Hello All...I’m a long time lurker on the forum, having read the book a few years ago, but this is my first post here.
I guess I'll start with a bit of background info...
I am 35, from the UK, and have what many would consider to be a successful career (definitely slowlane), but I want more. I always wanted to be my own boss but took the traditional route, graduated from university, got a job, got on a fast-track management scheme, worked my way up, got an MBA, worked some more.... and have since got stuck in a rut where I’m not really happy doing what I’m doing as I get nothing out of it apart from a pay check each month.
I’m married with 4 kids and a pretty hefty mortgage, but earn good money and have no other debts. I think this is part of the reason I’ve never taken the plunge and set up my own business as I’ve always been fairly comfortable financially and feel that I need to be fairly risk averse in this sense due to my financial responsibilities to the family etc.
But I need to start doing something now to change things before it’s too late. I’ve had a couple of ideas, which I could initially fit in around my job at the start, but despite spending hours doing research I’ve ultimately taken no action and just come up with excuses not to do things.
My first idea was for a cleaning/maintenance product specific to a hobby of mine. I found there was only one company providing something of this type and having purchased their product I can confidently say that it was poor quality, overpriced and I could do it far better...My trouble is I’ve never felt sure enough of the idea to actually start pursuing it, after all if there’s only one company doing it maybe the demand isn’t really there. If the demand does exist the market potential is huge as it is a very popular hobby, but again I’m not confident enough that the market need exists to a high enough level and I worry that it wouldn’t be a success. I feel that I would possibly need to advertise it quite heavily to educate the market that the product exists and would offer a benefit. It also has pretty low barriers to entry. From what I’ve worked out, it would cost me around £6-7 to put together and would sell for around £15-18, so I know I’d have to sell loads to make any serious money – though I would be happy to only make a little bit and invest it in something else.
My second idea was a business book based around my field of management expertise (fairly niche), but I just can’t get excited (and therefore motivated) about it, so I’m still leaning towards the first idea.
So that’s where I am...desperate to start something but not sure my idea(s) is valid and not sure where to turn next. Sorry for rambling a bit, but it has helped me just writing this all down...I know I have to stop procrastinating and actually get started on something as I can’t afford to just sit back and waste the month/years away thinking about it.
Thanks for reading...see you around.
I guess I'll start with a bit of background info...
I am 35, from the UK, and have what many would consider to be a successful career (definitely slowlane), but I want more. I always wanted to be my own boss but took the traditional route, graduated from university, got a job, got on a fast-track management scheme, worked my way up, got an MBA, worked some more.... and have since got stuck in a rut where I’m not really happy doing what I’m doing as I get nothing out of it apart from a pay check each month.
I’m married with 4 kids and a pretty hefty mortgage, but earn good money and have no other debts. I think this is part of the reason I’ve never taken the plunge and set up my own business as I’ve always been fairly comfortable financially and feel that I need to be fairly risk averse in this sense due to my financial responsibilities to the family etc.
But I need to start doing something now to change things before it’s too late. I’ve had a couple of ideas, which I could initially fit in around my job at the start, but despite spending hours doing research I’ve ultimately taken no action and just come up with excuses not to do things.
My first idea was for a cleaning/maintenance product specific to a hobby of mine. I found there was only one company providing something of this type and having purchased their product I can confidently say that it was poor quality, overpriced and I could do it far better...My trouble is I’ve never felt sure enough of the idea to actually start pursuing it, after all if there’s only one company doing it maybe the demand isn’t really there. If the demand does exist the market potential is huge as it is a very popular hobby, but again I’m not confident enough that the market need exists to a high enough level and I worry that it wouldn’t be a success. I feel that I would possibly need to advertise it quite heavily to educate the market that the product exists and would offer a benefit. It also has pretty low barriers to entry. From what I’ve worked out, it would cost me around £6-7 to put together and would sell for around £15-18, so I know I’d have to sell loads to make any serious money – though I would be happy to only make a little bit and invest it in something else.
My second idea was a business book based around my field of management expertise (fairly niche), but I just can’t get excited (and therefore motivated) about it, so I’m still leaning towards the first idea.
So that’s where I am...desperate to start something but not sure my idea(s) is valid and not sure where to turn next. Sorry for rambling a bit, but it has helped me just writing this all down...I know I have to stop procrastinating and actually get started on something as I can’t afford to just sit back and waste the month/years away thinking about it.
Thanks for reading...see you around.
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