This tape will self-destruct.
Ten years ago, I wouldn't have presumed to give anyone advice about business. I was coming out of some disastrous business decisions (mostly related to over-expanding and bubbles, sound familiar?). I was still deep in debt.
Oh, sure. I could've given advice based on "what not to do" which would have been valuable, but who would listen?
I probably still need to point out basics like -- I may be wrong. Your mileage may vary. In my humble opinion.
But there are so many missteps that I see small businesses make, that I feel like I need to point out alternative ways of doing things.
I made most of the beginner mistakes -- but fairly early on, I ran across a book called "Growing a Business" by Paul Hawken, who advised that you grow your business within your means, that you don't get caught up in accouterments, and that you focus on basics. Sure, he was a promotional type of guy -- his book was proof of that, but my leanings against promotions came later.
I tried any number of advertisements and promotions, and I'll be damned if any of them really worked. At least, if you start adding up the time, energy, space, and money costs. Not to mention the complications and stress.
I'd drive all the way over the Portland to make a few hundred bucks at a convention, until I came to my senses. I'd add up the costs of staying late in order to host tournaments, or special events. I'd add up the costs of advertising and try to discern even the slightest benefit. I'd wrestle the online auction world, only to come away frustrated with minimal results. (Strange how I would always come up short at the end of the month at exactly the same amount that I spend on advertising; even stranger that I stopped coming up short at the end of the month when I quit.)
Another beginner mistake I made was to keep my prices artificially low. I had a perfect opportunity to charge suggested retail price (SRP) for sports cards during the five years I more or less had a monopoly. I probably charged about 20% less than I should have -- I did not foresee the day when a 20% discount would no longer be enough -- nor a 30% discount, or a 40% or a 50%. No, I had to pay people to be customers.
I also learned my lessons about bubbles. Sport cards, comics, magic, non-sports cards, beanie babies, pogs, Pokemon, all exploded in size and then collapsed, leaving wreckage. I became so attuned to it, that I could see the housing bubble a mile away, and prepared for literally years for the day when it would all come tumbling down.
Anyway, much of my advice is directed to people so that they can avoid making the same mistakes I did. I feel more comfortable about giving that advice since the last 5 years have been among my best years, profit-wise, despite it being the biggest downturn since the Great Depression.
I also had to opportunity, with my wife Linda, to open a used bookstore, The Bookmark, where we were able to have a fresh start, and apply all the lessons we had learned.
And darned if it didn't work.
So again, I remind people it all IMHO and YMMV advice. You can take it or leave it.
Ten years ago, I wouldn't have presumed to give anyone advice about business. I was coming out of some disastrous business decisions (mostly related to over-expanding and bubbles, sound familiar?). I was still deep in debt.
Oh, sure. I could've given advice based on "what not to do" which would have been valuable, but who would listen?
I probably still need to point out basics like -- I may be wrong. Your mileage may vary. In my humble opinion.
But there are so many missteps that I see small businesses make, that I feel like I need to point out alternative ways of doing things.
I made most of the beginner mistakes -- but fairly early on, I ran across a book called "Growing a Business" by Paul Hawken, who advised that you grow your business within your means, that you don't get caught up in accouterments, and that you focus on basics. Sure, he was a promotional type of guy -- his book was proof of that, but my leanings against promotions came later.
I tried any number of advertisements and promotions, and I'll be damned if any of them really worked. At least, if you start adding up the time, energy, space, and money costs. Not to mention the complications and stress.
I'd drive all the way over the Portland to make a few hundred bucks at a convention, until I came to my senses. I'd add up the costs of staying late in order to host tournaments, or special events. I'd add up the costs of advertising and try to discern even the slightest benefit. I'd wrestle the online auction world, only to come away frustrated with minimal results. (Strange how I would always come up short at the end of the month at exactly the same amount that I spend on advertising; even stranger that I stopped coming up short at the end of the month when I quit.)
Another beginner mistake I made was to keep my prices artificially low. I had a perfect opportunity to charge suggested retail price (SRP) for sports cards during the five years I more or less had a monopoly. I probably charged about 20% less than I should have -- I did not foresee the day when a 20% discount would no longer be enough -- nor a 30% discount, or a 40% or a 50%. No, I had to pay people to be customers.
I also learned my lessons about bubbles. Sport cards, comics, magic, non-sports cards, beanie babies, pogs, Pokemon, all exploded in size and then collapsed, leaving wreckage. I became so attuned to it, that I could see the housing bubble a mile away, and prepared for literally years for the day when it would all come tumbling down.
Anyway, much of my advice is directed to people so that they can avoid making the same mistakes I did. I feel more comfortable about giving that advice since the last 5 years have been among my best years, profit-wise, despite it being the biggest downturn since the Great Depression.
I also had to opportunity, with my wife Linda, to open a used bookstore, The Bookmark, where we were able to have a fresh start, and apply all the lessons we had learned.
And darned if it didn't work.
So again, I remind people it all IMHO and YMMV advice. You can take it or leave it.