P64: 🔥 Feedback Friday VII 🔥 Running a Business Alone, Raising Prices, & Using Automation (w/ Jim Heley of A3L)

Video & Audio of Our Call:

Time-Stamped Show Notes:

• [1:00] Jim Heley, based in the UK and his company is called Advanced Automation Assembly Limited. He is in the field of robotics and augmented reality. He is doing both sales and manufacturing and his focus is in growing the business.
• [4:11] The company started in 2012 and it used to be called Advanced Aerospace Assembly but he changed it because he wanted to pivot towards the automation market.
• [5:49] In 2017, Jim hired someone to help him with the business but it turned out to be a mistake.
• [7:46] Jim talks about two of his biggest mistakes in the business.
• [8:42] Raine relates to Jim’s problem because it also happened to him in his packaging company.
• [9:54] The main product that Jim sells is Projection Works, which is an American product that projects 3D digital instructions into a working environment. His other product is automation solutions.
• [10:50] All the operations of the business are being handled alone by Jim, which is nuts according to Raine.
• [12:16] Money is also an issue that made Jim hesitant to hire someone in the past.
• [14:53] In the earliest days of his business, Jim was focused on selling the 3D Projection system but he didn’t anticipate how difficult it was to grow a market for this product.
• [17:16] Jim discusses the current pros and cons of the business.
• [18:59] The automation and robotics side of the business is where Jim is more into.
• [23:11] If there’s a problem with the robot or the automation machine, Jim would fix it for free.
• [24:34] Being scared of raising prices is another issue that Raine is pointing out to Jim.
• [30:50] Insecurity is the biggest problem for Jim, according to Raine.
• [35:57] The fabrication area is taking too much of Jim’s time but he is ready to delegate it to someone.
• [37:03] Raine offers his advice on delegating tasks to Jim’s new employees.
• [39:45] Raising prices should be the first step for Jim to start his growth transition. Jim should also focus on delivering value and including it in his sales pitch.
• [42:54] Austin shares his insight on Jim’s business situation.
• [46:05] Habit and complacency are the biggest enemy of Jim right now.
• [48:05] In terms of raising the prices, Austin recommends the Raine Austin Premium x 1.2

Key Point from the Interview:

• Raine: “Let’s tell the truth, you’re suffering from the same thing that all of us suffer from when it comes to raising our prices, you’re scared, you’re scared. I’m the same, I’m not calling you out, I’m the same, we’re all scared to raise our prices, we’re scared that we’re going to lose our business. But this is something that I found is a theme in a lot of this conversations Austin and I have had, and the people I’ve met and known, and even in myself, and this is what I’ve landed on, far more people go out of business from not charging enough than from charging too much.”

Resources Mentioned:

• LinkedIn: Jim Heley
• A3L.UK.com
• ProjectionWorks – 3D Instructions to Various Manufacturing Processes

Secret Resources:

Feedback? Questions? Comments? We would love to hear from you! Hollar at us via: Twitter (@acpeek), Instagram (@millionaire_interviews), LinkedIn (@austincpeek), Facebook Group (@mipvips), or Email: [email protected].