Building a new web based business

[Shrewedmoney15]

I'm on day 18 of this idea and so far this is what I've done

• I've secured 5k for investment capital
• Found a team of developers to build the site to our needs
• Gained 15 people to sign up for free account
• Started LLC process

Today I will go and open up bank account and get another 10 to 20 people contact info who is interested.

Please feel free to hold me accountable.

 

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[Andy Black]

Hi @Shrewedmoney15

Good for you taking action.

I'm slightly worried for you though, and for the following reasons:

• Your subject line is about "Building" something.
• You want to protect your "idea".
• It looks like you've secured funding before making sales.
• It looks like you're setting up an LLC and bank account before making sales.

Maybe this thread will help (first and eighth post especially).

Questions to ask yourself:

• Do you know who you're helping?
• Do you know what you're helping them with?
• Do you know why you want to do the above?

Have you read many of Gold threads (I just picked this one out at random).

Have you read the book btw?

 

[Shrewedmoney15]

Yes I've read the book and yes to all of your questions. I know who I'm helping. This fastlane came after a well put together plan. The plan is solid. I'm worrying about leaving the plan due to opportunity with no cahsflow in the other biz

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[Deleted35442]

Yes I've read the book and yes to all of your questions. I know who I'm helping. This fastlane came after a well put together plan. The plan is solid. I'm worrying about leaving the plan due to opportunity with no cahsflow in the other biz

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Which idea was this you mentioned in the prior post I replied to? You had two. Is this the one you're already getting some cash flow in from or no? @Andy Black might be the sort of business you're worried about getting issues from. I just finished my LLC formation and am launching in about 10 days. Nice to have that protection before a single sale takes place.

What's the $5k for and how much equity they get from that?

 

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[tafy]

It's worrying me that your worried about someone stealing your idea. Good luck tho!

 

[Shrewedmoney15]

Which idea was this you mentioned in the prior post I replied to? You had two. Is this the one you're already getting some cash flow in from or no? @Andy Black might be the sort of business you're worried about getting issues from. I just finished my LLC formation and am launching in about 10 days. Nice to have that protection before a single sale takes place.

What's the $5k for and how much equity they get from that?

No its the one that hasn't been implemented yet. Me and my partner have decided to wait and build the mlm up to six figures. This should take 7 more months.

It's worrying me that your worried about someone stealing your idea. Good luck tho!

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[eekern]

Me and my partner have decided to wait and build the mlm up to six figures. This should take 7 more months.

dude mlm?, six figures in 7 months, really? Adwords just gave you a better idea than that. Leather jackets .... No for real, don't get tricked into mlm you will regret, start a real business. Read the the millionaire fastlane book is 10 more times !

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[Shrewedmoney15]

dude mlm?, six figures in 7 months, really? Adwords just gave you a better idea than that. Leather jackets .... No for real, don't get tricked into mlm you will regret, start a real business. Read the the millionaire fastlane book is 10 more times !

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So are you saying MLM isn't a real business?

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[Delmania]

So are you saying MLM isn't a real business?

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If you read the book, you'd know MLMs are not Fastlane. You lose too much control.

 

[Shrewedmoney15]

If you read the book, you'd know MLMs are not Fastlane. You lose too much control.

True they're not fast lane. And I've read the book twice. But the question wasn't was a mlm fast lane the question was, is mlm not a real business. Now if you read the book as well you'd know that MJ states mlm can make serious money but it's a hitch hiking. Not fast lane does that make sense?

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[Delmania]

True they're not fast lane. And I've read the book twice. But the question wasn't was a mlm fast lane the question was, is mlm not a real business. Now if you read the book as well you'd know that MJ states mlm can make serious money but it's a hitch hiking. Not fast lane does that make sense?

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Since they're offering a product in exchange for money, they are a business. @eekern's warning is more about making someone else rich through an MLM as opposed to making yourself rich. You're already selling stuff, why should someone else benefit from your hard work?

 

[eekern]

Yes, it was just a friendly warning for the exact same reasons @Delmania mentioned above.

I have been in MLM myself, and had your exact attitude "six figures in 6months" no problem. I do not know how much you earn now since you say "7 more months", but I really hope you are at 5K + a month, if not - your have been brainwashed by the MLM marketing..

People in the company I was in gladly spend 15K in ads to earn 10K in sales, since then they can show off income reports and use that in their marketing. I do not know the type of company you have joined.

I actually have a bigger problem with the typical MLM marketing, than the business model. Tricking people into believing they can reach unreal goals in way to short time. It takes time to create value and help people, and it requires A LOT more work than join investing in their company and follow 3 steps into financial freedom.

 

[Andrew Ward]

Are you setting up an MLM or setting up a site as part of an existing MLM?

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[Shrewedmoney15]

I was creating a Web based business. But I'm currently in mlm. They're separate

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[AndrewNC]

I'm on day 18 of this idea and so far this is what I've done

• I've secured 5k for investment capital
• Found a team of developers to build the site to our needs
• Gained 15 people to sign up for free account
• Started LLC process

Today I will go and open up bank account and get another 10 to 20 people contact info who is interested.

Please feel free to hold me accountable.

I'm interested in following your progress and definitely interested in your process for securing the capital. Was it through an investor network, friends & family, line of credit, etc?

If you are completely new to building a website/internet/etc., feel free to reach out to me for any guidance. I've been doing this kind of stuff since 2011 and can help you through some of the pitfalls I fell through over the years.

For protecting your idea - make sure not to protect your idea from potential customers!

 

[Andrew Ward]

I think

I was creating a Web based business. But I'm currently in mlm. They're separate

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I think people had the impression your new business was to become part of an MLM which is why you had such a bad response.

You haven't really given anyone much to go on in order to understand your business, it's model, or even whether giving up an equity stake for £5k capital is worthwhile. If you have gone 50/50 with a decent partner who is as invested in this as you and they have stumped up that initial capital then it may not be as bad as what it initially looks like on the surface.

This is a good lesson however as you will be challenged every time you try to sell your product. Soak it in

 

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[AdMachine]

To make money as fast as possible collect pre-orders for your still non-existing product or a service.
Since you have a demand already it's way more worthwhile to continue with investing money.