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eliquid

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@eliquid

I mentioned you in this post because it seems like your awareness is increasing. I saw your most recent gold post. I would appreciate it if you would give your take about my thoughts on idea extraction and how you view them in the realm of being aware knowing yourself.

I personally think there are many paths to getting a profitable business consistently though:

1) be involved in something already
2) take problem/steal problem from business already succeeding and be a "me too"
3) "inception game" where you extract information from someone.
4) lie to someone like you're a developer or xyz commercial interest person who is super valuable to xyz industry where someone will come to you and do a brain dump.
5) pick a proven small business niche and just be better than everyone in various ways like customer service, product/actual service, marketing etc. Many small business owners suck when it comes to the internet because they were in business before the web.

I can only speak for what worked for me:

1. Extreme domain knowledge
2. I was my own customer
3. The idea/solution fit into my personality type ( MBTI and Enneagram )
4. The ideal/solution fit into my core values and mission statement
5. Idea sprung forth from existing issues with "me too" products, but the solution was a blue ocean of it's own
6. We dominated a very small core set of our demo, perfected, and grew out to others from there
7. Me and my partner already had a small, but steady, following of people that regarded us as experts at some level in our field

Do you need all of those to make a great idea? No.

I do feel you need to hit multiple items on the list though, just not all.

Also, it needs to touch on CENTS as well.

.
 
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LeoistheSun

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I'm not talking to you. I was talking to Maverick and eliquid.

It's logical that you wouldn't believe in "inner work" because you've never gave it a chance.

It's also not inner game as you call it. Anyone who thinks it's a game to know yourself is someone who doesn't know Jack squat. It's work. It's painful work sometimes. It's fun work sometimes. It's work though because it's the conversion of energy to power.

It's conversion of potential to action.

This is your thread so I'm not going to argue with you. It's clear that you don't know what pattern usage is though. It's a psychological influence technique and a reflection concept. It's not something to interrupt or stop.

Maybe ask me to explain the concepts next time instead of starting to be an antagonist.

I'M ON YOUR SIDE.

Will leave the thread for good though. Be well.

Unwatched.

Apologies, I was in a snooty mood yesterday, and I took offense to your comments.

I do not understand the post you have written, but if you'd like to elaborate thats totally fine. I realize that I have probably pushed you away at this point though. :(

I believe no matter who you are (anyone), you have value in your own experiences and dreams and I should not discount them so readily when they go up against my own beliefs.

Above all else though, I believe action solves all problems.

Thanks.
 

LeoistheSun

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I can only speak for what worked for me:

1. Extreme domain knowledge
2. I was my own customer
3. The idea/solution fit into my personality type ( MBTI and Enneagram )
4. The ideal/solution fit into my core values and mission statement
5. Idea sprung forth from existing issues with "me too" products, but the solution was a blue ocean of it's own
6. We dominated a very small core set of our demo, perfected, and grew out to others from there
7. Me and my partner already had a small, but steady, following of people that regarded us as experts at some level in our field

Do you need all of those to make a great idea? No.

I do feel you need to hit multiple items on the list though, just not all.

Also, it needs to touch on CENTS as well.

Is this for all 7 of your SaaS?
 

eliquid

( Jason Brown )
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Owner2Millions

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Just chiming in again......definitely agreeing with you @LeoistheSun it’s hard finding a group of people that really needs help but that follows CENTS. Scale is one of the important things I’m thinking about and a lot of ideas seem like they won’t scale well. I also feel like I’m kinda wasting my time with emailing and calling people lol.....im getting feedback but damn....seems like I’m spinning my wheels....
Still reading through @euclid thread on SAAS

Btw.....on weekends if I was you Leo, I would read up on SAAS and also look into building a blog. For marketing purposes and informing your target crowd


Sent from my iPhone using Tapatalk
 

LeoistheSun

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Just chiming in again......definitely agreeing with you @LeoistheSun it’s hard finding a group of people that really needs help but that follows CENTS. Scale is one of the important things I’m thinking about and a lot of ideas seem like they won’t scale well. I also feel like I’m kinda wasting my time with emailing and calling people lol.....im getting feedback but damn....seems like I’m spinning my wheels....
Still reading through @euclid thread on SAAS

Btw.....on weekends if I was you Leo, I would read up on SAAS and also look into building a blog. For marketing purposes and informing your target crowd


Sent from my iPhone using Tapatalk

Thats one way of looking at it. I believe that tons of groups of people need help, and I see it everyday! You can create something new or re-invent something. Lots of re-inventing done in the Digital Marketing space. I personally dont like to go where others have been.

I recently came across advice that was something like: If you build a second product, make it in the same market as the first. Its easier to sell something to people who have already bought.

I bring this up because you mention CENTS. Perhaps the first product created does not meet all the criteria of CENTS, but if you were to create another...

As entrepreneurs (not a wannabe) were called to help others. I think most people focus on the end-result ($$, Freedom, Etc.) and not the journey.

I started thinking this way, after what I have currently experienced through my process of bringing this app I am building to life. In this instance, the Veterinarian App idea (that I had previously mentioned before) can save up to 1hr or more of time doing medical charts for Vets- per day.

While this seem like alot of time savings in itself (approx 16+hrs a month or more), imagine that these hours were also spent being unpaid at the end of the day, preventing you from going home to your family (legally, this time-sinking activity has to be done [or you could get sued] but a lot of Vets can only get it done after-work).

Thats the kind of pain that has been shared with me.

The truth is... I HAVE A DUTY to bring this solution to market. If I don't build this solution and do my best to share it with the world... then nobody will, and nobody benefits either. Just imagine how much time I'd be saving Vets if it does work!! Hundreds and hundreds and even thousands of hours saved!

People have this belief that someone else will do what they're doing if they don't do it... thats not necessarily true.

If I were to back away, as I was about to do, I could have missed a tremendous opportunity to help others. Truth be told, I don't know if this solution will help any more people than just the 1 person it originated from... but alas... the solution is cheap to build and I will give it my best to see who else would love to use it.

I mentioned before that my Vision, my Goal was: "To help others who are making a difference."

By solidifying that as my goal, I think that has clarified a lot of things and my direction like @mjdmarco had mentioned. (It was a great post also posted by @Andy Black I think...)

Hope that helps.

also @Elbert Dockery I thought about doing a blog. All about marketing. Hope to do it soon. FB released some wicked Ad targeting tools that would benefit Vets. Just need some traction on the idea I think...
 
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LeoistheSun

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I thought a lot about what I said in my previous post and I think it can be summarized to this:

Your attention goes where your focus is.

Therefore, if I focus on myself (making money, my freedom, me, me, me) its easy to go wrong- to think its not working and dare I say... QUIT.

If instead I focus on fixing a problem and leave myself out of the equation, it becomes much easier to succeed. This is because when someone says "No thanks" for example... it no longer is because of you... but because of them... or at least your able to brush it off easily.

****

If I focus on getting something from someone, and they say no- you think "its something I said" "its something I did."

If I focus on helping someone instead and they say no- your likely to think "its their problem."

****

Same goes for approaching women (if you ever venture into this). If I go up to a lady (that I think is genuinely cute) and say "Excuse me! This is going to sound random, but I thought you were cute..." and she flips out, whos to blame? Me or her?

I think you know where I am going with this... :p
 
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100k

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Yep that's a good attitude and way at looking at it... or even better yet...

"They don't necessarily need my help... let me go and find someone else that does." Don't take it personally and just find someone else that needs and wants your help.
 

LeoistheSun

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Yep that's a good attitude and way at looking at it... or even better yet...

"They don't necessarily need my help... let me go and find someone else that does." Don't take it personally and just find someone else that needs and wants your help.

Absolutely! Not everyone will have the problem that I am looking to solve.

Note for today: My info-pack is finished and I will be doing 25 calls per day until 100 and then reviewing my progress & revising!!
 

LeoistheSun

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A funny little observation:

  • I've never been more broke in my life.
  • I've never had more purpose to benefit others than I do now.
 
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SM Switi

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The niche I've chosen isn't panning out like I'd thought. Not enough painful problems, or ones that can be fixed fairly easily.
.
Rule No 1: Don't pick a niche that is so varied.
.
Can I ask you what process you have walked through for deciding your niche, or helped you with the decision? and If you have a list of niche criteria you would like to share ?
 

LeoistheSun

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@SM Switi

Theirs multiple criteria you can attach. The real question is: "Whats your goal?"

If you want to make $5k/mo (which is definitely enough to get your feet wet with the process and move to another niche OR make another SaaS/product in the same niche) then all you need is 50 people paying you $100/mo. At 1% close ratio thats 5000 people.


Its a hard question to answer. But know this: not even 5000 businesses is a requirement. It could be 500 and they pay you $1000/mo. something to that effect.

Either go for SCALE (#) or MAGNITUDE ($).

Some possible requirements:

  • 5k+ businesses
  • Able to charge $50+ a month
  • For profit businesses
  • Non seasonal
  • Lucrative
  • A PROBLEM to fix
  • The niche is growing
these industry reports might help you: Market research, industry reports, and analysis | HighBeam Business: Arrive Prepared

Some other requirements I'd like to add:
  • They are targetable on FB (by title)
  • Relatively close to a popular niche on IG (Free traffic)


Updates for today:

Decided to forget cold-calling. Instead I am trying "snail-mail" to reach my prospects. I have 50 letters to go out tomorrow/today. Will also be doing cold-email (though not my fav.) to split-test against the "snail-mail."
 

SM Switi

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Thank you so much, am following your progress, I think I will be going through this same process, decide on a niche and contact 100 or more performance for finding common pain points for building my SAAS product
Decided to forget cold-calling. Instead I am trying "snail-mail" to reach my prospects.
Any explanation for this ?
 
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LeoistheSun

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Thank you so much, am following your progress, I think I will be going through this same process, decide on a niche and contact 100 or more performance for finding common pain points for building my SAAS product

Any explanation for this ?

Who I am targeting is technically doctors who are super busy. They rarely have time to take phone calls. After doing 500 cold-calls, I reached maybe 3. So I need some kind of marketing that is able to reach them directly... on their own time.

Snail-mail (in theory) should be good. As well as FB-Ads, if I had their email... not sure what else.

Maybe leaving a voicemail? Not sure about that way though.
 

LeoistheSun

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Since last time I posted about a week has passed by...

Created 2 more types of letters and sent them out 40 to be exact. With two different variations. But in total I have 3 variations sent now.

I sent these 40 today so it will probably take a week to get there. However the previous batch of 50 was sent a week ago and now I will be following up via phone+email today!

Having some difficulty with mental bs
 

LeoistheSun

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Demo went really well! They are interested but still need to talk with others in the office about the software. I will be reaching out to them next week.

I would like to do 10-20 more demos and get 50% interested as well. Then Ill have a barebones MVP built for about $300. Have them use it and then collect presale $ from them- either that or Ill just have it built.

Im also trying something new too. Cold emails but with a twist! Humorous emails. If your interested, Jon Buchan has a great group on FB:
Log into Facebook | Facebook
 

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Who I am targeting is technically doctors who are super busy. They rarely have time to take phone calls. After doing 500 cold-calls, I reached maybe 3. So I need some kind of marketing that is able to reach them directly... on their own time.
I've used a LinkedIn strategy with extremely good results. Use something like Linked Helper to automate it.
 

LeoistheSun

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I've used a LinkedIn strategy with extremely good results. Use something like Linked Helper to automate it.
Ive tried using Linkedin but I did not get good results. But perhaps I should try again with different methods.

For instance, I was thinking of creating a funny comic that outlines the problem and using it in cold email.
 
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LeoistheSun

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Update:

I have another interested client. Put it this way- they have the problem that I want to solve. Their idea on how to solve the issue is a bit different than the picture I have built. I hope to present a demo soon to them and get their feedback.

Been delayed in my progress. I had a brush-fire sweep in, just like Santa-Ana and took out some houses not far from me. Some houses are still burning. :(
 

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Havent posted in awhile:

Hit a brick wall. Low on funds, could really use a nice cash injection right about now!

Anyway, the brick wall is getting in contact with people who have the issue I am trying to fix. I'd like to get more information on the problem and if what I am creating is in the right direction.

I found a dev to make part of the software for free... just enough to hopefully test the concept.

I've also got a list of everyone who could potentially have the issue, I'm just stuck figuring out how to go about finding people who I could get feedback from.

Anyway, since most peeps are off this week (I cant seem to reach anyone), I am going to read as many GOLD posts as possible until X-mas.
 

LeoistheSun

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Been awhile since I posted but, spoke with 2 vets today about their issues. Basically, I might pivot/change my idea to something else. Thankfully something like this has been developed so what I might do is have a Dev build a rough draft or working prototype that uses this API and then have the Vets test it to see if it solves the issue or reduces it.

I've also been thinking about ways to diversify my offering vs competitors. One is to offer some freebies, since not having "said item" is a common objection. Surprisingly theres some pretty nice ones on Amazon for $30. So if I were to charge $50-100/mo for the SaaS I'd still make a profit.

We

Shall

See


-Leo
 
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LeoistheSun

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Quick update:

Talked with the owners of the API, unsure on the prices. They want me to sign a NDA. They also offer a software client of the solution. There's also a couple re-sellers that use the same product.

Interestingly the competition I was thinking of earlier (that makes a similar product)- uses their product (software client). They are just a reseller.

Main thing that comes to mind if I go down this route- is that I loose the Commandment of Control regardless if I make my own software solution.
 
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LeoistheSun

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Quick update.

Signed the NDA waiting for tomorrow for the meeting on the pricing.

I may have originally posted that the commandment of CONTROL was violated. Well only slightly. If I was to continue through this pivot or change in idea, I would need to use this API. Its pretty much the cornerstone of the product. Did I mention that this company also offers a product that does the same thing but you can be a "reseller"?

(I would not be competing with them- since I would be using their product anyway)

I'm not interested in doing that. Simply put, CONTROL would be fully violated. The company (since I'd be a reseller) would know who my customers are and then could hypothetically kick me off their service- while keeping my customers.

However if I build my own program that uses the API, then they do not know who my customers are and stand to lose a lot more ($$$) should anything happen, I can also use this to my advantage. So CONTROL is only partially violated in this case- since they own the API but wouldn't know who my customer base is.

At this moment thinking about that is a bit of "cart before the horse" in which case, I don't even know if the prices are reasonable or not. For instance, IBM's API would cost me ~$20 per month per client. So that could be anywhere from 20-40% of my total revenue!! However, I wonder if I could just deduct that cost from taxes...? Either way I'm thinking way ahead.

Since I am waiting on hearing back, I'm going to fart around with what the UI could look like. I have some ideas.

-Leo
 

LeoistheSun

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Update:

Got off the phone with the rep.- and MAN were they cheaper! -In a good way of-course!

I also got some ins on what my competition might be charging. So I was reading UNSCRIPTED and re-read the VALUE SKEW part. I gotta look up my competition and see where I can skew value.

Also a shout-out to @CareCPA for helping me out on a question! Basically I can deduct API expenses from my overall profits!
 
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LeoistheSun

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Update:

Looked a bit closer at the pricing from the rep and realized I got understood it wrong. So realistically they are only a little bit cheaper.

I've continued to look at ways to value skew. I thought I'd take a page out of TMF where MJ changes his pricing model for his website to something unique and crazy. You see... instead of doing $$ per month charge, I've decided to try charging based on usage.

Other Value-Skews that I can take advantage of that my competition do not:
  • Compelling Story
  • Ease of Ordering
  • Associations & Affiliations
  • Guarantee
  • Refund Policy
  • Trial
  • Reviews
  • Security
  • Payment Options
  • Employee Photos
  • Added Value (Blog, etc.)
  • Bonuses (free stuff)
  • Social Media
  • Sales Copy
(Yes! Apparently my competition lacks in all these areas...)

Some of the pain points of customers (that I've seen from similar products on Amazon [software]) is that it's too expensive. So I want to try a "pay as you use" model. Something similar to DigitalOcean.

Since half of the SaaS resolves around a 3rd party API (one that I pay for- based on usage), I decided to try forwarding that cost (and the pricing model) to the customer + 50% (profit).

I've got some cool ideas that I want to try out too. But for now im focused on:

- Creating a mockup
- Customer Feedback
- MVP built
- MVP tested
- More feedback
- Presale
- Build
- Launch
 
G

Guest92dX

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Amazing progress man!

Did they say why they wanted you to sign an NDA? Seems fishy. The NDA seems left field from the direction you were headed.

I just started my next project now after I left the partnership I was in.

You'll need to sell after the MVP.

I recommend the book "SPIN Selling" for selling the $600 packages you need for the MVP. SPIN Selling is the book closest to the approach I told you about that uses Cherry Picking and patterning.

It's my method and Dan Maxwell's info on steroids and condensed down.

It's also scientifically proven.

Happy New Year!

Last, I would suggest Keynotopia for your packet.

I've heard good things about the NO B.S. series for marketing when you make it to that point.

LeadGenius might also be worth it after a few pre-sells to get opt-ins on a cold email campaign for scaling.

These are the tools and paths I'm taking after 7 or 8 failures and having now read close to 20 books on this stuff.
 

LeoistheSun

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Thanks @EasternCrane! Yes, it did seem fishy. Maybe because they didn't want other competitors to know? They were only a little bit cheaper compared to the "market leader." TBH I think it would be too expensive (the cost after I factor in my own profit) to the customer so I'm looking into other avenues.

I hate how long it takes though... :(

Will look into the other stuff.

I've heard of Keynotetopia.
 
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LeoistheSun

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Slight Detour...

Super large obstacle in my way. However I'm going to keep trying to jump over!

My quest has lead me to...

Microsoft Azure & Machine Learning!

-Leo
 
G

Guest92dX

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Slight Detour...

Super large obstacle in my way. However I'm going to keep trying to jump over!

My quest has lead me to...

Microsoft Azure & Machine Learning!

-Leo

Stop and focus for a second. Or better don't forget your focus.

You need a customer not a tool.

You're trying to get this off of your word. This stuff is probably coming from interviews with people. Right?

You want to build a machine learning, cloud application, with computational abilities, and decked out on APIs you either need or want but don't fully control.

That's not an insult.

Why are you only trying to get $50 per month for this though?

A machine learning consult for applications as a one off usage runs at least $3k to $25k, depending on complexity and the problem it solves as a standalone solution.

That is with probably undercharging too as a consultant.

This means your application should be solving a really important problem and be costing like $300+ per month, at least like $150 or more a month.

If you are solving a $5k per month problem you should be charging like $650 a month or even possibly more. You aren't trying to capture 99% of the market like a startup are you?

I know I couldn't imagine trying to run a webinar on how my $50 solution solves a $30k+ yearly problem. I couldn't imagine that people would stick around for anything but price either. The level of customer service would have to be low as well.

I would suggest trying to sell before going deeper in the solution.

Remember, a business is a solved problem and a customer.

The customer comes first.

Your MVP may not need an ML component right away. The point isn't to map out the whole solution. Your point/goal is to do enough to create a viable solution.

Also, Fwiw, I haven't seen any ML solutions on the market going for like $50 a month. They may exist though. I would think the market would have to be super large and they would be raising money also.

If you haven't listened to "The Automatic Customer" then you should because your solution needs to cost low enough to make sure it doesn't take 1 or 2 years for you to start making money.

The overhead can get expensive so I would suggest trying to sell a customer on a fair price with the packet.

Best of luck man.
 

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