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How to Recover from 50k in Debt?

Discussion in 'General Entrepreneur Discussion' started by Jfinley, Jul 2, 2018.

  1. Real Deal Denver
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    Real Deal Denver Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    You are going to really like this. Fasten your seat belt.

    I think you have a great idea, if it was tweaked a tiny bit.

    You might not have the expertise to teach the modules on your site, BUT you certainly have an awesome ability to build the infrastructure for someone that does.

    I have a lot of experience with that and I don't like it. It's difficult because I'm not familiar enough with it to do it efficiently, but I know enough to slog through it. I am currently building my own infrastructure system, and it is a lot of work and a lot of learning. Giving you my content and having you build and launch it would be a fantastic service. My system is complex (for me - probably not nearly as much for you), involving landing pages, sales funnels, drip campaigns, adwords, and linked ads. You could take over and build this, and you could offer a scaled back version, for those that want a more basic website with someone to maintain and update it.

    Don't sell yourself short! THIS is a great idea, and you have the skills to make it work.

    Sell this an an ongoing venture to your customers, not just a set it and and leave it service, and you will eventually build respectable residual income as well.

    In short, the world desperately NEEDS someone with your skills and experience that can do this. A "no job too big, and no job too small" one stop service.

    If you want, I might be able to partner with you to do the marketing and you do the work. I'm telling you, there is NO limit to the market that would embrace this. You have a gold mine, but you're looking for diamonds! And the beauty of this? You can do it on your time and still keep your job to pay the bills and eat!

    Now listen. Pick yourself up. All you have to do is re-calibrate and aim for a slightly different target. The work and skills remain the same!

    In reality, you are mere inches from success.
     
    lowtek, Determined2012 and Jfinley like this.
  2. Jfinley
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    Jfinley About Time You Showed Up! Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Thank you. As my mind races I’m going to let this marinate. So many options and avenues. A true rollercoaster of ideas and emotions.

    I did commit to learning AdWords because I’ve never been good at marketing and that’s a skill I’ll always use. Plus it can generate extra business if postioned correctly.

    But system setup, web design and system management is really all I’ve done for a while. I would consider myself an expert with over 15 years experience.

    The idea of teaching it isn’t my expertise, but you’re right setting up, lunching and designing this would be a goldmine. I think this is what another user meant about missing what’s right in front of me.

    Thanks for your inspiration.
     
  3. Real Deal Denver
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    Real Deal Denver Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Teaching it? Way too much time, and way too little reward. And you sure don't want to hand over your knowledge for a pittance. If they want to learn the steps in the processes, go for it. Spend a few MONTHS reading and studying. Good flippin luck. Are they web designers or in business to sell XYZ?

    I'm saying to set up building this internet marketing complete system. You build it from the content your customer supplies, and you run it and maintain it for an ongoing fee. You customer does not know how to do this, or they would - and even if they do know how to do it, what is their business? Accounting for their business? No. They are there to offer a product and/or service. Accounting is a support service that they need - but it is not their business. Marketing? No. They pay for newspaper, radio, TV, internet - whatever - advertising. Are they experts at creating the visuals and putting together the advertising message? No. They don't know how, and they sure don't have the time.

    In my business, I am only doing this work because I have to. I guarantee you that over 90% of the people in my business don't do anything like this. It's miles above what they're capable of. They can't even THINK of how to do it, much less do it.

    Think this over. It's a combination of creating videos - graphic design - web site design - and a whole lot of technical things to pull it all together, such as landing pages and facebook ads, to name the top two. Add in a drip campaign and google adwords, and you see - you can basically be their marketing DEPARTMENT!

    It would be very difficult for a company to pay for a full time marketing department. But for a nominal monthly fee - this could be the perfect solution!

    Funny. You've had these skills ALL along. I think you just need to know your target.

    You owe me a beer for this advice, I hope you know.
     
  4. Jfinley
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    Jfinley About Time You Showed Up! Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Beers all around. I’m resonating with what you’re saying and it makes sense. Back to the drawing board to rethink my target. Going back to Unscripted to find these missing pieces.

    Appreciate you
     
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  5. TheOrchestrator
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    TheOrchestrator Freedom Fighter Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Good luck! :thumbsup:
     
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  6. Envision
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    Envision Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Good on you for taking all this feedback and not turning negative or pessimistic towards the people giving you advice. You're listening which is good and the feedback here is really good.

    If I were in your position, I'd set some goals primarily around your debt and your income.

    - Work to drop all your expenses as low as possible - where are you wasting money and what could be downsized? Pay off the IRS first then your student loans.

    - Zero in on 1 business idea. Don't try to do a bunch of things at once. People fail when their attention is diverted. Find the one thing you are most competent in and that has shown the most promise and do that.

    - Increase current income - Can you ask for a raise at work? What can you do to build up your current income to get that debt down?

    Good luck man! You're gonna make it.
     
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  7. Jfinley
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    Jfinley About Time You Showed Up! Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    It’s hard NOT to take offense when the comments get personal, but aside from that there is some SOLID advice from people I would pay to just pick their brains.

    Luckily, we have this forum!

    Paid off my lowest account from the IRS and setup a payment plan. I also said to hell with it and went back to designing websites while learning AdWords.

    Taking massive action, posting results and getting feedback is my plan (Website and systems will be done today)

    Calling businesses to start getting web-design clients and going to two meet ups this week with local business owners. Trying to work out a plan to deliver a small training to these groups. About 40 people show up for their meet ups and it’s all geared towards local marketing.

    Shake hands, kiss some babies, and close some deals!
     
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  8. Real Deal Denver
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    Real Deal Denver Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    So glad to hear you're "back on track" because I think you have incredible strengths in that area.

    However, I would highly caution you to avoid the training aspect of things. First of all, if it's training so they can run their own program, you are handing control over to them that you don't need to. Maybe they don't even WANT control. Managing a website or blog is time consuming and not easy. If I was an employee, I wouldn't want to do it. For my own business - probably, but I could be talked out of it.

    Instead of training, I'd focus on education of what you can do. This would be a feature/benefit rundown of how your system works, what it can do, and what results they can expect that will help them be more successful. Notice I have NO technical training included anywhere in there?

    If they want training and to run their own system, there are plenty of resources out their to give them all the training they need.

    Step back and give them the training on WHAT the system can do for them, not HOW it does it.

    With that presentation, you also inform them of all of the benefits - and that you can do as much as they want you to do. Plan A - a medium site that is static, but has portals for communication back and forth (chat now, email questions, FAQ). Plan B has the marketing systems in place to capture leads and manage them through sales funnels. Plan C is everything included, in addition to a blog - the works! See? Let them CHOOSE the solution they want - not IF they want a solution. Never give them a yes or no closed end question. Always which one would you THINK is the better option for you? Not do you want it OR not!

    The result is this; you get a big sale to set up their system, and also an ongoing monthly, or a discounted annual, plan to maintain, update, and run their system. I guarantee you that any business worth being a business can afford $65 a month to have this system put into place and have someone run it for them. For a big full blown system, I'd charge double that.

    Now for the math. You sign up 50 business' for the cheap $65 plan. That's $3,250 residual income a month, which is $39,000 a year gross income. Double that and what does it work out to? Add in the one time design and set up fees of, say, $1,500, and what does that come to? $75,000. Add the set up fees to the monthly fees and how much is that? Now you're in business.

    Can they hire a guru to do that for $1,500? Yes they can. This is where you have to shine, so they go with you? Can they hire office staff to run this for a little bit more than $2 a day? Not me, if I was on their staff. Sure, I'd learn it and do it for a raise of $100 a week. Now your $65 fee looks like a bargain, and it should, because it is!

    There is one path you can take that might be a great opportunity for you. And it's certainly within your reach.

    BOOO WAHHH!
     
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  9. Marian Diop
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    Marian Diop New Contributor Read Millionaire Fastlane

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    Haven't finished reading through all the posts but some thoughts.
    1. High ticket masterminds, you have to have some backing and experience to convince people they should listen to you. Check out Jeff Davis down in FL who put together a franchise type of masterminds thats he getting facilitators signed up for based on the popularity of his masterminds. He gives you all the tools to the group leader who is more of a facilitator. Its a neat idea.
    2. What insurance company do you work for? I've been a sales leader on the corporate side of both State Farm and Allstate. There are SO many opportunities in the insurance industry. I echo with others to say do what you know. You can make more commissions based on sales and get some of that debt paid down (move to another agent's office if thats not working where you currently are), you can refer someone to open an Allstate agency and get $10k, you can develop coaching/online groups/programs to sell to the big companies - there are MULTIPLE examples of very successful agencies doing this and they are helping people so much, you can work for a soon to retire agent and develop a succession plan that allows you to buy the business (insurance agencies aren't totally fast lane but they are VERY good if you are smart).

    Hubs and I paid off $100k, own a house in Hawaii, have several different income streams, my husband is retired military and thats definitely helped a lot but remember you're always going to have the ability to spend more than you make...I had to learn this 2x lol. It sounds like (and I could totally be wrong) that developing a budget with your wife, buckling down for a bit to focus on what you're doing f/t just to get back on track debt wise, and trying to not get distracted by opportunities that aren't in your immediate skill set (I'm totally guilty of getting distracted by shiny new opportunities) will help you start to get ahead.
     
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  10. NMdad
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    NMdad New Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    Your wife will be convinced when she sees the $ coming in. When my part-time side hustle brought in more than my full-time day job, month after month, my wife told me to quit the day job & grow the side hustle. I was scared of ditching the predictable paycheck, but made the switch and haven't regretted it.

    Since you already know insurance, focus on generating more money from that. Insurance agents always need leads. You know the business. Generate more leads for yourself, and maybe you can sell the leads or rent pipelines to other agents/offices at your company; you could also generate leads/pipelines for non-competing insurance agents/policies.

    As Andy Black said in one of his posts: Acquire a lead, offer it to a prospect, and then if they want more, they pay you a monthly retainer to stay on the lead pipeline.

    What's the fastest path to cash? Focus on the very next action.
     
  11. chuckypita
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    chuckypita Contributor

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    Take 15 minutes and answer the following questions:

    - What am I really really good at that I absolutely love?
    - How are others making money in this industry that I love?
    - Are there jobs or other opportunities within this industry that I love that I can bring value to others?

    Why would you take years off your life pursuing a dream that may not come true when you already have the skill and talents necessary TO make your dreams come true - if you just funneled it in the right area?

    There are opportunities EVERY WHERE. Take the time to look further.
     
  12. Jfinley
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    Jfinley About Time You Showed Up! Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Purely amazing stuff. I copied and bookmarked this post. Running it through my head over and over again.

    It’s well underway now.

    I’ll shoot you a PM with the link to show you what I got going. Thank you for always providing pure Gold.
     
  13. Jfinley
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    Jfinley About Time You Showed Up! Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Thank you for the insight. Jeff is doing something really cool. Almost like a licensing type arrangement.
    I sell insurance for Progressive Non-Commissioned. Im unable to be a captive agent at this time. Think of it as customer service sales...yuck!

    I burned a lot of bridges chasing my dream since 15. Financial habits sucked, and flip flopping through school stacking up loans, but never finishing didn’t help. I had a real estate job where I was being paid as an employee, but majority of my check was listed as a bonus with a small base pay. I ended up making 70k, blew it and owed the IRS ever since.

    I’m getting back on track, but it takes time and discipline. It’s been a long road, but I man up and keep going. It’s been worth the journey to arrive here.
     
  14. Jfinley
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    Jfinley About Time You Showed Up! Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Yeah I had blinders on. Biggest eye opener was @Real Deal Denver said,

    “You're sitting on a goldmine, but you’re looking for diamonds.” ​
     
  15. TheOrchestrator
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    TheOrchestrator Freedom Fighter Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Yeah, I think it's safe to say that @Real Deal Denver took the value of this thread to whole new heights. Thank you, @Real Deal Denver (and everyone else) for the knowledge that you dropped here, and what I've gained from it, even as just a contributor, and not as the OP.
     
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