I solo started a now successful service business 14 years ago, and I take issue with one of your subtitles: 3. Target businesses. Not consumers
In my realm, targeting or being hired by the wealthiest consumers is key. My contracts range from a low of $4K several years ago, to now lowside about $6K up to as high as about $11 or $12K (one at $37K).
Commercials almost invariably resist putting 50% down in advance, and they regularly delay payment like up to 90 days. Because of this I refuse to work for them. I have plenty of work with wealthy consumers who pony up the 50% in advance, and pay on completion.
They also know that I know where they live - - I know how to find them.
There are of course exceptions to the rule. My focus is to help the maximum number of people to build profitable one person businesses however and generally it's much easier to get businesses to spend these large sums. Most consumers don't have budgets like the ones you mention, other than for home renovations. You're not wrong, but it applies to a much smaller number of markets
Reading your story here , been there done that, and you are pretty on the money with it.
Thanks! I've made these mistakes several times before I eventually learned them
I solo started a now successful service business 14 years ago, and I take issue with one of your subtitles: 3. Target businesses. Not consumers
In my realm, targeting or being hired by the wealthiest consumers is key. My contracts range from a low of $4K several years ago, to now lowside about $6K up to as high as about $11 or $12K (one at $37K).
Commercials almost invariably resist putting 50% down in advance, and they regularly delay payment like up to 90 days. Because of this I refuse to work for them. I have plenty of work with wealthy consumers who pony up the 50% in advance, and pay on completion.
They also know that I know where they live - - I know how to find them.
Cash flow is king.
There are of course exceptions to the rule. My focus is to help the maximum number of people to build profitable one person businesses however and generally it's much easier to get businesses to spend these large sums. Most consumers don't have budgets like the ones you mention, other than for home renovations. You're not wrong, but it applies to a much smaller number of markets