Sounds like you're all off to a good start.
Chuck Norcutt
On 6/4/2012 11:27 AM, Ken Norton wrote:
> Over the weekend I accomplished zip, zero, zilch, zot on the
> www.zone-10.com website. Nadda.
>
> However, MUCH progress has been made on the business side of the
> equation. We have the new business plan put together and agreed on by
> the family. The girls are taking this on as a form of employment and
> will actually be responsible for much of the day to day operation. In
> otherwords, it's now a family business.
>
> On a side and completely related note, DD#1 got a 4.0 GPA last
> semister and DD#2 would have except for just ONE class, but
> participates in various invitational band activities. Seeing how much
> work they put into their studies, I'm a little leary of them having to
> work too many hours at part-time jobs. Not right now. Also, they will
> soon be able to take college classes while still in high school, so
> they are rather motivated in that regard. Anyhoo, so one of the
> primary goals for this family business is to teach them business
> skills, work ethic (like they really need more of that?) and provide
> them with income potential and an entrepreneurial foundation.
>
> Key words: "Income potential". The more you put in, the more you get
> out. The question of "how much will we make" came up, of course. I
> answered that question by identifying material costs and markup, base
> business expenses and marketing. We only pay ourselves AFTER
> everything else is paid.
>
> "Oh." :(
>
> Well, welcome to the land of business ownership.
>
> After running a few numbers, though, the excitement started to build
> and you could see the wheels turning.
>
> "What if we did ________? Would that bring in business?"
>
> They started thinking out of the box and were giving me some really
> wickedly cool ideas. Social media is alive and well.
>
> The big limitation we do see is the big factor of limited time. There
> is enough business out there to be had, but only so much time to go
> around. Also, DD#2 is really wanting to learn more about video
> production. As an 8th grader, she has produced a couple of things
> which are of small-market television or mid-level corporate
> communications quality. Fortunately, my new computer is built for
> video production so who knows if she might add that to the product
> mix. Speaking of mix, we also have a decent audio production suite.
>
> If successful, I may have lost my darkroom for my own projects. My
> kids will probably bill me.
>
> What a wonderful problem to have, eh?
>
> AG
>
> (DD#1 = Dear Daughter the Elder)
> (DD#2 = Dear Daughter the Younger)
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