The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

From Wall Street to Main Street

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

Burning Desire

New Contributor
Read Fastlane!
Jan 8, 2018
14
19
42
London
A $1m/year PBT Business is Worth 10x a $1m Salary.

I got lucky and landed a job on wall street a couple of years ago. Wow, I must be on a fast track to private jets and ruling the financial world I thought. Think again. It was mostly PowerPoint and Excel until 2 am. After some time in Investment Banking slavery, I joined The Buyside. Great, more money, fascinating projects and better working hours. While true, I don't own my productivity. Someone is making money off me.

Even though I make the equivalent of $250K-$300K now, and probably in 5-10 years closer to $500K-$1MM, it's all "time for money". I don't own these cash flows. It's HIGH-RISK money really, with a limited safety net and completely location dependent. I see this with my colleagues. They get used to the money. A trophy wife who gets pregnant. Kids in private school. Apartment/house in "the neighborhood". Expensive holidays. You may not believe this, but I have colleagues earning $500K a year who are NOT saving ANY money and NOT living the HIGH LIFE.

With every investment that I make, I spend countless hours trying to figure out:
  • Is the NEED this business is addressing growing/changing?
  • Does the business have BARRIERS to ENTRY?
  • Are there CONTROL RISKS (regulation, clients, supply chain)?
  • What is the total ADDRESSABLE MARKET?
  • What can be done BETTER?
  • Is distribution (marketing & sales) BEST IN CLASS?
Over the Christmas holidays, when stupidly bored at one point it hit me. I should, methodically, start my OWN business. The internet allows for automation and outsourcing, and even though my job is desk-bound I have sufficient privacy and time for a significant project. Finally, my financial situation also allows me to SUPERCHARGE something if I strike gold.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Burning Desire

New Contributor
Read Fastlane!
Jan 8, 2018
14
19
42
London
FEB-17 UPDATE

I set myself a couple goals at the time I started this topic.

1. Learn basic HTML/CSS: Done
2. Generate 1 business idea per day: Done/progressing
> Actually I think this is quite interesting. I've generated some really shitty ideas, but also one or two really good ones. I think one is actually an opportunity to create a business that could be worth 8 figures.
3. Create first website to gain experience in all aspects of online (SEO, hosting etc.): In progress (purchased domain, bought template, created a content strategy and wrote 10 articles while traveling for work). Currently customizing/finishing design touches.

The first website I'm starting is in distribution. There is only a limited set of sites serving this niche, and their websites aren't great. Yet, these guys get a serious amount of traffic from people and I think some of them are doing good amounts of money.

I'm taking a relative "time-intensive" approach for this project, as it's my first one. Stuff like writing copy/articles I'm doing myself for the first batch of materials. Once I have a reasonable amount of traffic I will outsource everything. Given my work, time is more valuable than money (it's "cheaper" for me to pay someone $50/hr to write high-quality articles than to do it myself given my work). The reason I'm getting my hands dirty now is to make sure I understand all the elements of running a website / online business.

I look at these projects on an investment basis. If $20k of investment gets me X amount of traffic that will generate a run-rate of $1k/mo, then even capitalizing that $1k at 30% to account for the risk it's a 2x multiple. I'm starting out slowly at this stage to make sure the newbie mistakes are made with low amounts, but once I get the hang of it and get the model right I will be investing $5-10K per month.

I've even looked at buying websites on Flippa etc. but I can't get comfortable with many of them. I believe 95% of the websites sold there are either scams or not worth the effort.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

More Intros...

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top