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  1. B

    Profit First (by Michalowicz) - Does it work?

    HOT! 
    This concept may work if you have an extremely simple business, but I would argue that this mindset of profit entitlement is not a good one. Let's say you import product to sell on Amazon. You order $500 of product and project that you will make $200 profit if they all sell so you put $200 to...
  2. B

    Any Toronto Day Traders?

    INVESTING 
    Do you realize that at 600% per week it would only take 11 weeks to turn $1000 into $362 BILLION (I.e., the wealthiest person to ever live)? If you could make .6% per week consistently you would be in the realm of Warren Buffet...
  3. B

    Pre-Selling Ad Space on a Podcast?

    MARKETING 
    You will not get any response this way and no matter how good the email is, you won't get any response. Would you give $50 to someone you don't know who has no credibility? No. I wouldn't either. You should offer it to a few people for free. And then if you show them a benefit, ask them to...
  4. B

    What about Ethics?

    MINDSET 
    I would never take that deal if I thought the seller truly didn't know it was worth more. And I would have told her what I thought it was worth, and I would have offered her less, but close to the "fair market" value if I really wanted the place. I would be more likely to get the discount, she...
  5. B

    Are 5% yearly bonds/investments possible?

    INVESTING 
    Monthly? no. Not even possible to get 1% monthly in bonds unless they are complete junk. 5% per month is 79.6% per year. Bond returns are in the 1-4% range for anything that's "safe" (per year).
  6. B

    How I will make 150% return on my investment

    INVESTING 
    This May be Good Reading
  7. B

    Buying out family business

    No brainer. Buy a business for approx. $300K and run it myself for $150K salary and try to grow. If I can't make it grow, I hire someone to run it for $75K and keep $75K for myself. A no-brainer to me. Most business sell for more than a 4X multiple ($75K x 4 = $300K) especially when there are...
  8. B

    Silk screen, shirt printing

    Here's my thoughts: Silk screen has a set-up cost for every print. Therefore, it's not (typically) economical to do small runs. Silk screen also limits you to certain types of media (i.e., t-shirts). In this business, I would say "good" customers are other businesses buying logo'd gear. For...
  9. B

    Exotic Car Rental Service

    I'm not sure about this...
  10. B

    Exit strategies (what type of businesses sell easily?)

    If you want the boring, true, answer: The easiest businesses to sell are businesses with most of their value in real estate. Second on the list would be businesses in distribution that have a lot of other (non-RE) assets (I.e., hard inventory). It's very hard to predict what the goodwill...
  11. B

    Start a Business, Nobody Cares

    MINDSET 
    I hate to be the one to say it, but it's probably because getting a job is more impressive than starting a business. Jobs have interviews and are competitive by nature and normally require some qualifications which take time and effort to get. Starting a business takes about 15 seconds and...
  12. B

    Motivation is not necessary for success.

    MINDSET 
    I guess the point is that everyone (mostly) intrinsically wants more money and personal freedom already. Yes, some people want it more than others. How much I want it fluctuates day to day. But bottom line is, if my work depends on how much I want something, then the times I don't want it as...
  13. B

    Motivation is not necessary for success.

    MINDSET 
    I think you're right. I debated calling the thread "External Motivation is not necessary for success" but it wasn't as grabby.
  14. B

    What to do about seemingly large competitors online?

    WEB/DIGITAL 
    I have a question for you. If I was buying these products for the first time, how would I know if that's a big online shop or not? The point I'm making is, they're not really a big competitor. 99.9% of the people in the world don't know who they are and if they're looking for products online...
  15. B

    Motivation is not necessary for success.

    MINDSET 
    It's not. Everyone already has enough motivation to be successful. If you're cold, you're automatically motivated to get warm. You don't need to read motivational quotes to want to be warm, it's automatic. Fortunately, millions of years of evolution has given us lots of these automatic...
  16. B

    Critique my tea website

    HOT! MARKETING 
    I think your problems are simpler than what people think. I think you need to change "discouragement" to "discouraged" (same tense as the following two words) and then use infographics for the instructions. The pictures look a bit amateur. Infographics would work better with your theme. See here...
  17. B

    What should I say on a cold call to corporate controllers?

    MARKETING 
    "What to say on a cold call" is probably the wrong question. If you're in the business of payroll, you need to ingrain yourself in the local world of payroll so that you already know the players at your target companies. A cold call is a long, steep, uphill battle to build trust and trust is...
  18. B

    Business Owners! How Important Is Strategy to You? How Do You Decide on and Monitor Your Strategy?

    My strategy (in real estate) is Sustainable Competitive Advantage. I do not buy property that doesn't already have or can't get a competitive advantage. I don't buy any units based solely on cash flow, cap rate, or any other strictly financial measures. This is because, over time, any...
  19. B

    Just got married... Now I feel restricted and powerless

    MINDSET RANT 
    Not really adding anything new, but something a lot of people miss out on in their attempts at fastlane: Maslow's Hierarchy. You've usually got to take care of the bottom 3 first. If not, your mind won't be in a good place to accomplish the top 2 and it will be a lot harder.
  20. B

    Been given a shortcut to the fastlane..

    I hate to burst your bubble, but right now you have nothing. A more likely scenario is that your first major customer, says "hey, if we're going to do this, then WE want 50%" and poof, you're 50% is now 0%. If you're waiting for the first deal to finalize the contract (which is relatively common...
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