Fastlaners - The odds are in your favor to make $100,000/month

[EvanOkanagan]

I got to thinking as I was re-reading the chapter about customer service from TMF .

I started thinking how much sense it makes to have an online business selling products or services to the world, and how the odds are highly in your favor.

I did some calculations and a product with a $35 profit margin that does 100 transactions per day and I've already surpassed my desired business system target that funds my ideal lifestyle goals (target of $97,500/mo).

That means per year only 0.0069% of a percent of North America alone (4th smallest continent) would need to buy this product or service. That translates to only 1 out of every 5.28 million people per day. If you open this to other continents the odds get even better.

Looking at these numbers makes it seem rediculous NOT to build a fastlane business.

Anyways, this was something I was inspired by this morning and this post is more motivational than anything. Get out there and kill it, the odds are in your favor!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[MJ DeMarco]

Yea, in this post, @arpeggiomeister explains how you only need 1000 customers to make more than $1M a year.

https://www.thefastlaneforum.com/co...trepreneurial-premise.3056/page-5#post-372021

 

[GuestUser113]

Yea, in this post, @arpeggiomeister explains how you only need 1000 customers to make more than $1M a year.

https://www.thefastlaneforum.com/co...trepreneurial-premise.3056/page-5#post-372021

Goodness gracious!! Thanks for link on that one. I find something of value everyday on this forum. Love being a INSIDERS too, bookmarked!

 

[parkerscott]

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[GuestUser201]

Thank you. This is a good reminder. My goal is to start out making a standard 60.000/year salary before taxes on a business. You've gotta start somewhere, right?

That's only making about 5 sales per day of a product with a margin of 35 dollars every day for a year.

Since I want to do SaaS, that means I only need to sell my software for $100/month to a minimum of 50 clients. If I target a market with at least 10,000 potential clients, it's almost like printing money by scaling it up. Holy crap.

I don't even have a single doubt that I can't do this. Plus there is such a huge abundance of money to be made, this is literally the tip of the tip of the iceberg.

 

[JAJT]

When people in my life question me on my entrepreneurial aspirations, I simply ask them what they make per day. Often that number comes out to about $100 net. Sometimes more, sometimes less.

Then I tell them that at $20 profit, that's only 5 sales per day. Or at $10 profit that's 10 sales. For a single product. This doesn't even count weekends where people are obviously also buying. Or holidays where sales are boosted. Just a measly 5 or 10 sales per day in the entirety of the USA. Sounds pretty reasonable. In fact, most businesses touting only 5 or 10 sales a day is likely in dire shape indeed.

Suddenly the math of working 40 hours per week vs finding 5 sales per day starts looking wonky and they say "hmm... well then... good luck I suppose" as they are lost in contemplation on whether or not the math is somehow wrong.

 

[GuestUser201]

When people in my life question me on my entrepreneurial aspirations, I simply ask them what they make per day. Often that number comes out to about $100 net. Sometimes more, sometimes less.

Then I tell them that at $20 profit, that's only 5 sales per day. Or at $10 profit that's 10 sales. For a single product. This doesn't even count weekends where people are obviously also buying. Or holidays where sales are boosted. Just a measly 5 or 10 sales per day in the entirety of the USA. Sounds pretty reasonable. In fact, most businesses touting only 5 or 10 sales a day is likely in dire shape indeed.

Suddenly the math of working 40 hours per week vs finding 5 sales per day starts looking wonky and they say "hmm... well then... good luck I suppose" as they are lost in contemplation on whether or not the math is somehow wrong.

Yeah it's actually kinda funny. Seriously, until I read TMF , I never even sat down and did the math.
I remember explaining this to my friend on the subway one time and he told me, yeah that's great and all but you're going to fail and it's insecure.

But it's only 5 sales a day! Even if you suck balls at sales, it still takes less time and effort once your business is set up to cold call and make a measly 5 sales in a day compared to preparing and wraping ~250 sandwiches at mcdonalds in an 8 hour shift for minimum wage.

But for some people the risk just isn't worth the potential accelerated wealth they can acquire.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[IceCreamKid]

When people in my life question me on my entrepreneurial aspirations, I simply ask them what they make per day. Often that number comes out to about $100 net. Sometimes more, sometimes less.

Then I tell them that at $20 profit, that's only 5 sales per day. Or at $10 profit that's 10 sales. For a single product. This doesn't even count weekends where people are obviously also buying. Or holidays where sales are boosted. Just a measly 5 or 10 sales per day in the entirety of the USA. Sounds pretty reasonable. In fact, most businesses touting only 5 or 10 sales a day is likely in dire shape indeed.

Suddenly the math of working 40 hours per week vs finding 5 sales per day starts looking wonky and they say "hmm... well then... good luck I suppose" as they are lost in contemplation on whether or not the math is somehow wrong.

You are right on so many levels.

When I started thinking in this way, I FINALLY started taking action and getting results. Telling myself that I wanted to be a millionaire only caused anxiety and inaction.

Planning+little steps daily=freedom.

It's all in the math. Always.

 

[The-J]

JasonR said the 'sweet spot' to start from is a customer value of $60. One customer = $60 profit in your pocket. (In many businesses, you can get $100+ customer value)

Two $60 customers every day is $120/day, passively, or $3600/month. That's enough to quit a job. Three? $5400/month. Ten? $18,000/month. 100? $180,000/month, passively. How fast can you become a millionaire making $180,000/month? Pretty F*ckin fast.

But don't take my (or anyone else's word for it): see for yourself! Get started! Get a customer! Then get more customers!

 

[Dark Water]

I got to thinking as I was re-reading the chapter about customer service from TMF .

I started thinking how much sense it makes to have an online business selling products or services to the world, and how the odds are highly in your favor.

I did some calculations and a product with a $35 profit margin that does 100 transactions per day and I've already surpassed my desired business system target that funds my ideal lifestyle goals (target of $97,500/mo).

That means per year only 0.0069% of a percent of North America alone (4th smallest continent) would need to buy this product or service. That translates to only 1 out of every 5.28 million people per day. If you open this to other continents the odds get even better.

Looking at these numbers makes it seem rediculous NOT to build a fastlane business.

Anyways, this was something I was inspired by this morning and this post is more motivational than anything. Get out there and kill it, the odds are in your favor!

While this is a good way to look at it, its not the optimal way. What you are describing is a top-down approach, or birds eye view. Its ineffective and leads to "if i can get 1% of 1% of the whole population I'll be rich!".

What JAJT describes is much more practical as a bottom-up approach. 5 sales per day at $20/sale or 10 sales per day at $10 a sale. You also said 100 transactions at $35/day which is effective.

Build a base and work towards the sky, instead of coming down from the sky blindly launching missiles hoping to hit your target.

Besides this one piece of advice I thought I'd relay from someone with more expertise, I agree. Motivational and easily done compared to working 8 hours a day.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[randomnumber314]

Perhaps posts like this are good motivators, but I don't think it's a great way to think about business. People get stuck thinking "hey if I sell 100 widgets a day I'll make a hundred million dollars," and then dreaming about what color lambo they're going to buy.

I feel the approach of, "what product or service can I sell and how do I scale" is much more productive. Then, after you've chosen, work on getting 1 sale, then 2, then 3, then 500 a day. The process is built figuring out that one sale, then it's refined and refined and scaled.

 

[JAJT]

People get stuck thinking "hey if I sell 100 widgets a day I'll make a hundred million dollars," and then dreaming about what color lambo they're going to buy.

IMHO the key take-away isn't about how to structure a business based on hopes and dreams but it's about just how LITTLE is required to replace "regular" income for most people.

Showing someone how their entire income can be replaced by 5 SMALL sales is a real eye opener for most people. A kid mowing grass can make this in less than half a day going door to door. It's almost lemonade stand money.

The mindset involved in believing you can do 5 sales a day is like the snowflake that causes an avalanche. Everything after this thinking begins is just work.

(Although I do agree with you that starting a business based on the assumption of 100 sales per day without any logical reason to assume you can actually hit that is nuts).

 

[EvanOkanagan]

Perhaps posts like this are good motivators, but I don't think it's a great way to think about business. People get stuck thinking "hey if I sell 100 widgets a day I'll make a hundred million dollars," and then dreaming about what color lambo they're going to buy.

I feel the approach of, "what product or service can I sell and how do I scale" is much more productive. Then, after you've chosen, work on getting 1 sale, then 2, then 3, then 500 a day. The process is built figuring out that one sale, then it's refined and refined and scaled.

I completely agree that action-based thinking is essential, and it's best to operate business that way... this is a different subject though altogether. It all has to start with some sort of dream, and these dreams are paralyzing for most people as they seem so far out of reach.

I was going through MJ's Business System and Money System numbers in the book before I thought of this post and the numbers seemed quite far out of reach. $7.1 million money system.... and $97,500 per MONTH from my business to get there and to reach my desired life goals?

Then I though, let me do the math on this.... and broke it down to much smaller numbers... That's only 100 out of the hundreds of millions, even billions if we're talking about the whole world.. per day.

You've gotta have a large enough dream to motivate yourself to start something or keep pushing for it IMO. Breaking it down to the relatively small number of customers to reach this dream and why anyone would doubt they could do this is what I was trying to get at.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[randomnumber314]

I completely agree that action-based thinking is essential, and it's best to operate business that way... this is a different subject though altogether. It all has to start with some sort of dream, and these dreams are paralyzing for most people as they seem so far out of reach.

I was going through MJ's Business System and Money System numbers in the book before I thought of this post and the numbers seemed quite far out of reach. $7.1 million money system.... and $97,500 per MONTH from my business to get there and to reach my desired life goals?

Then I though, let me do the math on this.... and broke it down to much smaller numbers... That's only 100 out of the hundreds of millions, even billions if we're talking about the whole world.. per day.

You've gotta have a large enough dream to motivate yourself to start something or keep pushing for it IMO. Breaking it down to the relatively small number of customers to reach this dream and why anyone would doubt they could do this is what I was trying to get at.

I agree with you and @JAJT , I missed the point of your OP.

 

[smcepeda]

I think that dissecting a goal; in this case making $100'000/month, becomes much more realistic when you break it down in sales. IMO That's the attitude every entrepreneur should have. Great thread!

 

[Tiago]

I had this thought implemented into me since I've read the book. It's so easy once you breakdown and do the math.

Abundance mindset.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[wilddog]

When people in my life question me on my entrepreneurial aspirations, I simply ask them what they make per day. Often that number comes out to about $100 net. Sometimes more, sometimes less.

Then I tell them that at $20 profit, that's only 5 sales per day. Or at $10 profit that's 10 sales. For a single product. This doesn't even count weekends where people are obviously also buying. Or holidays where sales are boosted. Just a measly 5 or 10 sales per day in the entirety of the USA. Sounds pretty reasonable. In fact, most businesses touting only 5 or 10 sales a day is likely in dire shape indeed.

Suddenly the math of working 40 hours per week vs finding 5 sales per day starts looking wonky and they say "hmm... well then... good luck I suppose" as they are lost in contemplation on whether or not the math is somehow wrong.

As someone who's getting ready to launch his webstore, 10 sales per day is just unbelievable to me.
I don't believe it's a self-limiting thought. It's just hard to believe from my limited experience.

 

[smcepeda]

Why should it be unbelievable? I think you'll break that limiting belief once you have your first sale

 

[Bandy]

Wow! Great reminder.
I am currently building my digital product and want to price it at around $40.
One sale each day would amount to 1.2k each month.
Two sales a day would amount to 2.4k each month.

Breaking it down is really an eye opener. Thank you!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[smcepeda]

Wow! Great reminder.
I am currently building my digital product and want to price it at around $40.
One sale each day would amount to 1.2k each month.
Two sales a day would amount to 2.4k each month.

Breaking it down is really an eye opener. Thank you!

It really makes it seem easier, doesn't it? Now the only thing you have to do is take small, yet incremental steps until you achieve 2.4k each month if that's your aim - and eventually scale to X