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SHOW NOTES
KEY IDEAS:
As I comb through Craigslist looking for guests for the show I frequently run across stump grinding businesses. However, I have never been able to get somebody with this business to come on the show. That all changes this week because of our guest, Ed Tyer.
Ed is a retired school teacher from Greenville, North Carolina. He is constantly keeping himself busy and looking for a way to make an extra dollar. Some time back he realized that he had to grind some stumps out of his yard. He decided to purchase a stump grinder to do just that. He found one used just north of the state line in Virginia and bought it.
After removing the stumps from his property the question was, “what’s next”? Ed believed that he could make the stump grinder that he had purchased pay for itself. So, he placed an ad on Craigslist, and he also placed one on a Facebook Group. Ever since that time Ed has been operating “Tyer Stump Grinding” and working for himself.
Ed illustrates two important points during this episode. First, when you purchase a piece of equipment to do a job on your property, that equipment just sits and devalues when the job is finished. Second, it is important to find a niche that your business idea will fit into. That is the way that you know you have identified a true business opportunity.
In Ed’s case he has found a space in the market right between jobs small enough that people do them by themselves and big enough that people hire large companies. It is in that small space that Ed found a lack of competition and people who needed help.
ADVICE FROM ED:
INCLINED: If you are going to enter this business you need to be mechanically inclined. If you are paying someone to fix your stump grinder, you will not make any money.
USED: Start with used equipment. You can keep it running in great condition, and it will help you to be profitable in the long run.
SMALL: Start small and build up your business. There is no need to sink tens of thousands of dollars into this business on the hope that it works out.
BEST BUSINESS ADVICE ED HAS EVER RECEIVED:
COMPETITION: Know who your competition is, and know whether or not you can actually compete with them.
PERSONAL HABIT:
INTERESTED: Ed describes himself as being interested in everything. This helps him to figure out mechanical issues and solve problems for other people.
BUSY: Ed likes to stay busy. This is what keeps him looking for something that he can do that is productive and profitable. This is ultimately what led him to this business.
CONTACT INFORMATION:
Craigslist: LINK
Where Off-Farm Income And Matt Brechwald Can Be Heard:
Member Of The National Association Of Farm Broadcasters |
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