Starting a REAL Business - Follow My Progress
Starting in 2013 I want to start focusing my efforts on a new business venture. I have been fixing items (a specific niche, that I won't release right now) locally for some time now, and I'm ready to launch a nationwide (U.S.) mail-in repair service. I'm hoping to record the process, get some advice along the way, and leave behind a guide that others can use to benefit themselves on their own ventures.
How my business will work:
Step 1: Customer makes purchase on website.
Step 2: Customer sends in broken/damaged item.
Step 3: I receive, diagnose, and repair the broken item.
Step 4: I ship the item back to the customer repaired.
This model has been done by many companies successfully. I will be offering the fastest repair times (24 hour turnaround), 90 day warranty, and free return shipping. I will not release the specific niche at this time.
Where I'm At:
The website is complete, the branding is done, social media accounts for both Twitter and Facebook have been created, and I'm ready to jump right into this. I have my VoIP set up through Twilio and OpenVBX ($0.07/min), website registered with Shopify ($25/mo), and business email established with Google Apps. I purchased all of the tools required ($40) and a supplier for the parts. I've been updating a "repair" blog on the website to try and gain some credibility, positive SEO, and more traffic; but that should take some time to start accumulating.
The market is huge, and there is a big need for my services. There is also a decent amount of competition, but none of which offer my incentives. The profit margin is between 50-60% per sale, depending on the repair and parts required. The average repair costs roughly $70-80.
So far I have focused on paid advertising. I have purchased $40 in banner ads through Buy Ads | BuySellAds that targeted my niche, but didn't get enough traffic. I have tested a small amount of Facebook advertising but am worried that the demographics are too broad to get a decent conversion rate. This week I'm gearing up an Adwords campaign with several different copies, to determine if I can find a method of advertising that generates a positive ROI. From there I'll tweak and test until I find the best results in terms of profitability. In the future I expect to expand my marketing efforts and implement a large SEO campaign, but I'd like faster, concrete results right now.
Please critique my model, and give me advice. I will be updating this thread as often as I can, and testing a wide variety of marketing methods. This is the real deal - I'm hoping to motivate others to pursue their ventures and give back to the community!
How my business will work:
Step 1: Customer makes purchase on website.
Step 2: Customer sends in broken/damaged item.
Step 3: I receive, diagnose, and repair the broken item.
Step 4: I ship the item back to the customer repaired.
This model has been done by many companies successfully. I will be offering the fastest repair times (24 hour turnaround), 90 day warranty, and free return shipping. I will not release the specific niche at this time.
Where I'm At:
The website is complete, the branding is done, social media accounts for both Twitter and Facebook have been created, and I'm ready to jump right into this. I have my VoIP set up through Twilio and OpenVBX ($0.07/min), website registered with Shopify ($25/mo), and business email established with Google Apps. I purchased all of the tools required ($40) and a supplier for the parts. I've been updating a "repair" blog on the website to try and gain some credibility, positive SEO, and more traffic; but that should take some time to start accumulating.
The market is huge, and there is a big need for my services. There is also a decent amount of competition, but none of which offer my incentives. The profit margin is between 50-60% per sale, depending on the repair and parts required. The average repair costs roughly $70-80.
So far I have focused on paid advertising. I have purchased $40 in banner ads through Buy Ads | BuySellAds that targeted my niche, but didn't get enough traffic. I have tested a small amount of Facebook advertising but am worried that the demographics are too broad to get a decent conversion rate. This week I'm gearing up an Adwords campaign with several different copies, to determine if I can find a method of advertising that generates a positive ROI. From there I'll tweak and test until I find the best results in terms of profitability. In the future I expect to expand my marketing efforts and implement a large SEO campaign, but I'd like faster, concrete results right now.
Please critique my model, and give me advice. I will be updating this thread as often as I can, and testing a wide variety of marketing methods. This is the real deal - I'm hoping to motivate others to pursue their ventures and give back to the community!
The Money Ferret Finance Article Directory
>> For Agency Founders: The Fast Shortcut To Selling SEO, Leadgen, Webdesign & Other Services