Fastlane analysis of my business and my plan

[xuyigang]

I started my business little over two years ago, at that time I was quite inexperienced with business. The reason I quit job was that there is very few control and lack of promotion on my side. There is a small project made available to me at that time so I took the project and moved on.

When I first started my business, I learned about google adwords, created my own website, learned to use google analytics, using help from my wife who was a former graphic designer for the government of China, did some direct mailing campaign and visited many networking clubs in the local community. Hard work does pay off that I am off to a good start for my business after two years building it, but far from where I wanted to be.

Last summer, I created another business, me and my wife spent a lots of time built a website, but I did not achieve the purpose that we hope it would. I didn't lose any money on this deal, because I did generate some side income from it, but it is not worth the time invested into it.

The change happens when I came across TMF , I downloaded free samples to read and immediately after I ordered the book. To me I have gained the two following main points:

1) Truth and real life example don't lie, CENTS is indeed fast, while slowlane and slowlane business indeed slow, painful and risky;
2) Time is the most important asset and most important aspect of our life, spend time in things that will be fastlane and enjoy the harvest early with family and friends.

This is the fastlane analysis of my two business:

I. The side business:
N: It is a niche market with demand, but my product is not known at all by the consumer; I also chased money, trying to see if this niche market will accept my products.
E: Entry is very easy speaking of regulations, but does requires some hassle to get the license.
C: Business growth would require selling partners, there is a problem with control.
S: Not high volume by high magnitude.
T: Cannot be fully divorced from you time, but not directly tied to your time.

Two reasons that I failed: 1) I chased money, trying to get into the pre-existing niche market after it had flourished for several years, 2) my product is a better product speaking of common analysis, but this market is all about emotional spending, so my differentiation failed the "real need" of consumers.

II. My main business:
N: I am in the professional service business, CPA entrepreneur focusing mainly in taxation, need is very solid and strong, my differentiation is my beyond expected customer service,
E: Entry is very difficult speaking of regulations and licensing,
C: Very good control,
S: local market only, magnitude varies greatly by clients and projects,
T: it is 100% tied to your own time, either at producing yourself or managing human resource to produce work. In order to make a difference with high customer service, I spent more time than other practitioners in knowing and personal reaction with my clients.
I am planning on the following improvements while I keep searching for another model preferable in my own trade or in another realm that can get closer to fastlane than my current business.
My business is better than a job, but even under the best situation analysis, it won't be a fastlane, it would put you into 1% of taxable income nationwide, but to be fastlane one needs to be into the .1%. Improvements that I can think of 1) design detail work procedures and standardize work so that human resources can be properly managed to peak performance; 2) Increase efficiency in administrative matters or in professional work so per hour output will increase 3) Increase magnitude by looking to acquire more high margin client through flat fee projects. 4) Slightly adjust level of personal meeting with client to the degree of margin, serve the high margin best, then the average margin.

 

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