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NOTABLE! From debt/despair to Bentley (and revs eclipsing 10K/day)!

Sharko

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I told you guys my story in a previous thread. I finished TMF and I am ready to rock.
Ive owned my tech business for 3 years and never focused on it, I have made my mind to change that. Its time to attack, the time is now. I can beat my competition and I will. Its time to scale. My honeymoon showed me that this can easily be automated and turned into passivity. For the next 60 days my focus is going to be on branding my company. It has a good, corporate logo, and we do fast, good, affordable work. Im going to market market market, and Im going to grow shop 1. Im not going to make the same mistake I did with shop 2 (no research, no sign, no marketing, etc etc.) I am however not going to let my mistakes and failures set me back. They have become a learning experience. This business can be scaled, I can sell franchises. Whilst branding, Im going to set up a simple, innovative system. I am going to cater to customer wants and needs and not my own selfish desires. I am ridiculously blessed and sick of pissing it away. Its time to change that. Time to automate and divorce my time from this business. I will have to drive Uber unfortunately to help me keep steady income while I invest back into my business, but you gotta do what you gotta do. I turned over my vending machine business to one of the partners so now Im literally doing nothing for 25% profit, however little that is. Its still something. My wife took over the eBay retail arbitrage business and she works at an emergency response company. Needless to say Im going to focus all of that income into paying off my ignorant lifestyle servitude bills. I restructured all the expenses of my business and redid my employee schedule to be focused on the needs of the company as opposed the wants of the employees. And I fired one of my friends who was a user and abuser and not producing money. I think Im on the right track. I am ready to get on the fast lane, got my Camaro in gear, now gotta hit the gas.
 

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Sharko

Sharko

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SO.... For its been 7 days since I finished TMF, I applied a few of the techniques that MJ taught and BOOM Im starting to see great changes on the battlefront! Im not fastlane yet, but I am starting to see the waves of change! Im excited to see how I can expand on this! Its extremely rainy right now, and business will be slow, but I am going to focus on out-letting product this week online to keep that cashflow coming in! Excited to see where the month ends!
 

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Nice work. Did your wife read TMF also? Would be interesting to see what happens if you both were in the same process. (Not sure if anybody here has tried it yet).
 
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Sharko

Sharko

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Noooo lol she is slowlaning it up, but I am working on changing that. But at least she has the ambition to take on the eBay business! Were gonna see how she does with that and go from there. Im sure it would be powerful, Im gonna let her see what my process does and hopefully that sways her thinking!
 
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Sharko

Sharko

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This weather is KILLING business lol. I gotta push a little harder, dig a little deeper this week!
 

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Sharko

Sharko

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Alright, not faring too badly in this crap a$$ weather. I think the advertising legwork (flyers ,craigslist, email blast) are all starting to kick in at the right time. Rained all week and brought in $4,500, down $500 from last weeks $5,000 but considering the drastic change in weather I don't think thats too bad. Paid all 6 employees with fridays sales alone so thats always a big plus. Chugging along as best I can. Been applying new tactics from this forum piece by piece, and they are starting to add up to more money in the pocket. Thanks guys!
 
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Sharko

Sharko

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Scratch that some sales just came in, closing in on equalling that $5000
 
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Sharko

Sharko

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Wham Bam, beat last week despite the odds. $1284 today $5200 for week. Changes made


Applied a process/system with flyers going out for 3 hours a day into parking lots of walmart next door, food town, fiesta, best buy, target.
Cleaned up the store front
Took a lot of my inventory OFF my shelves(surprised me)
Talked to my employees about making customers feel like KINGS and QUEENS
Worked ALOT on speed of repairs.
Craigslist spamming (lol)


Will let y'all know how next week goes
 

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Sharko

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Okay, store is doing pretty steady, I don't know if you guys have seen the news about the insane flooding going on down here in Houston but it is pretty serious. I fully expected it to KILL my business, but on the contrary. We have been getting water damaged phones and surge killed(power supply fries) xbox ps4 and desktop/laptops. Yesterday we wrote near $1000 which is up in the record books for a tuesday. Apparently I severely underestimated the need here in my area which has been to my surprise. Anyhow, I am currently trying to figure my way out of some Lifestyle servitude. Just wanted to see if any of you guys had any advice, Ive obviously been thinking quite a bit. There aren't a lot of people I can talk to for advice on this stuff but this Forum is a GREAT place and Im just gonna put this out there. Stone me if you must.

OKAY current situation


2010 Camaro SS $25900/480 per month plus 200 insurance. about $700 monthly
upside down by about 6000-7000$
Bought this car in my moms name and she is actually looking into getting herself a new car so I was thinking she could use it as a trade in, but in that case it would be somewhere around 8-9000 upside down. Got here because I traded in my BMW that was about 5000 upside down at the time. Is allowing her to trade in my best bet? Or private party sell and have bank roll negative equity into another loan

2015 Kia Soul $20000/ 420 a month plus 200 insurance 620 a month
Wifes car.... Cant do anything about this one.

Personal loan $4000/190 a month
Working UBER to try and pay this off

CC Balance $1500/60 a month
Second priority after PL to pay off with UBER

House $800 monthly rented plus lights about $1000 a month.
Its nice, but should I be aiming to buy already? I have found some nice homes for about $60-70k in my area which I know a mortgage on would be cheaper to maintain than this. But I don't know if I should go into buying a house or continue to rent....

Bank Account is currently sitting around $1500.00
I know I know... terrible but that is because of my mistakes, and I have been correcting them lately.

Any advice/kicks in my a$$ would be GREATLY appreciated and I will buy you all coffee and energy drinks!

My business remodel is funneling some extra cash so I won't be dead like this forever but I would SO prefer to just have a cash car I can afford.


THANK YOU EVERYONE!!!!
 
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Sharko

Sharko

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Business was very slow for the last week with all the flooding and what not but on the PLUS side, I got rid of the Camaro. Killing these lifestyle servitude bills. Going to drive my paid off company Scion Xb from here on.
 

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My advice would be to keep renting. Getting a house requires 2 things you don't have: 1) downpayment and 2) capital for repairs and maintenance. Renting 'can' be a better option in the long run depending on the market you're in. Right now you have a known, fixed, recurring expense which is a good thing. You don't need any financial surprises while you're trying to straighten out your life.

Advice #2 - Get a damn Line of Credit (or increase on your personal loan) and get out from under the insane interest rates of the credit card. ONLY get the amount you need, no more!

Advice #3 - Look at how much you personally can make per hour hustling for the business and compare that to how much you make an hour driving for Uber. I appreciate the hustle on Uber for trying to get out of debt but I wonder if it's taking away from the business you already have. If you focus on your business instead you might make more money and realize other things that are limiting your business that you didn't know before. Think of it as reinvesting in something that you want to grow...but the financial piece of the Uber vs Business trade off needs to be looked at first.

Advice #4 - It sounds like you've been slowlaning it for a while. You must have a bunch of 'stuff' around the house that represent the high consumption lifestyle you used to live. Hustle them and pay down the debt. Who cares if you take a loss on them. Get what they represent out of your life and let them help dig yourself out of the hole you're in. You want to change your life, right?
 
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Sharko

Sharko

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My advice would be to keep renting. Getting a house requires 2 things you don't have: 1) downpayment and 2) capital for repairs and maintenance. Renting 'can' be a better option in the long run depending on the market you're in. Right now you have a known, fixed, recurring expense which is a good thing. You don't need any financial surprises while you're trying to straighten out your life.

Advice #2 - Get a damn Line of Credit (or increase on your personal loan) and get out from under the insane interest rates of the credit card. ONLY get the amount you need, no more!

Advice #3 - Look at how much you personally can make per hour hustling for the business and compare that to how much you make an hour driving for Uber. I appreciate the hustle on Uber for trying to get out of debt but I wonder if it's taking away from the business you already have. If you focus on your business instead you might make more money and realize other things that are limiting your business that you didn't know before. Think of it as reinvesting in something that you want to grow...but the financial piece of the Uber vs Business trade off needs to be looked at first.

Advice #4 - It sounds like you've been slowlaning it for a while. You must have a bunch of 'stuff' around the house that represent the high consumption lifestyle you used to live. Hustle them and pay down the debt. Who cares if you take a loss on them. Get what they represent out of your life and let them help dig yourself out of the hole you're in. You want to change your life, right?
Thank you for the feedback!
Renting does sound like the best bet, Im already here, no moving involved. No downpayment. No maintenance, you're right.
Uber usually makes me somewhere in the ball park of 24$ an hour, in the middle of the night, when I really can't do anything for the business, I don't like doing it, and won't be for too long but right now I do believe its the most efficient use of that time financially. But I am going to consider what you are saying and do some comparisons.
Im REALLY trying not to use my credit anymore as that has gotten me into the trouble Im in now, but that might be worth it in the long run.
You are absolutely right, I have flat screens in every room, apple tvs, iPads, a theater room, endless clothes, endless games, gadgets all kinds of crap. I need to start liquidating it, I absolutely will take a loss, but it will help me dig out. Again thank you SO much! Starting to see the light at the end of the tunnel after getting rid of the camaro, I almost cried and Im going to miss that thing, but on to bigger better things!
 
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Sharko

Sharko

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ALRIGHT!

I figured its been about a year and I should come back and check where my mind was when I made the changes and should update you guys accordingly.

SOOOOOO


My electronics service company has seen DRASTIC changes during this last year. The market area I was in started to erode soon after I read the fastlane, and I had to make a tough decision. I pulled out of that market, took a leap of faith and went to a different city with better demographics. This has been the best decision I have made in a long long time! We moved into a high dollar community about 10 miles away from the old shop. We have been reaping much higher profit margins, and better yet THE CUSTOMERS DID NOT STOP COMING. We experienced VERY little drop off, and have been growing at %30 clip month to month, in fact April 16 BEAT April 15 and April 15 was one of our better months at the old store! I decided to invest in new people who are GREAT at customer service and that made a HUGE difference! Our new location is directly across the street from a college, and Ill delve further into the benefits of that in a few moments. I designed the store based on the leader in the industrys stores (UbreakIfix) and added a cool customer lounge with tvs and a comfy couch with lite snacks for clients to wait in while their devices were repaired. I decided to NOT focus on winning the price war, and instead my Unique sales disposition is SPEED. We got a 4 foot by 4 foot sign made with bright red letters that says "10 Minute iPhone Repair" for a sign spinner to hold on the congested highway we are nestled by at peak traffic times. BEST OF ALL, the people I invested in (poached from best buy, and Frys electronics) have made my business an automated machine! I invested many hours making sure our system was as close to flawless as possible and now it runs like a champ!

Soooooo due to all the free time I have begun to network more and do big-picture stuff. Which has landed me 2 major updates for you fellas.

1. 3 people are currently in the process of opening franchise stores with me, one of them is a 12 yr veteran in the NFL and currently plays for the Cardinals.
and 2. Being close to the college payed a HUGE dividend, as they have approached me about teaching Electronic Repair Courses and offering Certification in this industry as a 3rd party vendor. We will be charging 1500 per student and the college will keep %30. Currently working with curriculum designers to make that happen.

I also invested in a few friends ideas and am now a majority owner in a brand of e-liquid (sold locally and online)
A majority owner in a company that builds custom Desktops
and a majority owner in a few different web based business (travel and news websites that cater to the middle east)
I have dropped the Candy machine venture and Uber.

This has been an exciting time and I am so excited to share it with you guys!

Cheers to the Fastlane
Cheers to PROGRESS!!!
 
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Sharko

Sharko

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Whoa! Its been 13 months!

13 months later

I dropped the franchise idea (just didn't seem to be beneficial enough to be worth my time)
Sold my way out of the E-liquids business
Sold my way out of the custom desktops business
Added a partner to my Electronic Service Center to FULLY AUTOMATE so now my only time invested there is the amount of time it takes to check my account for my distributions

Dropped the websites because it just didn't work for me
Dropped the College courses because it would take too much time.

Semi-retired for a few months while I sat back to think about my path

Started a large GC company, I service LARGE Nationwide retailers in FM, Construction, Rollouts etc, hired 20ish guys and built a solid team consisting of my longtime friends/employees from my electronics service center

Finally built a 6 figure a month revenue stream :)

Bought my dream car (Bentley Conti GT)

Paid off pretty much all of my debt (Wifes car and Student loans NOT included there)

Hired my dad, father in law, and soon to be retiring my mom.

ITS BEEN A GREAT YEAR!!! Time to read UNSCRIPTED :)

CHEERS!!!!
 

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Whoa! Its been 13 months!

13 months later

I dropped the franchise idea (just didn't seem to be beneficial enough to be worth my time)
Sold my way out of the E-liquids business
Sold my way out of the custom desktops business
Added a partner to my Electronic Service Center to FULLY AUTOMATE so now my only time invested there is the amount of time it takes to check my account for my distributions

Dropped the websites because it just didn't work for me
Dropped the College courses because it would take too much time.

Semi-retired for a few months while I sat back to think about my path

Started a large GC company, I service LARGE Nationwide retailers in FM, Construction, Rollouts etc, hired 20ish guys and built a solid team consisting of my longtime friends/employees from my electronics service center

Finally built a 6 figure a month revenue stream :)

Bought my dream car (Bentley Conti GT)

Paid off pretty much all of my debt (Wifes car and Student loans NOT included there)

Hired my dad, father in law, and soon to be retiring my mom.

ITS BEEN A GREAT YEAR!!! Time to read UNSCRIPTED :)

CHEERS!!!!
lol
 

MJ DeMarco

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Sharko

Sharko

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MJ any news on when we can expect the Audible version of Unscripted?
 

letter9

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My electronics service company has seen DRASTIC changes during this last year. The market area I was in started to erode soon after I read the fastlane, and I had to make a tough decision. I pulled out of that market, took a leap of faith and went to a different city with better demographics. This has been the best decision I have made in a long long time! We moved into a high dollar community about 10 miles away from the old shop. We have been reaping much higher profit margins, and better yet THE CUSTOMERS DID NOT STOP COMING. We experienced VERY little drop off, and have been growing at %30 clip month to month, in fact April 16 BEAT April 15 and April 15 was one of our better months at the old store! I decided to invest in new people who are GREAT at customer service and that made a HUGE difference! Our new location is directly across the street from a college, and Ill delve further into the benefits of that in a few moments. I designed the store based on the leader in the industrys stores (UbreakIfix) and added a cool customer lounge with tvs and a comfy couch with lite snacks for clients to wait in while their devices were repaired. I decided to NOT focus on winning the price war, and instead my Unique sales disposition is SPEED. We got a 4 foot by 4 foot sign made with bright red letters that says "10 Minute iPhone Repair" for a sign spinner to hold on the congested highway we are nestled by at peak traffic times. BEST OF ALL, the people I invested in (poached from best buy, and Frys electronics) have made my business an automated machine! I invested many hours making sure our system was as close to flawless as possible and now it runs like a champ!
Great post! Good luck on your hassle.
 
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Sharko

Sharko

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Fired Dad, and several friends. Lessons learned. Automated this business and on to the next one! Got the company a 7000 Sq ft lot with 4000 sq ft warehouse. Should be a good place to base out future business operations! Built out office spaces + conference room using our own employees (felt awesome)

Fellow entrepreneurs, proceed with EXTREME caution when hiring family + friends. Its weird, when I had friends working for me at low incomes at my repair shops we didnt have issues. Raise their Salaries to 50k plus and all of the sudden its not good enough. Think very carefully before risking those relationships.

Strangely enough, the new hires seem to be MORE interested in building on my behalf than the close ones were. Inlaws are still going strong (and don't expect that to change) and my three closest friends are still heavily involved, but its been interesting to see a new hire take a higher position than one of them. Reactions have been interesting to observe.


Loving the Fastlane! I don't know what to do with myself with all this free time lol
 
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Sharko

Sharko

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SO.... For its been 7 days since I finished TMF, I applied a few of the techniques that MJ taught and BOOM Im starting to see great changes on the battlefront! Im not fastlane yet, but I am starting to see the waves of change! Im excited to see how I can expand on this! Its extremely rainy right now, and business will be slow, but I am going to focus on out-letting product this week online to keep that cashflow coming in! Excited to see where the month ends!
Wow, looking back at this post from May 2015 and realizing I have had Days that eclipsed that Month is utterly breath taking.

Life is good.


Thank you guys so much for ALL of your contributions to this forum.
 

MJ DeMarco

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Generally these 2 don't go together, ha ha.

MJ any news on when we can expect the Audible version of Unscripted?
Been out for about six months now.

Unscripted Audiobook | Audible.com

Fired Dad, and several friends.
Yea, I'd steer clear of hiring friends/family.

Wow, looking back at this post from May 2015 and realizing I have had Days that eclipsed that Month is utterly breath taking.
I'd like to mark this NOTABLE, maybe GOLD, but it is a little short on detail.

Is there anything specific you can tell us that helped you go from ZERO to Fastlane metrics?

Congrats on paying off the debt and getting a taste of the dream car.
 
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Sharko

Sharko

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Generally these 2 don't go together, ha ha.



Been out for about six months now.

Unscripted Audiobook | Audible.com



Yea, I'd steer clear of hiring friends/family.



I'd like to mark this NOTABLE, maybe GOLD, but it is a little short on detail.

Is there anything specific you can tell us that helped you go from ZERO to Fastlane metrics?

Congrats on paying off the debt and getting a taste of the dream car.
Yes, got the audio version! That post was from a while back, Ive been listening to it since about December and love it! The narrator did a great job!

As far as the explosive changes go, accepting the sunk cost fallacy was FIRST. I realized the limitations of the business I was spending all of my time on. Couldn't scale quickly, and wasn't providing enough value to my customers (in relation to how saturated the industry became, hard to provide much value when people literally just want cheap and don't care about quality) I sold majority of that company for a nice sum, and invested into equipment for my new industry, partnered with a guy with domain experience to the tune of 10+ years. My attention to detail(phone repair taught me that) + his brute force attitude turned out to be a pretty fantastic combination. I took my employees with me in the sale of the previous business so I also was able to provide (for the most part) trustworthy manpower.

We provide excellent work, and don't skimp on it, ever. We exploit something missing in our industry, detail. We were able to quickly go nationwide due to many painstaking nights, long hours, attention to detail, and nose to the grindstone work. We grew our workforce and kept pounding away. Eventually, in the form of natural disasters (hurricanes) we were able to secure some fantastic contract work and build solid relationships nationwide and now have performed work in all 48 mainland states. We have not marketed in 5 months now, but have acquired 7-8 major contracts in that time. We no longer push, we pull. Having an excellent product, believing in it, and not allowing anything to tarnish it (quality control) will do that for you. At this point my partner and I have hired two executive managers to handle all day to day operations and are able to focus on other things due to their fantastic work ethic.

The most important thing I have ever done was learn about the sunk cost fallacy. Who cares that I put 5 hard years into my old company? Who cares that I bled, sweat and cried behind those doors? Who cares that I spent thousands of thousands of dollars in advertising and spent years of my time? It wasn't going anywhere so I had to take action.

Thanks a ton for teaching me so much MJ! I have you on Facebook, I'm gonna send you a message in a little while!
 
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Sharko

Sharko

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May 2015 $8591 in gross sales for the month
November 22 2017 $10940 in gross earnings for the day

The process works. Fastlane works. READ THE BOOKS.
 

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