I'm stuck searching for the "fail-proof" idea. Help needed.

[goo_br]

Hello,

Short background info:

1 year ago I left my high-paying corporate job and started my own business. By then I had not read the MFL. Result: I went into a business with no scale, no automation, which requires all my time. And some more time. To make things worse, it is generating no income.

Last week I've read MFL and it completely changed my perspective. I decided to spend 3 days a week working on my money tree.

My current problem is that I am stuck trying to find the most "perfect idea".

I know in an intellectual basis that I need to test in iterate through many ideas in a short periord of time. I have read the MFL, Lean Startup etc and really grasp that concept.

Bu for some reason I am not moving forward. There is something (probably on an emotional basis) that hols me back. Everyday I search for needs on blogs, seach twitter (for keywords like "I hate", "I can´t stand" etc) but there is nothing that makes me excited.

On top of that, my corrent financial situation is critical - I need to start generating at least some USD1k/month if I do not want to go back to the corporate world. Maybe this preassure plays a negative role, I don't know.

Putting it short, I feel like a driver in a F1 car hitting the gas pedal and the breaks at the same time. All I want is to set course and focus on execution, where I am pretty confident.

Any insight from someone who has been on my shoes would be more than appreciated.

Chreers!

 

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[benh]

Now I haven't exactly made it into the fastlane yet but I did struggle with finding an idea for quite a while. My problem was not thinking big enough. I would see pain points but think, "that's too hard, someone else is doing it". I don't believe any idea is perfect. The key is not thinking "I need x dollars a month now" it's, "how can I provide value". Go big or go home right?

 

[goo_br]

Thanks for your answer, benh.

I don't believe any idea is perfect.

Yes, you are right!

The key is not thinking "I need x dollars a month now" it's, "how can I provide value". Go big or go home right?

Do you think it would be a valid strategy to a) initially focus on a business where scale is limited but where I can provide at least some value to generate enought income to pay my bills and b) immediately after that try other " CENTS-compliant" indeas in order to get into fastlane?

I just feel so overwhelmend trying to get directly into fastlane...

 

[benh]

Do you think it would be a valid strategy to a) initially focus on a business where scale is limited but where I can provide at least some value to generate enought income to pay my bills and b) immediately after that try other " CENTS-compliant" indeas in order to get into fastlane?

I just feel so overwhelmend trying to get directly into fastlane...

When I started I felt overwhelmed as well. If you start a slowlane type business then are you going to have the time to create another fastlane business? Why not start with a fastlane business? Even if you end up having to go back to a corporate job for a while at least you already have the groundwork in place for the fastlane. Starting a limited scale business you still have to ensure you are creating value not just looking to pay your bills. Recently someone opened a store in the mall here. It was a clothing/gift store that imported things from India. The idea was something he must have been passionate about but the need wasn't here in this small northern BC market and he went out of business in a couple months. I'd say shoot straight for the fastlane and realize those that came before you were also in way over their head

 

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[RogueInnovation]

Hmmm, I've been in the gas pedal position eating ramen noodles for a couple years. I have direction now, so I might provide a little taste of an idea for you.

First, I would say that a problem with "idea" is actually more akin to a problem executing. You look for the idea because you think it will magically give you motivation and drive and get you burning on all cylinders. But the truth is more like good ideas are fuel for champions and HEAVY AS HELL for guys that don't know how to execute.

Learn to execute an idea, any idea. That is a start.

Some things that help me execute is a good direction, a lot of confidence, and the willingness to say "yes this is mine" stand behind it etc.
I stand behind my idea not because its invincible, but just because its not crappy. And if what you are selling isn't crappy thats good!

Most people say "hey that umbrella in your drink is such crap", but you sell it to tiki lounges and they are like "oh hell yes! A cheap little way to thrill our customers and build a bit more connection! Take my money!". Now the guy that sells those knows where these lounges are, and he knows that lounges and other places don't wanna miss out so he makes sure he gets to them too.

Is that little parasol crappy? Or do people enjoy the novelty?
Obviously its NOT crappy, so WHY should mr. parasol be at all fussed about the fact that what he sells is a toothpick with some paper on it?

He isn't looking to be the next zuckerburg, he is just cool with the fact that "hey! You want some parasols! Here you go!" he has a business that works and is scaleable, that he can execute well.

Don't waste your time trying to be THE BEST, just say "well, what do people expect and how can I surprise them". Then be creative, execute, and get confident.
First you just gotta get up and at them man, you can correct for the big idea later.

Personally, the more I get business the more I am happy selling people stickers with smiley faces on them and stuff, cuz really, why pretend or hide what you are. Just set up a business so you can live life your way. Find an idea that isn't crappy that has a market, and just assess what options you've got, and see if you can act on an opportunity.


I almost would prefer to run some stupid oldschool business than compete with a million entrepenuers trying to create tshirts and stuff.
You can just skip all the positioning and marketting stuff and get down to nuts and bolts when it comes to a b2b service that delivers them something they need today.

Ideation from dane maxwell, says, that you should really just talk to people find out what they need and if its an issue, get some contacts, presales and then get a solution prototyped and then get on it.
Ice cream kid said "be present with people, and the ideas will come"

Try not to strangle yourself with expectations. Learn that TRUE GRIT in business, is that you really don't give a F*ck what you sell, but THAT you do your damn job of selling it well. Cuz if you can't do the job, and you have a great idea, how stressed will you be that it is crashing and burning and its all your fault!!! Pretty stressed!

Guy thats still shaking: "What should I do for you?"
Entrepenuer: "What do you need !"

The first guy gets whipped, the second gets paid.
Get away from SHOULD, its poison, get towards "can I? sure why not! I am the master of these tiny little things!"

 

[goo_br]

Some things that help me execute is a good direction, a lot of confidence, and the willingness to say "yes this is mine" stand behind it etc.
I stand behind my idea not because its invincible, but just because its not crappy. And if what you are selling isn't crappy thats good!
Most people say "hey that umbrella in your drink is such crap", but you sell it to tiki lounges and they are like "oh hell yes! A cheap little way to thrill our customers and build a bit more connection! Take my money!". Now the guy that sells those knows where these lounges are, and he knows that lounges and other places don't wanna miss out so he makes sure he gets to them too.

Thank you, this opened up my perspective. I will try to focus on businesses that ARE working, that ARE catering for real needs and then think of enhancements.

Nice advice. I´ll try to post my results on that.

 

[goo_br]

Even if you end up having to go back to a corporate job for a while at least you already have the groundwork in place for the fastlane.

 

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[Runum]

Sounds like you need to become an INSIDERS and listen to JackEdwards next INSIDERS call.

https://www.thefastlaneforum.com/co...b-28th-insiders-call-with-jack-edwards.50452/

 

[Bigguns50]

truth is more like good ideas are fuel for champions and HEAVY AS HELL for guys that don't know how to execute.

I'll add that, while it's heavy for guys that don't know how to execute....with practice...like weight training...you will turn it into fuel. This goes for just about everything.

what do people expect and how can I surprise them"

Yes. Go above and beyond your customer's expectations. For this one single reason, you can get into a market with lots of competition and kick a$$.

@Runum .... I second that. Definitely join the "INSIDERS". There's a ton of ideas on bootstrapping, making quick cash, making a job for yourself to pay your bills while you build your fastlane, how you can cut your overhead, how to sell the crap you don't need that takes energy away from your fastlane, etc.

Finding problems, finding products that need improvement or products that can be marketed differently or used differently, finding needed services...whatever...takes practice. Think, look, talk with people (like live and in person).

ie: My Wife was talking with one of her clients who is going out of business. They sell costume jewelry. Instead of thinking "Oh great, can I come over and buy some stuff for myself at a discount ?"....she asks..."Can my Husband and I come buy and look at your inventory. Maybe we can buy you out."....Consumer thinking to Producer thinking. Now, I don't know shit about costume jewelry but believe me, I'll know a lot come Tuesday.

Keep pushing man.

 

[The-J]

Start with a "bad" idea.

Not an idea that's doomed to fail, mind you. Start with an idea you figure you can make any amount of money on and won't have to lose too much money starting.

My first online business was a failure because (1) I didn't know how to sell and (2) I shoved a cute chunk of cash into it without knowing whether anyone wanted it. I jumped in without knowing anything about marketing, copywriting, or selling. When it came time to sell it (my idea was leads for plastic surgeons) my market said "No, I don't want this. I (1: don't need new patients, I'm full all the time) or (2: I already buy leads from a lead generation company and yours offers nothing new)"

As snowbank said in a blog post, I didn't solve step 1. I didn't have anything that was inherently better than what was out there (although during my work on it I convinced myself of the contrary). I wasted time doing "vapor marketing" like writing blog posts, writing articles, joining discussion forums, using Reddit for views, and a bunch of other things that did not and would not correlate to sales.

The key takeaway here is, I WOULD NOT HAVE LEARNED THIS IF I HAD NOT TRIED. I would have been stuck reading, thinking I knew it all.

Also, after failure, be prepared for blows to the ego, like people saying that your failure 'didn't count' and that what you ended up learning is 'common sense'. Don't even worry about it and shake it off. You have *our* permission to fail.

 

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[Enki]

Hmmm, I've been in the gas pedal position eating ramen noodles for a couple years. I have direction now, so I might provide a little taste of an idea for you.

First, I would say that a problem with "idea" is actually more akin to a problem executing. You look for the idea because you think it will magically give you motivation and drive and get you burning on all cylinders. But the truth is more like good ideas are fuel for champions and HEAVY AS HELL for guys that don't know how to execute.

Learn to execute an idea, any idea. That is a start.

Some things that help me execute is a good direction, a lot of confidence, and the willingness to say "yes this is mine" stand behind it etc.
I stand behind my idea not because its invincible, but just because its not crappy. And if what you are selling isn't crappy thats good!

Most people say "hey that umbrella in your drink is such crap", but you sell it to tiki lounges and they are like "oh hell yes! A cheap little way to thrill our customers and build a bit more connection! Take my money!". Now the guy that sells those knows where these lounges are, and he knows that lounges and other places don't wanna miss out so he makes sure he gets to them too.

Is that little parasol crappy? Or do people enjoy the novelty?
Obviously its NOT crappy, so WHY should mr. parasol be at all fussed about the fact that what he sells is a toothpick with some paper on it?

He isn't looking to be the next zuckerburg, he is just cool with the fact that "hey! You want some parasols! Here you go!" he has a business that works and is scaleable, that he can execute well.

Don't waste your time trying to be THE BEST, just say "well, what do people expect and how can I surprise them". Then be creative, execute, and get confident.
First you just gotta get up and at them man, you can correct for the big idea later.

Personally, the more I get business the more I am happy selling people stickers with smiley faces on them and stuff, cuz really, why pretend or hide what you are. Just set up a business so you can live life your way. Find an idea that isn't crappy that has a market, and just assess what options you've got, and see if you can act on an opportunity.


I almost would prefer to run some stupid oldschool business than compete with a million entrepenuers trying to create tshirts and stuff.
You can just skip all the positioning and marketting stuff and get down to nuts and bolts when it comes to a b2b service that delivers them something they need today.

Ideation from dane maxwell, says, that you should really just talk to people find out what they need and if its an issue, get some contacts, presales and then get a solution prototyped and then get on it.
Ice cream kid said "be present with people, and the ideas will come"

Try not to strangle yourself with expectations. Learn that TRUE GRIT in business, is that you really don't give a F*ck what you sell, but THAT you do your damn job of selling it well. Cuz if you can't do the job, and you have a great idea, how stressed will you be that it is crashing and burning and its all your fault!!! Pretty stressed!

Guy thats still shaking: "What should I do for you?"
Entrepenuer: "What do you need !"

The first guy gets whipped, the second gets paid.
Get away from SHOULD, its poison, get towards "can I? sure why not! I am the master of these tiny little things!"

You got it man. Rep Transfer

 

[RHL]

The idea is very important. Keep your "Fastlane Commandments" section open as you brainstorm. However, most of what makes an idea "perfect" is the person and execution that comes after that. An idea that fails some of the CENTS parameters will still generate a huge windfall for an indomitable worker who executes with accuracy and persistence, while a veritable money orchard will produce only tiny, blighted apples for a person who is expecting their idea to carry them over the finish line.

As for your financial crisis, you can hustle, provided you have some starter capital. Snowballing from nothing takes time, it's much easier to start with cash from the get go. You can sell things you currently own (iPod, Guitars, etc.) if you're really stuck. You want to focus on a category you know well that also has moderately high priced items, items that cost enough for the fat to make a difference in your economic situation. There's a lot of fat in video games, but you don't want to have to do 35 transactions a month to pay your rent. You want something like electric guitars, where there's a good margin per flip.

I'll give you an example, I did a lot of research on Dodge Vipers before I bought mine, so I already had that knowledge in place. I saw a junkyard wrecker had three sets of the ACR's original magnesium track wheels for sale for $1400. Got those, got a fourth wheel for $850, got them all refurbished to as-new condition for $400 total. Outlay was $3650. Those wheels sell for $10,000 at the dealership, and usually around $7000-8000 from vendors. I flipped them and made $3,000. It took me a total of about 4 hours of work, wheels got delivered, I delivered them to a refinisher, I met two buyers and the second one took them and we were done. That's what you want, not 90 hours per month grinding out cell phone flips at $60 profit per transaction. You want the margin on each flip to be worth at least what you'd have made in 2-3 days of regular work. That'll keep your time free to go fastlane.

 

[xmartel]

You need to stop what you're doing and read Jack's entire thread about starting a business. Then read it again.
https://www.thefastlaneforum.com/community/threads/diary-of-opening-a-new-business.29468/

 

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[goo_br]

You need to stop what you're doing and read Jack's entire thread about starting a business. Then read it again.
https://www.thefastlaneforum.com/community/threads/diary-of-opening-a-new-business.29468/

Yes, Sir. I've just done that. Thank you!
Wow, what a ride. 3 hours invested, but amazing lessons learned.
It put me in a state of finding opportunities in established market. Major lesson learned: improving an existent business is probably LESS risky than pushing a new product into the market...

 

[DeletedUser2]

Sounds like you need to become an INSIDERS and listen to JackEdwards next INSIDERS call.
https://www.thefastlaneforum.com/com...b-28th-insiders-call-with-jack-edwards.50452/

YEP> do this. also, while inside, read about "passive income deposits" the paintbrushcover, Jackedwards and others.

there is a masters level course in there on how to do things.

or you can forward me 10K and ill give you 3 good ideas.

paypal to....


Z

 

[goo_br]

@Bigguns50

There's a ton of ideas on bootstrapping, making quick cash, making a job for yourself to pay your bills while you build your fastlane,

I have joined but have been stuggling to find good threads that address the issues above. Any recommendation?

 

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[DeletedUser2]

Go read Vigilantes entire Passive Income thread.
killer stuff there.

or read up on my stuff. (kinda randomly put all over the place but Start with supplement syndicate thread)

Z

 

[MorgothBauglir]

@Bigguns50



I have joined but have been stuggling to find good threads that address the issues above. Any recommendation?

https://www.thefastlaneforum.com/co...es-–-turbocharged-ebay-bootstrapping.46878/
https://www.thefastlaneforum.com/co...-2k-dollars-in-a-month-with-craigslist.49605/
https://www.thefastlaneforum.com/co...-style-or-is-bootstrapping-for-bunnies.46563/

 

[scratchdisk]

Hello,
My current problem is that I am stuck trying to find the most "perfect idea".

MJ talks about listening to the marketplace. It's a process, just start, listen to the feedback the market is providing and iterate. Good luck!

 

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[Bowden]

There's really no "fail-proof" idea out there. So many things many think are stupid have made millions. Tons of ingredients in the recipe of a successful business. Best thing is to evaluate the few you have and do something with one of them. Entrepreneurship is a lifestyle, a way of life. You need to be learning something new everyday. Don't waste months and months on trying to find the right business idea, instead start with one you have now. Jump in, get your feet wet. Learn. Then when you think you found that golden nugget, you will have most of the skills you need to mine it.

 

[RealEcon]

1. Go to https://www.whatrunswhere.com and use their free 7 day trial. Find all ads in a niche you like, that have been running for longer than 90 days. Download those ads, and where they are running at. Also get the Landing Page of the offer the ad takes you to.

2. Just follow the advice at the end of this post and you are golden.

 

[xmartel]

Yes, Sir. I've just done that. Thank you!
Wow, what a ride. 3 hours invested, but amazing lessons learned.
It put me in a state of finding opportunities in established market. Major lesson learned: improving an existent business is probably LESS risky than pushing a new product into the market...

Exactly. Don't re-invent the wheel. Don't try to come up with the next facebook or ipod.

Just get into markets that are boring. You have big guys at the top that have become complacent with their own success. Do what they do, just better. Use your nimbleness to take their customers and adapt to the changing market faster than they do. Often they don't adapt at all.

Think about cars. Not too long ago ABS, air bags and other features were premium. Before that, oil filters were a premium. All these things have become standard nowadays. What is the premium of yesterday, will be the standard of tomorrow. Companies are just people, people have ego's. They get caught up in the press clippings of themselves.

There is some truth in the saying, "If you do what you've always done, you'll get what you've always got". However, like life, it isn't that black and white. In the corporate world, if you find a model that works, then keep repeating it Ad Infinitum, eventually times will change, you won't keep up, and you won't keep getting the success you once had.

Research shows that the path from the bottom to the top for a company can vary wildely in time and route. But the path from the top to bottom is quite consitent and usually takes 5 years once it starts.

They get complacent, lose a few customers at first, don't worry too much about it, it happens.

Then have a bad quarter, no big deal, it happens to everyone from time to time.

Then a bad year. No problem, everyone has a bad year.

Then a few bad years.

Before they know it, they aren't top dog anyone. They panic, then start making rash decisions, don't give the decisions time to work, then make more rash decisisons.

Then bankruptcy

Obviously not all companies that start the spiral, go all the way to the bottom. Some realize their mistakes and take calm corrective action. But a fair share of companies have gone this route.

Find the companies at the top that are showing signs of this complacent behaviour. You'll steal a boat load of customers before they even know what's happening. And it's their own fault for not keeping up with the market.

And make sure you don't enter that spiral when you start having success.

Stay humble.

 

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[Oztrepreneur]

Just get into markets that are boring. You have big guys at the top that have become complacent with their own success. Do what they do, just better. Use your nimbleness to take their customers and adapt to the changing market faster than they do. Often they don't adapt at all.

Xmartel, I understand the philosophy but how would one find such 'complacent' businesses? Without first being in the relevant industry that type of insight would not be apparent. Where does one start. What are the practical mechanics of the philosophy?

Much like MTF's post where he cited a few exmaples...it makes the generalisation so much clearer....well to us with little experience and know how.

Thanks

 

[TedM]

Personally, I wouldn't think of a business per se, but rather think of the characteristics of a business you'd like to have. For example...sell lots of stuff for pennies, or sell premium to a few for thousands...physical goods or virtual...try to develop a checklist and then see what businesses would fit that.

for example, i had a (very modestly successful) online business for a while selling physical goods:

1. that taught me that i prefer a continuing relationship with a customer rather than just a random sell and goodbye. that indicated a subscription business.
2. also, i preferred a business where i could indeed have a relationship with a community of buyers/users, as opposed to something large and anonymous. that indicated a niche/boutique business.
3. if i am doing something niche/boutique - it needs to sell at a premium to make it worthwhile, that indicates XXX
4. i want to have lots of free time from my business as well, that indicates YYYY
5. and so on....

once you have a list of characteristics - find a desire or need to plug into it. there are lots of people selling diamonds, but maybe no one specializes in blue diamonds.

There are 350,000,000 people in the USA alone. Without a doubt, no matter how outrageous an idea you have, there are 35,000 people who would buy it... Usually, people have a marketing problem more than anything else.

 

[1milclub]

"I have joined but have been stuggling to find good threads that address the issues above. Any recommendation?

Check out this (INSIDERS) thread too: Struggling with Business Ideas?

 

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[xmartel]

Xmartel, I understand the philosophy but how would one find such 'complacent' businesses? Without first being in the relevant industry that type of insight would not be apparent. Where does one start. What are the practical mechanics of the philosophy?

Much like MTF's post where he cited a few exmaples...it makes the generalisation so much clearer....well to us with little experience and know how.

Thanks

JackEdwards would have better insight into this than me. But they way I'd go about it is just a lot of research and listening to people.

Write down a list of industries, everytime you come accross one ad it to the list. Start at the top and work your way down. Most information is online, start searching and reading. A lot of it will be learning to read between the lines. Go out and talk to people in various industries, paint points etc. Keep your ears open, you never know who you'll meet and what you'll talk about. Something might come up in conversation that gives you a lead on an idea.

You don't even need to just target complacent businesses, you can beat any business if you work at it and have a good game plan on how to do it better.

I don't really have a specific roadmap on how to do it, you just have to learn to pay attention to detail, talk to people, pick up the phone, and research.

Now that my eyes have been opened, I find myself coming accross worthy ideas without even having specifically been searching for them. I just pay attention and reach out to people.

You don't have to work in an industry to know the relevant info about it, you can often learn a lot just by being a customer.

Here's a random idea I just came up with. Fertilizer. Farmers need tons and tons of the stuff. Most smaller farmers (not the corporations) are generally ignored. They're only given any attention when they phone someone up wanting to place an order. Even then they often don't get great attentive service.

Start as a broker for fertilizer to the smaller farmers who are ignored by the fertilizer dealers. Call them up, build relationships with them, negotiate bulk pricing from a supplier, as well as a trucking outfit, and supply to the farmers. You don't even need to beat the pricing they're already getting. Just match it. The fact you're paying attention to them, and showing you care about their business, and showing an interest in them as people will be extra percieved value over the other guy they used to deal with.

Get the proper sales pitch written up and perfected and most guys will switch to you.

How'd I find this idea? I've talked to farmers in the past about their business. Then as I was typing this the word fertilizer popped into my head and I remembered my past conversations.

Once the blinders are removed it isn't hard to spot business opportunities.

You can steal this one if you want, I won't be using it any time soon.

 

[HardTimes]

Go read Vigilantes entire Passive Income thread.
killer stuff there.

or read up on my stuff. (kinda randomly put all over the place but Start with supplement syndicate thread)

Z

Hi zen*******, where is this supplement syndicate thread you speak of in several places? I tried searching and no luck! Thanks

 

[GuestUser113]

Hi zen*******, where is this supplement syndicate thread you speak of in several places? I tried searching and no luck! Thanks

It is in the INSIDERS thread. https://www.thefastlaneforum.com/community/pages/fastlane-insiders/

Need a membership.

 

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[Vigilante]

I know this is an older thread, but the headline made me smile again.

When someone finds a fail proof idea, let me know. - Dave

 

[yveskleinsky]

Hello,


Bu for some reason I am not moving forward. There is something (probably on an emotional basis) that hols me back. Everyday I search for needs on blogs, seach twitter (for keywords like "I hate", "I can´t stand" etc) but there is nothing that makes me excited.

The topic doesn't need to excite you. What you need right now is a small win. The momentum you get off of that will excite you enough to get and keep you interested.