Expansions Prove Life-saving For Businesses In Distress
We will feature two companies in this article
, one who doesn't mind having the company name mentioned that you might research them out and look back upon their business success; and another who's decided to remain anonymous. Both stories are most intriguing and uplifting to the weary entrepreneur, struggling through today's slowly recovering economy.
The first company we will discuss began as a one man show out in Huntsville, Alabama. His company is in the business of transportation and is called Trans City Cab. He states he's been through so much and is barely sliding from under the heavy door of loan debt after a full five years and then some.
Now for many, it's clear that a business may be considered a hobby if it isn't producing revenue or is in the positive before a certain time in business; at which point it's usually looking up to the five-year mark in order to be deemed an actual company - having survived and stayed in business for five years. This standard has been set in motion for many years and is common knowledge among most entrepreneurs.
But how to survive once the business has hit the five year milestone? Trans City Cab is a company I have taken an interest in writing on, in that they started with nothing. In fact, this company owner helped me to kill many myths about foreigners coming to America to get rich quick! It never happens quickly and it's no easy feat! Mr. J. Zaizay came to America in around 2001 and learned very quickly that the stories he'd been told about America and how the streets are paved with gold (not literally, opportunity wise), were just stories and were nothing close to the harsh reality he met with, upon arriving in America. No faces looking familiar at all, worlds and many miles away from home, he knew he had to make it work. After all, he had already gone through so much saving little by little over tens of years to even find his way to America.
Struggling through college while also working full time on a production line once he was eligible to work; Jallah knew life wouldn't be easy in America and that the American Dream could never have looked more far away from his grasp.
Having completed a certain level of education, walking around in a zombie-like state from working sometimes 12 hours a day in addition to attending university; Mr. Zaizay said to me in a recent interview; "I just had to find a way out of poverty as my family back home had high aspirations for me. Even at home I achieved a pretty good standard of living and coming to America was like starting out at the bottom of the barrel again. I didn't know how I was going to make it so I began to look at industry business I could create such as infrastructure, so I could keep myself employed, instead of always working for somebody else".
From that point on according to Mr. Zaizay, he looked for any sign, any opportunity to get ahead so he could send a little money back home to Liberia West Africa to his family. He felt bad he couldn't do more; and with a mother who was sickly, he felt he had failed his family by not being able to assist in the capacity he felt he should be able to. "Never again!" is what he said to me in our interview May 24th, 2012. He said he was proud of what he started; the taxi company- Trans City Cab in Alabama. And while most do not understand or cannot fathom how much income potential a taxi company has, this man was an accountant for the government in his home country- it didn't take him long to see the money trail.
Then, after buying the first 3 cars, he tried to get on as a taxi at the Huntsville International Airport only to learn he needed a total of five cars to do that. He then went back to the dealership where he had already made a deal for the purchase of three brand new impalas- now he needed two more! Wow, snag after snag- finally he was able to secure a finance equipment loan and eventually had five brand new impala's for which he was responsible for. Can you imagine $3K a month just for the insurance on those brand new cars, then car payments? He said he wanted only the best for his customers and did not want them to have to ride in old, smelly, and worn, out dated taxi cabs anymore. In addition he gave discounts.
Okay, I'll bet you're asking yourself- how did he ever make it right?
Here's the Trans City Formula that our second company followed and it worked not only for Trans City Cab, but it worked for company 'B' likewise but company 'B' was actually in a different industry. Therefore, these tools and suggestions are not transportation industry specific.
Entrepreneur Formulas & Lessons Learned, in a Down Economy
* Prepare, research, and contact pros in your industry believe it or not they're usually extremely helpful.
* Always hire an attorney and save money for retainers. Being in business always means legal liability. Always!
* Never listen to others if they've not achieved it before AND have managed to hold on to it.
* Surround yourself with people that are motivators, not bring-me-downer's.
* Never buy something new with a high price tag when a comparable used product is almost as good where someone else has already paid for the quick depreciation. You only stand to gain buying after market.
* Find a good source for the after market purchasing of products and services that you might save big.
* Check with companies who may have an excess at the end of the month, of what you use to run your business. See if you can't have it on a like-in-kind type arrangement or for free if they seem willing. Everyone knows it's hard making a business survive.
* Marketing is vital to the survival of your company, social media is a given these days.
* Keeping a quick witted intern or two will benefit you, labour IS NOT CHEAP!
* Get plugged into the local university for finding interns and see how they can work for you and earn college credit also.
* Plan ahead for the storm and always keep a financial cushion
* And when all else fails, research new target markets and expand, expand, expand!
* Remember, demographics change so quickly over time. You may have had new customers move right into your back yard but don't even know it.
* And network, network, network. And when you're done networking, network some more! Even the garbage man may know someone who could use your services or products. You definitely never know so tell everyone about your business- absolutely everyone!
Look for our next article about the expansions of these companies and what they were- as some of the expansions involved new industries and ventures. Allow me to surprise you. Look for articles by me and you will surely find more to be excited about in business news!
by: Ukcryptogirlz
Goat Farming Business Plans For Beginners - 3 Fast Step By Step Strategies How To Run A Business From Home Without Confusing The Two Affiliate Marketing Tips That Are Vital In Order To Build A Successful Business Online Appointment Scheduling: Its Advantages To Any Business Reward Customers And Watch Your Business Grow Productive & Useful Methods To Use Linkedin, In Your Business What Really Matters When It Comes To Small Business Marketing Small Business Success Is Yours Once You Know This Online Business Listing: Make Your Online Presence Your Simple Step By Step Guide To Starting Your Home Business Mro Business Presents More Than 30,000 Wholesale Industrial Supply Products To Everybody Online Business Listings: Your Best Way To Advertise Your Business Does Your Business Need It Infrastructure Support? Trust Itsupport.uk To Offer The Best