Hi Everyone,,,I used to be a member here but haven't been on in over a year. I am back under a new name. I remember always getting good advice here. I am hoping that someone with more experience at the "Business" side of the drone business could advise me.
I have been Part 107 Licensed since the day it went active on 29 Aug 16. I so far have only worked in real estate video. I have added interior video and some other new features to my list of services. I have not yet been able to get enough business to be doing this full time. But I have a long list of satisfied clients, do work for many of the biggest names in real estate in my area. It really looks like my business is about to finally spring forward. But unfortunately, my gear is old and worn, and I'm in no financial position to replace it. My drone and batteries are getting old and I don't have a back-up drone., my computer I use for editing wasn't prime for this work to begin with and wants to crash anytime. I am on the verge of everything breaking at once, one crash away from "out of business," right when it looks like things are going to FINALLY be going good.
Part 2 of my dilemma...A client I did one job for last year was VERY impressed, and now wants to start up a new Aerial business with me. He does not want to be "part owner" or anything in my business. This would be a separate entity altogether, leaving me autonomy with my current business. Describes him being the money side of it and get's 20% for that and sounds willing to buy needed equipment. He is a at least somewhat wealthy, established businessman and lists all of the contacts he has in many industries which he could use to get work. He is looking at doing a few things that my business does not do, but much of what he is looking to get into would, technically, put that business in competition with my current business.
I don't know exactly what to do here. I would not say that I am opposed to starting a whole new Aerial business with someone else and maybe abandon my current one. But that has branding and name recognition I have worked close to 2 years on and I feel kind of squeamish on giving it up. Another part of me feels like I have worked hard at this with some success, but not the success I am looking for. And maybe this could be the opportunity to go into that next level. Should I just go with his proposal and take my existing clients there and start over? Do I co-own a competing business with him and try to keep one doing some work and one doing another?
Anyone have any thoughts on this?
I have been Part 107 Licensed since the day it went active on 29 Aug 16. I so far have only worked in real estate video. I have added interior video and some other new features to my list of services. I have not yet been able to get enough business to be doing this full time. But I have a long list of satisfied clients, do work for many of the biggest names in real estate in my area. It really looks like my business is about to finally spring forward. But unfortunately, my gear is old and worn, and I'm in no financial position to replace it. My drone and batteries are getting old and I don't have a back-up drone., my computer I use for editing wasn't prime for this work to begin with and wants to crash anytime. I am on the verge of everything breaking at once, one crash away from "out of business," right when it looks like things are going to FINALLY be going good.
Part 2 of my dilemma...A client I did one job for last year was VERY impressed, and now wants to start up a new Aerial business with me. He does not want to be "part owner" or anything in my business. This would be a separate entity altogether, leaving me autonomy with my current business. Describes him being the money side of it and get's 20% for that and sounds willing to buy needed equipment. He is a at least somewhat wealthy, established businessman and lists all of the contacts he has in many industries which he could use to get work. He is looking at doing a few things that my business does not do, but much of what he is looking to get into would, technically, put that business in competition with my current business.
I don't know exactly what to do here. I would not say that I am opposed to starting a whole new Aerial business with someone else and maybe abandon my current one. But that has branding and name recognition I have worked close to 2 years on and I feel kind of squeamish on giving it up. Another part of me feels like I have worked hard at this with some success, but not the success I am looking for. And maybe this could be the opportunity to go into that next level. Should I just go with his proposal and take my existing clients there and start over? Do I co-own a competing business with him and try to keep one doing some work and one doing another?
Anyone have any thoughts on this?