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I’m out of money. What lever do I pull?

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Stu Shark

New Contributor
Jun 29, 2021
1
1
Hello Fastlane family,
I hope each and everyone of you is striving to achieve your dreams and succeeding in that endeavor.

It’s a long story but to keep it brief, I read the books over two years ago and have been working on my Fastlane business on the side since then. I was laid off from my full time job in February (4 months ago) for ridiculous reasons (job security is indeed a myth).

I’ve been going hard, or way harder than I have been (I know I have more) on my business but I’m out of savings at this point. I’ve started driving for a moving app (which pays $30/hour) and donating blood plasma just to pay my bills.

Do I keep trudging through the desert of desertion and despair until I can make money from my fastlane business (realistically still 3 months out at minimum)?

Do I update my resume and find a remote job where I still have time to work on my business?

Is there a third option I’m not thinking off? (Or fourth or fifth?)

I know my time is worth way more than driving for this moving app or donating plasma, but that doesn’t mean it automatically brings money into my account .

Any comments and criticism is welcome! Ego has left the building at this point.
 
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Andy Black

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Hello Fastlane family,
I hope each and everyone of you is striving to achieve your dreams and succeeding in that endeavor.

It’s a long story but to keep it brief, I read the books over two years ago and have been working on my Fastlane business on the side since then. I was laid off from my full time job in February (4 months ago) for ridiculous reasons (job security is indeed a myth).

I’ve been going hard, or way harder than I have been (I know I have more) on my business but I’m out of savings at this point. I’ve started driving for a moving app (which pays $30/hour) and donating blood plasma just to pay my bills.

Do I keep trudging through the desert of desertion and despair until I can make money from my fastlane business (realistically still 3 months out at minimum)?

Do I update my resume and find a remote job where I still have time to work on my business?

Is there a third option I’m not thinking off? (Or fourth or fifth?)

I know my time is worth way more than driving for this moving app or donating plasma, but that doesn’t mean it automatically brings money into my account .

Any comments and criticism is welcome! Ego has left the building at this point.
Why would it take 3 months before you can make money?

If you can’t make a sale this week with that idea you have then do something where you can.

Product-Founder fit is important. What can YOU make a sale with this week, with your current skillset, resources, connections, etc.

This might help you:
 

Edgar King

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May 29, 2021
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To support what Andy said, could you offer some "air" as well?


If you don't have the resources yet, but have thought up an offer, go to those who need this and offer them your product/service (even if you may not have the equipment). When they've agreed, then you can buy the equipment to fulfil their needs.
 
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fastlane_dad

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Increase income and lower expenses, however you can. Ideally you're building up a high paying skill and / or going to college as well. You need a plan and it sounds like you are attacking the wild without one currently.

You need to be back to the drawing board figuring out how to gain traction on consistent cash flow to sustain you, even if that means looking for another job.

My plan was acquiring a degree / learning a high paying profession WHILE simultaneously thinking of and developing my fastlane business. I worked a well paying slowlane job for a few years before I was able to drop that completely, and focus entirely on my business.

You need mental clarity, funds, and some cash flow to fund your initial startup -- as it's def a beast that loves to eat (money and time).

While it is possible to 'create' something while your back is against the wall, it is a VERY stressful route to go.

Check out more mindset and starting tips here: Actionable Steps to get started TODAY!
 

Andy Black

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Increase income and lower expenses, however you can. Ideally you're building up a high paying skill and / or going to college as well. You need a plan and it sounds like you are attacking the wild without one currently.

You need to be back to the drawing board figuring out how to gain traction on consistent cash flow to sustain you, even if that means looking for another job.

My plan was acquiring a degree / learning a high paying profession WHILE simultaneously thinking of and developing my fastlane business. I worked a well paying slowlane job for a few years before I was able to drop that completely, and focus entirely on my business.

You need mental clarity, funds, and some cash flow to fund your initial startup -- as it's def a beast that loves to eat (money and time).

While it is possible to 'create' something while your back is against the wall, it is a VERY stressful route to go.

Check out more mindset and starting tips here: Actionable Steps to get started TODAY!
Agreed. Nothing wrong with jobs. You just have to stay in it to win it.
 

bfmcneill

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Jun 22, 2022
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Hello Fastlane family ...
Hi Stu, take a moment to watch the video MJ made on how he started from $900. I bet you will get some ideas on how to proceed.

It is on YouTube titled

From Flat-Broke to Filthy Rich: How to Get Started Toward Wealth When You Have No Money & No Skills​

 
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Andy Black

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khadush

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May 29, 2021
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Hey Stu,
I can understand your pain because I was also going through the same condition three years ago, but do you know what I will suggest next?

Learn a skill and start making money from that skill. Once you start making money from your skill, start building your side business.

I did that exact thing!

I helped my brother with the same thing. He learned web design skills in 4 months and got a job within a month.

I did the same thing with my girlfriend (I teach her graphic design at the weekend). Now she has an unpaid internship. I know an unpaid internship is not good, but within a month, she will have a good amount of work to showcase in the real world.


This was my answer from my perspective would love to know your thoughts about it!

Rohit
 

Andy Black

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Hey Stu,
I can understand your pain because I was also going through the same condition three years ago, but do you know what I will suggest next?

Learn a skill and start making money from that skill. Once you start making money from your skill, start building your side business.

I did that exact thing!

I helped my brother with the same thing. He learned web design skills in 4 months and got a job within a month.

I did the same thing with my girlfriend (I teach her graphic design at the weekend). Now she has an unpaid internship. I know an unpaid internship is not good, but within a month, she will have a good amount of work to showcase in the real world.


This was my answer from my perspective would love to know your thoughts about it!

Rohit
Similarly, I had a few people learn Google Ads from me and then let me know they'd got jobs doing it. I think it doesn't take long to learn how to create campaigns, and then you can do it for free for a few people you know. Then you can get a few clients paying you monthly, also get a job, and keep growing the monthly recurring revenue (MRR) on the side.
 
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fridge

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What country/area are you in? If you're serious about it I can help get you up and running making $1k/week profit in about a week or two doing mulch installations, pressure washing, window cleaning, or gutter cleaning, but you're going to have to work your a$$ off. Let me know and we can set-up 15 minutes to talk, I've actually just finished writing a free guide on how to start a pressure washing business so I can send that your way if you want as well.
 

WillHurtDontCare

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Agreed. Nothing wrong with jobs. You just have to stay in it to win it.

100%

A good job will not only provide you with stable income (and investment capital), but it can teach you the skills that you need to run a business.

One of the posters on here spent 2 years at an investment banker / private equity analyst type job, and he ended up house hacking and buying a car wash which replaced his need for a job.

Jobs are only bad if you are coasting on auto-pilot or not learning. Though if you have total conviction in an idea and need 12+ hours a day to execute on it, then by all means quit.

also if any of you need a fastlane idea, sell remotes that disable car alarms because F*ck those things I'm trying to get work done
 
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Chris Sciora

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Is there a third option I’m not thinking off? (Or fourth or fifth?)

I know my time is worth way more than driving for this moving app or donating plasma, but that doesn’t mean it automatically brings money into my account .

Any comments and criticism is welcome! Ego has left the building at this point.
Sure, there's usually plenty of options. Not necessarily all available to you, but see what fits. Bon chance.

The goal of surviving has only two levers: reducing expense and increasing cashflow. Preferably work both of them. Start by throwing out the idea that you have the luxury of three months to muck around with the new business. It's never a good idea to give yourself a runway with a startup and a terrible idea when you're starving and about to fold. Give yourself thirty days MAX to make money appear from the business and work backwards to see what's needed to make that happen.

Cut your expenses. Stop paying the bills. Make minimum payments. Move to a cheaper place. Liquidate investments. Borrow money. Get a home equity loan. Borrow against retirement accounts. Find an investor, private lender or business partner with cash. Accelerate business revenue by taking shortcuts or doing things that are tolerable short-term, but wouldn't make sense long term. A typical approach is by offering services instead of products e.g. building websites vs. selling a website builder app. Pre-sell products or services. Find online work in line with the business venture (presumably selling plasma and driving are not good candidates for that). Find online work that pays more than $30 / hour. There's endless ways to make money online that don't require a ninety day or longer delay.

Entrepreneurship is always ugly before it gets pretty. And often it gets ugly several more times before staying pretty.
 
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Chris Sciora

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Google Search is failing me. I watched a video of a guy last year who set out to earn $500 cash in one day by cleaning gutters. Just proof of concept of what's possible with effort. No equipment, no cards, not even a ladder. Nothing but balls and hard work. He knocked on 20-30 doors before landing the first job. It took about 8 - 10 hours before ending up with $500 - $600 cash in hand.

Tell THAT story to the three month startup fairy. :)
 
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MitchC

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There’s a thread on here called Craigslist hustling or something. The games probably changed a bit now, you’d probably be using Facebook marketplace, but it’s still the same concept and I guarantee it still works, it’s been working forever.

Buy things on Craigslist and marketplace cheap and sell them for more.

I made $1000s doing this when I was just starting out in business and my gf made more than me and she’s not even into entrepreneurship, it’s just that easy.
 
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Ronnie Bryan

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I thought you were going to say would be fastlane if own you own the plasma centers
I am thinking FASTLANE if you invented the bags or needles to draw the plasma out. Do the money Math how many needles vs how many bags to hold the plasma. Which one would profit more?
 

Ronnie Bryan

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I am thinking FASTLANE if you invented the bags or needles to draw the plasma out. Do the money Math how many needles vs how many bags to hold the plasma. Which one would profit more?
4 bags and 2 needles per person. Say only 50 people donate in a day and according to law a person can only donate to a single center. But bags and needles can be sold to centers across the globe. So the question is what has the bigger profit the bags or the needles? Math is a challenge I would think needles as they cost less to build you can build more and sell more. Correct?
 
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