- Joined
- Dec 30, 2018
- Messages
- 40
Rep Bank
$120
$120
User Power: 15%
Hello,
Was wondering what your thoughts on both business are when it comes to them becoming a fast lane business.
I previously started a business that failed (online retail business, on a mix of bought, dropshipping models. A mix of marketing costs, high debt, not enough profit margin, Covid, UK cost of living and obviously mistakes done by me, gave me no choice but to liquidate the business.
With that experience from the past I obviously want to make sure I do not do the same mistakes and would like your input on all the points above about two potential businesses and their potential to be a fast lane business.
Recruitment Agencies:
Very little money to start the business
Potential to hire recruiters in time and grow the business
Can be a global business though start needs to be local or national at best
No industry knowledge
Easier to start as no stock is needed, only time and graft to begin with
I have no love per se in the industry or business which might actually be a good thing
High competition and low entry point
Potential of scale if people are hired and trained to a point where you are not needed to run the business
Very small amount of placements needed to make very good money
Fragrance House:
Investment to start can be substantial but £5k-£10k could be enough to start on a very small scale
Substantial knowledge in e-commerce
Lot of different products can be created in time from perfumes, candles, reed diffusers, shower gels, hand wash, etc...
Can be sold in stores, online, wholesalers, distributors, potential to go to other markets such as hotels, spas, home decor, etc...
Connections when it comes to places to sell such as marketplaces and wholesalers, distributors
It will be a private label so brand will be an asset
I love the industry but I am not a perfumer so would look into the business differently (as opposed to doing the perfume, I would be the creative director for lack of a better word)
High Competition from big designer names but more knowledgable needed so not everyone will start due to entry difficulty
I have good differentiation on how the brand will be marketed but fragrance business is quite personal (people only buy if they like it)
Difficult to sell online only as people need to smell so will be a slow starter
Can be sold anywhere and in time if I have stores I can be left to run the business and NOT be IN the business
Potential of scale
With all the points above could one or both be a fast lane business?
I did a WADM Decision Matrix on both and Fragrance House came out in front but by not much: 16 Factors, 723 to 712
Any inputs on this would be appreciated.
Thank you
Was wondering what your thoughts on both business are when it comes to them becoming a fast lane business.
I previously started a business that failed (online retail business, on a mix of bought, dropshipping models. A mix of marketing costs, high debt, not enough profit margin, Covid, UK cost of living and obviously mistakes done by me, gave me no choice but to liquidate the business.
With that experience from the past I obviously want to make sure I do not do the same mistakes and would like your input on all the points above about two potential businesses and their potential to be a fast lane business.
Recruitment Agencies:
Very little money to start the business
Potential to hire recruiters in time and grow the business
Can be a global business though start needs to be local or national at best
No industry knowledge
Easier to start as no stock is needed, only time and graft to begin with
I have no love per se in the industry or business which might actually be a good thing
High competition and low entry point
Potential of scale if people are hired and trained to a point where you are not needed to run the business
Very small amount of placements needed to make very good money
Fragrance House:
Investment to start can be substantial but £5k-£10k could be enough to start on a very small scale
Substantial knowledge in e-commerce
Lot of different products can be created in time from perfumes, candles, reed diffusers, shower gels, hand wash, etc...
Can be sold in stores, online, wholesalers, distributors, potential to go to other markets such as hotels, spas, home decor, etc...
Connections when it comes to places to sell such as marketplaces and wholesalers, distributors
It will be a private label so brand will be an asset
I love the industry but I am not a perfumer so would look into the business differently (as opposed to doing the perfume, I would be the creative director for lack of a better word)
High Competition from big designer names but more knowledgable needed so not everyone will start due to entry difficulty
I have good differentiation on how the brand will be marketed but fragrance business is quite personal (people only buy if they like it)
Difficult to sell online only as people need to smell so will be a slow starter
Can be sold anywhere and in time if I have stores I can be left to run the business and NOT be IN the business
Potential of scale
With all the points above could one or both be a fast lane business?
I did a WADM Decision Matrix on both and Fragrance House came out in front but by not much: 16 Factors, 723 to 712
Any inputs on this would be appreciated.
Thank you
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited:
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today