Keith, good topic.
A few question / issues to consider:
- How strategic is this business to you? Alternatively put, is this the type of project that you want to expand to? Even if it makes you money short term, if it does not lead to something bigger, probably not a good use of time.
- How far out of your league is the project? Is it a 'just' a stretch or...
I have a very similar client I am proposing right now as well. The project we are proposing will include the following:
1) Network and WiFi
2) Surveillance system
3) Pro audio system
4) HDTV displays
5) Controls system
6) Wash lighting
My business partner and I have the ability to handle all of these ourselves without outside help. My...
I would think that it makes sense to at least investigate potential partner(s) in that area. A good partnership could enhance both companies' business - you could potentially see increased business referred by the partner as well as from being able to offer the partner's services for future projects.
I have a similar situation in that prior to last year I was strictly a computer tech and had not installed one single camera in my life. My best business client asked me about camera systems and I initially told them I knew nothing about them. After sitting-in on their first meeting with a very 'slick' security salesman, I decided to look further into the video world. I...
IPVMU Certified | 10/15/14 11:47pm
I had something similar come up a year ago, we took the job and asked a sub who we had worked with before, to work with us on it. Learned a lot and got us in to a new market and expanded our product offerings because of it. We didn't make as much as we could have but the learning experience was worth it in my opinion. It wasnt easy.
One basic rule might be "Follow your customers". If your top customer(s) asks you if you can do a certain thing, always answer "Yes!", but tell them you must check with your enginnering department to be sure. You can negotiate back to "No" in the future, but it is difficult or impossible to negotiate back to "Yes". If you answer in the affirmative:
- You can gather the necesary...
Build connections with professionals who can work for you as subcontractor.
You can keep your bit, and next time they can involve you in a project which is your profession.
If you can, hire a subcontractor and keep close tabs on them. Watch and learn as much as you can. Maybe you'll be able to do it yourself next time.
If you don't have time for this kind of close supervision, or if you simply can't see youself ever getting into that field, pass the job along to a buddy and ask for a small but reasonable cut or kickback.
If you feel like you...
If you have an interest in expanding into that vertical then find a good local company and partner. Tell them exactly what your plans are and see if they are willing to work with you. A true businessman knows that the market is better with good competition to keep prices in line with the costs to offer the products and services. Do not think you will be seen as a threat.
If you just...
I gave the project back to my customer. He is spending a ton of money to get this place up and running so I didnt one to be the one responsible for a opening night blunder.
I tried finding a subcontractor I could trust but that turned out to be alot harder than it sounds since I have never done this type of project.