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42 sats \ 7 replies \ @fauxfoe 10 Jun \ on: 🤝 SN Sellers & Business Club AGORA

My businesses aren't bitcoin-based. Not sure if this is the right place to discuss them. I would take bitcoin, of course, but it's not the focus.

But here goes:

Consulting

I have a consulting / coding firm. We're about 10 people. We do business strategy related to open source, especially early-stage. And we write and deploy open source code. The pandemic and changing market conditions hit us, and the business declined a bit, so we're rebuilding with more of a focus on the tech and less on the strategy consulting.

We're customizing code, doing greenfield development, doing a bunch of LLM work, etc. And we provide support for a bunch of open source packages for companies that would totally choose the open source thing if it only had a better support story. We're that story.

The only real issue for this business is that we are paying the bills but not really growing. We're good at sales but not great at marketing and we don't really have the budget to hire a marketing person. We need, like, one more decent sized client.

Energy

I have also launched a business to provide software and hardware in the energy sector. This is station-grade, utility-scale stuff. We're brand new and looking for our first sale, and our big win was getting invited to bid on an RFP and then passing the interview process. Hopefully we'll make that first sale in the next couple weeks and it will come in high enough to pay people for a year or so. If we don't get this sale, I might take it as a sign our market hypothesis is wrong and fold tents. We'll see.

The challenge for this business is getting invited to bid on RFPs when we have no track-record. We're coming in lowish on our first bid so we have a track-record for the future. Our first contract would be for a handful of sites but position us to bid on a couple hundred more, sell more services/products on top, etc. Market is crowded but I think we can get a toehold and there's decent growth potential if we do a good job on execution.

My strategy is to get that first bit of revenue, start paying the team (right now everybody is working for free with bonuses promised on first revenue), and only then will we really make a plan for marketing and sales. To me, keeping my focus on getting first revenue is the key to starting this engine.

0 sats \ 0 replies \ @Car 11 Jun

We should talk hmu car@pleblab.com

0 sats \ 5 replies \ @AG OP 10 Jun

This is impressive, look's really clear to you the goal you want to achieve. I have never been near the RFP so not sure how it works. I just assume that is build up on relations and if your business is new, it will probably take a bit of time. In the other side you have the other business that maybe helps you faster reputation and trust build in that sector. Relations are the real currency, build up on them, sales will come.

0 sats \ 4 replies \ @fauxfoe 14 Jun

Well, I took some time out from chasing my first client to... chase my second client. That went pretty poorly, tbh. I heard about a company that could use our services and cold emailed them through their website. I didn't think that would work very well, so I cold called the CEO's cell number (which I got off a friend). No response to either. Ah well, this was a "take the shot" kind of moment and I shouldn't be bummed that it went nowhere. But I'm bummed.

I am still on track to chase that first client tho. Bid is just about done, and will come in at a lower number than originally hoped -- we have been disqualified from part of the RFP for being too new, which I mostly expected but hoped we'd squeak through.

0 sats \ 3 replies \ @AG OP 14 Jun

Sales is really boring sometimes, I know. Don't let yourself be affected by failures or negative responses. Learn from it!

Cold emails we know does not or rarely converts leads on the first interaction. You put a seed there. Calling the CEO without any notice isn't really good, especially if your friend just give you the number without ensuring first the CEO would be available or waiting to receive your call. CEOs are busy man... CEOs delegate others to execute... The next step is usually to call the company directly to whatever public number they have listed publicly, telling them you sent out an email, and you'd like to talk with the responsible person.

Don't give up, keep reaching out to this company if you think you can provide real value to them. They will be happy to pay back accordingly ;)

Same for the RFP. First one is gone, as you mention it was expected. Next one you'll be in a better position.

As @lunin mentioned here #995163, is a step-by-step process. You need to learn about the process, then you'll learn to trust the process!

10 sats \ 1 reply \ @lunin 14 Jun

Sales is really boring sometimes, I know. Don't let yourself be affected by failures or negative responses. Learn from it! Cold emails we know does not or rarely converts leads on the first interaction. You put a seed there. Calling the CEO without any notice isn't really good, especially if your friend just give you the number without ensuring first the CEO would be available or waiting to receive your call. CEOs are busy man... CEOs delegate others to execute... The next step is usually to call the company directly to whatever public number they have listed publicly, telling them you sent out an email, and you'd like to talk with the responsible person. Don't give up, keep reaching out to this company if you think you can provide real value to them. They will be happy to pay back accordingly ;) Same for the RFP. First one is gone, as you mention it was expected. Next one you'll be in a better position. As @lunin mentioned here #995163, is a step-by-step process. You need to learn about the process, then you'll learn to trust the process!

I totally agree - I used to run a company myself, and over the years, countless people have tried to sell me things. The only times I actually bought something were when someone provided real value upfront. This could be a small but useful service, an unexpected insight or a result before the pitch. That proved their value — no words needed.

The same applies to hiring: want a job? Show how you’ll add value before even asking for the job.

It's the "pay it forward" (a cool movie btw) principle — not with money, but with proof. Give value, earn trust, close deals. Stick with it and good things will come.

0 sats \ 0 replies \ @fauxfoe 17h

Pay it forward is a big part of the sales strategy. The company I'm submitting a bid on has a need I can fill, but how do they know they can rely on me? To get them to give me (a brand new company) the time of day, I've been helping them already. They email me problems and I turn around some work product. It's basically me showing them that we have the skills and can deliver on small things so maybe they can trust us with big things.

You can take this too far. In my other business, I sometimes did this for years before getting a (underwhelming) sale. Honestly, it's one of the reasons I think that business scuffles. Knowing where to draw the line is hard.

0 sats \ 0 replies \ @fauxfoe 17h

Cold calls usually don't work... but this one got me a meeting. The CEO emailed me this morning.

I don't normally do cold calls, but this one felt different. I got a tip that the CEO was personally involved in looking for a service I can provide. He has a multi-million dollar problem that I can solve for 10% to 15%. That's a good deal for him and me, it's a problem EVERYBODY in this industry is desperate to solve immediately, and everybody is scrambling for a solution partner. This is, essentially, a game of speed dating as firms try to pair up on a VERY tight timeline.

My solution is less favorable in the market because my company is small, brand-new, doesn't yet have the right facilities, etc. It will be hard to convince a board to rely on me. If I want to make a sale, I have to tightly fit as the solution to the right company that will take the chance because I am well-fit to their need.

This company might be my only good fit. And I'm guessing he doesn't have a ton of good fits for his situation. That seemed like a good moment to take a chance on a cold call. Low percentage shot, but a little higher than most cold calls.

I still have no idea whether my new business is viable, but at least it won't be for lack of trying.