BY JESSICA LONG
Brothers in life and in business , that’s the story behind Greg and Mike Loring.
The Lorings own Sell It Online, a retail shop that helps people sell their goods on eBay. The two brothers run two locations, one in Santee and another in Poway.
Although they’re successful now, small-business ownership wasn’t always in the cards for these two brothers, who expect revenues of about $420,000 this year. Before starting the business in 2004, Greg, 32, was a graphic designer while Mike, 34, worked in construction.
It was Greg’s idea to start the business after he was approached to help design marketing materials for the shop concept. When the guy who hired Greg to do the work decided to bail on the project, Greg said he saw a golden opportunity to pick up where the other fellow left off.
“I liked the idea and saw the potential in it so I went ahead and made the jump,” said Greg, who then approached his brother about a partnership.
Mike needed little convincing.
“Actually, it was something that I had wanted to do for a while but didn’t know how to,” Mike said of his personal interest in selling goods on eBay.
As a construction worker, Mike said he had semi-regular work but he craved more stability.
“I was very motivated to do it and excited about it,” Mike said.
Not to be outdone by the men, the Loring brothers’ wives also play an important role in the small business. Greg’s wife, Kimberly, handles some of the day-to-day operations, including customer service needs, while Mike’s wife, Rachael, does bookkeeping.
One might say Sell It Online is a true family affair.
VITALS
Names: Greg and Mike Loring.
Titles: Owners.
Company: Sell It Online.
Company address: 12285 Scripps
Poway Parkway, Poway 92064.
Company phone: (858) 566-6300.
Year founded: 2004.
Prior business experience: Graphic design and construction.
Average hours worked weekly: 50.
Source of startup capital: Home equity.
2005 revenue: $250,000.
2004 revenue: $150,000.
Number of employees: Six.
Web site: www.sellitonline.com.
GREG’S BACKGROUND
Birthplace: San Diego.
Education: Associate’s degree, Platt College of San Diego.
Age: 32.
Current residence: Santee.
Family: Married, one child age 8.
Hobbies: Mixed martial arts and softball.
MIKE’S BACKGROUND
Birthplace: San Diego.
Education: High school diploma, El Cajon High School.
Age: 34.
Current residence: Santee.
Family: Married, no children.
Hobbies: Wrestling, all-terrain vehicles and wakeboarding.
JUDGMENT CALLS
Reason for getting into business: With the dramatic increase of sales through eBay, we saw the need for the average person without experience selling on eBay to get assistance with selling online. We established our business to serve this need.
How we plan to grow the business: Approaching and securing accounts from local businesses and selling their inventory through our services on eBay.
Biggest plus of business ownership: The potential of making a nice living while doing what we thoroughly enjoy, without working a 9 a.m. to 5 p.m. job for the rest of our lives.
Biggest drawback: The time it takes to get the ball rolling.
Biggest business strength: Everybody involved is incredibly motivated and willing to do what it takes to become very successful.
Biggest business weakness: This being our first business and learning things the hard way.
Biggest risk: Starting a business without any guarantees of steady income while supporting a family.
Smartest business decision: Starting our own business and opening the Poway location (good location in terms of foot traffic).
Biggest business mistake: Spending a lot of money on advertising for franchises when we just weren’t ready.
Toughest career decision: Quitting high-paying jobs to start this business venture.
Biggest ongoing challenge: Managing all aspects of the business and being responsible for every decision involved in the day-to-day business cycle.
The most important part of our business: Making our customers our No. 1 priority.
Best way to stay competitive: Investigate our competitors and try to do everything a little bit better.
How we measure success: Customer satisfaction, especially seeing customers happy with our services and that their item sold for more than they were expecting.
GOALS
Goals yet to be achieved: Doing $100,000 a month at our current store location.
Our five-year business plan: Have five stores strategically placed throughout California.
We would sell our business only if: We wouldn’t sell it all, but we would possibly sell a percentage to an investor for growth.
Guiding principles we will continue to follow: Always look to find better ways of doing our day-to-day operations.
