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Forum topic by barringerfurniture posted 05-28-2015 08:00 PM 1686 views 0 times favorited 24 replies Add to Favorites Watch
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barringerfurniture

223 posts in 1179 days


05-28-2015 08:00 PM

I know this question has the potential of sounding like I’m asking for advice. I’m not.

For those of you in business full-time, if you were handed, say $10,000, and the only obligation attached was to invest it in your business, how would it be allocated?

New equipment of some kind? Advertising (if so, how)? New shop space? Pay off debt?

Again, not interested in advice for me. I want to know how YOU would use it, given your particular craft/business and circumstances.

-- Scott Barringer, Sacramento, CA barringerfinefurniture.com


24 replies so far

View jumbojack's profile

jumbojack

1667 posts in 2091 days


#1 posted 05-28-2015 08:22 PM

#1 pay off debt #2 allocate 10% to advertising Business cards Facebook Entry fees to competitions. Ie State, County Fair #3 Exotic materials

-- Made in America, with American made tools....Shopsmith

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jesinfla

274 posts in 605 days


#2 posted 05-28-2015 08:50 PM

Advertising, advertising, advertising…
Specials, specials, specials…

Local Radio and Local Television mostly, make sure website is mobile compatible (which mine are) – I know a lot of people use social media these days like FB, but my business lends itself to be local and while some of the social sites can do a quasi local reach, it misses a huge portion of the local population that local radio and TV reach and who have money to spend which is my target audience.

I’m not in business to reach the unemployed, I need paying customers over 30 with good jobs and enough disposable income to buy product.

That’s my 2cents worth

-- They said I could be anything... So I became Sarcastic! They also said making drawers is easy... I think they lied :(

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barringerfurniture

223 posts in 1179 days


#3 posted 05-28-2015 09:00 PM

Great responses so far and exactly what I was looking for. Advertising seems to be at the top of the list and I’ve heard that from many other business pros. Maybe it’s obvious.

Any opinions about ads in local papers and publications? In my case, I know a few local publications that are specifically distributed in neighborhoods that are affluent, well-established and have some taste toward fine work.

-- Scott Barringer, Sacramento, CA barringerfinefurniture.com

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bigblockyeti

3668 posts in 1188 days


#4 posted 05-28-2015 09:23 PM

Equipment & advertising, word of mouth works well, but acquiring new customers can be time consuming & expensive.

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Yonak

979 posts in 988 days


#5 posted 05-28-2015 09:25 PM

I don’t know if $10,000 would do it but I would buy a CNC machine. ..Or, possibly, an etching outfit.

View Arlin Eastman's profile

Arlin Eastman

3557 posts in 2028 days


#6 posted 05-28-2015 09:31 PM

I would have to prioritize everything and have a few people check it. Then I would go down the list until the money ran out.

-- Please help me help other Vets click..> http://www.gofundme.com/m1abko.....It is always the right time, to do the right thing.

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waho6o9

7179 posts in 2044 days


#7 posted 05-29-2015 12:09 AM

Pay off debt

CNC

View Daruc's profile

Daruc

459 posts in 600 days


#8 posted 05-29-2015 12:20 AM

I would just put it in the bank for extra cushion for emergencies.
If running business correctly all the advertising should already be in the budget.

-- -

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FellingStudio

93 posts in 1150 days


#9 posted 05-29-2015 02:03 AM

This has the makings of a fun game …

First off, moving to a new shop space is out of the question until such time as there is enough business to require additional shop personnel. (If it were $100,000 on the other hand, I might take a flier and go with the build it and they will come approach, move into a new shop with new machinery, and hire a helper.)

Upgraded machinery is a possibility for part of the money if it increases efficiency or capability and still fits in the current shop.

The rainy day fund is certainly a sound option.

But, if you want the business to grow, you gotta find new accounts. Now, not being the best presser of flesh, and not being a great salesperson, with that kind of money, I would be tempted to hire a salesperson or sales consultant. Of course, it would have to be the right kind of person and they would have to show results to keep their job. Ideally it would be somebody who hobnobs with the kind of folks who have the income to afford custom furniture.

The other option is to throw it at marketing. That’s enough cash to be able to afford a booth at one of the juried art shows, which could be just the thing to push a guy into a new shop and a helper. Even if there are no sales at the show, it should generate commissions throughout the year.

-- Jesse Felling - http://www.fellingstudio.com

View JAAune's profile

JAAune

1646 posts in 1784 days


#10 posted 05-29-2015 04:31 AM

I’d finish off the dust collector and spray booth install, invest a couple thousand in marketing (conferences, shows, business trips and/or website and periodical ads), then use the rest to take off the pressure of overhead and devote a month to a serious kaikaku-style shop reorganization.

-- See my work at http://remmertstudios.com and http://altaredesign.com

View jumbojack's profile

jumbojack

1667 posts in 2091 days


#11 posted 05-29-2015 05:29 AM

As a HAND TOOL.guy have you considered a YouTube presence? Videoing your process and leaving links to your site might generate some business. That guy Chris does a really fine job with his channel.

-- Made in America, with American made tools....Shopsmith

View Rick M's profile

Rick M

7934 posts in 1847 days


#12 posted 05-29-2015 05:44 AM

View Tony Slattery's profile

Tony Slattery

76 posts in 562 days


#13 posted 05-29-2015 06:53 AM

Very interesting question.

I guess for me the best thing would be to invest in my education. That would be something nobody could take away from me.

Paying off debt is a great idea. There is the question of good debt and bad debt – good debt being the kind of investment that generates an income. Not a good idea to pay of good debt – that’s using other peoples money (e.g. the bank.) Good debt is what makes the world go around.

The question for me at the end of the day is “How can I turn $10k into $100k”

-- Tony, Australia, http://www.wooden-toy-plans.com/

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Moron

5032 posts in 3361 days


#14 posted 05-29-2015 06:59 AM

paying off debt ?

-- "Good artists borrow, great artists steal”…..Picasso

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Moron

5032 posts in 3361 days


#15 posted 05-29-2015 07:10 AM

hired for the specific

be afraid : )

-- "Good artists borrow, great artists steal”…..Picasso

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