mikodigital
New Contributor
Hello Fastlaners,
I am looking for a way to select the best idea for a Fastlane Business in an attempt to LIMIT RISK.
I have searched the forum and found very interesting threads about google and adwords but wanted to include it in a global approach, so this is what i did.
CENTS spreadsheet:
In very-CENTS.png attached, i put ideas in competitions:
In need-and-entry-formula.png attached, you can see that i am trying to determine entry and need with the help of google. i have 4 statistics available right now. On the far right, I have given a scale and importance factor for each statistics.
need = volume stat/volume scale*volume factor
entry = (results stat/results scale*results factor
+competition stat/competition scale*competition factor
+bid stat/bid scale*bid factor) / 3
total score = need - entry
>>> results :
- what do you think of both excels as a tool to chose your next fastlane business?
- for the NEED score, what statistics could we use other than monthly volume?
- for the NEED score, what kind of minimum monthly volume do we need for fastlane?
- for each statistics, what factor of importance would you give it to ponderate the score formulas?
- do you know of other tools or ideas, concepts to help me chose between the 10 startup ideas?
Thank you
I am looking for a way to select the best idea for a Fastlane Business in an attempt to LIMIT RISK.
I have searched the forum and found very interesting threads about google and adwords but wanted to include it in a global approach, so this is what i did.
CENTS spreadsheet:
In very-CENTS.png attached, i put ideas in competitions:
- i check if each idea is a Money Tree or not and what kind
- i give a personal score out of 10 for Control, Entry, Need, Time, Scale
- i give extra 1, 2 or 3 points for Interstates
- i sum up everything to get a Total score
- this helps me rules out ideas that are not money trees and will never be fastlanes.
- this helps me get a top 3 ideas that have a good score (45 or more out 0f 50)
- problem > i feel like it's easy to determine control, time and scale just with my own judgment, but that entry and need are very tricky, i need to dig deeper.
In need-and-entry-formula.png attached, you can see that i am trying to determine entry and need with the help of google. i have 4 statistics available right now. On the far right, I have given a scale and importance factor for each statistics.
| need | google monthly search volume |
| entry | google total search results |
| entry | adwords competition score |
| entry | average adwords bid |
need = volume stat/volume scale*volume factor
entry = (results stat/results scale*results factor
+competition stat/competition scale*competition factor
+bid stat/bid scale*bid factor) / 3
total score = need - entry
>>> results :
- only top 3-4 ideas get good score, ruling out all the others with very poor scores.
- within the top 3-4, one has a much greater score and seem to be the right way to go.
- what do you think of both excels as a tool to chose your next fastlane business?
- for the NEED score, what statistics could we use other than monthly volume?
- for the NEED score, what kind of minimum monthly volume do we need for fastlane?
- for each statistics, what factor of importance would you give it to ponderate the score formulas?
- do you know of other tools or ideas, concepts to help me chose between the 10 startup ideas?
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. :-)
Attachments
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
