The story continues as Dave and the two Jacks move forward in their small business start-up. Maybe you missed part one in the continuing saga. If you did – check out my post Start Up a Business Now and you’ll see where the story began.
To bring you up to speed, the agency business was started by the two Jacks and myself. This was back in the late 1980’s, pre-Internet, when the fax was a mainstay for business communication and Motorola brick phones were a big deal for small business guys like us.
I left off with my Uncle coming into review the books the first week, but we had barely finished setting up our little office and the loan money hadn’t been in the checking account
for more than a few days. It was awkward and the other Jack was a night owl who didn’t function well in the morning.
We did have a plan and networked like crazy, but my Uncle Jack(the loan cosigner) didn’t see the ‘big bucks’ rolling in immediately, so he pulled out within months.
The good news was that we started to bring in a few accounts and cash flow picked up, but not enough to sustain both of us and the business.
So what did we do?
Like all determined small business owners starting out ….(well, maybe not all)…we started a management division and started managing musicians. Oh boy was that a roller coaster and that took our focus off the agency.
Then we developed a marketing product for the telephone. It was one of the earliest ‘on hold marketing programs called ‘Marketing On-Hold’ and this started to take off but we didn’t focus on it. Clue here for you my friend – if something you are doing starts to take off and grow – WATER AND FERTILIZE!
What’s sad about this story is that the MOH product really had the potential to be a big hit for the fledging little agency and initial testing proved that the product was sound and that there was a market for it. But the partners didn’t agree or focus on it long enough. This along with not doing our legal homework brought a lethal blow to the new product and our future together.
Now I could go on and on about the details – crossing the T’s and dotting the I’s, but know this – the lack of attention to detail cost us dearly.
So pay close attention to the details before, during and after your small business startup and find mentors and coaches who will guide you along the way. I know this sounds elementary but the details and guidance are very important. This way you will minimize the bumps in the road and have less repairs to make along the journey.
Stay tuned for the continuing saga about the Two Jacks and Dave. It’s worth the read.