DILO 10/7/19

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I’m scheduled to meet with manufacturers on Monday in Melbourne. It will be exciting to see their factories for the first time, as well as to meet the individuals that I’ve spoken to so many times on the phone already.

While there, I’ve also managed to set up a meeting with someone regarding my side-hustle idea. She’s a long-term expert in the industry, and I want to validate the potential demand. Plus, I can see some partnering opportunities where we might be able to help each other out.

Her feedback will give me a view as to whether or not it would be worth the time and effort to get this new thing off the ground while I’m waiting for my recycled plastic products to be made (which looks like November now at this rate).

Potential side hustle to my main hustle

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One of the manufacturers is over a week late in giving me their quotes. Their tardiness delays the entire process including the ability for the company to bring in revenue.

These delays also impact my personal finances too since I’ve been working on The Refoundry full-time for a while. If I’m smart, I should try to find another way to bring in money while I have a little more time to do it now.

The challenge that I’ve shared before in this journal is: “What easy 9-5 job can a former CEO of an animal shelter do?”

Almost everything that has come to me so far have been 50+ hour a week jobs, and I haven’t been able to get past the recruiters for lower-level positions (not that I’ve tried for many).

An idea actually came to me before Christmas about doing digital marketing work like I used to do with my first business about fifteen years ago. I tested the market demand with some of my friends who own businesses, and no one expressed any serious interest – probably because they already have themselves sorted. So, I abandoned that idea.

But I still have other friends and contacts asking for advice about sales and marketing – twice in the last week in fact. These are not the medium size business owners that I asked previously, but sole traders with smaller pockets.

Knowing that there appears to be a demand from these micro-businesses, I think I figured out a less-time consuming, affordable way to provide it to them. I just need to do a little more market research to confirm that it provides enough value.

Wouldn’t it be funny if my side-hustle actually helps me pay for my main hustle rather than the other way around?

Go/No Go Decision #2

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This week is the second of my Go/No Go decision milestones. I’m expecting the manufacturer quotes back this week. While they’re still estimates, the most important numbers are the unit prices. Can I make the products for a reasonable price here in Australia and out of recycled plastic?

If the answer is no, I have to pivot – either by 1) changing the business model or 2) the products. I’m set on making products out of Australian recycled plastic. So, really #2 is the only option. However, if that occurs, it could take me months of market research again to decided what that product should be and then to design it.

That delay would also force me back into the job market – trying to do this business as a side hustle while working full-time in my usual 50-60 hour a week type jobs. I don’t want to do that because I know the business momentum will suffer from my lack of energy and attention.

Right now, I’m trying not to think about this too much. It could still work out after all.

Sales and Marketing

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I attended a networking event last week where entrepreneurs can pitch to a good size audience for whatever they need. It was interesting to see how many businesses were looking for sales and marketing help, though I suppose it shouldn’t be too surprising.

Most of the companies requesting this support or to hire these types of employees had software businesses. The founders were coders – not business people. And all they wanted to do was code, not sell their own product.

At the same event, I heard a social enterprise accelerator saying that they too needed sales and marketing mentors.

It’s funny how people sometimes question my ability to get into the manufacturing business when truthfully, just about anyone can make a product. From my experience and the examples above, the hard part is selling it once it’s made. And it’s the lack of sales that can make a business insolvent.

Sales and marketing is the one thing that I do know how to do.

So, I offered that accelerator my skills in exchange for getting to know some of their investors. They liked this “out of the box” idea and offered to also pay me a fee for presenting at a workshop.

This is great since my company isn’t going to generate any income until closer to Christmas, and who knows when it can really pay me. Maybe I can supplement my income by helping others this way? It would be far more fun than taking a part-time job (if I can get one).