I got TERMINATED from my job yesterday...planning Entrepreneur.

[LucrativeMind]

Hi Everyone,

This is my first post and I would first like to say hi to all of the Fastlane people out there. I read MJ DeMarco's book a few months ago and I love it. Very clear explanation and very straight forward, learned plenty from reading the book. I've read books from Suze Orman, Robert Kiyosaki, and even David Bach but none of them tops MJ's Fastlane book. I am going to actually read the Fastlane book again since I have been recently terminated from my job and now have more time.

I got terminated from my job yesterday and it actually reminded me of the Fastlane book. I've read the book a few months back and I remember MJ saying in his book that you have NO CONTROL of your boss, your job, your wage, and that you can get fired/laid-off from your job anytime. This is definitely true since it happen to me before and now it happened again. You can be the best employee and work your hardest, but much of the time the people up top don't care...they will just let you go if the business isn't good. My friend recently got laid-off too and she informed me that 40 people in her company got laid off in a week including her because business wasn't doing good.

It's demoralizing that plenty of people my generation (late 20s - early 30s) are having a tough time finding or keeping a job. Some actually have to move back with mom and dad for support. Yesterday gave me the wake up call to pursue ENTREPRENEURSHIP since having your own business is the way to achieve Financial Freedom. I was only making $22/hr ($45K/yr) at my job as an IT Specialist...providing computer repair. Being an IT guy you get to work with everyone and get to know who the cool people are and who are the "Prima-Donnas". I am definitely part of the Slowlane and part of the 5-2 ratio. It depresses me working at a job because it will take me years to save up for a house, can't travel to the countries I want to visit whenever I want, nor would I be able to afford my fav.....AUDI cars. Making only $22/hr forget it. A lot of IT guys are underpaid...even System Administrators. System Administrators should get paid a good $90k - $120k but I see plenty of them only grossing about $60K a year. My friend, who is also an IT guy, said that the reason many of us are underpaid is that they have shipped most of the labor in India. He further said that why bother paying an IT guy like me here more when they can pay someone in India for much much less.

I have been thinking about starting my own IT COMPUTER REPAIR business. Unfortunately, by reading MJ's Fastlane book, the Computer Repair business conflicts with the CENTS Commandments...primarily with (E) Entry and (S) Scale commandment. While there is always a need of Computer Repair, there are already many people/businesses doing computer repair. Everywhere I drive I see computer repair shops every other block. Scale is also affected because if I start my own IT Consulting/Computer Repair business, I am only limited to my local area...NOT Globally which is recommended by MJ. I remember from reading the book MJ says "To make millions, you must IMPACT millions."

Well I got terminated from my job yesterday but I am NOT GIVING UP...I will keep my chin up. My WILL TO ACT is everything!!! I look forward to reading and learning alot from all of the Fastlane Gurus in this forum. I will also join and collaborate with Entrepreneur groups in my city since there are plenty of Entrepreneur group meetings around the city. I will stick myself with Entrepreneur people/successful people as much as possible and work my way from the ground up.


Jimmy
Los Angeles, California

 

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[Russ H]

Hi LM,

Getting fired is often the best thing that can happen to someone.

It lets you know that you're not "all that" in the eyes of your employers.

More important, it gives you the opportunity to pick yourself up and move on.

I first got fired when I was 21. I was in shock (I had rec'd a raise just a week earlier).

So I asked my boss if I could use the phone for the next 10 minutes to make a few calls to potential employers.

She said yes.

I had a job in 10 minutes.

The power of that still hangs with me to this day.

Knowing that I have the ability to be employed, when I need it, is very empowering.

Don't waste this opportunity. Learn from it.

-Russ H.

 

[458]

Lots of free time on your hands now... Dont waste it.

 

[LucrativeMind]

Thank you Russ H. and 458 for the support. Yes, have lots of free time now but no $$$ coming in lol. I am thinking I should get another job so that I can have some money coming in to pay my bills, while in addition, I think and execute my business.

 

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[Inphinity]

Consider that option carefully - I've seen a lot of people "just get a job in the meantime" then they slowly creep back into full-on- employee mode and abandon their bigger plans because it becomes too easy to sit on a salary again.

 

[deepestblue]

Remember that you can also INDIRECTLY impact millions and make millions. For instance if you serve the IT needs of just 1 single client but they have millions of customers, that 1 relationship can easily become a million dollar business, let alone a $300,000/year business which could be sold for $1MM.

 

[Joehenny]

I would start the repair business, you could do something simple and charge 100 bucks flat rate. With online advertising you could easily get 3-8 customers a day. You'll be making a whole crap load more than at your IT job or any job you're qualified to do. Then while you're making money you can start your fastlane business, but you got to eat first.

 

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[healthstatus]

Lots of companies out there need a part time IT guy. Look at places like large architecture firms, large accounting firms, ambulance companies. If you can pickup a 20-25 hour a week gig, that pays the rent, and gives you a lot of time to work on your own projects. Then us your IT skills to look at creating your own IT outsource network, websites, consulting, or whatever you have an interest in.

 

[speedyexe]

Try to find some people to help, no man is an island, best choices for start could be local people with skills you need, you can offer only % of future income but its better than sitting in living room with beer xbox and wasting time all day long.

 

[moneymaker]

Maybe you could use your IT expertise to create a series of online videos explaining to people how to fix their computers for free. Just accept donations or something if people found them helpful. 1,000,000 donations of $2 is decent pay!

 

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[StockDC2]

Hmm, I see a lot of people throwing around hypothetical figures which is quite worrisome.

Of course $2 from 1,000,000 people is great but why should people donate to him instead of the million or so other businesses that also offer the same service?

If you want to live in the fastlane, you have to learn to think out of the box. You can do what others have said and chase after your clients or you can do something special and have them chase after you. As you already mentioned in your original post, the computer repair industry is overly saturated. Just do a quick check on Craigslist and you'll see pages and pages of locals offering to fix computers. My suggestion is to mix your computer skills with something new to create a unique service that others don't offer.

 

[Bobo]

Fastlane thinking is tough - requires nutrients hitting your brain and that means food which costs money... unless there is a nice nest egg to lean on I would advocate some job 9-5 and then 5-9 at night is time to build your fastlane business. But I am currently feeling like a speedbump in the slowlane getting run over by the folks who I am making money for so I may be wrong

 

[GuyJeb]

Find a way to make Income now so you can support yourself. But do not let it keep you from perusing your dreams.

I too thought about having independent business of Computer repair. It's so tempting when you think the only competitor is "Geek squad" from Best buy who charges $100 just to LOOK at your laptop, then they add charges for what needs to be fixed.

However, it is saturated. You dont need a building, just a phone number or Craigslist ad.



How to become a Fast Laner in IT Computer Repair? Do what StockDC2 said.. "...to mix your computer skills with something new to create a unique service that others don't offer."


...I remember once hearing on the radio about this Sales pitch for "Doublemyspeed.com" I couldn't believe my ears. it was exactly what I should have done. It was for downloadable content (Software) that fixes your PC/laptop by pushing one button. It analizes your computer, and with the push of one button, it fixes 90%+ of your issues. This requires no payrole, no building, no managers, nothing. it's completely automated. The Sales ad was filled with testimonials and a sales pitch at the end. It was like an Audio Squeeze page!

Whoever made that site, can reach out to more than 8 people a day, and is not bound by location. For all we know, the owner probably hired someone on Elance.com to write the whole program, and now hired the same person for $12/hour to make edits/improve this software for redeployment.

Freaking Genius!

 

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[XavierYZ]

I got fired from my job January 9th 2009 (my birthday). Fired from an industry where our trade is in high demand and people with my experience was in short supply. I recognized this business owner clearly did not see my experience as an asset to his business. That day I decided I was going into business, to compete against him and get back control

Fast forward 3 years and I constantly take his clients and beat him out for new sales. My process is better than his.


Sometimes getting fired is the best thing that can Happen to you

Good luck

 

[tranquil43]

While I love MJ's book, I don't agree with everything, namely that you need to impact millions to make millions or have to command a large margin per unit of whatever is sold to make millions. I believe you can make millions by charging a larger than average margin multiplied by a larger than average volume. Say you repair 10,000 computers multiplied by $100 per unit. There is your million (of course this doesn't take into consideration operating costs but you get the idea).

As far as entry, sure there are plenty of IT repair shops, but that doesn't mean you can't find a specific niche and exploit it. How about creating an IT repair shop that focuses only on android tablets? If that shop proves to be successful, you can then scale by opening multiple shops and building a brand in the process.

 

[Vigilante]

How long would it take one individual to repair 10,000 computers? Maybe you can do 5 per day. That's going to take you 6 1/2 years of working 300 days per year before you have generated a million dollars using your formula, and assuming you have taken ZERO out of the business in that amount of time. And, you would have to take into consideration operating costs of course. Why would you want to intentionally set yourself up to have to work your a$$ off the rest of your life?

I don't disagree with your premise, just your math. Nobody is advocating that there is a single path to success. However, relying on your own labor is not generally going to be one of them. When you take a day off, you're not making money. If you get sick, you're not making money. When you are on vacation, you're not making money. If the computer technology dies, you're not making money. If a superstore competitor comes in and charges half of what you do for the same job, you're not making money.

A bricklayer is only as good as today's bricks he laid. Tomorrow, he might be out of work. If his whole income and future was predicated on his own labor... then what?

I want a business that can run without me. I ran multiple "shops" and it was a huge pain in the a$$ that required my involvement. There's not enough scale in local, brick and mortar based operations for me to be interested in it. I want automated and outsourced.

You haven't made a compelling case for your point (yet).

 

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[911Carrera]

This thread is almost 6 months old so a lot could have happened since. Forget IT repair shop. It's saturated with the small local shops, mobile techs, and all big electronic stores have a PC repair business at their stores nowadays.
If you have backup funds to last you a year or so, work tirelessly on some type of online business with low cost to launch. Otherwise, get another IT job and continue to work hard on your fastlane business on the side...

 

[tranquil43]

I used very abstract numbers to drive the point that you don't need high margins or high volume to make millions. Decent margins with higher than average volume could do the trick as well.

 

[Mike351]

I used very abstract numbers to drive the point that you don't need high margins or high volume to make millions. Decent margins with higher than average volume could do the trick as well.

What is your net worth mate? One of my biggest mistakes during my lifetime was listening to people who didn't agree with millionaires yet swore they knew more than millionaires and weren't millionaires themselves. Or those that offer "comfort advice" or "its ok to settle for less." Fork that.

So you don't agree with what is said in the book, probably the only guy who would be qualified to say that and convince others he knows his sheeite would be Donald Trump or a few others but even then they would endorse the book by saying "That book is awesome. Buy that man a Lamborghini! Oh wait...."

Decent margins with higher than average volume......hrmmmm........you could, but what if you could sell high volume with high margins and then fly your own plane overseas and go on several dates with Heidi Klum in Monaco for the weekend after scaling up your business to be a world wide force to be reckoned with, or build several accommodation blocks for homeless kids in Greece and Italy, just because you felt like it? You don't agree with the book yet you're missing some important points of the book.

Why settle for average...... average "decent" margins... average volume....why? Why wouldn't you want to push the boundaries of your business, yourself and everyone else around you including your work force and competition? High margins and high volume equals baller money, why the fork wouldn't you want to achieve that? Are you scared? You like safe? You like comfort? You don't believe in yourself?

"You don't need....." says who? A millionaire? Or you? You should always be looking for ways to improve. Anyways this isn't meant to be a tear down of you as I am by no means an expert but ffs, settling is one of the biggest detriments to ones success, common sense really...Decent means "settling for". Fork decent. Push the boundaries and grow and grow and grow until growing wants to take a holiday from you. Even then, stick to growing like glue.

 

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