the hundred dollar business

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No, really– I mean it.

I haven’t written much about how the kiosk project has ended up, and that’s because it’s been ambiguous and I’m still finishing up loose ends. But loose ends or no, 30 days after our lease was over, I think it’s a good time to call it a night. And so, today is the Official Last Day Of The Kiosk.

Most things are done at this point. (Yay!) We’ve settled our accounts with most of our vendors, and are finishing the rest as possible. We’ve paid off 3 of our accounts, have two more to finish settling, and frankly, I’ll be having a payment arrangement with the last vendor– which, I consider to be really generous of them, and which I also really appreciate.

(More on that later).

The last 30 days have been infinitely less exciting than the first 30. Isn’t that how it goes? The entrepreneurial enthusiasm hits reality, stress, hard work… more hard work… more hard work… and yes, welcome to having your own business!

One thing is certain: I lost money. At this point, kind of a lot, though not as much as I thought. I failed! Yes, my business failed. We didn’t meet our goals. Well– hang on a second, let’s re-evaluate them.

Here are the specs we set up at the beginning:

Limits of the Experiment

A budget of $100, 30 days, and I have to go to sleep by around midnight every night.

Minimum Goal
Set up a well functioning business, pay all business/personal expenses for the month, and make at least $100 back in order to (possibly) start a next Hundred Dollar Business in January.

Core Ideas to Test

1. Networking: Who do I know? What do they have or know, and who do they know?
2. Negotiating: Use principles of good negotiation to create win-win situations.
3. Money Is The Last Thing Needed to Start a Business: If something costs money and I must have it, find a way that will pay for itself. Don’t carry overhead or stock purchased inventory.
4. Be smart. Learn about the options, do the research, and make calculated decisions.
5. Be focused. Have a plan. Spend time only doing the things that further the plan. (If the plan changes, that’s ok– just don’t spend time & resources on distractions).
6. Keep it balanced. Run, get reasonable sleep, and eat. Work hard and play hard. And then take a break when it’s done. (Mark your calendars now– I’ll be on vacation the first week of January).
7. “Franchise” the business. Streamline essential functions and set up systems so it can easily be run by someone else and could be replicated 5,000 times.
8. Be Resourceful. What do already I have that I can use: ideas, skills, things, and tools?
9. Get Around Obstacles. Have a plethora of contingency plans–at least three additional suggestions or options in case the ideal doesn’t happen. Don’t accept the challenges at face value.
10. Think Virally. Use cheap, effective marketing tactics– word of mouth, viral marketing and natural traffic.

Ok, I’ll go into each of those individually, later. So when I say “we failed”, by that I mean, “I failed”, and by that I mean overall I didn’t “set up a well functioning business, pay all business/personal expenses for the month, and make at least $100 back in order to (possibly) start a next Hundred Dollar Business in January.”

Whew. This is the blog post I’ve been dreading for weeks– and yet, it’s actually kind of fun. Sort of that relief you get after failing a final exam, but knowing you don’t ever have to be in that class again! (I hope you’ve had that experience. I have.)

I’ll write more later. I’ll post details of my flops, and how it felt, and what the numbers are, and everything. But, you know what? It feels great to say, “Hey, it failed.” I’m okay with that.