$10,000 What would you do?

stud d

SGF, Supreme Grumble Framer
Joined
Jun 17, 2003
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next too you
Let me say where I am coming from first then I shall ask for advice. I have been in this industry for 8 years now. On everyside of it, frontwards and backwards. I have a book of ideas that I have been getting together now for about three years. Ideas on framing, laying out a space, taking classes-about eight, branding, advertising, lets just say a bunch of stuff. I know where I am and where I need to be. I have been on this site for two years now and I see the posts of people who want to jump into the business not knowing anything.

I am pretty confident in my framing abilties. I have purchased a 60 inch Fletcher mat cutter, a phaedra saw system, an electric sander, a vice, several different typesof saws and wood working tools. I am in the processes of acquiring a vnailer. I know where I want my shop.

So...where am I going? That is my question. I have just recieved a check for ten grand. I know this is not enough to make a real attempt at a shop at this time. I would like to have atleast double that. I need the business end and am not sure where to turn. The classes that I have taken have been helpful, but I don't think I will learn business in a day at the best of classes.

I did not expect this money. Now I am looking ahead to what I want and how to geet there. What would you do, to advance yourself far enough within the next two years to have enough money? What classes, or who would you speak to in order to get the ball rolling?


I know this is all over the place, and my brain is working like this at the moment. I did not ever expect to be closer to my goal, so this is a good shock.

Any ideas or thoughts would be greatly appreciated.


d
 
What would I do with 10k or what should you do with 10k?

Sounds like you got it all under control. As Bob Carter would say, "You go girl."
 
But I need a big step...I have been shuffling along for a couple of years now. Doing good things, but the next step I seem to be missing.


I to have taken a class from the wise one. In Atlanta 2004, I believe your were in there as well. I can not remember the name of it.


sorry it should be as jay said-me, i, if you were me?
d
 
I'm not sure what I would do with the 10k, I'll have to think on it. But, after 4 very long years of being underfunded all I can offer is you need much more than 20k to make a go. I'd say at least 50k but if I had it to do again I would secure a 100k line of credit. Any plan to skimp on location because they will find you since you are a good framer should be abandoned immediately. Think like a business person first, and a framer last.

Good luck!
 
Sounds like you have a lot of your ducks in a row (as they say), but I would be sure you have a good plan and adequate financing. You are going to have to make a major commitment to a lease and build-out as well as inventory and marketing expenses, so be sure you are adequately capitalized. See if your town has a branch of SCORE (Service Corp of Retired Executives). They are a group of Bob Carter types who generously offer their expertise to persons in your position. Although they won't know the framing business per se, they will be able to give you some sound basic business advice. That $10K is a nice find, but you'll need more in order to avoid misusing what you have. Good luck
:cool: Rick

P.S. Don't locate next to me.
 
I would say $10,000 is less than needed to start a business. Even though you have already purchased equipment, I would do some more "homework" on a business plan, expenses, projections, etc. before taking the leap.

If someone dropped $10,000 in my lap right this moment - I would buy real estate in a market that is not over-valued! (saw aol's article this a.m.!) or keep a W-2 job til I had more cash to invest in the business.

Good luck, whatever path you take!

Roz
 
Kathy love I am trying to think, that is why I have not acted. I am extremely happy and know that this is a great thing. I know it is not nearly enough, specially reading Tom's posts (forget his alias from FL). He is much smarter than myself and he had 3 times the amount I have.

I have taken a class at the local SBA group. It was about getting a business started. I took that about ten mounths ago. I will probably take it again this year, and another one. That is a handicap for me and I know I need to become educated with this. But when I look around the classes even at colleges don't seem to be business-they are like stat classes.

The location won't be skimping. I have been very fortunate to see a couple hundred shops, I do now realize that location is not just a saying.

Thanks for your advice it is appreciated

dx
 
Hey D-The first thing to do is to leverage that 10K into 20K or 30K (or more). With some tangible assets (and there ain't anything better than a CD for 10K to solidify an asset-based loan), you might ave enough to make a splash

Way too often, folks go into a venture undercapitalized (and 10k qualifies) and then fight from behind the eight ball-and the eight ball never moves

I heartily recommend that you strike up a private relationship with Jay. He has become quite adept at bootstrapping and can share some wisom from a "been there, done that" point of view

If you learned anything at all from any of my classes it is that it is harder than it looks.

And, without a good sense of your market, your needs and your numbers, you are sailing without a compass

I don't mean to offer Jay's help, but he has come so far in the last 18 months. And, he started out with a dream just like yours
 
Rick I shall look around for SCORE I have forgotten about them. Thanks for that.

Roz I had been working up a business plan, but it is all so unfamiliar to me. I do not want to write in BS I would want it to be realaistic so I could save accordingly. I remember a couple months back a guy doing a business plan on hear and asking for advice with plugging in numbers. I will have to get out mine and see his numbers and ask some questions about that.

I was thinking about real estate in the area that I am looking. I know ten won't buy me anything, but what could I do in order to have the money make money. I know I can put it in the bank or try something else. What else? I am not crazy about stocks.

I will definitely be holding on to my job until i have to let it go. I have even started a second job to save a bit more.
thanks Roz

I want to know how one would go about getting the demographics for a region? Is this something that is paid for or is it free?

df
 
Bob,
what classes are you teaching in Vegas? I am not signed up, don't have a ticket, but I figure I got to start someplace


I have been reading books about bootstrapping and business. I know I am going to have to do it. I just want to have as much as I can before I do that. I am working on apying off bills and debts so that stuff is clear. The wonderful Sallia Mae-school loan will be the never ending bill.

Thankt you Bob
Dc
 
Stud,
How close are you to KY? I can talk to you about a shop KY.

Jerry
 
Sorry Jerry it would be east of there, not willing to relocate. I moved to this area for this.
Thank you
d
 
Go to vegas, go to some classes and then put the rest on black, you will learn a couple things.
 
Tim I thought about that...i did but I know my luck! SO I will go to Vegas it has been a while since Atlanta 2004. Gosh I wish my lady could go...so does she, but this is simply work
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d
 
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