New Guy How to effectively run business which I've taken charge..

[Razz888]

Hello all from the UK.

Hope you are doing well.

This is a bit of a long post, so please bare with me.

I am taking over/have took over my father's printing and signage business. We have a Roland XC-540 print & cut large format machine but I don't run it myself.

We also have a laminator and a heat press machine. We used to have so many machines and guillotines back in the day, but you gotta adapt. And the rest we outsource. I think from now 95% jobs we will just outsource now. I have been working here as a receptionist since I finished college in 2019. I also study a CompSci university degree alongside this on a distance learning basis.

We have moved premises and in the last 3 years, there has been a significant reduction in business. It's a bumpy right in these modern times. Maybe this is mostly due to everyone going online, and maybe also that his pricing model is outdated and high. He values time, so charges accordingly, but I think it may be too high.

I was wondering whether there are any pricing models which someone can direct me? Something which works for the UK..

Also, I am not really of a hands on person, this is because I have a sweaty palms illness which prevents me from doing tasks like fitting/installation on vehicles. Am I able to adapt in a different way? Anyone know if I can practice graphics fitting without on an actual vehicle? (I know sounds silly).

I will probably hire another person for these tasks anyway.

Any tips and guides on how to run the business and keep my head high in general would be appreciated. I am turning 21, and it's sad to see the current situation. Brexit and Covid to make it worse. In the years of 07-15, we used to be flourishing really high, we had the whole town & went places across the country, and then....yeah.

I had a cousin who my father brought here from his home country, trained him well and then couple of years later, he left and opened his own business, just a few minutes walk too. And then naturally, a lot more signs & printing businesses opened up in the town and of course, we have online sellers. So my father lost interest and now he's focusing on doing something else which he enjoys, but will be involved in the business as he's been doing it since his early days.

In the lockdown, which is due to end in less than 2 weeks, I have become highly motivated and just "thinking" but doing nothing about it... Can anyone guide me dummy resources/or courses of how I can "learn" the products? So I know my stuff. Right now, I don't know much to be honest and I don't want to keep asking my father for information. I want to learn and understand more so can run things properly and in order. I am actively searching for good & cheap trade suppliers.

Do you think if I work good enough I can run the business for many years to come? What skills are required? I am IT proficient, but need to learn Mathematics to an advanced level (I'm currently weak in it). Fitting actual sign jobs I won't get involved in, at least yet.

Thanks guys, would appreciate some valuable input here.

Regards,

~ A young adult who is trying to keep his childhood afloat & build his foundation

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[Texas_Signmaker]

I hate to say it but my gut response is to consider closing it up and start training for a career.

 

[Razz888]

I hate to say it but my gut response is to consider closing it up and start training for a career.

What is your reasoning behind this? Surely it's not that bad?

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[Texas_Signmaker]

I mean... it's a business that is declining, the founder has no interest, you don't know how to run the machines and have difficulty applying vinyl... and you're only 21 years old....at some point, you have to know when to bail on an idea.

You give a really vague description of your situation and from what you have shared, and you didn't share a details...but from what you have shared... it sounds like a long uphill battel with hurricane force headwinds.

 

[Notarealsignguy]

You seem a little light in the loafers to do what you are wanting. You can't apply decals because you have sweaty palms? Come on now. At the point where you are at about the only advice you need is to put your big boy pants on and put in a smidge of effort because nobody can really explain to you how to do that.

 

[Val47]

There is a member here who would love to help you. His name is Robert.

 

[Razz888]

There is a member here who would love to help you. His name is Robert.

I hope this is not a sarcastic statement, right?

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[Razz888]

I mean... it's a business that is declining, the founder has no interest, you don't know how to run the machines and have difficulty applying vinyl... and you're only 21 years old....at some point, you have to know when to bail on an idea.

You give a really vague description of your situation and from what you have shared, and you didn't share a details...but from what you have shared... it sounds like a long uphill battel with hurricane force headwinds.

Well... I hope that's not true in the long term. What information do you need to direct me to the clear path?

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[Razz888]

You seem a little light in the loafers to do what you are wanting. You can't apply decals because you have sweaty palms? Come on now. At the point where you are at about the only advice you need is to put your big boy pants on and put in a smidge of effort because nobody can really explain to you how to do that.

True, you have a point. Obviously I am going to try, mind you, I haven't applied anything on my own but I've helped my father apply them on vehicles (those 2 man job ones). And it was really interesting and fun to see. So maybe it's not that bad and I'm just going OTT.

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[Texas_Signmaker]

Would be nice to know what your sales are a year, what your profit margin is, how many employees, do you own the building, do you have a lot of customer complaints, give us more of a detailed picture if you want to share... even if those numbers and everything sounded good.. I'm not sure you're cut out for it.

 

[CanuckSigns]

You have to ask yourself why do you want to run this business? Your father seams to have had a good go of it and has now moved on to something else he enjoys.

As someone who has also come on board a family business, take it from me, you need to sit down and have a good hard think about why you want to take this on. It doesn't sound like you have a real passion for the business. You are young and while being a business owner is a dream for many, it's not as rosy as some people make it look on Instagram.

Also think about what direction you want to take the business, do you want to focus on retail signage, industrial clients, vehicle graphics, architectural signs etc.

Hope this helps.

 

[Razz888]

Would be nice to know what your sales are a year, what your profit margin is, how many employees, do you own the building, do you have a lot of customer complaints, give us more of a detailed picture if you want to share... even if those numbers and everything sounded good.. I'm not sure you're cut out for it.

Alright. The turnover figures for year ending 2019 were around in the £70k mark, building is rented, no customer complaints which are our fault, generally it's them not looking at their artwork properly, etc. If it's something we done, we rectify it. Profit margin at least 50% of final cost of product pricing. Back when we were mad busy we used to have around 4-5 employees at once, but now it's just 1.

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[Val47]

I hope this is not a sarcastic statement, right?

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No, not sarcastic. He's a merchant member here, and he's always looking to counsel and help business people. Robert Armerding.
I can't vouch for weather or not he CAN help you, but he will try.

 

[Razz888]

You have to ask yourself why do you want to run this business? Your father seams to have had a good go of it and has now moved on to something else he enjoys.

As someone who has also come on board a family business, take it from me, you need to sit down and have a good hard think about why you want to take this on. It doesn't sound like you have a real passion for the business. You are young and while being a business owner is a dream for many, it's not as rosy as some people make it look on Instagram.

Also think about what direction you want to take the business, do you want to focus on retail signage, industrial clients, vehicle graphics, architectural signs etc.

Hope this helps.

Hi, I appreciate your response.

I will be honest with you, up until last January, I didn't like this industry, it just seemed difficult to me and that's why I couldn't learn things, because I was adamant of wanting to get a job at the security sector, working for someone else...anyway it hit me quite hard, and all of a sudden I fell in love for the business. I was looking back at old photos and memories and it really made me thing. Then, naturally, things fell in place... I fell in love with the materials and substrates, and wanted to learn more, and so as the first lockdown was eased, I just did what I could but I'm still lacking knowledge.

And I would want to do whatever is profitable, but simple at the same time, really. Like Aluminium Composite Signs or simple Signtrays with 5mm Flat Cut Acrylic Letters. I don't mind as I'm in my young days and still learning, but generally, there comes a time in life where you would wanna focus on a key area, I understand you and will be working towards that.

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[Razz888]

No, not sarcastic. He's a merchant member here, and he's always looking to counsel and help business people. Robert Armerding.
I can't vouch for weather or not he CAN help you, but he will try.

Ah ok, thanks for the clarification, some ray of sunshine there. Thanks! I will contact him.

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[Texas_Signmaker]

Alright. The turnover figures for year ending 2019 were around in the £70k mark, building is rented, no customer complaints which are our fault, generally it's them not looking at their artwork properly, etc. If it's something we done, we rectify it. Profit margin at least 50% of final cost of product pricing. Back when we were mad busy we used to have around 4-5 employees at once, but now it's just 1.

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So, this is not a big business and there really isn't much at stake. Problem is you don't run the machines or apply vinyl... you really need to know how to do it all at this stage...you're too small not to know.

Since the business is so small... just keep trying to figure it... you're either going to make it or not. Sounds like it's not a good fit...but I don't know much about you.

 

[Razz888]

So, this is not a big business and there really isn't much at stake. Problem is you don't run the machines or apply vinyl... you really need to know how to do it all at this stage...you're too small not to know.

Since the business is so small... just keep trying to figure it... you're either going to make it or not. Sounds like it's not a good fit...but I don't know much about you.

I will keep trying harder, maximise online and paper marketing. I can learn to apply vinyl, yeah, but can also outsource too.

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[Val47]

Honestly, if you don't love it This type of work, then you will probably hate it. Learning can get stressful, and expensive. When you mess something up, and have to redo it. Really cuts into the profit margin. In this industry, you really need to know every aspect of the business. You may have orders on the table, and your one employee just quit on you. Now what... It's all on you.

 

[Pauly]

Some people are not helpful what so ever.

Printing is not just about vinyl wrapping peoples cars and what not, although it's what a lot of sign shops generally do.

You can get into any printing aspect you'd like. you can get into banners, building signage, posers, fine art printing etc. Look around, everything is printed.
Cannot afford to get new equipment, as you already do, outsource it, make a margin on it and it'll eventually help you grow.

Online precents is key IMO. Get online, Instagram, Facebook etc. post your work.
Get a website, use Wordpress or shopify (i use wordpress but i see a lot more using shopify for online stores as i believe it's easier.) i spend my COVID days building my website. it's helped us grow as more customers find us and are more confident in using us rather than a crappy out of date webpage.

There's printing everywhere. you have the tools. find out what you can do with it and go from there.

 

[FASTSIGNS]

You could entertain converting to a sign franchise (FASTSIGNS!). You have the basic infrastrucure in place. Franchising can offer you training, advertising, brand awareness, tech support etc. All types of support from financial analysis to production training ~ a wide range suited to your needs. will it cost you? Yes, royalties. It’s something that might take you to the next level.