The Best $15,000 We Ever Lost...
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- Опубліковано 17 лют 2024
- ➡️ Please share this video if it helps you make your first $10k
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00:00 Intro
Fan Mail:
Jennie and Davis
8524 Hwy 6 N
Box 533
Houston, TX 77095
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/ jennieanddavis
Our Blog:
www.jennieanddavis.com/blog
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#StudStack #FollowYourFears #WoodworkingBusiness #Woodworking #SideHustle #Business #Furniture #Money #Maker #Project #DIY #DIYIdeas
When will UA-cam drive away from all this clickbate. I like you guys, but the title and thumbnail aren’t that accurate. It is a great story about experiences in new business but you didn’t loose $15k. When you guys are taking these thumbnail photos with the pained faces and over dramatic emotions does it ever feel ridiculous?
Wow, what a fortunate set of circumstances for you guys! So glad that you learned so many lessons and didn't lose anything except time!
Good to have you back on the tube! Missed you! Gerry
I get 50% of the total cost upfront before I buy or start anything.
Oh god! You saved yourselves so much self-loathing! That's a crazy price :)
I own 2 businesses. Neither of them are a bank. So I don't do loans. If you want something custom that I have to buy material for, then you're paying a deposit. End of story.
Amen! I worked for a cabinet shop, and the owner had been working and running his own cabinet shop for 40 years. I know crazy. Anyhow, he charged what he charged for a kitchen, bathroom, bar, laundry room, whatever. But he always collected 50% before starting the job. Now he was the type of guy that spent 20 hours working on a draw up and a price, and so on before he ever got a signature and took down payment.
Ps. I worked for that cabinet, until the owner closed down and went into retirement!
Ya
Our town had a couple do a restaurant, and did exactly the same thing you are telling. employees were not paid, and they came in at night to steal the restaurant equipment. Seems these folks never learned.
You talked about excessive information in your proposal that you no longer include. I had an experience in my computer business where I practically itemized everything that needed to be done and what it would cost. The potential customer took my proposal and shopped it out.
Yeah, after that I would only reveal the itemized list in the actual contract they are going to sign and they don't get a copy in advance. And I quit separating the prices from the project unless like you, they are modules that can be independently accepted or rejected or postponed so priority work gets done first.
I could tell you about the best $2,000 I ever actually lost in business, but it's the wrong category, LOL
I'll be watching you two.
Do you guys fly the Bermuda triangle? Any weird stories?
Reminds me of when my friend asked to order a custom ring 💍 and I was like, I won't order anything to make it till you pay me for materials and she never came back to actually order it. 😂
Don't shy away from purchase orders. A purchase order is a legally binding contract once it is accepted by the seller. You can develop a process to financially qualify customers, especially on larger deals. I have many corporate customers who don't do deposits or credit cards. It's their way or the highway. I get a purchase order and we invoice them after the work has been completed. For me, it's a huge amount of repeat business that's proven it's worth working within their limitations and systems. I have never had an issue doing it this way over the past 23 years I've been in business. We are talking about customers doing $5,000 to $40,000 annually. Some have been customers for over 20 years.
As long as you’re prepared for that one time you won’t get paid.
@@dontfit6380 Yes, you need to qualify your customers to avoid losses, but also have a plan to survive the rare loss that could occur. It's also why debt for a business can be a bad thing. Debt will turn up the volume on risk like nothing else.
I had a similar experience. It has put my wife in scare mode. She doesn't trust people actually want to buy stuff now.
First, I would like to say it is nice seeing you work together. Second I would love some ideas. I am a 100% disabled vet from a bombing in the middle east and teach other vets wood turning. Is there anyway we can work together so I can sell what I make to help us buy more tools and wood?
Awesome story Maybe a different way of stating it is that you should not spend any money for a client that the client doesn't first give you. (i.e. for all the materials). Then subsequent payments are to cover minimum labor and fixed costs (particularly of employees). Final payment is profit. That way if it all goes south, you aren't out significant $. Worst case you don't pay yourself for the effort spent.
So if you are spending 40% of the total bid cost on high priced wood, you need a higher down payment to cover the cost. Every good contractor I have ever dealt with has done this. The ones that don't do this are actually not that good ( or at least inexperienced).
You're starting every video with 5 minutes of introductions about your careers and your journey to where you are now. It feels a lot like your content lacks value, especially compared to the build videos you used to put out. A new build of some sort would be so much more interesting than another business advice video.
I really like the business advice videos. I’m sure they get more views on UA-cam with these than build videos. I really think they are trying to help others start something for them selves. However, I would agree with you that I would love to have more build videos as well. Several of my favorite wood shop channels are moving to this type of content rather than build content. However, there are still a lot of creators making build videos. So there is plenty of content on UA-cam that I can learn from. Both in build and business growth. You just have to know what to expect from each channel. Once you know that you’ll find the value. You don’t get much value from a Mexican restaurant if you are wanting spaghetti and meatballs for dinner.
I seriously dialed back watching Jennie and Davis for this very reason. But just because their content lacks value from one perspective doesn't mean it lacks value. They are primarily business people, not crafts people, and they've moved to a different content audience that does value their business perspective. As a garage woodworking hobbyist I'm not in that audience, but I recognize they are meeting a legitimate need of a chosen audience, and I wish them continued success.
They’ve been running on empty as far as new ideas go for over a year now.
A think they are dropping out of ideas but the one that gets me is they keep pushing the stud stack man it's pricey for what it is. 😧🏴👍
You both should have stayed in the Air Force. Now your business is drying up and you have no pension. 😢
🤤 Promo SM