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Making the next step in the PA biz... Let's hear your thoughts
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<blockquote data-quote="Tim McCulloch" data-source="post: 73791" data-attributes="member: 67"><p>Re: Making the next step in the PA biz... Let's hear your thoughts</p><p></p><p>Evan, remember back when you were 16 or 17 and blowing up mids?</p><p></p><p>I gave you a homework assignment that you never turned in (and we're holding your transcript, still). That was to write a business plan and the assignment is still due.</p><p></p><p>You will need to buy dirt cheap or work your gear a lot more than you think in order to make a profit that is commensurate with the efforts and expenses of being a much bigger PA shop. While you see extra money going out right now, where do you think it will go if you own the gear? The same places, but with slightly different names...</p><p></p><p>I urge you to work up a pro-forma cash flow; get new prices on insurance and any new permits or licenses you'll need. Don't forget that you will now have employees and all the associated human resources costs that go with them. You will have costs of complying with DOT regulations regarding your vehicles and drivers. And you will need a manager to run things (trust me) when you're out on tour. You will need to train your employees in "The Harford Ways".</p><p></p><p>From an operations stand point, how will you deal with shop and gig expenses, payroll, etc while on the road? What about truck rentals? Shop rat to deal with maintenance and repairs?</p><p></p><p>As Shane points out, what your clients are hiring you for is the *result* that you personally deliver. You can probably deliver acceptable results with almost any suitable gear, but can your employees? Your workers will need to deliver intangible "customer schmoozing", too, and do so in a way that is consistent with the ownership & management style YOUR clients have come to expect. That's a very fine line; I've been in the same shop for 20 years and I still can't channel my boss 100%...</p><p></p><p>So, sonny boy, where's that business plan? <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite6" alt=":cool:" title="Cool :cool:" loading="lazy" data-shortname=":cool:" /></p></blockquote><p></p>
[QUOTE="Tim McCulloch, post: 73791, member: 67"] Re: Making the next step in the PA biz... Let's hear your thoughts Evan, remember back when you were 16 or 17 and blowing up mids? I gave you a homework assignment that you never turned in (and we're holding your transcript, still). That was to write a business plan and the assignment is still due. You will need to buy dirt cheap or work your gear a lot more than you think in order to make a profit that is commensurate with the efforts and expenses of being a much bigger PA shop. While you see extra money going out right now, where do you think it will go if you own the gear? The same places, but with slightly different names... I urge you to work up a pro-forma cash flow; get new prices on insurance and any new permits or licenses you'll need. Don't forget that you will now have employees and all the associated human resources costs that go with them. You will have costs of complying with DOT regulations regarding your vehicles and drivers. And you will need a manager to run things (trust me) when you're out on tour. You will need to train your employees in "The Harford Ways". From an operations stand point, how will you deal with shop and gig expenses, payroll, etc while on the road? What about truck rentals? Shop rat to deal with maintenance and repairs? As Shane points out, what your clients are hiring you for is the *result* that you personally deliver. You can probably deliver acceptable results with almost any suitable gear, but can your employees? Your workers will need to deliver intangible "customer schmoozing", too, and do so in a way that is consistent with the ownership & management style YOUR clients have come to expect. That's a very fine line; I've been in the same shop for 20 years and I still can't channel my boss 100%... So, sonny boy, where's that business plan? :cool: [/QUOTE]
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