0

The CityMax.com team is starting a new small business. Will we succeed?

e3-logoIf you’re familiar with CityMax.com, you already know we’ve got entrepreneur fever. Our website builder is the heart of thousands of successful businesses (just take a look at our amazing Homepreneur finalists), and we’ve been around for over 10 years. But so what, you might ask?

Well, two weeks ago we decided to put our money where our collective mouth is. We decided to start an online venture.

Why?  To show that anyone can do it, and hopefully learn a few things along the way.

Every CityMax.com team member will help run our new small business. Each week, the entire company (all 34 of us) will meet as a board and vote to determine our next course of action – from our operational name, to the look of our website, to marketing. And you’ll get to follow along right here!

Week 1: We drafted and approved our company bylaws. Boring but essential, and very democratic.

Last week: We began talking about what kind of business we should start. To figure out the “right product”, the team started floating ideas against a boatload of questions that any new business owner should ask:

  • Is it easily shipped? (The best products are those that can be packaged or shipped affordably and safely)
  • Is it scalable? How are you going to manage increased shipping/sales if you go from 1 sale daily to 400?
  • Does it encourage repeat customers?
  • Do you have a secure product supply? A long-term relationship with key suppliers?
  • Can product delivery/production be outsourced?
  • Is it easy to access/local?
  • Does it have high margins per item (actual dollars, not percentage)? What is the likelihood of making money on every sale, factoring order size, shipping costs, etc.
  • Is the product line brandable?
  • Are people searching for what you are selling?
  • Do you believe in what you are selling?

Now that we’ve got a few guiding factors to help us decide our business model, it’s time to brainstorm and see what we come up with. Next week – we choose our product and begin competitive market research. Stay tuned!

Comments are closed.

CityMax.com has been featured in...