New to the business - looking for guidance

Alan Sayre

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Greetings all! I recently started my own business as a camera systems reseller/installer. While I’ve got a good handle on the “technical” side of things, I’m looking for a “mentor” in the field who has been doing this a while who might be open to talking with me personally about the business side of things (like labor rates, merchandise markup, tricks of the trade, etc). I’m not looking to steal trade secrets and I’m not here to steal business. My business is the only one in my area that specializes in professional camera systems (although a few tinker with it but not specialize).

If any pros out there are willing to take a newbie under their wing and help mentor and guide me, I’d be very grateful for any advice and suggestions!

I’m located in upstate South Carolina if anyone is relatively close.

Thanks in advance!!!!
 

Flintstone61

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Welcome, Re: Merch markup.....Some oldtimer in the Hvac Business once said, " you have to put 30% on parts to make it all work." :wow:
When I look at a $500 bill for parts, I have a hard time adding $150 more to get to 30%, but thats what my Lawn/landscape buddy does too.
I'm just a Maintenance LLC guy.
 

SpacemanSpiff

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Welcome, Re: Merch markup.....Some oldtimer in the Hvac Business once said, " you have to put 30% on parts to make it all work." :wow:
When I look at a $500 bill for parts, I have a hard time adding $150 more to get to 30%, but thats what my Lawn/landscape buddy does too.
I'm just a Maintenance LLC guy.
Curious... did he also charge labor, or was that part of the 30%?

Much to your point, for a while I found it difficult when it comes time to billing folks, but I managed to get it to the point where I focus efforts on setting a rate, and being consistent in billing practices. I will generate an invoice on the set rate, then apply any discount (friends/family) if... IF.... applicable.
 

SpacemanSpiff

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Sheisse... Supposed to install a wide format printer/scanner... the hardware is over $5k now due to demand and no supply.

$1,500 mark-up + labor? :blankstare:

Edit: Donned on me that mark-up on retail vs. say... an HVAC company owner anyone who most likely gets hardware closer to wholesale cost, has some distinct differences
 
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Ovidiumark

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Good advice about 30% on parts. I have never thought about such a ratio. I am an owner of a small home-based business, but sometimes I struggle with the same problems as the big businesses.
I sell epoxy jewelry online, and recently the prices for the ingredients went up, and I had to raise the prices. After that, I get fewer orders than before, and I don’t know what to do. People don’t want this stuff anymore. I have read an article on Leading Change & Transformation | Change Management | Change Leadership | Digital Transformation | Implementing Strategy, but I don’t understand till the end what these changes and transformations are. Maybe someone could give a piece of advice here?
 
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Hi there! A few things that might be helpful for you to consider are: - labor rates: what are the going rates in your area for installation work? This will vary depending on your region, so it's important to do your research. - merchandise markup: how much do you need to mark up your merchandise to make a profit? Again, this will vary depending on your particular products and the competition in your area. - tricks of the trade: what are some insider tips and tricks you can use to help you get ahead in the business? These can be building relationships with suppliers or finding creative ways to market your business. Guys from Belkins (B2B Appointment-Setting Services To Win Your Sales Quarter | Belkins) could give you a helping hand in growing your business. Good luck with your business!
 
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I advise you to work with an external accountant company that would also help you do the payroll when you have some workers in your company. It really saves time and money and lets you focus more on the job itself than on the financial side of it. You can read more about it on www.creative.onl. This article explains really well why you would need external accountant services and how to choose the best offer for you. If you set this straight from the beginning, you won’t have to bother about it in the future, and your company will grow faster. The more time you have for your profession, the more money you will earn.
 
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Rajjayme

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Hey, man. I’d highly recommend you find a specialist in this field. Any related specialist could become your mentor. Though your field of business is too specific, I think you could find specialists in related business fields. I mean, each managing system has the same structure. The product is the main thing that actually makes the difference. I have a close friend who works at a managed IT service where they help people maintain their businesses. Here’s their website IT Consulting Services That Delivers Actionable Results . He agrees with my thought that the business structure mainly stays the same. So, I hope I’ve helped you. Hope your business is still prospering. Best wishes.
 
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wittaj

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The OP hasn't been back since Nov 2021, so not sure why someone resurrected an old thread LOL.
 
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