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EXECUTION From Idea to Reality: Progress Thread

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McDrummerSLR

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 20, 2020
16
19
17
Phoenix, AZ
Hey guys, newcomer to the site (intro HERE). Thought I would start with a progress thread to keep myself accountable and so anyone interested can track progress.

Where I started:
So I've been a flight instructor for a couple years now and was set up to fly for the airlines. It's been a dream of mine ever since I was a little kid. That was supposed to happen back at the end of May, but of course the travel industry is wrecked now so to go to the airlines now looks like at least a year - if not more - of waiting. Before COVID, the industry was welcoming; we reached a new level of traffic in the sky and opportunities were available left and right for every up and comer. The ultimate draw is the allure of making 300k a year as a major airline captain that flies only a couple times a month. The most ironic part about this is, everyone at my level (barely airline qualified flight instructor) talks about this as though it's something that will happen in a couple years when in reality it's probably about a 15 year journey. If everything goes PERFECT. And it never does. Anyway, I digress. The recent chain of events got me more and more interested in starting something myself, especially as my company has started to feel more unstable. Finally after reading books about finance and digging for info on the Internet, I stumbled across Unscripted. And it blew my mind. I realized that I've been feeling some of these things that get discussed in the book. How there has to be more than selling my soul to a company in a most volatile industry. From there, I started digging around and exercising my brain for ideas on where to start.

Where I am:
I came up with a pretty good idea in the form of a product about a week ago. I evolved the idea into something clear that solves a problem and has sparked interest in those I've talked about it with. Some people are actually really excited about it, including myself - I know I'd use the heck out of it. Especially because it hasn't quite been done before, at least not this way ;) I've got feelers out on folks who can design said product, including one who has resources to take it all the way to manufacturing which is cool. I'm a little terrified to find out he will come back with in cost because I'm a one man show right now with a tiny budget, but I do have a back up in case that happens. We've got an NDA in place for security of the idea as well. While I wait for his quote, I've asked a lawyer friend of mine to take a look at the two brand names I thought of and see if there's any reason legally I couldn't use them. The same friend offered to help me with an LLC as well which will be awesome when I get to needing that. I'm a little stuck on what else I could work on right now while I wait for these results , so I'm just letting my mind wander on how I could brand, scale, and expand and so far there appears to be some good potential.

Short Term Goals:
I want to lock down a brand name and get the design process rolling in the next week. I've got a pretty good idea of how to brand it and I know almost exactly how I want the product to look, so if this main guy comes back with a good quote, I'll roll with it and go. If not, I'll go with my back up and just figure out the manufacturing side of things when that time comes. My back up doesn't have the same level of resources but that's ok. I'm lucky in that my job these days is almost exclusively managing; I rarely flying with students, and the lighter workload in general means way more free time so I'm able to do a lot of this stuff in my free time at the office. I'm actually sitting in the office right now typing this... don't tell my boss!

It is ridiculous how pumped I am. I am constantly thinking about the idea, to the point where I can't sit still sometimes. There have been times in my life where I was more motivated than I ever thought possible and I haven't been able to - or rather chosen to - tap into that until recently. Having a sound idea that is possible made it much easier to harness the power of motivation. It's also terrifying. It will cost money for sure which is my biggest fear having accumulated some debt from flight school, and I'm playing it close to the edge given the nature of my Slowlane industry and place of work. But I believe in the idea and the possibility of it working so I'm going to go for it and see where it takes me. More updates soon!
 

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Flint

Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Jul 14, 2020
32
40
103
UK
Welcome!

Fantastic. I'm just starting myself too (with my own progress thread), so I can completely relate. We're in different points in life, industries, locations, but it all sounds so familiar.

The thing I repeat myself is that it's all about having a big goal and solving one problem at a time. And if you solve enough problems...
View: https://www.youtube.com/watch?v=mDYCLFE86Po


If not, I'll go with my back up and just figure out the manufacturing side of things when that time comes. My back up doesn't have the same level of resources but that's ok.
I wouldn't worry about it too much. Not everything will be done with people you already know. You'll find new contacts and build new relationships. All good.

Also, another option could be a license. Have a look at this approach:
 
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McDrummerSLR

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 20, 2020
16
19
17
Phoenix, AZ
Welcome!

Fantastic. I'm just starting myself too (with my own progress thread), so I can completely relate. We're in different points in life, industries, locations, but it all sounds so familiar.

The thing I repeat myself is that it's all about having a big goal and solving one problem at a time. And if you solve enough problems...
View: https://www.youtube.com/watch?v=mDYCLFE86Po




I wouldn't worry about it too much. Not everything will be done with people you already know. You'll find new contacts and build new relationships. All good.

Also, another option could be a license. Have a look at this approach:
Absolutely! I totally love that part of the movie; I've quoted that to so many students. The advice of not trying to tackle too much all at once is so important. It's all about what's right in front of you; easy to get overwhelmed otherwise.

Thanks for the link to that article; I've been wondering about how I should go about that. That seems like a no brainer, especially being able to write it myself without need for legal council, although I'd probably consult my lawyer friend just for kicks.
 
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McDrummerSLR

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 20, 2020
16
19
17
Phoenix, AZ
So a little update: I've had some more back and forth with the designer and the numbers I'm seeing are reasonable for me to handle so far. I've got a fun name for the product and am working on branding ideas.

My biggest internal battle currently is in full swing now that I'm at the point where money will begin to be needed to pay people. When the first cost figures came up, my heart sank a bit and I felt myself get nervous; that's the slowlane side of me that I've grown accustomed to my whole life. I have debt from flight school that would simply remain longer if this whole thing crashes and burns. It keeps me reliant on my day job which could disappear in a couple months if the borders stay closed. But then I come back to feeling secure in moving on this by the fact that everyone I've talked with about the idea wants one and thinks it would be very useful. My battle is simply that I could either pay this guy to work up the designs and prototype the idea for me, and likely have the ability to manufacture this thing on a larger scale relatively quickly, or I could have people I know help me with the designs and have to worry about prototyping and manufacturing myself. So I spend money and save time, or I spend time and save money. I'm tempted to move on spend money save time because I believe strongly in the idea, but I am aware that this is the "easy" route so to speak so I am open to feedback on this if anyone would like to share!

Edit: a little more content
 
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McDrummerSLR

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 20, 2020
16
19
17
Phoenix, AZ
Made the decision this weekend to go the save money/spend time route. My considerable flight school debt along with several potential expenses coming over the next few months led me to the decision. I don't think it'll affect my timeline for releasing this thing by much though which is nice, but it will give me a couple extra steps to worry about which is ok. The biggest steps that I'll need to tackle myself now will be 3D printing prototypes and sourcing a manufacturer. Challenge accepted. Goal for the week is to file for an LLC and get the design process rolling; brought a friend on board to start helping me pull this thing out of my head and into reality. As soon as that process begins, a 3D printer will be ordered.

I'm happy with the decision to do more myself; I'll learn more about the process and be more proud of the end result, it'll keep me more accountable, and I'll save some money in the process. I estimate about a 40% total cost savings.
 
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McDrummerSLR

New Contributor
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jul 20, 2020
16
19
17
Phoenix, AZ
Having fun with my new 3D printer; first couple of prototypes have already been made. They are incredibly simple but have provided an excellent starting place. Already very happy with choosing to involve those I know, between that and working directly with the printer and prototyping myself, I feel a lot more in control of the process while saving money at the same time.

Did the opposite of what I intended this week, I ordered the 3D printer before filing LLC. I decided to wait on filing the paperwork for that as I've been stuck on the timing of it. Is it too early? Should I have a really good prototype first? Just mulling it over has me coming to the conclusion that 1) I've probably already spent too much time thinking about it; 2) it really doesn't matter because it's a small one time payment and I own the corp for life regardless of whether or not this thing works out; 3) it'll be nice to have it squared away when it comes time to launch. So this week's goal will be truly to get that paperwork filed. I have a minor medical procedure in a week which will put me on my a$$ for a few days so the goal is to file the paperwork before that happens along with continued design back-and-forth and prototyping.

Starting to play with the idea of doing some social media teasers; that's really why I think I need to move on LLC paperwork and perhaps even a trademark for the brand name. I haven't specified what it is exactly I'm doing and that's on purpose; I know everyone here encourages sharing, but I just have this gut feeling that I should keep it to myself until I'm a little further along in the process and I've got the legal stuff in place. So far as I can tell, my idea has not quite been pursued in this way, but it would not be difficult to replicate quickly for someone with established business relationships. Feel free to call me out if that's a ridiculous thought... this is all still new to me so I might just be overthinking, but that's the belief the research has led me to.
 

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