Hello to everyone in the Forum.
I read The Millionaire Fastlane about 6 months ago, and it was a great book! Through the book, I discovered the forum, and have enjoyed the various conversations and lessons in the here ever since.
I'm grateful to be a part of this community, and wanted to reach out to everyone for input on the situation I am facing:
I have 2 ideas for an ecommerce business. I won't go in to much detail about the ideas, except to say they are both original, and do a pretty good job passing the CENTS test. There is one idea I favor over the other because the market it would serve is huge, no one is doing what I'm proposing, and it is more simple to execute. The issue with this business however, is it is in a highly regulated industry.
You see, before deciding to pursue the idea, I did what I thought was sufficient market research. I scoured the laws pertaining to this industry, and learned that there were no rules or regulations in place prohibiting me from what I wanted to do. Excited by my findings, I built out my website and social media, and prepared to launch. At the last minute, I decided to consult with an attorney about my potential liabilities, and he advised me to contact the relevant state offices directly. I did just that, and now I feel like the future of my idea lies in the hands of state officials who are over burdened with the C0VlD-19 situation, and have no reason to go out of their way to understand some random persons business idea, much less take the time to work with me to bring this idea to life.
When I initially contacted the main office in charge of this industry, I spoke with the sales director Tom. Tom took some time to understand what I was proposing, but because my idea is so new, he feels completely lost on how it fits in with current regulations. He now feels the need to involve two of his bosses, plus the Colorado Attorney General. In short, I feel like the future of my idea lies completely in Tom's hands. I have never met Tom in person, nor do I have any way of contacting any of the people he is trying to involve.
I take the time to explain the situation because I am hoping for some insight on the best way to proceed from the community. The way I see it, I have 3 options:
1) Wait patiently for Tom to get clarity on the situation - This would be the safest way to play things for long term success. I would be doing everything I could to keep state regulators happy, and wouldn't risk getting myself into unforseen legal issues. However, who knows how long this could take. It could take months, or even years. Or, they could come back to me and say they don't like the idea, and they're going to make it illegal. Then all of the time I've spent waiting would have been for nothing. In this scenario, I have no control over their decisions, and no way to lobby the decision makers directly.
2) Focus on my second business idea - This business would still be an awesome business, but doesn't have the same money making potential as the one I've been discussing. It also requires much more time and energy to execute. I also have some personal baggage (insecurity, fear of not being good enough, feeling inferior) in relation to the target consumer. So it would take more effort on a personal / emotional level to thrive in this industry. Overall, I think it would be a very fun business to be in, but in my heart I just want the other more.
3) Launch the business without the consent of the state regulators - Like I mentioned previously, I read through all of the laws pertaining to this industry. There are no rules or regulations stating what I can and can't do with this idea. Because I am an honest and sincere person, I was already planning on running the business in a very transparent way, and I structured the business to give the maximum value to the customer. Although I'm sure issues will arise, I don't see anyone having any legitimate way to complain about me doing something illegal.
As far as the state regulators go, it could be beneficial because I could have a few months (or years) worth of operating experience to prove to them that I am a legitimate business (as well as some revenue in the bank to put toward attorneys and legal stuff). OR, I could just piss them off because I didn't wait for their answer and (more or less) went behind their back to do it anyways.
I feel anxious to get started because I am in a very unique position right now. With the whole Covid crisis happening, I am currently receiving a very generous unemployment check. This is a rare event where I have lots of free time AND money coming in. It is the perfect time to launch a business, and I really don't want to miss out on this opportunity. The unemployment checks stop the last week of July, which means I have about 4 1/2 weeks to get something going. If I don't have anything in place, then I will have to go back to a J.O.B. And while I know I will succeed no matter what (because I am willing to work as hard as I have to), having to go back to work will obviously make things much much harder.
I look forward to any insight anyone can give. I'm not scared of constructive criticism, so please be frank and straight forward.
Thank you!
(((P.S. some people might be thinking that my loss of control to state regulators means the business fails the "Control" requirement of CENTS. This could be true, although it could also be argued that the regulation is more of a barrier to entry, making it ideal in the "Entry" category of CENTS, and that once I am approved by regulators to go in to business, I will have full control of all aspects of the business from start to finish. It's true that regulators could change the laws at any point and put me out of business, but couldn't you say that about most industries??)))
I read The Millionaire Fastlane about 6 months ago, and it was a great book! Through the book, I discovered the forum, and have enjoyed the various conversations and lessons in the here ever since.
I'm grateful to be a part of this community, and wanted to reach out to everyone for input on the situation I am facing:
I have 2 ideas for an ecommerce business. I won't go in to much detail about the ideas, except to say they are both original, and do a pretty good job passing the CENTS test. There is one idea I favor over the other because the market it would serve is huge, no one is doing what I'm proposing, and it is more simple to execute. The issue with this business however, is it is in a highly regulated industry.
You see, before deciding to pursue the idea, I did what I thought was sufficient market research. I scoured the laws pertaining to this industry, and learned that there were no rules or regulations in place prohibiting me from what I wanted to do. Excited by my findings, I built out my website and social media, and prepared to launch. At the last minute, I decided to consult with an attorney about my potential liabilities, and he advised me to contact the relevant state offices directly. I did just that, and now I feel like the future of my idea lies in the hands of state officials who are over burdened with the C0VlD-19 situation, and have no reason to go out of their way to understand some random persons business idea, much less take the time to work with me to bring this idea to life.
When I initially contacted the main office in charge of this industry, I spoke with the sales director Tom. Tom took some time to understand what I was proposing, but because my idea is so new, he feels completely lost on how it fits in with current regulations. He now feels the need to involve two of his bosses, plus the Colorado Attorney General. In short, I feel like the future of my idea lies completely in Tom's hands. I have never met Tom in person, nor do I have any way of contacting any of the people he is trying to involve.
I take the time to explain the situation because I am hoping for some insight on the best way to proceed from the community. The way I see it, I have 3 options:
1) Wait patiently for Tom to get clarity on the situation - This would be the safest way to play things for long term success. I would be doing everything I could to keep state regulators happy, and wouldn't risk getting myself into unforseen legal issues. However, who knows how long this could take. It could take months, or even years. Or, they could come back to me and say they don't like the idea, and they're going to make it illegal. Then all of the time I've spent waiting would have been for nothing. In this scenario, I have no control over their decisions, and no way to lobby the decision makers directly.
2) Focus on my second business idea - This business would still be an awesome business, but doesn't have the same money making potential as the one I've been discussing. It also requires much more time and energy to execute. I also have some personal baggage (insecurity, fear of not being good enough, feeling inferior) in relation to the target consumer. So it would take more effort on a personal / emotional level to thrive in this industry. Overall, I think it would be a very fun business to be in, but in my heart I just want the other more.
3) Launch the business without the consent of the state regulators - Like I mentioned previously, I read through all of the laws pertaining to this industry. There are no rules or regulations stating what I can and can't do with this idea. Because I am an honest and sincere person, I was already planning on running the business in a very transparent way, and I structured the business to give the maximum value to the customer. Although I'm sure issues will arise, I don't see anyone having any legitimate way to complain about me doing something illegal.
As far as the state regulators go, it could be beneficial because I could have a few months (or years) worth of operating experience to prove to them that I am a legitimate business (as well as some revenue in the bank to put toward attorneys and legal stuff). OR, I could just piss them off because I didn't wait for their answer and (more or less) went behind their back to do it anyways.
I feel anxious to get started because I am in a very unique position right now. With the whole Covid crisis happening, I am currently receiving a very generous unemployment check. This is a rare event where I have lots of free time AND money coming in. It is the perfect time to launch a business, and I really don't want to miss out on this opportunity. The unemployment checks stop the last week of July, which means I have about 4 1/2 weeks to get something going. If I don't have anything in place, then I will have to go back to a J.O.B. And while I know I will succeed no matter what (because I am willing to work as hard as I have to), having to go back to work will obviously make things much much harder.
I look forward to any insight anyone can give. I'm not scared of constructive criticism, so please be frank and straight forward.
Thank you!
(((P.S. some people might be thinking that my loss of control to state regulators means the business fails the "Control" requirement of CENTS. This could be true, although it could also be argued that the regulation is more of a barrier to entry, making it ideal in the "Entry" category of CENTS, and that once I am approved by regulators to go in to business, I will have full control of all aspects of the business from start to finish. It's true that regulators could change the laws at any point and put me out of business, but couldn't you say that about most industries??)))
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. :-)
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
