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How do you pay the bills while working on a fastlane business?

Larion

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Hi everyone!
My first time posting here, only read the millionaire fast lane recently and i loved the book.
So my question is this, i already have one business running but it's kind of a slow lane business, requires time for money which isn't ideal but ok for now.
Recently I've decided to go big and develop a new awesome idea i came up with, however this idea takes both time and money, now the money part is less of an issue since i can find an investor, currently writing a Lean Canvas for that. The problem is the time, how do you invest time when you need to work for a living?

Any help would be greatly appreciated.
 
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MarkR

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Hi,

If you have an investor ( not giving anything other than money) then I would suggest, when you pitch your idea to him/her, mention that part of the investment would be buying in for your time, therefore you would have to quit your job and start budgeting the resources from the investment money to include your bills ?

Another option is to plan out the work required. I don't believe that your work requires all of your time, minus sleep of course. As you've read on the MJ's book, he used his time wisely reading books / getting skills when he has a downtime during work, basically maximizing time everyday and putting in the effort.


hth
Cheers!
 

GoGetter24

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You reduce how much it takes you to live, and work more.

If you can't survive on 50% of your hours of work you can manage a week (part-time / contracting), after you've minimized your living costs, then you're not ready to start a serious business (unless you can get an angel investor or have significant savings). You should work on being able to command higher rates for your work, and saving up.
 

hermitcrab

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Hi,

If you have an investor ( not giving anything other than money) then I would suggest, when you pitch your idea to him/her, mention that part of the investment would be buying in for your time, therefore you would have to quit your job and start budgeting the resources from the investment money to include your bills ?

Good idea in theory, but please don't. I learned this the hard way: pitching to an investor that HIS own money will be used to pay for YOUR own damn bills make no sense. Try seeing things from where he's standing. Would you give your hard-earned money to a "random guy with dreams" so this guy can pretend to work while he actually sleep till 3PM everyday and still put food on his table with your money? You could easily loose interested investors with this mindset. Investor's funding goes to the company not into your own pocket. MAYBE if you know the guy personally already, and he knows you're the real deal and that every single penny will be used in the most disciplined way possible. MAYBE.

Work regular jobs and work on your project at the same time. Stay on a budget, save up, with time, save up enough so you can quit your job for a while and start working full-time on your own project. OR work the least amount of time possible to survive and work as much as possible on your project until it takes off. I don't think there's a magic trick here. It's called the grind for a reason!
 
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GoGetter24

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Try seeing things from where he's standing.
Exactly. There's no reason to mention your salary draw from the investment funds. You only need to explain in compelling fashion how it could take off and he could get 10x his money: because that's the mark angel investors are aiming at. If you can't paint clearly how a 10x could occur, it's not such a great idea.
 

MJ DeMarco

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The problem is the time, how do you invest time when you need to work for a living?

Take jobs that don't sap your time, energy or your spirit. For me, I specifically took jobs that allowed me to work on my side hustle.

That said, they were always shit jobs. But that had a method to the madness.

I didn't want to be exhausted after doing the job -- I had a business to start. So I took the hit to the ego and did whatever I could to pay the bills.
 

ColbyG

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Take jobs that don't sap your time, energy or your spirit. For me, I specifically took jobs that allowed me to work on my side hustle.
This is exactly what I'm doing next year when I graduate uni with my civil engineering/business degree. I could choose to work at a consultancy doing 60-70 soul crushing hours a week. Or I could go work for the local council, on very similar money, doing 32 hours a week.

The latter option allows me time to work on my own projects. The projects that have the potential to make me real money.
 
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Hai

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Take jobs that don't sap your time, energy or your spirit. For me, I specifically took jobs that allowed me to work on my side hustle.

That said, they were always sh*t jobs. But that had a method to the madness.

I didn't want to be exhausted after doing the job -- I had a business to start. So I took the hit to the ego and did whatever I could to pay the bills.

Same strategy here. Just part-time to pay the bills.
I don't even take freelance gigs anymore, because most are soulsucking in my industry with low pay. Rather keep my tranquility and focus on building the fastlane business.
Also no full-time because of the exhaustion.

Brainless physical work may be better than one that requires off-hour study and tons of worries.
 

gClaw

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Take jobs that don't sap your time, energy or your spirit. For me, I specifically took jobs that allowed me to work on my side hustle.

That said, they were always sh*t jobs. But that had a method to the madness.

I didn't want to be exhausted after doing the job -- I had a business to start. So I took the hit to the ego and did whatever I could to pay the bills.
So trucking 14 hr days & driving 2500 mle weeks probably isn't condusive to having time to chase the dream but it fulfills the 'grinding' part of the equation.
 

Kunleyfeller

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Hi Everyone,
I am Adekunle. I am married with 3 kids and i am currently on the verge of starting a real estate business. But recently, i have this prevailing idea of starting a new focus in developing an online business. The major challenge is that i have to learn a new skills in coding and computer programming that seems quite different from what i am doing. I have lots of kids and family bills to pay and its kind of saping into my mental stability to focus. My question is:
1. How do i know if my new business idea is a #slowlane or a #fastlane?
2. What recommended #fastlane business can one focus on and deploy to actualize ones dreams?
Thank you for your anticipated responses. Remain blessed everyone! Cheers!!
 
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Explorer

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Hi Everyone,
I am Adekunle. I am married with 3 kids and i am currently on the verge of starting a real estate business. My question is:
1. How do i know if my new business idea is a #slowlane or a #fastlane?
2. What recommended #fastlane business can one focus on and deploy to actualize ones dreams?
Thank you for your anticipated responses. Remain blessed everyone! Cheers!!

Something that can help if you have read TMF book is the CENTS commandments which are relevant to evaluating business ideas or to see if they are 'fastlane'.

This is in acronym for:
N - Need, is their a need for your idea
E - Entry, what are the barriers to entry for this industry/business? Industry or business ideas with low barriers to entry often result in a bunch of competition.
C - Control, How much CONTROL do you have over the business
S - Scale, Businesses that opperate on a large SCALE affect/help a larger number of people than those with a small scale. An example, a brick and mortar book store, and amazon, which business is going to help more people.
T - Time, are your trading your time for income? or is the income from your biz detached from time? Are you working IN the business or ON the business?
 
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