Full Version: Trying to start Business
From: bosch [#1]
15 Mar 2007
To: ALL
I am looking at starting my Trophy & Awards business and would like to know if anyone would let me know what essentials I would need to start the business and I have lots of questions. Basically, I'm going to stick to small wood plaques and maybe some acrylics, but want intially focus on getting trophy orders
1. Which engraver should I get to start with?
2. Where do I get supplies for trophies? I have found numerous sites for acrylics and plaques and stuff but not trophies.
3. What is the best way to price trophies?
4. What other tools do I need besides the engraver?
I'm sure you all will tell more than I asked and I appreciate all information as I want to get this started on the right foot.
I've been reading this site for a little while now and I think this forum is a wealth of knowledge and will continue to read as I progress to starting my business.
From: JHayes55 [#2]
16 Mar 2007
To: bosch [#1] 16 Mar 2007
Can I sugggest you fill out your profile and also give us a little background on yourself so we can better customize our responses.
thank you
From: bosch [#3]
16 Mar 2007
To: JHayes55 [#2] 16 Mar 2007
From: Cindy (CINDYM) [#4]
16 Mar 2007
To: bosch [#1] 16 Mar 2007
I can understand the acrylic & plaques choice, but why would you want to make trophies one of your main business items? Have you done a cost analysis on the cost/profit for trophies? They are labor intensive and have little profit.
JMO,
Cindy
From: Stunt Engraver (DGL) [#5]
16 Mar 2007
To: bosch [#1] 16 Mar 2007
From: Cody (BOBTNAILER) [#6]
16 Mar 2007
To: ALL
A little off-topic, but not much...
Did anyone take the class in Las Vegas that dealt with building trophies? I would be very interested to see the course materials...
From: bosch [#7]
16 Mar 2007
To: Cindy (CINDYM) [#4] 16 Mar 2007
Cindy,
Thanks for the information about trophies. Unfortunately, I think for me to get my business started in my location I would need to start with trophies. I never knew that the trophies were that labor intensive and the profit was fairly low. All great information that I will use to determine how I should proceed. Right now I think it's a necessity to be in the trophy business in my location and don't think I can get enough orders to sustain the business out of the gate with just plaques and acrylics,etc. As always I could be wrong, God only knows, I have been wrong many times before.
From: bosch [#8]
16 Mar 2007
To: Stunt Engraver (DGL) [#5] 16 Mar 2007
Stunt Engraver,
The reason I have gotten interested in the awards industry is plain and simple. I have been looking for a business to start that I could run out of my home. I also thought that the initial expenditure on equipment would be a little lower, but I think I can make a go of this with a little help. The sticker on the engravers I have been seeing was little bit of a shock, so I'm wondering what other tools that I will need will give me sticker shock.
I also have two older sons that can help out as needed. So if I'm busy at my real work while trying to start up they can do some of the work for me. Of course, I would pay them...
To tell you the truth I have been involved as director for a youth wrestling program for about 15 years and there are just not many choices in my area where I can get trophies, another reason I think if I do trophies I can get more clients to start with.
From: bosch [#9]
16 Mar 2007
To: ALL
From: Stunt Engraver (DGL) [#10]
16 Mar 2007
To: bosch [#8] 16 Mar 2007
Being in the awards industry and being competitive are two different things.
By being competitive, I don't mean being the cheapest source of awards. Being competive means having the tools of the trade, which, as you've mentioned, aren't always inexpensive.
Used equipment is an option.
An experienced engraver can fairly-safely buy used equipment. A person without personal knowledge of the equipment, will be rolling the dice.
Have you tested the waters, by asking people if they'd be interested in using your service, should you start a business?
There may be a reason, there aren't many engraving outlets in your area.
I don't mean to sound discouraging, but there's much more to this than meets the eye.
EDITED: 16 Mar 2007 by DGL
From: Tom (TJGEENEN) [#11]
16 Mar 2007
To: Cody (BOBTNAILER) [#6] 16 Mar 2007
From: bosch [#12]
16 Mar 2007
To: Stunt Engraver (DGL) [#10] 16 Mar 2007
David,
All very well stated. Your right I don't have the tools of the trade which is a concern of mine. Used equipment does scare me, as you stated my knowledge of engravers hampers me greatly.
To answer your question about have I tested waters..... Yes I have asked around and we have two pee wee football leagues around here that are would be interested in bringing business my way. I have touched base with a couple of our local schools coaches and they said they would be interested. But this is all hearsay, and they may be blowing smoke to just to get rid of me.
The other close by awards place is run by a retired gentleman and I've heard through the grapevine that he may be shutting down the business due to health reasons. He does run it out of his home also, I haven't talked to him about his business but I am going to make it a point to stop by there in the very near future to talk to him
From: Boz (CHEDDARHEAD) [#13]
16 Mar 2007
To: ALL
I am surprised no one has started with the putting together a comprehensive Business Plan. That usually is where these discussions head. I too believe a Business Plan is important, but I also think it is a living, breathing document. You can start with Plan A, but then you hit a bump, or something just falls into your lap, now you have to go with Plan B. Sometimes Plan B does not look anything like Plan A. You can use either plan for a guidline, but do not let it blind you.
After many years of being in business for ourselves, we think cash flow is probably one of the most important aspects to business. If you do not have the money to cover a certain situation, they don't let you play the game.
Everyone who is starting a business, us included, starts with a best case scenario. You open the doors to your business and customers and money just keep rolling through the door. Then they come up with a worse case scenario: You open the door to your business and no one ever comes in. (Those of us who have been doing this a while would consider that worse case scenario to be merciful.) When the real worse case scenario is the slow outflow of money eventually drains all of your resources. If I can make it to next week, I'll be able to catch the rainbow. If I can make it to next month, I can catch the rainbow. If I can make it till next season, I can catch the rainbow.
Don't mean to be Mr. Negative. It is just one of my soap boxes. You very rarely hear anyone talk about how important cash flow is to the life of a business. Now, when I win the lottery,....... I will be unemployed! (devil)
From: Stunt Engraver (DGL) [#14]
16 Mar 2007
To: bosch [#12] 16 Mar 2007
Talking to the "old-timer" may be a good idea. If he's getting ready to retire, you may be able to take over where he left off and he would be the likely person to ask about the buying habits of the locals schools, teams etc.
From: Cindy (CINDYM) [#15]
16 Mar 2007
To: Boz (CHEDDARHEAD) [#13] Unread
You are so right and perhaps this is a great topic for another thread so we can expand on it.
Everyone says how good they are doing, but you don't hear near enough how tough being in business really is and what effect cash flow, or lack of it, has on your business growth.
Cindy M
From: PenTrophy (PENINSULATROPHY) [#16]
16 Mar 2007
To: bosch [#1] 16 Mar 2007
I would start with a market plan/ survey.
Answer questions like:
Who is my competion, what do they charge. How am I going to get the word out. Fllyers, Radio, TV, Internet. How much will I put into this venture before I see a profit/call it quits. Accounting software. Credit card payments?Cash, Checks. Bank Account Business License. Sales Tax collection. Rotary or laser. Will the customer come to me or me to them....delivery? mail only? Business phoneline?
Where will orders come from:
Schools, Sports leagues, Rotary, Eagles, Team Mom, Church nametags Assisted living Units. Golf Courses (tournamnets...Fishing Toureys. Hotels/ Resturants (nametags) Scouting........and on and on
Suppliers. PDU, Freeman, Discount Trophy, Continental,
Suppiers need :Credit References....;. COD, Cash, Credit
Dern Trophy - Westerville, OH 1-800-848-3988 go visit a supplier for info/ setting up an account.
Join ARA Awards Recoginition Association
Newing Hall Engraving Machines are made in Toledo (1-800 425-7131) Visit the factory. They will train you.
EDITED: 16 Mar 2007 by PENINSULATROPHY
From: Cody (BOBTNAILER) [#17]
16 Mar 2007
To: bosch [#12] 16 Mar 2007
From: Engravin' Dave (DATAKES) [#18]
16 Mar 2007
To: bosch [#1] 16 Mar 2007
This forum has a wealth of information that you can search through using the search feature. I suggest that you pull up a chair and read until your eyes fog offer. This will allow you to form your own educated decisions.
While I'm at it, I'll offer a few questions and comments to get your thoughts rolling before you get to deep into this business idea.
What is the competitive environment in your market, within 45 minutes of your prospective location?
What are you going to offer that is going to differentiate your service and products from the competition? Don't say price, because the price conscious are going to the internet to buy from companies like this. LINK You won't be putting much food on the table trying to compete on these margins.
If operating out of your home, do you realize it will take a much larger investment of your time and money to get your business name out into the community to a level that will even earn you enough income just to pay for the equipment you'll need to invest in?
To be competitive and to provide the most basic of service in this market, you need to me multifaceted, meaning you need to offer more than one marking process. i.e. laser, rotary, sublimation, sandcarving.
What is the long term vision of your business?
From: Jer (DIAMOND) [#19]
16 Mar 2007
To: bosch [#1] 16 Mar 2007
From: sprinter [#20]
16 Mar 2007
To: bosch [#9] 16 Mar 2007
You really need to make a business plan and do more market research. From the small amount of customers you stated you would be hard pressed to make even one payment on the equipment from the very small profits trophies provide. Just about everyone I know in the business has dropped trophies due to the inventory required and high labor requirements for the pennies to made.
Engraving is a tuff business to start in. Over the years I have seen so many small shops fail and very few that make it over a year or two just doing Trophies and Awards. And it is even more difficult for a home based business making it with just an engraver.
When ever I hear about a shop closing for health reasons, it's usually not the health of the owner, it's the poor health of the business.
I'm trying to point the negatives out for you to do more research before you purchase any equipment.
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