Hi Mark, Great RAW Mixergy interview. Awesome.
Question please… you mentioned you had a lot of success with marketing on Facebook. Where do I go to learn how to market a business effectively on Facebook? Like a step by step system.
Lou Abrownowski has a class on Mixergy on doing exactly that. I would watch that. I did it the stupid way which was to keep trying things until I saw something that worked. Then I poured fuel on the fire. Pretty dumb, but that is how I do most things. Keep trying till something works and then hit it hard.
If you were starting right now without owning any other businesses, what would you look for in your first business? Not necessarily the specific type, but what type of characteristics. For example, you saw a fireworks store in front of your place of work and found out how profitable it was (that was the answer to my question on mixergy) and started one. Would you look for something similar: a type of business where people were making a lot of money and then move in and work to really dominate it like you did previously? Just trying to get a feel of how you think about and would look for new opportunities.
I look for smaller niche businesses most of the time. The reason being that if a business is small, lets say 4-8 million, over the entire country yearly then that business is not owned.
What I mean by that is no one is taking that niche seriously. That much money is not of interest to most corporations and the 100 companies that divide up those sales are not serious, good, or taking it very seriously. What that means to me is I can come into it and own that shit like a boss and have AT LEAST 50% of the market if I am willing to really kill it and go after it in every way possible. Those smaller niche businesses are easier to run, take far less start up, are easy to test, and can be dominated by just one or two people doing the job.
Now you have a business generating 1-2 million a year in sales and its just you and maybe another. Now you own the market, not many want to get into it and even if they do they are not big boys with much backing. So you and another are making 6 figure incomes and being the boss. Who needs more than that?
Anything else please just ask
Good interview on mixergy. I was wondering how did you find your programmers for otterology.
I found my first programmer as a person I knew. He then brought in the other two we have on board, on a trial run, and we hired them. Tech guys hang around other tech guys so once you get one the others will be there to meet.
My website and SEO guy worked for me in a fireworks tent and put together a demo of what he could do for my website. After contracting him for 3 years we finally hired him full time.
Ask around with people you know. In the begininning you will probably have to go with people you know since you will need more time and commitment with less money paid. Once you get rolling DO NOT forget the work they did though.
Good luck brother and enjoy the day
Dear Pick Marks Brian
I am a sole proprieter of a web bussiness, and i have multiple side projects i am doing, my wife also has a sole proprietor bussiness, we are looking to get a tax ID number for my web bussiness, but my question is this, should we incoporate under one banner and make her bussiness a subsidieary of mine, along with a sepoerate entity that is growing rapidly or are we better settign up two corporations.
I am not going to pretend to be an expert in this field. I bring all these issues to my accountant and do what she tells me to do.
Personally I do not think you should combine them. I do not see any benefit in that. Also you need to know what type of business to set them up as. An accountant would know better if you should C-corp, LLC, or SP your businesses. I personally would never SP a business due to tax and liability reasons.
Set up an appointment with your accountant and they will know what is best. If you don’t have an accountant call mine.
Alyssa Fox at Fox Tax Services in Minneapolis.
Good Luck and get those set up.
What’s the best way to go about finding people to make stuff for you? Currently I’m interested in Textiles: T-Shirts and Hats, and also tiny karate belt bracelet type things. Also like mugs and stuff. Would you recommend finding someone local or working with someone you find on the internet, regardless of their location.
On a related note, what do you think of people who talk about the paradigm shift to giving away most or all of your info/knowledge/intangibles for free, and just making money off of swag surrounding it? (Mugs, T-shirts, one-of-a-kind first run comic books…)
For Musicians, there’s a lot of talk about how we need to give our music away or for dirt cheap, and then make our money off of Concert Tickets, and basically anything you can’t digitize.
What do you think about all that?
Google. You can find anything and anyone to make things on google. I shop for price, get three examples and then go with the best. I work with whoever gives me the best product at the best price. I do not care where they are. Do not forget to weigh shipping costs as well.
People make their own prices and models for everything and I LOVE the way things are heading with more and more use it for free and if you like it give us money for more models. My software OTTEROLOGY is exactly that. Use it for free and if you love it then buy it and use all of it. It is the way of the future. People want moe options and companies like Dropbox and Google are showing that you do not need to squeeze every nickel out of a customer to be successful.
Time to start cutting out middlemen in the arts and offer a product directly to the consumer.
With digital music out there its so easy to get it for free the industry is going to have to figure out a plan to keep afloat. You can not stop progress.