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Discussion in 'Lessons from Success/Failure' started by 458, Nov 26, 2018.

  1. 458
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    458 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    I did not forget this. I have a 14h flight today, will write it then.
     
  2. 458
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    458 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    When you say quarterly taxes, I am assuming you are talking about 941 and state payroll taxes..

    If that is the case, the best and most effective way to increase profitability and lower payroll taxes at the same time is to offshore all of your non prospect/non customer facing tasks and responsibilities. Basically, everything that does not involve either a phone call to the prospect/customer or a face to face visit should be handle by someone in another country that works much harder than a person here for a much lower hourly rate.

    Since contractors that you employ overseas are not US citizens and do not have a SSN, there is nothing to report or withhold regarding there wages except the gross amount you paid them.

    Right now my offshore team is about 20 full time individuals with half working on our local time zone and the other half on there local time zone, a true 24/7 operation.
     
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  3. 458
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    458 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    I would just build a system from this model since you know it works and is profitable. The worst thing you can do is switch onto something that is untested and may take you in the wrong direction, always use what you know works and improve on it with scale-ability in mind. In your mind it is not scale-able, but that does not mean I or someone else cannot scale it given the opportunity.

    You need to just become the closer in this situation and dedicate all your time to bringing in the business. Have others work for you to provide that actual work, hire top talent to ensure quality work is still being performed. Over time your client base becomes so large that you are getting 5-10 referrals a day that you can call on and quickly close yourself because all you do is close, so by default, at this point you're a damn good closer.
     
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  4. 458
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    458 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    For your first venture you want to look for the following:

    1. Something boring and not trendy (Almost nothing in retail, amazon, drop-shipping, selling courses, etc. Think along the lines of "importing concrete tooling equipment required to be used by national zoning laws")

    2. A total industry market cap for the product or service between 100m and 500m USD (You do not want to compete with large corporations, you will lose)

    3. Something with few competitors (There should only be 2-3 big players and your research determines they have a lot of weaknesses and are lazy with there operation. IE. You call, get put on hold, transferred 10 times, and the person you finally speak to just learned English)

    4. Product or service cost between $1,000 and $5,000 (You want customers with money and a transaction volume that is low to medium. Processing returns on widgets that you sold for $1.50 is a losing strategy.)

    5. Something hard to get into because of licensing or other barriers (NOT upfront capital investment barriers, you probably don't have the money or the expertise to put it to good use anyway. Something you can get into for $5 - $10k upront)

    6. Something you can run with a centralized operation with credit cards as the main form of payment

    The above basically eliminates 99% of the business you have ever seen or investigated and requires you to spend real time and research finding something that actually makes sense. You never want to compete, you want to spend time in an industry that you can dominate and know with a high probability upfront that you will be successful there. Might take you 6 months of research to find your right space but will be well worth it over the long term.
     
  5. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Speak to @Tom.V ?
     
  6. jcvlds
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    jcvlds JC FASTLANE INSIDER Speedway Pass

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    Speechless.

    Thank you


    Sent from my iPhone using Tapatalk
     
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  7. eliquid
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    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    ITT - I learned that people can grow rocks.

    .
     
  8. eliquid
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    eliquid ( Jason Brown ) Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I have a serious question.

    How do you find this part out?

    .
     
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  9. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Admin Post
    This information (haven't read the entire thread) will move this thread to NOTABLE.

    While I don't agree with all of it 100%, there's some good generalized directives here. As for competing with large corporations, I don't agree that the small guy cannot. The larger the corporation, the slower they are at reacting, and the worse they are at maintaining their primary mission. (VALUE! Duh!)

    Think FB, Google or Amazon -- huge companies -- but absolutely impossible to talk to a human being for any kind of legitimate customer service. I'm not saying to compete with those guys, but the larger the corporation, the more value skew is available for us, the smaller operation. The more skewed value, the greater your USP.

    People generally dislike huge corporations.

    Marked NOTABLE.
     
  10. 4Ring_
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    4Ring_ New Contributor Read Millionaire Fastlane

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    When you first conceived the idea to your current success, did you create an in-depth business plan that covered all the significant points in running it such as the sections found in this business plan template link?

    [​IMG]


    Or did you just jump into it knowing that you could make it happen through your innate talent and would be ok with failure if it occurred?

    Thanks @458
     
  11. jpanarra
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    jpanarra Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    @458

    I just read through the entire thread after it was marked notable on Tuesday, fantastic stuff and I appreciate you sharing what you know.

    I've been working on a online marketing agency for a few niches in the the past 2 years and have done fairly well in terms of growth I've gone from 5k in 2017 to about to be 22k in 2018.

    My biggest weakness is sales because I'm deaf. The limit is I can't just pick up the phone and casually dial one after another because I have to wait for a Interpreter to be available, tell them whats happening, etc...

    Its a huge time drain on me and my resources, although I can close on this route and have done so a good number of times this year. It doesn't make sense because I've tried to use a video relay service and the conversion rate sucks because I have someone in the middle of the conversion being my voice for me. So I figured making a sales team with people that can hear and train them with my sales knowledge.

    I've depleted pretty much my personal network and continue to follow up with people which has done me well but It's not a formula for exponential growth. I've started an insiders thread on this too because I'm trying to start up a sales team based on commission only and I see that you treat your sales people very well but my limitations for paying them upfront is the little capital I have for the time being.

    I have so my offer is a 20% commission and at this point my websites sell at 2-5k and is expected to go up. I know that my starting offer is low because they make no money off the bat. But once I hit a 5 figure month I'll be happy to start paying a base pay at 13-14/hr. I have the capacity to do a good number of websites due to my network and ability to outsource/project manage.

    So naturally I went searching for salespeople I've gone through over 20-30 people trying to convince them to stay more than a month. I do have 1 person right now that is working on it but thats because he understands sales and has another sales job that's treating him well.

    I'm trying to find sales people through facebook job boards, linkedin job boards, craigslist, and even personal network.

    What would you suggest me to change or do to find sales people?

    Slightly off topic, I'm curious to hear about your opinion on tiered profit sharing within sales teams.
     
  12. Phikey
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    Phikey Contributor Read Millionaire Fastlane

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    That's actually the plan but a key benefit of my agency is it's location independence. I've been travelling the world the last 14 months and don't plan to stop within the next 12. Though, putting my skills to work on my own business is definitely on my mind as a goal. It's just that it would tie me down to somewhere for an extended period until I could scale it up to have all fulfillment managed. It is hard seeing how much I'm scaling my client's businesses, especially since one client that I started with 6 months ago were doing $5k/month in sales hit $150k in sales last month.
    For the moment I see a lot of potential in my digital agency and can put in place the right systems and processes to automate most tasks and create a scalable business that I can eventually sell.
     
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  13. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Just depends on what the product is.

    It's possible to keep traveling, and get something new off the ground (with physical products or whatever). @JasonR does this.

    You just have to put in the time to figure out the logistics.
     
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  14. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I went through this decision in 2009. So yes, traveling the world and being location independent is awesome. And making $8k/mo is awesome too. But traveling the world and being location independent and making $30k/mo is even better.

    Your client was literally making $2k/mo (assuming 40% margin), hired you and is now making $30k/mo. Think his life is different now? You should ask him!

    If you would take 12-24 months to build a $300-$500k business and put some business roots down. Then you can travel the world and not worry about money.

    For me the difference was living in a cheap/regular airbnb for a month, compared to living in a $2M airbnb condo on the side of the ocean cliff.

    The decision if up to you. I had to tell myself, I'm going for it now to solidify my future.
     
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  15. Gepi
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    Gepi In it to win it Read Millionaire Fastlane FASTLANE INSIDER

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    Hi @458 , very interesting. You are very cool and give some insight into your business.
    I have a few questions:
    - How do you know if one of your employees, or a potential salesperson "gets it" in regard to the training you do with them and the expectations you have, or results you want to see?
    - What kept you going when you made 10000 only the first four years?
    And how did you know that it would pay off after such a long time?
    - The first three months, the first twelve months: how was it in the beginning? On what did you focus the most? If you had to do it again, on what would you focus the most, now?

    Thanks!
     
  16. FrankSmith
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    FrankSmith Contributor Speedway Pass

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    Hi 458,

    Can you through some light on script writing and how long it took you to perfect the pitch/funnel?

    I know your business so can verify you are legit in case anyone is asking.
     
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  17. GPM
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    GPM Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    What are you doing to break through being stuck in the "gate-keeper" trap, and make sure that you are in the room with the decision maker?
     
  18. Ama
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    Ama New Contributor

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    Hi 458,

    Thanks for the information, definitely useful. I was more asking about the quarterly federal taxes for profit income flowing to you via k1 or from your llc. What ways have you found to mitigate this so that you can re-invest and grow?
     
  19. struka
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    struka Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Care to share the checklist or send it via PM?
     
  20. WorkingOnIt
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    WorkingOnIt New Contributor

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    Just an offshoot question, if I can ask. I havn't been able to find a SEO company that can actually put anything I give them on the first page. Do you mind making a recommendation?
     
  21. 458
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    458 Gold Contributor Read Millionaire Fastlane Speedway Pass

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    On vacation for next two weeks, will respond to everyone when I return. Thanks
     
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  22. LightHouse
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    LightHouse Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Unless you have something in hand that makes money and you need a lot more money from some suit and tie.... the answer will almost always be NO.

    You figure out how to provide value in any form first, then you figure out how to get that thing to sustain itself with income... and walaa you are in business.
     
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  23. Phikey
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    Phikey Contributor Read Millionaire Fastlane

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    You're definitely right, and that's what I'm doing now. I'm scaling up my freelancing into an Agency to do what I'm doing now but for way more other businesses. Along with that I want to put my skills to use and have my own store. Why don't I just do my own store right now? Well, I'm definitely not done travelling. Like you said, I'd need to lock myself down for a while first to get it set up. And secondly, I'm also really loving what I do by helping a heap of companies at once. I also learn so much about ecommerce because I'm having meetings with a wide range of ecommerce store owners and learning all the other things outside of PPC that they are doing to grow (like CRO, SEO, social media). I'd say that in 12 more months, if I'm ready to run my own shop, I'll have a big belt of knowledge to apply and skip a lot of the big mistakes that my clients have collectively made as they went it on their own.
     

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