29y/o from canada switching lanes

[opengrip]

Hey Everyone. My name Dan, I'm a 29 year old from Canada and I just finished reading the millionaire fastlane . I'm a little blown away by how much a book can change your perspective on how you treat your life.

In all fairness I'm not completely new to the idea of not wanting to trade time for money and creating passive income etc I have read a lot of self help book when it comes to money and I've attending the infamous MLM meetings and seen all the sales pitches.

Up until now I have been chasing my dreams of being a professional musician and even with some minor success if you can call it that. From the outside it would appear as if I was doing great for a while. (signed with a major label and had a very aggressive fan-base) But when you strip away the appearance of success I was broke and breaking a lot of the rules discussed in the book. I had no control over the business from the position I was in and was in a very saturated market with low margins on profit. Not to mention I had no way to liquidate even if I did build the business up to one day consider an exit plan.

Needless to say my eyes are now open to the fastlane and I'm ready to buckle down. I do have varying degrees of experience with marketing, branding, and basically anything I could have gotten from trying to run a successful band over the years, so hopefully that will help. I also have minimal debt (<6K) and minimal expenses as I'm living back at home with my parents currently. I'm also currently single and have no kids. A lot of people probably see me as that 30 year old living with his parents again but in 5 years they will think different!

Now after saying all that I still haven't decided on an idea to pursue. My mind is actually going crazy with lots of different ideas from reading the book and everywhere I look I am now looking to fix peoples problems. I know for myself doing something on the internet is what I'm leaning towards as I am fairly tech savy and have some experience with online marketing already.

I do have a few questions since I'm just getting started. If anyone would take the time I would really appreciate it because I honestly do get how valuable time is.
Should having no starting capitol make a difference on what I choose?
While locking down a solid idea what should I be doing in the meantime? I know execution and action are important but I do believe having a solid plan and process can save time that may be wasted otherwise.
Since I don't know how to code should I purposely stay away from any business that would require me to either learn/hire someone seeing how I don't have a lot of starting funds. I have already read through a thread and decided it would probably not be in my best interest to learn myself.

Thanks for all the advice or just for reading my introduction! Hopefully I can make this my new home and gain some like minded friends. I hear success is contagious

Dan

PS don't hold back guys brutal honesty is what I'm after here!

 

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[JacobBW]

Hey Dan!
Welcome!
Online is getting easier - I don't know a thing about coding, but there are some great resources that let you run a business without having to (if you're thinking online marketing style business) - often free or pretty cheap
There are also a lot of people that you can learn from business model wise - lots of books and courses etc.

I've been going through a lot of Brendon Burchard's stuff,
just started Jeff Walker's Product Launch Formula and
am listening to Grant Cordone's 10X Rule

Great start with the Millionaire Fastlane

There's a ton of info out there - and just as much in this forum

 

[opengrip]

Hey Dan!
Welcome!
Online is getting easier - I don't know a thing about coding, but there are some great resources that let you run a business without having to (if you're thinking online marketing style business) - often free or pretty cheap
There are also a lot of people that you can learn from business model wise - lots of books and courses etc.

Awesome I'll definitely look into those courses. My only concern is since its getting easier as you put it doesn't that break the rule of easy entry?

 

[W4RHRSE]

Hey Everyone. My name Dan, I'm a 29 year old from Canada and I just finished reading the millionaire fastlane . I'm a little blown away by how much a book can change your perspective on how you treat your life.

In all fairness I'm not completely new to the idea of not wanting to trade time for money and creating passive income etc I have read a lot of self help book when it comes to money and I've attending the infamous MLM meetings and seen all the sales pitches.

Up until now I have been chasing my dreams of being a professional musician and even with some minor success if you can call it that. From the outside it would appear as if I was doing great for a while. (signed with a major label and had a very aggressive fan-base) But when you strip away the appearance of success I was broke and breaking a lot of the rules discussed in the book. I had no control over the business from the position I was in and was in a very saturated market with low margins on profit. Not to mention I had no way to liquidate even if I did build the business up to one day consider an exit plan.

Needless to say my eyes are now open to the fastlane and I'm ready to buckle down. I do have varying degrees of experience with marketing, branding, and basically anything I could have gotten from trying to run a successful band over the years, so hopefully that will help. I also have minimal debt (<6K) and minimal expenses as I'm living back at home with my parents currently. I'm also currently single and have no kids. A lot of people probably see me as that 30 year old living with his parents again but in 5 years they will think different!

Now after saying all that I still haven't decided on an idea to pursue. My mind is actually going crazy with lots of different ideas from reading the book and everywhere I look I am now looking to fix peoples problems. I know for myself doing something on the internet is what I'm leaning towards as I am fairly tech savy and have some experience with online marketing already.

I do have a few questions since I'm just getting started. If anyone would take the time I would really appreciate it because I honestly do get how valuable time is.
Should having no starting capitol make a difference on what I choose?
While locking down a solid idea what should I be doing in the meantime? I know execution and action are important but I do believe having a solid plan and process can save time that may be wasted otherwise.
Since I don't know how to code should I purposely stay away from any business that would require me to either learn/hire someone seeing how I don't have a lot of starting funds. I have already read through a thread and decided it would probably not be in my best interest to learn myself.

Thanks for all the advice or just for reading my introduction! Hopefully I can make this my new home and gain some like minded friends. I hear success is contagious

Dan

PS don't hold back guys brutal honesty is what I'm after here!

Welcome aboard Dan!

There are a number of threads on coding also a ton of other info you may be looking for. Go look at some Gold Threads and cast away on your journey.

I look forward to seeing you around!!

 

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[JacobBW]

Awesome I'll definitely look into those courses. My only concern is since its getting easier as you put it doesn't that break the rule of easy entry?

I had the same question and came up with this
Yes. Potentially.
There are always going to be people doing a crappy job in any industry - hard to get into building heaps of brand new houses en masse because of the costs right? Yep, but some of these companies will just churn out cardboard boxes and pretend they're houses, and too bad when they fall down in a few years.
Online, the barrier to entry would have to come in the quality of what you're producing - both the production quality and more importantly the content quality.
If you're selling a course on something, the framework will have to be great and be practical/actionable. It can't just be hype. (All fart and no follow through).
Ideally, something that you've actually experienced or studied in depth. That's what's going to give you the insights to what forms a great framework.

Then of course there's the marketing.

So yes, the barrier to entry is lower, but how do you make your stuff look better than your competitors?
How do you actually make it better than your competitors?

And remember, most people don't execute - so online, most people's barrier to entry is themselves.

That's why most people don't end up doing anything.

 

[opengrip]

I had the same question and came up with this
Yes. Potentially.
There are always going to be people doing a crappy job in any industry - hard to get into building heaps of brand new houses en masse because of the costs right? Yep, but some of these companies will just churn out cardboard boxes and pretend they're houses, and too bad when they fall down in a few years.
Online, the barrier to entry would have to come in the quality of what you're producing - both the production quality and more importantly the content quality.
If you're selling a course on something, the framework will have to be great and be practical/actionable. It can't just be hype. (All fart and no follow through).
Ideally, something that you've actually experienced or studied in depth. That's what's going to give you the insights to what forms a great framework.

Then of course there's the marketing.

So yes, the barrier to entry is lower, but how do you make your stuff look better than your competitors?
How do you actually make it better than your competitors?

And remember, most people don't execute - so online, most people's barrier to entry is themselves.

That's why most people don't end up doing anything.

I see what you mean with a lot of the points you made! And I definitely agree that most peoples barrier to entry is themselves. You can almost count on people not following through and use that against them.

That being said assuming i would go down the education path and teach something that I specialize in I can predict 2 main issues.

Issue 1 - For myself I specialize in music. Now as far as that goes its almost like being a personal trainer for fitness. Its a very saturated market because everyone wants to do what they love. Yes I could argue that I have experience that most people don't seeing how I have been in a signed band etc but this brings me to point 2.

Issue 2 In order for me to sell education in this field as an example I would have to use myself as the brand. I really don't want my face to be the brand itself as that doesn't give me a good exit plan for liquidation options.

Where I'm at now is deciding if I should offer some sort of service to musicians and stay in a field that I am the most familiar with or if I should do something completely different (fulfill a need that most people don't love) and reserve my love of music for retirement.

 

[HiMyNameIsTom]

Fellow newbie here, but here's my thoughts:
"Should having no starting capitol make a difference on what I choose?"
--> I think there is a "landscape" of ideas and as you look at different things, you'll understand the tradeoffs in different ideas. I'm reading "Decisive" by Chip and Dan Health, and they talk about "decision landscapes" -- also going through Guy Kawasaki's "Art of the Start 2.0" which takes you through a bunch of questions that help you in generating ideas.

"While locking down a solid idea what should I be doing in the meantime? I know execution and action are important but I do believe having a solid plan and process can save time that may be wasted otherwise."
--> I think you want to be asking "What limits me right now, and how do I get past that to the next stage?" For me, its "finding the right idea" just like you, and while I think I have a general path, I'm just generally educating myself by reading Fastlane Millionaire and a Robert Kiyosaki book. The other half was "social support" -- since I'll be living in Baton Rouge LA which I doubt will have the right kinds of people to be around, I posted an intro thread here, and am seeking to "add value" so to speak so when I get stuck on things I'm working on down the line, I at least hopefully have people to bounce ideas off of, who I already know a little bit. That is a good question you asked, so I'm going to look at the other people's responses to see if I need to be doing anything differently

"Since I don't know how to code should I purposely stay away from any business that would require me to either learn/hire someone seeing how I don't have a lot of starting funds. I have already read through a thread and decided it would probably not be in my best interest to learn myself. "
--> Remember, there are other guys in this forum who know how to code, I don't know much about partnership, but I know how to write software, as does an 18yo Canadian guy who just joined the forums, so networking with other people in here could be helpful...I would agree it makes sense to decide "I'm not going to learn how to code" but not necessarily to hide from ideas requiring that -- you might keep a notebook with ideas you're not pursuing, just for creativity purposes...

--Tom

 

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