other fastlane businesses

[waytogoandy]

can anyone give some examples of businesses that are fastlanes besides websites and interenet businesses?

 

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

[awesom-o]

can anyone give some examples of businesses that are fastlanes besides websites and interenet businesses?

Think large chain restaurants/fast food outlets. Just make sure you're the franchisor not the franchise.
That's just one example think big..impact millions make millions :smxF:

 

[The-J]

Breaking fastlane down:

There are five Fastlane commandments that an income stream (not necessarily a BUSINESS but an income stream) must follow in order to be Fastlane. It's the CENTS. Need, Entry, Control, Scale, Time.

Need: There must be a market need. This is probably the easiest to fulfill because we all need things and services.
Entry: There must be a high barrier of entry, or a low chance that a newcomer can just come in and compete with you. Essentially, if all it takes is a Wordpress account, $40 and a registration then it's not Fastlane. If it's easy to do, it's probably not worth doing.
Control: You must be in full control of the income stream. This means that there cannot be anything someone else (who isn't the government) can do that can interrupt or take away your income stream. For this reason, the stock market and affiliate marketing are NOT fastlane.
Scale: There must be an ability to reach out to a large audience. Large is subjective: if your entire town can use the product and WILL use the product, and your town has 40,000 people in it, it could very well be Fastlane. Of course, this is where Internet companies shine.
Time: There must be a low (or no) correlation between your income stream and your time spent. If your marginal income is directly dependent on your time, it cannot be Fastlane. This is why not all businesses are Fastlane.

So do some brainstorming, what fits this category? There are lots of things.

 

[waytogoandy]

doesnt this take a lot of time. You would have to open a restaurant, systemize it and get it going to turn a profit and pay back the cost of the restuarant, and then open another and do the same, etc. and the average restaurant can cost 1-2million dollars to open. what are your thoughts on this?

 

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

[biophase]

doesnt this take a lot of time?

All of them take alot of time.

 

[HenkHolland]

doesnt this take a lot of time. You would have to open a restaurant, systemize it and get it going to turn a profit and pay back the cost of the restuarant, and then open another and do the same, etc. and the average restaurant can cost 1-2million dollars to open. what are your thoughts on this?

Who said that building a successful fastlane business will be easy?

 

[nathanw]

In my opinion you can be as quick as you want to be, if you are dedicated, know the product market and have the right mindset.

[link removed - forum signature violation]

 

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

[MJ DeMarco]

In my opinion you can be as quick as you want to be, if you are dedicated, know the product market and have the right mindset.

If you continue to post your links, you will be banned. The "right mindset" around here is following the rules. All your posts have been deleted - this is not your marketing, seo link farm.

doesnt this take a lot of time.

So let me guess ... you want to start a business in 20 minutes, and 20 days later, be rich right?

You would have to open a restaurant, systemize it and get it going to turn a profit and pay back the cost of the restuarant, and then open another and do the same, etc. and the average restaurant can cost 1-2million dollars to open. what are your thoughts on this?

Wow, this sounds EXACTLY like a Fastlane process. Hard work and a significant time investment. But of course, process is not something you're really interested in, is it?

Ask us what you really what to know ... like, how can I make a lot of money fast and easy, with no effort on my part, because I'm not interested in hard work, or learning something I don't already know. Sorry, but you come off like your everyday, run-of-the-mill person looking to get rich easy.

 

[The-J]

doesnt this take a lot of time. You would have to open a restaurant, systemize it and get it going to turn a profit and pay back the cost of the restuarant, and then open another and do the same, etc. and the average restaurant can cost 1-2million dollars to open. what are your thoughts on this?

Someone didn't read my post the way through.

 

[MJ DeMarco]

Someone didn't read my post the way through.

Perhaps because your answer was not what he wanted to hear.

 

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

[Likwid24]

He's young. He'll learn soon enough that there's no such thing as "get rich quick". He might have to learn a few times on his own before he truly realizes it.

 

[waytogoandy]

I believe in hard work. What I meant was can this still be a fastlane if you dont have a lot of startup money? or what are some ways of going about it without getting stuck in the slowlane? Many restaurant entreupreneurs with good intentions get stuck in a bad restuarant where they cant afford to hire a manager and become slaves to the restaurants. IS it because they violated CENTS or had a slowlane mindset?

 

[maximus20895]

Maybe because the market didn't have a need. Find a need first. That's your foundation. Without a need you are without a successful business.

 

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

[The-J]

I believe in hard work. What I meant was can this still be a fastlane if you dont have a lot of startup money? or what are some ways of going about it without getting stuck in the slowlane? Many restaurant entreupreneurs with good intentions get stuck in a bad restuarant where they cant afford to hire a manager and become slaves to the restaurants. IS it because they violated CENTS or had a slowlane mindset?

Most restaurants fail in their first year because they can't make the money needed to make their next year's lease payment. Why? Because they were missing one of two things: need and scale.

It's hard to get into the restaurant biz. It takes months, maybe even years, to get a first restaurant set up. Entry automatically fulfilled. If you're not a franchisee, you own the business and you own the revenue stream and you can control what goes in and what goes out. Control fulfilled. Time is a tougher beast, however: you can hire managers to do about 90% of the work for you, the other 10% consists of managing maintenance, making sure the money gets to the right places and making decisions for expansion. If you spend all your time at the restaurant and you not being there would mean you lose money, then it violates the commandment. If you can do only maintenance, money management and decision-making and you can do it all or mostly at home, then it does not.

Need and scale are the problems here. To solve need, you have to either have damn good food (world-renowned chef/recipe), fulfill an ethnic desire (e.g. if a rich white neighborhood has no sushi places, you best be getting in a Japanese restaurant, or if a heavily Puerto Rican population doesn't have a cuchifrito, open a cuchifrito!) or patch some other type of hole (if there is no poutine in a place that has a heavy Canadian tourist population, get some). To solve scale, however, it requires opening up new restaurants or having an online/delivery presence. The scale problem is definitely the hardest to solve because it takes a lot just to GET to where scale becomes an issue! You need to have high enough margins, have enough time, etc.

I'm not in the restaurant biz, so don't take my word for it. But that's essentially what I know about it.

As for the funding question, you can always take out a loan. The better your credit, the bigger the loan you can take out. If you're not comfortable leveraging most of your operation, don't go into the restaurant biz.

 

[Mike A.B.]

OK, so let's stick with the restaurant example. How does one gauge if there is a need? By trying right? So what would you guys do to avoid getting stuck inside an experiment like this, in the case it fails? Or what would you do to prevent such a situation, would you try a very small restaurant at first? maybe have a few test nights with friends?

Also, I am seeing someone going fastlane in my hometown right now! He has a bunch of all you can eat japanese restaurants and they are always packed! I do foresee a problem though... he's opening more and more restaurants all close together (he's at 5 right now)... 3 of them very close. For now he is having a lot of succes but it wouldn't surprise me if people stop going there because they want to eat something else...

Good strategy? Bad one? My guess is he is going to franchise/sell them just in time...

aaaaanyway, Just trying to ad something to the conversation =) Cheers!

- Mike

 

[PatrickP]

OK, so let's stick with the restaurant example. How does one gauge if there is a need? By trying right? So what would you guys do to avoid getting stuck inside an experiment like this, in the case it fails? Or what would you do to prevent such a situation, would you try a very small restaurant at first? maybe have a few test nights with friends?

Also, I am seeing someone going fastlane in my hometown right now! He has a bunch of all you can eat japanese restaurants and they are always packed! I do foresee a problem though... he's opening more and more restaurants all close together (he's at 5 right now)... 3 of them very close. For now he is having a lot of succes but it wouldn't surprise me if people stop going there because they want to eat something else...

Good strategy? Bad one? My guess is he is going to franchise/sell them just in time...

aaaaanyway, Just trying to ad something to the conversation =) Cheers!

- Mike

No definitely do NOT try first.

You see what is going on at the other restaurants in the area. Find the best ones, are the packed to over crowding?

If not then it is very possible there is not a need.

 

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

[biophase]

OK, so let's stick with the restaurant example. How does one gauge if there is a need? By trying right? So what would you guys do to avoid getting stuck inside an experiment like this, in the case it fails? Or what would you do to prevent such a situation, would you try a very small restaurant at first? maybe have a few test nights with friends?

My advice would be, Don't open a restaurant.

There are so many easier ways to make money. You are picking one of the toughest ways to do it.

I went to lunch at a shitty sandwich place the other day. Me and my friend ate lunch, spent $20 total. They probably made $15 on us. But then they had to make the meal, wash the dishes, stand behind the counter from 6am-7pm. In the time we had lunch, I got back to my office, made over $100 during that time in my online store. So much easier.

 

[Likwid24]

My father used to own a sandwich shop and I ran it for about a year. I can tell you first hand that it is by far the hardest business to turn fastlane and probably the most expensive. I do not recommend it whatsoever for someone your age, especially if you have never been in the restaurant business before. I'm just taking a guess right here but I'm assuming you don't have 100's of thousands to open up a restaurant and and probably not much experience. Its probably the not a good choice if your looking to go fastlane.

There are plenty of other options though and one that I recommend is developing products. You can start by licensing if you are short in capital to manufacture it yourself. Licensing can be done with hardly any start up Money at all. If you become successful you can continue licensing or or eventually try to manufacture it yourself. Look for products that are already on the market that can be improved on. Its not as difficult as you think to walk into a store and see a product that you can add to to make it a little better.

Hopefully this can help you. Sorry if its all jumbled up. I'm posting from my phone and its a pain in the a$$.

 

[gfrye13]

Love the mental feedback

I am new to this forum and I really wanted to leave a comment. I love the idea of the fastlane, I love the idea of business. It reminds me of playing football. You may get stopped every now and then but all you need to do is score more then the other person. I am trying to find my entrance on to the fastlane expressway. I kind of have an idea or two but not quite sure how to make them come to realization. I think i put the cart before the horse though, because i quit my job so i could focus on starting a business. luckily my wife has a good job and is able to support us while i get it started. I would like to know at what point did you guys realize what your market need was and how did you get to that conclusion? I would love to read your comments

 

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

[dii]

Most restaurants fail in their first year because they can't make the money needed to make their next year's lease payment. Why? Because they were missing one of two things: need and scale.

It's hard to get into the restaurant biz. It takes months, maybe even years, to get a first restaurant set up. Entry automatically fulfilled. If you're not a franchisee, you own the business and you own the revenue stream and you can control what goes in and what goes out. Control fulfilled. Time is a tougher beast, however: you can hire managers to do about 90% of the work for you, the other 10% consists of managing maintenance, making sure the money gets to the right places and making decisions for expansion. If you spend all your time at the restaurant and you not being there would mean you lose money, then it violates the commandment. If you can do only maintenance, money management and decision-making and you can do it all or mostly at home, then it does not.

Need and scale are the problems here. To solve need, you have to either have damn good food (world-renowned chef/recipe), fulfill an ethnic desire (e.g. if a rich white neighborhood has no sushi places, you best be getting in a Japanese restaurant, or if a heavily Puerto Rican population doesn't have a cuchifrito, open a cuchifrito!) or patch some other type of hole (if there is no poutine in a place that has a heavy Canadian tourist population, get some). To solve scale, however, it requires opening up new restaurants or having an online/delivery presence. The scale problem is definitely the hardest to solve because it takes a lot just to GET to where scale becomes an issue! You need to have high enough margins, have enough time, etc.

I'm not in the restaurant biz, so don't take my word for it. But that's essentially what I know about it.

As for the funding question, you can always take out a loan. The better your credit, the bigger the loan you can take out. If you're not comfortable leveraging most of your operation, don't go into the restaurant biz.

i always love your posts !

 

[bboyu]

What else is a fastlane business? Music industry and films. Who would be the beneficiary of such a business the musiclabel who set up after it found a need where for example a certain music genre isn't being given the recognition amd not fastlane for the singers artists? Movies? Same again? Fastlane for the prosduction house and not the actors? For artists and actors is the need not also the barrier to entry at the same time? Because they are a "good actor" and also nobody else could fulfill the role?

Can every fastlant income stream be boiled down to CENTS? How?

 

[DeletedUser394]

People over think this crap way too much.

They get so preoccupied over what constitutes 'fastlane' that they never do anything other than ask ridiculous questions and read self help books.

Just find a need, and solve it. Or find a current problem that isn't being solved efficiently, and simply refine and repackage the process. Case closed.

 

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

[jon.a]

People over think this crap way too much.

They get so preoccupied over what constitutes 'fastlane' that they never do anything other than ask ridiculous questions and read self help books.

Just find a need, and solve it. Or find a current problem that isn't being solved efficiently, and simply refine and repackage the process. Case closed.

well said

 

[bboyu]

People over think this crap way too much.

They get so preoccupied over what constitutes 'fastlane' that they never do anything other than ask ridiculous questions and read self help books.

Just find a need, and solve it. Or find a current problem that isn't being solved efficiently, and simply refine and repackage the process. Case closed.

Mj mentioned in chapter 3 a few different fast lane event examples. Now if you was to evaluate a "fastlane" opportunity would you assess it with the CENTS formula? Because I was under the impression that CENTS is strictly for business and entrepreneurial ventures?

MJ mentioned a pro basketball player who lands a 50 mil contract? What need is he fulfilling? What need is the club or team that he plays for fulfilling?

Football players? what need do they fulfil to get paid 300,000 a week? What need is the football club that he plays for fulfilling?

Television presenters with their own shows? What need are they fulfilling?

If you turn around and tell me that these people are finding a need in the market and solving it, I don't think they are, maybe it depends on who I maybe viewing as a "market" that they serve?

I look at consumers, normal people to be "the" market. Correct me please if this is where my flaw lies. Am I not viewing the right people to be "the market"?

It makes no difference to a lot of people if Lil Wayne doesn't make a song about how his bitches love him?

Either the fastlane formula cannot be applied to everything that makes millionaires or it can? That is it.

I have asked these questions so many times and everyone turns around and just puts you down. If you realise that this is over thinking then I am sure you can explain the opposite of such a fundamental err in a few words.

The amount of effort you legends take to do that even though you are trying to help by being Old Kung Fu Masters teaching by a way of kicking arse and ridicule and sarcasm is alright because you CAN. I don't mind.

But then again it only takes one of you legends to then explain a simple concept like it in a sentence or two so no one else can ask the same question again.

Because if CENTS can be applied to other things then that would open up a another world of opportunity that you can assess based on your strengths and exploit them looking at CENTS as the place from where you start.

What if you find an opportunity to make a ton of money but aren't interested in the market, the type of customers etc it can be anything - and you don't pursue it. You've lost out on an opportunity.

But if you find that what you thought you could never turn a fastlane venture out of - one thing that you could have easily pursued and been relentless because you are interested in it to do it but didn't see the potential because you didn't know how to. You've lost much more.

Yeah the market doesn't care about your passion and selfish desire - sometimes it does. Kids all over the world - especially in 3rd world countries would love to go into boxing/football etc because they know it will change their and their family's life completely. Some want to get into music - look at Justin Beiber? What need was he fulfilling? Now look at him? Do you see what I mean? There's so many of them - they're a youtube video away from millions?

They're all Fastlaners.

Where does CENTS or the concept of it at least come into all of this?

 

[DeletedUser394]

You are confusing the word 'need' with an actual 'need'.

The only things we need, are basic food, shelter, and clothing.

So if it helps you, think of the word need as 'desire/want'.

What need are professional sports players fulfilling? Entertainment. They entertain millions, and get paid millions.

What need are the talking heads on television fulfilling? Information and Entertainment. Oprah made a billion by connecting with millions of people across the world.

What about Justin Bieber? He's an attractive guy that millions of girls fall head over heels for. Bring on the millions of dollars as a result.


As for the rest of it, I have no idea what you're talking about, nor do I want to know.


You claim you get shitty responses every time you ask this question. Perhaps, could it be that the question itself is shitty?

 

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

[DeletedUser2]

a lot of startup money?

is not the prerequisite for making something fastlane

Z

 

[GuestUser113]