Evolution of an Enterprise, Chapter 6: First-quarter Review

Getting through the first few months of any new business is an exciting time, but it’s also an education. The first quarter for Voyager Industries provided Binh Uebinger and me with no less.

Our adviser and financial supporter, Rick Williams, told us to be prepared for everything to be the exact opposite of what we planned. With rare exceptions, his words of insight and experience were accurate.

During the planning stages of our business, Binh and I learned more than anyone should have to about Federal Aviation Administration regulations, homeland security laws and miles of other red tape surrounding the aviation industry. We had to ensure that we had sufficient knowledge of a vast fleet of aircraft to keep any of them from having instrument failures as the result of our actions.

Off course

Early on, we developed an idea of our target markets.

We initially thought that the core of our business would come from “transient” air traffic, or in other words, people just passing through. We knew that we wanted to work with as many local corporate operations and private owners as we could, but we expected this to be supplemental work early on. True to Rick’s prophecy, this was exactly the opposite of what happened.

We began working with local corporate groups immediately upon entering the field and 95 percent of our business comprises these customers. It turned out that transient flights were rare at Springfield-Branson National Airport for anything longer than fuel and a restroom break – not nearly long enough to polish an aircraft from nose to tail.

So we did what any good business owners should and adapted to our clientele. Rather than promote our exterior services, we talked up our carpet-stain removal and other interior solutions, because it was common to have a spilled cup of coffee or an airsick passenger. By reacting so quickly to the market, we have been introduced to various charter companies, and once the bugs return to warmer skies, we are likely to get the exterior work we expected in our business plan because of these relationships.

Binh and I also intended to offer various concierge services to our clients. We imagined these busy operations would need everything from dry-cleaning drop-off and pickup to catering services.

We also wanted to ensure that we were offering a complete solution for our clients. We have not yet ventured into any of these additional services; however, we are negotiating with a potential client who might find these services very useful. We are excited for the opportunity to expand our business and provide a key service for a busy local company.

On the nose

While we were off course on several ideas, there were many things during the first quarter that turned out exactly as we expected.

We knew that we were going to have to excel to gain credibility in the exclusive field of corporate aviation and charter services. We extend our thanks again to those first companies that took a chance on Voyager Industries.

We initially expected to have about 24 hours’ notice to schedule a service. Our clients don’t operate aviation programs for the luxury of it. They fly these aircraft because their offices are nationwide, sometimes larger, and they have to quickly move a lot of people.

We were allowed a learning curve of about 15 minutes, as Binh and I had to be available at a moment’s notice to provide results while the aircraft was on the ground.

We also knew that we were going to have to create – and continually expand – a network of satisfied clients to capture the market share necessary to be successful. This is especially true in the aviation field, which is a very close community of pilots and aircraft owners.

Lessons learned

To anyone who is thinking about starting their own business or is currently in the process, the best lesson I have learned during these first few months is to be flexible and open-minded. Obstacles are going to present themselves, many times more often than open doors. No amount of research will prepare you for the actual daily operation of your business. As Rick told us: “You have a great idea and a great business plan. Now you have to go out and make it happen.” Look forward to the obstacles and objections you may get and enjoy the lessons and new ideas they present. Although we were right about some things and wrong about even more, the first quarter for Voyager Industries has given us a foundation to grow into the success story we envision. Thank you to everyone who has supported us and good luck to anyone that is about to begin their own journey into the world of business ownership.

Josh Somers is co-founder of Voyager Industries.[[In-content Ad]]