Wednesday, October 30, 2019
19. New Business, New Napkin
Bare with me as I continue to try to learn how do draw using my iPad and Apple Pencil. I learned how to use some new tools as I went along in making this, I tried different opacities and textures in places, so I had a great time with it. Realize, "Lahera" was the first thing written, so I think it got better after that. This skill could actually help me with my business because of the basis of the business. As you can see my caricature made a reappearance in this Idea Napkin.
1. I think that this portion is not really changed for me because I started maneuvering towards this business while writing my last napkin idea. I knew that I did not want to be in the ice cream business and so I started talking about how I could use the skills that I do have to make a business that would flourish. I knew that through my involvement in political campaigns and running for office myself that I had a public relations/campaigning background. And at the end of the day, all a campaign is is one big public relations project. With that being said, I knew that I excelled at social media, graphics, and vinyl work. Now that I have shifted to this business, I would like to see it develop into something that aids small businesses in their pursuit for brand awareness. Eventually, I would like to transfer into investment where we work side by side with small organizations, particularly STEM, and help them compete with the current giants. The current system allows the giant companies to invest in small firms and then absorb them when they get what they want. I feel this limits the development of the market, and I think I have the avenues through this to correct that.
2. I am sure that we have all seen the companies who either start their business page on a profile on Facebook or if they can figure out how to make a business page, they don't have a good brand to make the profile or cover photo. They also may not have used it since starting their business, which I understand because they are probably busy selling product. However, there is so much potential with social media or any form of advertising campaign that will help them get where they want to be as a company. So, I'll solve customer needs by creating a brand for them, logos, cover photos, graphics, t-shirts, decals, etc. and run their social media accounts, email, and direct mail lists. We will revenue share all of the increases that they see from new sales. I will even try to help them set up a shop on Facebook to help expand even more.
3. I am selling to small business, startups, entrepreneurs across the state of Florida. Because this is a primarily media-based I can work with people that may not be geographically close. For example, right now I manage a campaign in Citrus County which is about an hour and a half SW of Gainesville. Because of technology today, I think that I can pretty much stretch my business out pretty far. I also do not see myself starting a brick-and-mortar for this concept because of the decline they are seeing. It is much harder to be profitable when you have so many extra, unnecessary costs. My customers will all be people so busy to handle their marketing or not media knowledgable enough to do it on their own. As someone who frequently creates graphic art, I can tell you that people are either trying to figure out how to do these things themselves or they are finding someone with little skill to do it for them. I'm no expert, but there are just some logos that I look at and cringe because of the quality. Personality wise, I think all of my customers are eager to expand and build themselves up and place themselves behind a brand that they can be proud of.
4. Customers will not have to pay me right off the bat. They can pay me once they are getting paid. With that being said, I am valuable to them, once they start seeing some value added to their company. People recognizing the brand and shopping there because of it, people going on and using their online platform to order products, or seeing an advertising and buying goods through that. This concept for my business will help me also because it makes the customer feel like there is little risk involved and they can work to pay me without having to break the bank. I know graphics/advertising tends to be expensive, but this is an affordable way to attain them.
5. Having run for office, I know what it is like to manage all of your self-promotion by yourself. It is very difficult and you do not have a lot of people that can do it for you. Because I have been in a similar place I think that helps in the process. I am also young which allows me to possibly see things from a different perspective than most business owners and show them the value of increasing their web of connections at a low cost. Today, everything is about the brand that you put forward, it has always been important, but I think that fact is more so today. With my current connections and ability to communicate, I have the energy to see people grow and the drive. You really cannot fake passion, and if you try, I think you'll fail. I truly want to help small businesses and I think that is what sets me apart.
Overall, I think that with this business concept I am much more put together and able to execute it to its fullest potential. Not to mention, I am much more passionate about helping small businesses grow rather than selling ice cream to people on the street corner. There are still some weak points that I want to work out. For example, I want to also create merchandise for these people (i.e. shirts, stickers, decals, etc.). Do I clump it in with my consultation and media, or do I start a separate subsidiary LLC that deals with that. In the long run, the latter option might be better, just so that I can focus more on the holistic idea of building the brand for people, and allow someone to manage the merchandising portion of the company. In reality, I think the focus of the company would get muddled if I attempt to link both together on all projects. Also, if the merchandising side only deals with clients of the brand side, it may not be a profitable revenue driver. This is the biggest thing that I can think of that I need to sort out as I move along in the process, but I am much happier with where I am now.
Because I had a different idea for the last napkin, there is not much feedback to compare. The Creamed Gator was a terrible idea even if nobody was willing to tell me. That's the feedback that I can give myself. I did, however, this time include a picture that I think brings more elements together and allows the audience to visualize what I am referring to. I am glad that idea is far behind me and will not ever be considered again. If someone wants to try it and take it, more power to you. I am much more satisfied doing consultation in an area that I am comfortable. Maybe that's the feedback that I needed from myself, more of a realization if you will.
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Nick,
ReplyDeleteIt seems like you have a strong foundation in place in terms of developing your business. I think that you are correct in that with technology (and because of the nature of your service), you can essentially work for anyone, anywhere geographically. I think that the customer paying you once they see results is risky (I believe Dr. Pryor mentioned it is better to generate revenue as quickly as possible as someone would if they are relying on the startup to pay bills), but I understand your motivation for doing it that way (better customer value proposition, easier to convince a customer to work with you initially). Great work overall!
Hey Nicholas,
ReplyDeleteGlad to see you are still drawing with the iPad/Apple Pencil, the illustration is definitely on point. Becoming a consultant has many advantages, one of them being that you don't need a physical office as you mentioned. It's good to see you've come to the self-realization of choosing a business that you are actually passionate about, I hope to make a similar transition sometime in the future. Your question about creating a secondary LLC for the merchandising aspect of the business is a tough one, but I must agree that it would be best in the long-run. Maybe it would be more cost effective create the second LLC once you've been in business for a couple of years. This may give you a chance to see if it is a good revenue driver without going through the hassle of creating a whole separate business entity.