By contrast, when it comes to marketing, small business owners have historically been asked to take a leap of faith, spending money without any clear sense of how much positive impact it will have on their business. Put bluntly, learning how to market a small business can be perplexing. In essence, traditional small business marketing techniques have escaped any clearly definable return on investment (ROI) analysis. It’s for this reason that so many small business owners write off marketing as if it were a get-rich-quick gimmick. When, in reality, it’s at the heart of any successful business.
I live in Northern Va and have the same concerns. I save those little silica gel packets every time they come in a new product and put them in my tool drawers. I also salvaged a dehumidifier from a neighbor that I need to repair and set up in there. I use the wall mounted AC in the summer to keep it cool enough to work in there. Although I haven't gone back yet to insulate the ceiling, it stays really cool in there if i want it to be.
I think the music comment was about speakers for playing music. I put a few 8″ in ceiling speakers in from MonoPrice.com ($60 / pair I think) and love them. A space that big would probably need at least 3 pairs. You’re not throwing a rock concert with them, but they provide very decent background music for not much cash. The speaker wire from MonoPrice is dirt cheap too. Just add a cheap receiver to drive them. Of course, you probably don’t want to spend that cash at the moment. But it’s a good starting point for the future.
Lease build-out credits – These credits represent the ability for a tenant to make leasehold improvements in their commercial space at the expense of the landlord. These expansions and improvements are necessary for the successful operation of the business. With build-out credits, landlords either offer a reduced rent, reimburse the tenants, or pay directly out of pocket.
While the recession brought with it a well-documented squeeze on small business lending from banks, there are a number of alternative funding sources available to those who are starting or expanding their small business. Loans and/or equity investments can be sourced from multiple sources, including credit unions, savings and loans, and private financial companies. Family members, friends, and colleagues are also potential avenues to explore.
Chances are if you’re starting a new small business, you’re not afraid of a little risk. However, it’s also highly likely that you have invested a large amount of money in this new endeavor. It is only prudent to take sensible steps to minimize the impact of unexpected events, like the untimely death of a business partner, a lawsuit from a customer or employee, or a freak accident of nature.
To get the most out of your router, you are going to want a router table. You may find yourself asking if you really need one - if you do, check this post out. It's one of those purchases that you won't truly understand how valuable it is until you have one. Given the budget of $2,500, I'd suggest looking at the Bosch RA1171 ($150). If you want to see our favorite tables along with write-ups, check them out here.
If you have a small shop, you're probably not going to have the option of milling your own lumber to square. So the easiest way to go is to buy boards in the thickness and width you'll need. When buying sheet stock at a lumberyard or home center, the employees there can usually cut boards or sheets down to approximate sizes for you on a panel saw–sometimes for free, but typically for a fee.
Well, I hate pegboard, pegboard’s in every shop, people use the heck out of it. And what I wanted to do was start moving the tools in, get a few of them in and then maybe just build some little racks for the screwdrivers and a few of the things like that. But things that are like categories – like a drill, drill bits – just let the drill bits be right here. Certain things maybe that you don’t use all the time, hole saws or maybe brass for something like that, can go down in other drawers.
So what’s the downside? Well, for starters, RV conversions aren’t exactly known for quality. Most manufacturers use cheap (i.e. shitty) materials, and just don’t build their vehicles to withstand the stresses of full time living. You’re also locked into a pre-designed layout, so it will be a lot more difficult to customize how everything functions.
To avoid buyer’s block, define the core characteristics you absolutely need in your business. Write them down in a prioritized list ranked from ‘deal breaker’ to ‘would be nice to have.’ Now cross off the bottom five and focus only on the ones that are left. Compromising is essential in choosing a commercial space, especially in popular neighborhoods. Besides, you’d be surprised how what once seemed like a less than stellar storefront can become your dream location once you get those creative juices flowing.
Begin by cutting off a 10-in. length of the board and setting it aside. Rip the remaining 38-in. board to 6 in. wide and cut five evenly spaced saw kerfs 5/8 in. deep along one face. Crosscut the slotted board into four 9-in. pieces and glue them into a block, being careful not to slop glue into the saw kerfs (you can clean them out with a knife before the glue dries). Saw a 15-degree angle on one end and screw the plywood piece under the angled end of the block.
The threshold area, also known as the "decompression zone," is the very first space that prospective customers step into when they enter your store. It typically consists of the first five to fifteen feet worth of space, depending on the overall size of your store. It's also the space where your customers make the transition from the outside world and first experience what you have to offer.
As always, great article! While my dirtbag adventure will likely only be about 6-7 months, I am starting to wonder about logistics. You mention that most people use the automobile they have. I drive a Prius. Not ideal for sleeping in, but I’m a pretty content ground dweller. I know that long-term I may start to question this. Here’s the proposition I’m considering: by saving on gas (45-50 mpg), I can occasionally cough up the money for lodging when I feel the need for added comfort. I can definitely do the number crunching, but I’m wondering if you’ve encountered people doing this or did similar analyses of your own at any point. I’d love to hear any insights you may have on this.
If you dream of devoting your life to a cause you believe in, it might be time to start a nonprofit. You’ll need to incorporate your business and file for 501(c)(3) tax-exempt status -- and then you’ll be required to meet ongoing standards of compliance, but the payoff is making a meaningful impact on a cause you believe in. Want to do good while still making a profit? Consider social entrepreneurship.
When registering your business name you should also consider whether or not you have plans to expand your local business nationally or online in the future. Registering your business with the state does not offer brand protection beyond the state it is registered in. For example: If Bob’s Bike Shop is registered in New York, no other business will be able to use that name in that state. However, someone in Idaho can still register their business as Bob’s Bike Shop. If you have aspirations that look beyond Main Street, USA and would like the option to expand nationally or on the web, you should consider trademarking your business. When you trademark your business name, it makes it a lot easier to recover property that infringes upon your brand. For example: If Bob’s Bike Shop in Ohio purchased the domain www.BobsBikeShop.com but Bob’s Bike Shop in New York trademarked that name, legally Bob’s Bike Shop in New York has the right to file a domain name dispute to get the domain name back from it’s current owner.
When it does come time to choose a long-term space and negotiate a deal, it’s important to remember that there is more to discuss than just the monthly rental rate. Subjects you’ll want to raise include the proposed length of your lease and options for renewal, responsibility for ongoing maintenance and repairs, payment of utilities, and obligations around property insurance. Parking rights are also essential for many, especially businesses located in a small shopping center.
When starting a small business, many store owners underestimate the value of a persuasive shop design. What they don’t realize is that people are visual creatures. In fact, 90% of the information transmitted in the human brain is visual. Clear, consistent store design will ensure that you attract your ideal customers into your business by delivering a subconscious uniform message.
A software engineer needs to know how to code. An administrative assistant must answer phones and organize paperwork. But a marketer typically needs to wear many hats, from writer to advertiser to strategist. And unlike other job roles, marketing employees can affect the core of a business by changing the way it’s positioned — and they can be held accountable to the company’s bottom line.
The first is that they will need to be powered by a product catalog. Many times that already exists and an app will just leverage APIs or web services to pull back products. If it doesn't, however, it will require either a custom buildout (beware!) or leveraging platforms like Shopify, Magento, or comparable solutions. The strength of these tools include providing the administration interface to add new inventory, APIs or SDKs, ways to store items in a cart, and similar features. The downsides are that you'll be limited by their workflow and customizations.
Does it motivate you? This is a tricky one because sometimes we have to do the work that we don't want to do to become successful. On the other hand, if it doesn't motivate you, you just literally wasted your time writing it down because you wont complete it. Consider your skill set and desire to want to work on that goal to help you eliminate goals (because you can't do everything).
As you can imagine, this collective overflow of dare we say, lack of imagination, has resulted in a surplus of duplicate business names across the country. This wasn’t necessarily an issue until the internet came along. The introduction of the World Wide Web has left small business owners from all over the world competing for the same digital real estate: www.tonyshardware.com, facebook.com/tonyshardware, @tonyshardware and more.
Another option to consider is an expensive but efficient Festool dust extractor. These dust extractors are designed to work with other Festool tools, but they also match up with most other brands' compact power tools as well. A nice thing about Festool's vacs is that the hoses dock neatly inside the units. There's almost nothing I value more for a compact shop than self-contained storage.
To simplify this process, hire professionals with experience helping business owners by assessing their needs, developing their budget, and negotiating their commercial lease. Managed by Q is a company that not only assists with pre-lease planning, but also provides help with renovation project management, space planning, and even administrative support. Managed by Q offers an array of services that can help save you time and money. Click here to set up a free account and get started.
This project may look a little overwhelming and I do consider myself pretty handy. However, I think just about anyone could complete this project. This was my first real experience building a solid floor, framing walls and sheathing/ shingling a roof. I spent a lot of time researching and educating myself on proper construction techniques. I have not come across any glaring mistakes along the way, but I welcome comments about the construction from more experienced builders.
Congratulations on building such an awesome shop. Ultimate man cave! Glad you have a cooperating HOA. I’m currently inviolation of my CC&Rs since I occupy 1/2 of a two car garage and the rules say you can’t use the garage for anything other than your car. So far no violation letters. One thing your missing…a fridge. Looking forward to many more guild builds.
Remember the social media networks we asked you to secure in section five, Choosing a Business Name? Well, now is the perfect time to activate those channels. Use social media to build excitement about your grand opening and keep potential customers informed about special promotions and sales. People want to know what makes you special, so tell them why your store or restaurant will be different to what is currently available. From sharing pictures of that new fancy espresso machine or sneak peeks of your store’s interior, you can gain buy-in to your central message and build some anticipation before you even open your doors. Knowing how to to leverage key social channels is imperative to starting a success small business that will stand the test of time.
If I had it to do over again, I would stick to an entry level miter saw and table saw until I had both the funds and need to upgrade to more capable saws. Because of this, I'd stick to the two saws we looked at in the $500 build: The Craftsman Table Saw for ~$150 and Hitachi 10 inch Miter Saw for ~110. These two additions bring our running total to just over $500.