When to tell people you have a business?

[Jackal0]

At the moment, I'm jobless and looking for a job.
But in reality, I know, that I'm not a guy working for a boss, and want to do a business for myself.
My family and my girlfriend have the slowlane minds, and are thinking that I need a job.


A few months I started buying and selling Magic: the Gathering singles, which my girlfriend doesn't like, because she thinks, that I only buy buy buy and don't get my money back.
I've invested around 3k in the cards and have a lot at stock, but when I sell them, I sell them mostly for profit and buy more cards off the money.

I want to do the business more professional, of course it is not fastlane at all, more a side hustle to make money for the future.


Since a few weeks, I started buying whole collections, because there can be made more money, but haven't told my girlfriend about it.
Since I have free time during the day, I can do everything during this time.

And since I haven't made any real money and haven't done so many sales, that I can really live off it, I'm somewhat afraid of telling her.

Should I go on this way and tell her, when I make money or should I tell her it right now?
I know, that you can't make this decision for me, but do you tell other people, that you have a business?

 

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[Guest34764]

If it's you're own thing you don't have to tell anyone.You're not obligated to tell anyone.Have a bit more confidence in yourself though.

 

[Thiago Machado]

Hey man,

You seem to be all over the place. Let's focus.

You said: I want to do the business more professional, of course it is not fastlane at all, more a side hustle to make money for the future.

Allow me to ask you a few questions:

• What are your goals?

• Will this side hustle provide the money necessary to start funding your fastlane business?

• What ideas do you have for your fastlane business?

• How much will you need to get it off the ground?

• Given the amount of money you need, will this side hustle meet the amount of money necessary to start your fastlane ?

In my opinion (I have no idea how Magic Cards work btw so forgive me if I am mistaken). I think you are chasing the wrong products to sell.
I'm assuming the profits on selling these cards will not be enough to help you develop the money necessary to start a fastlane.

So my recommendation is: call the optometrist because you are experiencing life through a pair of "broke lenses"!

What is that you ask?

Broke lenses help us see the world through the eyes of a broke person.
When we have our broke lenses on, anything that will make us some extra money is highly looked upon (especially if we can get that money fast!)

The fastlane is something for the long term.
We're not chasing a quick buck.

Align your actions with your goals.

Stop chasing money and start chasing needs.

Discover a pain people have in the market place and sell them the solution.

Solve problems and add value to other people's lives.

You get what you want by giving people what they want.


What to change your situation?

Try to sell a higher ticket item that solves a real problem for someone.

There are tons of them out there.

Suggestions?

If your parents are telling you to get a job, and your selling cards at this exact moment, why not get a job in sales?

• You'll have a job (so people can stop annoying you)
• You'll learn how to sell (develop a valuable skill)
• You can still sell your cards. (And will sell them even better!)

Another tip...

Follow this thread. - https://www.thefastlaneforum.com/co...ith-no-degree-no-feedback-no-portfolio.58837/

It will help you learn a skill, land some jobs, and make some money.

If there's anything else I can help you with, I'd be glad to do so.

Good luck!

 

[happybhoy]

Do you pay your own way or do you live off your girlfriend or parents. If someone's subsidising you they won't be happy if they find out you've been earning money.

 

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[Jackal0]

If it's you're own thing you don't have to tell anyone.You're not obligated to tell anyone.Have a bit more confidence in yourself though.

The last sentence is somewhat true, I've problems with self confidence.

Hey man,

You seem to be all over the place. Let's focus.

You said: I want to do the business more professional, of course it is not fastlane at all, more a side hustle to make money for the future.

Allow me to ask you a few questions:

• What are your goals?

• Will this side hustle provide the money necessary to start funding your fastlane business?

• What ideas do you have for your fastlane business?

• How much will you need to get it off the ground?

• Given the amount of money you need, will this side hustle meet the amount of money necessary to start your fastlane ?

In my opinion (I have no idea how Magic Cards work btw so forgive me if I am mistaken). I think you are chasing the wrong products to sell.
I'm assuming the profits on selling these cards will not be enough to help you develop the money necessary to start a fastlane.

So my recommendation is: call the optometrist because you are experiencing life through a pair of "broke lenses"!

What is that you ask?

Broke lenses help us see the world through the eyes of a broke person.
When we have our broke lenses on, anything that will make us some extra money is highly looked upon (especially if we can get that money fast!)

The fastlane is something for the long term.

We're not chasing a quick buck.

Align your actions with your goals.

Stop chasing money and start chasing needs.

Discover a pain people have in the market place and sell them the solution.

Solve problems and add value to other people's lives.

You get what you want by giving people what they want.


What to change your situation?

Try to sell a higher ticket item that solves a real problem for someone.

There are tons of them out there.

Suggestions?

If your parents are telling you to get a job, and your selling cards at this exact moment, why not get a job in sales?

• You'll have a job (so people can stop annoying you)
• You'll learn how to sell (develop a valuable skill)
• You can still sell your cards. (And will sell them even better!)

Another tip...

Follow this thread. - https://www.thefastlaneforum.com/co...ith-no-degree-no-feedback-no-portfolio.58837/

It will help you learn a skill, land some jobs, and make some money.

If there's anything else I can help you with, I'd be glad to do so.

Good luck!

Thanks for your reply!

Right now, I don't have a fastlane idea, if I'd have so, I'd work for that.
Yeah, you are right, the business is nothing where you can get filthy rich or make quick money (unless you are very lucky), at least not, until you build a brand off it, like other huge sellers who have also supplies to the cards and host big tournaments.

With the broken lenses is obv. true, but I think it is better doing this than doing nothing...

Do you pay your own way or do you live off your girlfriend or parents. If someone's subsidising you they won't be happy if they find out you've been earning money.

No, nobody pays for me, I pay for myself.

 

[Get Right]

Get used to people not understanding your ventures. I've been doing this a long time and still get those looks.

As long as you are okay with your direction, then charge on.

Personally, I share as many details as people are interested in. You never know who will step up and help you get to the next level.

 

[Almantas]

Most people will not understand how much effort and pain it takes to run your own business profitably. People will only see the end result, that is financial rewards. Of course, there are exceptions, but your girlfriend and family doesn't seem to be it. Stay strong!

 

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[happybhoy]

If you're paying your own way just do your own thing man.
I'd tell the people getting on at you about the cards that it's a side business. They think your wasting money, just be like "yeah I made $200 profit last month, I'm building up to start a business".

 

[sQri]

If your parents and girlfriend don't understand or accept, what you are doing, I'd wait to tell them until you made money out of it.

But yeah, keep doing it and don't care, what the others think.

Good luck!


Gesendet von iPhone mit Tapatalk

 

[jon.a]

You have no business. There's nothing to tell.
When you finally do have a business, there will be no need to tell.

 

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[STswiss]

When I stumbled upon the title of this post, it instantly remembered how we discussed this question over and over at startup events.
My answers are:

• I tell people as early as possible. There are many neat side effects, people will ask you questions you maybe did not think about. They will ask you questions like "isn't company XY already doing that" what helps you find and learn from competitors.
• It puts some pressure on me walking the talk.

 

[Deleted20833]

I wouldn't tell anyone..most people are just going to criticize you
which will hurt your confidence...a mentor taught me to only speak
about your ventures with fellow "colleagues"

He said you don't see doctors talking about their latest surgery
with you because they know you won't understand..so the same
thing with you...employees are not going to understand entrepreneurs

 

[STswiss]

I wouldn't tell anyone..most people are just going to criticize you
which will hurt your confidence...a mentor taught me to only speak
about your ventures with fellow "colleagues"

He said you don't see doctors talking about their latest surgery
with you because they know you won't understand..so the same
thing with you...employees are not going to understand entrepreneurs

Is criticism a bad thing or a chance to get a birds view on your idea?
And a doctor has to explain his work everyday to patients in order to prepare them for the surgery. The difference is that some people can explain complex things in an understandable way and many others can't.

In order to improve self confidence and your communication skills I would highly recommend a professional coaching instead of hiding from complexity and behind a self confidence wall.

 

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[TonyStark]

When you make money, and have LLC or Inc after your companies name.

 

[Ubermensch]

Most people are broke and haven't made any real money.

Most people aren't honest with themselves - or others - about their capabilities.

I left @Cyriex 's million-dollar challenge precisely for this reason. The thought of interfacing with some non-action taking, shit-talking loser is blasphemous to a real hustler.

Anyone can quote a book. That doesn't make you a hustler. Talking, quoting and reading doesn't get you paid.

Why do broke people seem to have the biggest mouths on this forum? Non-money-makers seem to love giving advice the most (not sure why). If they put the same level of effort into walking the walk as they put into talking the talk, maybe they'd actually have something worthwhile to talk about.

Confidence - real confidence - doesn't just materialize out of thin-air. It doesn't come from "faking it until you make it." Some people who talk about confidence should NOT actually be confident, because they genuinely suck. Not sucking (i.e. going through the process) earns you real confidence.

You're jobless, so you probably need income ASAP. At the risk of sounding redundant, I'd say get a sales job.

 

[axiom]

Most people are broke and haven't made any real money.

Most people aren't honest with themselves - or others - about their capabilities.

I left @Cyriex 's million-dollar challenge precisely for this reason. The thought of interfacing with some non-action taking, shit-talking loser is blasphemous to a real hustler.

Anyone can quote a book. That doesn't make you a hustler. Talking, quoting and reading doesn't get you paid.

Why do broke people seem to have the biggest mouths on this forum? Non-money-makers seem to love giving advice the most (not sure why). If they put the same level of effort into walking the walk as they put into talking the talk, maybe they'd actually have something worthwhile to talk about.

Confidence - real confidence - doesn't just materialize out of thin-air. It doesn't come from "faking it until you make it." Some people who talk about confidence should NOT actually be confident, because they genuinely suck. Not sucking (i.e. going through the process) earns you real confidence.

You're jobless, so you probably need income ASAP. At the risk of sounding redundant, I'd say get a sales job.

@Ubermensch Don't worry about sounding redundant, there is obviously continuous "need" (there you go need monkeys), for people to hear that sales is the best way to fast track your career. Besides learning a multitude of skills that place you at the top echelons of society -- confidence included -- sales is the best way to make a whole lot of money NOW.

 

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[Mike Kavanagh]

I've invested around 3k in the cards and have a lot at stock, but when I sell them, I sell them mostly for profit and buy more cards off the money.

And since I haven't made any real money and haven't done so many sales, that I can really live off it, I'm somewhat afraid of telling her.

This is what we call upside down.

You have $3k wasting away in inventory. The only thing you should value is the speed at which you can move product at profit.
If you buy something for $40 and sell it for $50, you made a profit on paper.
If it took a month to sell, you lost money.

Side hustles like this are turn and burn because you aren't adding any value.
You are just a transfer station. A middle man as they call it.

So how do you make money quickly?

Can't sell it right away for a small but decent profit?
Don't touch it.
If you are expecting a 5x - 10x return, you can wait on them a little while.
It shouldn't be months though.


I don't know what the other people who responded to this thread is but, you don't have a business.
Get a job. Do freelancing.
Do something.

A big ole goose egg in the bank account isn't attractive to potential partners, in romance or in business.

 

[JoeAverage84]

This is what we call upside down.

You have $3k wasting away in inventory. The only thing you should value is the speed at which you can move product at profit.
If you buy something for $40 and sell it for $50, you made a profit on paper.
If it took a month to sell, you lost money.

Side hustles like this are turn and burn because you aren't adding any value.
You are just a transfer station. A middle man as they call it.

So how do you make money quickly?

Can't sell it right away for a small but decent profit?
Don't touch it.
If you are expecting a 5x - 10x return, you can wait on them a little while.
It shouldn't be months though.

[...]

I don't understand, while he lost money, when it took a month to sell. Does not each business has inventory which takes a while to sell?
It sounds, that there is no other need for the money, so he invested it into the cards with plan to sell it for a profit.
If he wouldn't do it, the amount money would be the same.

 

[Raoul Duke]

[HASHTAG]#landfill[/HASHTAG]

 

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[MJ DeMarco]

When to tell people you have a business?

If this is your biggest concern regarding starting a business, you're probably better served staying an employee.

Entrepreneurs don't give a shit about what other people think unless they represent their target customer.

 

[Mike Kavanagh]

I don't understand, while he lost money, when it took a month to sell. Does not each business has inventory which takes a while to sell?
It sounds, that there is no other need for the money, so he invested it into the cards with plan to sell it for a profit.
If he wouldn't do it, the amount money would be the same.

Let's say you have $40 to invest.
Once you have that product purchase, you are in that product until it sells.

If you have that $40 tied up to make $50, you miss other opportunities for 25% profit.
Not only that, you have no idea if someone is going to buy your item at $50.

I'd rather buy something at $40 and sell it at $45 in a day, rather than wait and hope someone buys it for $50 in a month. I can put that 45 buck I now have to get something that will do it again. $45 brings me $50. $50 brings me $55 and so on.
All taking place in a day or less.

That being said, you wouldn't want these low profit margins in the first place. Making deals like that is a surefire way to go broke.

I want to buy something for a dollar and sell it for $10 or $20.

TLDR; Turn and burn or get burnt. Don't waste time with low margins.

 

[OldFaithful]

employees are not going to understand entrepreneurs

I like this because it's so true...

Entrepreneurs don't give a shit about what other people think unless they represent their target customer.

But this made me laugh out loud because it's so true...

 

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[Ubermensch]

[HASHTAG]#landfill[/HASHTAG]

Lol, yea, thanks to a post or two above yours.

Some people on this site should just die on here... at least for a little while, until they can come back and talk about things they've done or are doing in real life.

Broke boys just love to type, eh @axiom ?

 

[Jon L]

I'd focus on selling all of your inventory within the next month. Hopefully you kept track of what you paid for each card. At the end of the month, figure out your gross profit on all those sales. THEN, you can figure out if you have a business or not.

As was said above, its better to get *something* out of inventory that isn't selling (even if its at a loss) than to just let it sit there for months on end. The money that is tied up in cards that don't sell could be put to better use investing in cards that will sell for a good profit.

 

[Ubermensch]

@OVOvince I closed a $3,000,000 PACE deal earlier this year, and the deal just hit the papers in March.

I still haven't told anyone - outside of my close circle - that I have a business, 1% of which involves PACE the other 99% is equally dope, equally cutting-edge).

 

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[Ubermensch]

I wouldn't tell anyone..most people are just going to criticize you
which will hurt your confidence...a mentor taught me to only speak
about your ventures with fellow "colleagues"

He said you don't see doctors talking about their latest surgery
with you because they know you won't understand..so the same
thing with you...employees are not going to understand entrepreneurs

Maybe he should tell a certain type of friend, say a friend that actually is successful, and 100% all in.

I doubt OP has "friends" like that, though.

Distance yourself from people who are not on the level you want to be.

"Pearls before swine," etc.

 

[Ubermensch]

A few months I started buying and selling Magic: the Gathering singles, which my girlfriend doesn't like, because she thinks, that I only buy buy buy and don't get my money back (sounds like she's right).

I've invested around 3k in the cards (please do not abuse the word "invested" in this way) and have a lot at stock, but when I sell them, I sell them mostly for profit and buy more cards off the money (this is a hobby, not a business).

I want to do the business more professional (good idea), of course it is not fastlane at all, more a side hustle to make money for the future.


Since a few weeks, I started buying whole collections, because there can be made more money, but haven't told my girlfriend about it (I actually know your girlfriend... I'm gonna tell her!).
Since I have free time during the day, I can do everything during this time.

Sorry, bro.

But this sounds like the dumbest idea I've ever heard in my entire life.

I've heard a lot of dumb ideas, man.

This actually might be the worst.

You know, if you were smart, you'd just go out and find a company that is ALREADY SELLING MILLIONS OF DOLLARS WORTH OF PRODUCT AND/OR SERVICE PER YEAR.

This is OP is an example of the depths of stupidity that can be reached when you're a neophyte hustler, trying to make money with your own ideas.

Imagine what a worthless specimen of humanity any of us would be, if we allowed ourselves to be equivalently uninfluenced by other humans, past or present. What I mean is, we know what we know, about language, about logic, about mathematics, about our world, about our universe, thanks to the achievements and discoveries of our fellow men and women, past and present.

If we are sick, we go to doctors.

If we need plumbing, we go to plumbers.

If our cars need to be repaired, we go to auto-repair providers.

If you want to make money, team up with a money-maker, an individual or company making millions, tens a millions, hundreds of millions or billions of dollar per year.

Pull your heads OUT of the matrix, people.

 

[Jake]

I never intentionally told anyone besides close family..unless they asked. Ok, well maybe a couple of groups I'm a part of. A few days ago though I put myself out there. The Prime Minister of Thailand picked up my products, shook my hand, and took photos with them. Too big to remain silent. I decided to share the photos to my facebook ( aka friends and family) because..well..screw it. What are the odds of a country's leader shaking your hand and then going a step further and picking up your products, telling you he likes them, and having a few minute conversation with you? It was last Thursday and I'm still a bit shocked that this happened.

 

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[Paul Thomas]

I'm far from owning a real lifestyle sustaining business but - in the little that I do own, I only tell people that I trust, I know are inherently supportive people or have experience building businesses.

I go to great length to NOT tell people that are insecure (see: want you to fail) and not real friends.

 

[deepestblue]

Confidence in the context of entrepreneurship comes from knowing that you have provided value to a marketplace and you are being compensated for said value. That's all there is to it.

Don't listen to naysayers who possess no clue and talk about luck etc. It's laughable.

As Dan Pena would say, just F*cking do it.

I would add that even if you are years deep into the business game, expect certain (most) family members and friends to never understand it and to nay-say against it and to always be speaking up for the working man. They can't help it, they are programmed.

I also speak up for the working man, but not to the detriment of running a business, for without the entrepreneur there would be no society.