The reading level for this article is Novice
NickMay
Walls by Design Inc. | nkmay@mindspring.com | Owner | 03/02/2003 | Sole Proprietor
I own Walls by Design##comma## a custom home painting firm based in the Denver Metro area. We have been in business for 4 years##comma## and specialize in helping high end homeowners customize and decorate their walls through color and textures.
What kind of training or education did you acquire before your venture?
I first started painting in college (as many college students spend their summers). After one summer##comma## I knew I could make it on my own. After three years##comma## and college was over##comma## I decided I needed a ##quote##real##quote## job. After having a few real jobs##comma## entrepreneurship was calling my name.
I have researched started a few other business ideas##comma## but pulled back after doing research and business plans.
What services or products does your organization offer?
We are in Littleton##comma## Colorado (a suburb of Denver). We paint homes##comma## mostly interiors##comma## and do it better than anyone else.
What type of business or organization do you operate?
S-corp. for tax and liability reasons.
How many employees do you currently have?
5
How did you originally discover the idea for your organization?
Over time. I started advertising##comma## booked a few jobs##comma## quite my full time job##comma## hired an employee##comma## and the rest is history.
How did you originally fund your organization?
Personal savings and credit cards to get started. We later opened a home equity line for expanding and cash flow.
Are you the founder of your organization?
Yes
Do you believe there is any distinct culture within your organization? If so, please describe it.
no
What obstacles or challenges have you faced in your organization?
The first big obstacle: we grew to fast. In the second year of operation##comma## we had 14 employees. Things got out of hand. Quality suffered a ton. We were having great sales##comma## but no profits. This was overcome by cutting back to three##comma## then one employee. We almost went out of business. I worked for free for almost a year (luckily my wife supported my business habit). Then we started focusing on quality. One job at a time. We do half the work##comma## and actually make money now.
Cash flow was a hard thing to figure out. I eventually had to turn the books over to my wife who is a whiz at finances and computers. ONE NEEDS TO KNOW HIS/HER WEAKNESSES AND DELIGATE.
Did you accept any advice along the way? Do you believe new organizations should be open to such advice?
Very important##comma## however I have not found a mentor. Networking with other business owners##comma## and reading as much about businesses in my industry and others have also helped.
Did you receive any help along the way from other businesses or organizations? If so, how and from whom?
no
What have been the keys to success in your business? What do you believe are the keys to success?
Networking and marketing. We have a great product. But if no one would hear about it we would sell a thing. It is key to also figure out (by tracking everything) what works and what doesn##aps##t in your marketing efforts.
What kind of relationship do you establish with your customers or clients?
Most of my competitors don##aps##t take their companies seriously##comma## or even treat them like a business. I treat my customers as I expect to be treated when buying something. Customer service is #1. #2 is making a great impression##comma## and educating every customer so they can make an informed buying decision. #3 is the fact that we portray an image that is equal to the homeowners we target.
What types of marketing do you employ?
Direct mail-it is important to know your taget##comma## and go after them.
Networking-knowing other individuals that introduce you gives you a huge leg up on your competition.
Do you employ any web or online marketing?
Yes. Hard to believe for a paint contractor. Every bid is produced on a spreadsheet. Most proposals are printed in the homeowners house before leaving. My palm pilot is the only way I##aps##d remember any appointment. And our web site displays pictures of projects and recommendation letters for prospective clients.
What role does trust play in business or in your organization?
Grow slow. No need to rush. Business is like getting in shape at the gym. If you go all out at the begining and try and do everthing all at once…you get really sore and discouraged. Go slow. Pace yourself.
Did you struggle with starting your own organization or venture? Why did you decide to begin on your own?
Always. My parents owned their own rep firm##comma## and I knew I would always work for myself.
What books or resources would you recommend for individuals starting off now?
Start-up Upstarts. Good book on young E##aps##s.
Outragious Marketing. Gets your mind to think outside the norm.
Do you notice any trends in the marketplace? If so, what are they?
Less and less customer service. If you service your customers##comma## price is not as much of an issue.
Do you believe networking and contacts are important? If so, how?
Essential.
What do you think about contracts and other legal obligations? Are they important in your business?
It is all about people. People work for you. People buy your stuff. Your family relies on you to make $. Most people think it is all about the money. It is just a think that we use to enhance our lives. Peoples lives are what matter. Don##aps##t get fooled.
If there is one thing that would sum up your advice to new entrepreneurs, what would it be?
I have a degree in marketing. I would not change that experience for anything. I think the whole college experience is great for maturity. Some don##aps##t require it. But very few. I have friends that own their own businesses that did not finish…I think it would have helped.
I love marketing. Maybe it came from school##comma## maybe it was already there. Hard to tell. We all learn differently##comma## but most things in owning my own business I had to learn the hard way.
What, if any, final advice do you have for new entrepreneurs?
Read as much as possible. Talk to as many business owners about their story. Start something small##comma## and don##aps##t be afraid to fail. In our failures we learn.
