Fastlane Business Competition Ideas

[mayana]

Hello INSIDERS,

I decided to participate in the Fastlane Business Competition. Some of you already know that I have a natural cosmetics business. My products are handmade by me, which is fine, but it's not fastlane. I make some money doing it, but it's more like a job. Currently, I do most of my sales in person, only some from the website.

If anyone has any feedback on these ideas, I'd love to hear them. Each idea is equally developed in my head, which is why it makes it so difficult to choose. The idea that I do choose for the competition is the one that I am taking to the bank, however.

Here are my three options (as I see them):

1. Forget about handmaking my cosmetics and create an entirely new website where I sell other products via dropshipping. I could still focus on the natural and organic niche. To be honest, I feel a little 'blah' about this idea, though. My website is: www.pinkflamingocosmetics.com. Obviously, if I were to go the dropshipping route, this would mean a redesign of the website.

2. I have a business blog that I have been writing on for about 18 months. My original plan was to build a media empire. I suppose the advantage to doing this idea is that I have about 115 articles written and *some* organic search engine traffic. The website is: www.serialstartups.com.

3. The idea that I get the most excited about is making a website where I teach people how to speak Spanish. My idea is to eventually expand into other languages (even teaching English). I have a beginning Spanish book about 50% written and I've planned videos, etc, to go with the course. I started working on a website for this (basically, just threw something up there), but the url is (removed because I took the website down).

I hope no one is offended by this post; I don't expect anyone to decide for me, but I am really interested in some feedback from you guys, since I really respect your experience and knowledge.

 

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[wade1mil]

1) Can you have a company manufacture the product you currently make yourself? I like that better than dropshipping. A Chinese manufacturer could probably make your lip butter for a quarter.

2) As part of the competition you'll want to make money. How will you monetize your blog? I like this idea least.

3) I like this best also, but you have to offer something other than everybody else. Why would someone use you instead of Rosetta Stone, etc?

Stick with whatever you choose. I'd love to cross the competition finish line with you

 

[Vigilante]

1. you can't start with an idea you feel 'blah' about. Fail.

2. blogs are incredibly difficult to monetize. fail.

3. out of your three, the third is the best. now you need to study the industry leaders and determine your value proposition to see if you can make money. If I wanted this service, there are existing companies with consumer perception of brand... Wade mentioned one. I would go to them first. You have to figure out why I would go to you.

I like Wade's idea for a commoditized cosmetic company. You have spent a good deal of time learning that industry. Capitalize on your knowledge. Right now, you are playing business like a kid plays house. Either scale the cosmetic business or drop it.

You are a sweet gal, but I have seen you struggling to move off of first base for the better part of a year. You need to stick a post in the ground and commit. You need to pursue something with 110% of everything you have in you. You have significant intelligence, and you really don't need anyone on this forum to give you advice at this point. You're 492 posts in... you know all of the theories. You know most of the success stories, and some of the failures.

You have to take everything your 492 posts has taught you, and turn it in to money. My friend, it is time for you to stop talking about this and start doing this. Commit. You might succeed, you might fail... but you must go ALL IN. Pick a direction and set sail. Cast off the mooring lines as I think Mark Twain said. You're still at the dock.

I am cheering for you, friend. But get your a$$ in gear and get away from the dock.

 

[JEdwards]

I think all 3 are going to be tough to make money with.

But I agree with the above that the 3rd has the most potential, with the smallest amount of competition. (even though that competition dominates the market).

Rosetta Stone really has it together. But it is quite expensive.

You need a unique hook, for example. Learn Spanish by laughing <create a comedy Spanish learning course, kind of like the comedy defensive driving courses.

 

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[mayana]

1. you can't start with an idea you feel 'blah' about. Fail.

2. blogs are incredibly difficult to monetize. fail.

That goes along with my gut feeling, too.

3. out of your three, the third is the best. now you need to study the industry leaders and determine your value proposition to see if you can make money. If I wanted this service, there are existing companies with consumer perception of brand... Wade mentioned one. I would go to them first. You have to figure out why I would go to you.

You need a unique hook, for example. Learn Spanish by laughing <create a comedy Spanish learning course, kind of like the comedy defensive driving courses.

I know that I need something special and unique. I was thinking about a Spanish course that was completely focused around food and cooking, for example.

Stick with whatever you choose. I'd love to cross the competition finish line with you

Likewise, my friend! I'll be starting on my idea before the weekend is out, and there will no turning back or quitting. I am PROMISING this.

My friend, it is time for you to stop talking about this and start doing this. Commit. You might succeed, you might fail... but you must go ALL IN. Pick a direction and set sail. Cast off the mooring lines as I think Mark Twain said. You're still at the dock.

You are right, Vigilante, I am still at the dock - I don't deny it. Child's play is what I've been up to until this point, but I am SO SO SO tired of where I am. I KNOW I can take an idea to full execution and be successful.

 

[BeingChewsie]

Your number one priority should be to fill a need or solve a problem. What do the markets you interact with need? Service gaps are good, go look for complaints.

If the only options were the three you listed I'd go with #3. You have to provide massive value though, it has to be good and provide a lot for the price. I know in the home school community which is about 2.5 million members foreign language is a big fail with only Rosetta Stone as a decent option. Education is a good area because people will try *anything* that you can convince them will help them or ease their problems or their kids issues. I have said here multiple times, I don't sell education, I sell relief from anxiety, improved relationships, greater opportunity..I just happen to use math and science to do it. There is a huge gaping hole in the market, if you could fill it, it could be worth gold. We have looked at it ourselves as an area of expansion and opportunity.

It also offers a decent barrier to entry, it won't be easy to do, it won't be done in a weekend which is a big turn-off to people who value events over process.

I think if you run #3 through the commandments and look at the business seedlings you'll see the potential.

Anyway, make sure whatever you do is based on a solidly identified need in the market and have at least a rough idea of how you can dominate your little piece of the market. Your market will guide you once you are up, but identification of service gaps and problems now gives you at least a starting point and an edge.

Go kick a$$.

Sue

 

[Wuping]

Hi Ntapia

First of all good luck with the competition!

As many have already mentioned, your idea about language learning seems most potent. Here's just a few ideas I would love to know your thoughts about.

Please note: I'm not a succesful Fastlaner myself/guru/or half as knowing as some other smart people in here - so use my advice with caution Not trying to be anything I'm not. Furthermore I'm from Europe so I'm not very deep into language learning in the US. Good, so here's a few thoughts:

I think you should focus on just ONE language. Becoming the authority in that. So that, you're not yet another "language learning website", you're the "spanish learning website". You will be the website one will go to in order to learn spanish, that's your field and speciality.

I also asked myself. Why would anyone like to learn spanish? Because they're moving to a spanish speaking country? New job? Girlfriend/boyfriend? Going on vacation?

Lets say I would like to go on vacation to Spain. It would be fun to learn a few spanish sentences, so I can spellbind ALL the ladies (lol). What can I say to a spanish girl that will instantly unzip her pants? Then I couldn't care less about the grammar for instance.

If I was moving to a spanish-speaking country, would I only be interested in the language? Whatabout the culture too? What do they eat? How do they behave? When you greet people, do you shake their hands? Or kiss them twice on the cheek. You know, all those small things. So it could become something more than "just" language learning.

If I was going on vacation, how do I order a nice bottle of wine? Etc. etc., you get the point.

Guess what I'm trying to say is: Offer spanish-courses dependant on which goals your customer has. I think it's hard to create 1 product which fits all sizes.

Now I don't know how Rosetta is selling products, but I think it would be rather important to offer as many opportunities as possible. Ebook, audiobook, online webinars, video-tutorials etc, perhaps even mind maps? I don't know.

Just a few thoughts I had:9
I wish you the best of luck!

 

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[mayana]

I think if you run #3 through the commandments and look at the business seedlings you'll see the potential.

Your response is like gold, maybe literally I definitely see why this option fits all of the commandments, for sure. Thank you for your very valuable and experienced advice on this! I am going for it!!!

I have several years of experience teaching Spanish and English (I have always fallen back on it during hard times to make ends meet as a freelancer), but when I homeschooled my oldest daughter I tried Rosetta Stone. I was really disappointed - it really wasn't a good fit at all. I think that this is a good, solid need... hmmm.

I am going to spend the rest of the weekend dissecting the rest of what you said. Thank you!!!

 

[Wuping]

Keep us posted!

 

[MikeMillionaire]

Try the 3rd but how will you be different ?

 

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[PatrickP]

May I ask for a little more info on what happened with idea 1 of you making your own products?

I thought that was a good one. I am not seeing how it isn't fast lane. To me it meets all the qualifications of fast lane. If you REALLY are not going to do it would you mind PMing me as I am interested in doing something in that area myself.


Just my 2 cents on the 3rd option TOUGH to compete with Rosetta Stone. You may not have liked it and there may be others but then that is targeting people who were disappointed with Rosetta Stone and now are willing to risk more money on another system that may not work.

 

[mayana]

May I ask for a little more info on what happened with idea 1 of you making your own products?

It's okay, and I am making them right now and it could potentially do pretty well (or very well, if I really wanted it to and could do it right).

Just my 2 cents on the 3rd option TOUGH to compete with Rosetta Stone. You may not have liked it and there may be others but then that is targeting people who were disappointed with Rosetta Stone and now are willing to risk more money on another system that may not work.

There is definitely a lot to think about, but I am not going to let a little thing like a major dominant competitor stand in my way

If you REALLY are not going to do it would you mind PMing me as I am interested in doing something in that area myself.

I don't mind helping you out I'll pm you.

Try the 3rd but how will you be different ?

That's definitely the challenge - I'm working on a concept.

 

[Jake]

1. Outsource cosmetics. turn it into a house party or small business stay at home / single mothers can do. Franchise?
3. Teaching Spanish to kids in a fun way? Write childrens books or songs that help teach kids Spanish?

 

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[thomashoi]

I have a beginning Spanish book about 50% written and I've planned videos, etc, to go with the course.

It's great that you already have something on hand and all you need to do is to test it on the market
without spending a single penny. If the response is good, you know you have a winner and you can
get all your marketing tactics to go fastlane. If response is negative, you can simply dump the project
and find another one without losing months of hard work or investment.

Steps to test response:

1. Put an opt-in list on your website main page to collect visitor's name and email in exchange for a sample (10%) of your book

2. Ask your list for reviews, feedbacks, improvements and the Price they are willing to pay for your course

Based on your list response, you have decide whether you have a hungry market who are willing to pay
for your course even before you complete building your product.

 

[mayana]

It's great that you already have something on hand and all you need to do is to test it on the market
without spending a single penny. If the response is good, you know you have a winner and you can
get all your marketing tactics to go fastlane. If response is negative, you can simply dump the project
and find another one without losing months of hard work or investment.

Steps to test response:

1. Put an opt-in list on your website main page to collect visitor's name and email in exchange for a sample (10%) of your book

2. Ask your list for reviews, feedbacks, improvements and the Price they are willing to pay for your course

Based on your list response, you have decide whether you have a hungry market who are willing to pay
for your course even before you complete building your product.

Thank you! I really appreciate those ideas... my idea has changed a little bit over the past few days, but I still think I can use what I've already written and your suggestion to get feedback from potential customers.

The website that I am working on is http://spanishsamurai.com/

 

[MikeMillionaire]

Good luck with it all Ntapia

 

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[mayana]

I think if you run #3 through the commandments and look at the business seedlings you'll see the potential.

The more I research and analyze this idea, the more awesome it becomes. You are SO right on the mark with this.

 

[Rainy_TX]

Do share what's happening in your FLB! Would love to hear how it's going, Ntapia!