high variable product costs depending on product/service.
Second: Sales, it's all in the ability to sell your product.
Why: Your product me be more amazing than the moon landing, but if nobody knows about it, or if you can't sell it. It's worthless.
Summary: Marketing and selling determine the turn over at the end of the day
Third: Create value for your customer. Even though you can sell like the best. If you product doesn't add value for your costumer, they just won't buy it. They aren't stupid.
Why: If your product has no value for your customer, there is no reason for them to buy it.
Summary: Value can be turned into money
Fourth: Don't get hung up in product development. This one is a bit questionable in my opinion. It makes sense on one side because development usually takes alot of time which could have been used growing your business. But on the other side it can create alot more added value for you. I think in the end this is very product, market and person dependent.
Why: Reduce time to market and reduce time you are not selling and growing.
Summary: Although product development can be very profitable it usually also takes very much time and not every product/concept takes off. Leaving you with the chance that you spend allot of money and (maybe more important) time developing a flop or a mediocre product while you could have been growing a business.
And now a bit about me:
I'm 21 years of age. About 6 or 7 years ago a friend and I started developing an laser tag system, we have spend alot of time into it and we have learned even more. Going from very basic electronics like resistors, transistors and leds to programming micro chips, LCD displays and creating protocols to cary data through light. But the most important thing I learned is that with developing things you need to take baby steps. Try to do to much at once and you'll collapse under the weight. This project however is still on going and currently also partly outsourced.
I'm also still school going studying Industrial Engineering and going into my last year now. I also sell and produce scale RC products. This ranges from CNC milling aluminium products to making molds to injection mold products. The turnover from this is not very great. It's actually pretty low. But it earns me more with doing less than any job I could currently get would. I'm currently planning to expand this business a bit more and hopefully it will make me financially independent before I finish my study.
I am however not confident in the ability of my current business/market to be able to let me get into the (even slightly) fast lane. I think this is mostly due to it being more work then running a business which also makes it badly scalable. I am however planning on developing my current business a bit further and probably start up other project into completely different directions on the way.
So basically I have no set plan to wealth yet. And I think that probably should step out of my comfort zone more to achieve something worthwhile. But that is more easy said than done.
I'm sure I've forgotten stuff and I'm sure people have read more interesting things. But just wanted to introduce myself properly to this quite interesting forum.
Any comments are appreciated.
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