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How to turn a slowlane idea into a fastlane idea?

Discussion in 'Progress/Execution Threads' started by yveskleinsky, Oct 27, 2007.

  1. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    At the promptings of Russ, I am making this a new post. Here it is:

    Can one take a business that is currently run like an "S" and convert it not only into an "E" but into a fastlane "E"? If so, how? If the end goal is to get into the fastlane, does one need to start with a fastlane concept or can anything be turned into a fastlane concept?

    Example: I own a small property mgmt company. Currently it is run like an "S". Our goal is to run it like a "B" in the very near future. We are making the shift by implementing systems which take us out of the loop. ...But this doesn't get us closer to the fastlane. Seems like the way to make this fastlane would be to franchise our systems. I have also decided to just suck it up and get my Broker's license. I will then open up a Real Estate Company and Property Mgmt Company. ...Might add loans into the loop as well. Still not fastlane though.

    Russ asked the question: "why not look at what it is about your cabin rental that makes it slowlane? Or not fastlane?"

    ...Any other thoughts on how to take this business into the fastlane?
     
  2. andviv
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    andviv Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    The first thing that comes to my mind is that you need to grow your business first so it can then be run by others (thus becoming a true "B" business). If your business cannot support employees then you can't delegate any function.

    The key to make it fastlane is to leverage both OPM and OPT. To leverage OPT then you will have to give them something in return. Your business needs to be able to support this cost out of its revenue.

    I think it is very difficult to start a business as a true "B". The biggest "B"'s in the world started by an owner that dedicated a lot of time to it and then, when the business had grown, they started having others run it and grow it for them.

    I don't think Russ' other B&Bs would be successful if he did not know all the details and the successful operations that made his first one successful. It seems that you need to go deep into your business first to then be out of it. Rus, what is your take on this?

    Now, about the fastlane concept, I will defer to MJ as this is his idea, he is 'the' one that can explain this better.
     
  3. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Andviv-

    Good to see you! Haven't seen you around much lately and always enjoy your input.

    I suppose maybe I am getting ahead of myself- I should grow the business to make it into an B instead of focusing on creating a B right away. (It is close to being as automated as I can currently imagine it can be.) Once it is a B then it can become a fastlane B (hopefully). Seems to me that a fastlane idea is one that revolves around a viral transmission of whatever it selling-and that transmission is largely passive. This leads me to believe that I need to incorporate a heavy web presence at the very least and maybe focus on growing our systems into a franchise.
     
  4. ouie
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    ouie New Contributor

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    As I understand it the route to the fastlane is a natural progression from "S" to "B" to a fastlane "B" ("I" in the kiyosaki model). Right now we have the self run property management business highly dependent on your expertise, drive, effort , and ambition.

    Now let's add a healthy dose of process, procedure,manuals, and checklists. Plus some employees to follow and use these tools (AKA Building your expertise into the system). By leveraging other peoples time (Duplicating one's self) we have moved to the "B" level.

    Now let's duplicate the entire business (Systems set) via franchising or even satellite offices following those same procedures. Rinse and repeat

    OR we can duplicate your system set in the form of Books, seminars, and videos
    Rinse and repeat

    OR we could duplicate the systems set via the internet by sharing your knowledge via an online forum /blog where like minded individuals can discuss, debate, etc... (NOD to MJ)

    The primary step to the fast lane level appears to be the duplication of the systems set. The method of that duplication and the speed at which it can be reproduced and disseminated will dictate how fast you go in the fast lane.

    It seems getting to the fast lane depends on the "method of transport" and not the "passenger". I'm trying to think of an idea that doesn't fit this paradigm and can't come up with one.

    -A barber can start a "how to cut hair at home" series of videos.
    -A doctor-WEBMD is an example.
    -A taxi driver can sell advice on how to transverse the streets of a city most efficiently at certain times.
    - A prostitute....We all have the internet ...

    So I guess you just have to pick your vehicle.
     
    MJ DeMarco likes this.
  5. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Im gonna pass you some speed because your take is DEAD ON. Replication and duplication are keys into the fastlane. Your examples above are even good examples on how a barber can starting plotting a means into the fastlane.
     
  6. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Duplication and transmission are the foundations of the fastlane. ...Thanks for summing that up so well! I suppose I was thinking that I needed to start with an idea that was fastlane and work backward. Now I am seeing that any idea can be taken fastlane if it can be duplicated and transmitted in the shortest amount of time. Hmm...so if I were to:
    1. Find a need/problem and offer a better solution.
    2.Focus on my systems and then grow.
    3. Take those systems to other cities or sell the systems to others.
    4. Maybe start a website and get that to generate income by filling a need somehow. (Still need to chew on this one.)
    Thanks for all the input and discussion! A+
     
  7. mglshark
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    mglshark New Contributor

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    As you design your system with instructions, checklists, methods, etc., remember to "dumb it down" to the lowest level of workers. Even at the chain fast food places one person cuts the bread, puts the cheese on, another takes the order and gives change, another cleans the tables and floors, another answers the phones, etc. Very simple to replace a worker for whatever reason at any time and train another quickly without hurting the business overall.

    I created systems in the past for medical offices (both doc and staff) and found time and again if anything became too complex or critical the system could fall apart. So many medical offices counted on one or two key staff members will the rest of the workers can come and go. The doctor business can go upside down quickly if these key people left and it was hard to bring up to speed new staff. So make it easy to screen for and train new workers quickly so high turn over is not a problem - now that system is worth buying at almost any price!

    mglshark
     
  8. yveskleinsky
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    yveskleinsky Bronze Contributor Speedway Pass

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    Everything you said is so true! ...I have recently gotten hooked on The Big Idea by Donnie Deutsch. I love this show! Most all of the ideas that hit the fastlane are ones that I'd think would be doomed to be "S" businesses forever! After being here and seeing successes on his show- the wind is back in my sails, and I am feeling better about my little S, with the intent to grow it into a B as soon as possible.

    Everyone's perspective here is priceless. If I don't say it enough, you guys rock. :icon_super:
     

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