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INTRO Cracking the fast lane with my fourth business

Eggman

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Aug 29, 2019
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Hi everyone and thanks MJ for creating this awesome community.

This is my story.

My background

Since my college days I knew the scripted life wasn’t for me. Although I wasn’t sure what other options there were, I dreaded the thought of going to university for yet more years of studying. And all my work colleagues ever did at the local supermarket was moan about how they hate their jobs. I was part time there while being at college, but this would end up being my basic life for many years after.

A short break from the world of stacking shelves allowed me to start my first business at the age of 19. A magazine. I managed to get this in to a number of retail units across the UK but unfortunately I made some fatal errors, mainly a lack of research, funding and a proper understanding of the market, and the whole thing flopped within months leaving me with some massive debts. Back to stacking shelves for the next 6 or 7 years.

My next business involved designing, printing and delivering coupon leaflets for local businesses (The printing part was out sourced). This one was more of a side project and never took off. Not that the business concept wasn’t capable of doing so, it was me where the problem laid. I just hated cold calling on businesses. It was really out of my comfort zone. Emails, leaflets and postal letters never seemed to get any response, so my only option seemed to be to go out in person. I ended up getting a good few onboard and turnover a few grand but it was again short lived. I just didn’t enjoy it.

Finally away from stacking shelves I managed to get another job with a local independent business, again in retail but this time domestic flooring. To cut a long story short on this one, I finally started my third business a couple years later after seeing how much money this guy was turning over, yet his idea of customer service was zero. If there’s one thing I’ve learned more than anything else in my working life it’s giving excellent customer service. The one asset that a lot of customers these days seem to look for over price.

This time it was a partnership (someone who had been in this industry for a lot longer than me) which made me much more motivated and a 100% committed. I had realised many years before that I would probably never get a top paid job anywhere as I had no qualifications or experience in anything worthy. Being my own boss and in control of my own income seemed the only way forward, it had to work.

Three years down the line and we have a great reputation and a steady but increasing income. We are also moving to a larger premises this year in a much more noticeable location which will help increase sales. I’ve also learned so much and gained massive confidence.

So what’s to complain about?

Unfortunately after reading MJs books I’ve realised this certainly isn’t fast lane. In fact I’m actually convinced I’m on the sidewalk (or foot path as we call it in the UK). Me, the misses and my two year old son currently rent and although we don’t live a high life we do enjoy holidays and everything else that a scripted family like. This has resulted in saving a total of zero pounds.

The next obvious step with the business would be to open another store in another town. The problem is I know that which ever store I’m in, the other will fail. I don’t think there will be enough income for me to just hover between the two, as my partner would want to do that too. I feel i put 100% into the business but my partner only puts in about 60%. I lack control because of this partnership and the installation side of this business is all done by sub contractors, which again costs me control. I’m not a control freak, but I know I will be more successful with full control of my own business.

The very challenging plan going forth

Over the past ten years I’ve learned how to code websites. I’m not perfect but I love the challenge of trying to work out how to do something that I don’t know. I’m currently designing a website which seems to tick all the CENTS boxes. (I’ve had the idea for at least five years) It’s not a new concept but the business model is different to other well established (and making a lot of money) websites. My business model gives more freedom to the user and a completely different price structure that will allow more people to use it, opening me up to potentially more clients than anyone else. It’s a win win situation and I’m very confident.

So at the moment I’m working on my current business full time, trying my best to be a dedicated father and partner and at the side of all that getting a new business ready for launch. I’ve always been happy to work really hard, but since becoming a father it’s become really important to me and my family to spend quality time together.

What shall I do?

Should I start the new business at the side of my current one and build it up slowly?
Or should I sell the current business (hopefully for enough to cover my personal outgoings for a year plus a bit more for the new business) and just go for it with the new business?

I’m thinking the latter but there’s two problems to selling the business
1. My partner doesn’t have any money to buy me out.
2. He has no future plans to do anything but continue this business, so selling the whole business to someone else and splitting the sale price 50/50 is a no go.

I’ve got a good few months before I’m at that stage as progress remains steady. And I do like a challenge. I’m going to get on to the Fastlane one way or another. I’m just not sure when.

So that’s my background and where I am right now. Thank you for reading and I hope I haven't waffled on too much. I’ll be updating everyone on my progress hopefully in the very near future and hopefully adding value to the forum.
P.s i’ve never been great at writing so excuse the spelling and grammar.

Eggman
Cracking the fast lane.
 

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SPENCER C

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Feb 15, 2019
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Hey man, sounds like you're on the right path!
The fact you were able to identify your lack of control is awesome, something that caused my own first business to tank after doing really well for a couple months.
As always there is no complete right answer, just go with your gut and keep choosing the process of a successful man and the right way will appear to you. You definitely have a good plan but not me nor you nor anyone knows for sure how the market will take your idea but it is ALWAYS worth a shot.
 
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Eggman

Eggman

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Aug 29, 2019
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Thanks Spencer c. Yea I guess there’s always going to be risk taking focus from one working business to a completely new business, I shall soon see what happens I guess.
 

Walter Hay

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The next obvious step with the business would be to open another store in another town. The problem is I know that which ever store I’m in, the other will fail.
Is there any chance you could buy out your partner? If you could, it seems as though you might have a business that you could franchise rather than open a second store yourself.

Walter
 

MJ DeMarco

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Welcome Eggman, appreciate the intro!
 
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Eggman

Eggman

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Read Millionaire Fastlane
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Aug 29, 2019
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Is there any chance you could buy out your partner? If you could, it seems as though you might have a business that you could franchise rather than open a second store yourself.

Walter
To be honest I’ve never even considered franchising, I guess I’ve always thought that setting up something similar would be pretty easy for most people to do. I wouldn’t rule it out though if someone was interested in franchising it
 

Walter Hay

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To be honest I’ve never even considered franchising, I guess I’ve always thought that setting up something similar would be pretty easy for most people to do. I wouldn’t rule it out though if someone was interested in franchising it
Have a look at the full Chapter 9 How To Decide If A Business Is Suitable For Franchising. which you will find in my thread Rapid Scaling a business by franchising

That chapter tells you all you need to know if you are wondering if you have a franchiseable business.

Walter
 

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