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I Will be Crossing the $500,000/yr profit threshold by end of 2020 (Insight to my Jan 9 Conference Call)

TreyAllDay

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Hello All,

Just wanted to drop a quick update on my execution to hold myself accountable.

I've unfortunately not grown my business properly over the last year. Specifically: I've let passive income become the non-priority.

I own two GREAT services, one a digital menu board business for automotive shops and the other an intranet communication service. (I'll be talking a bit more about these businesses in my INSIDERS conference call next month).

As a SAAS entrepreneur - the only success I measure is passive subscriptions, which means on-boarding a customer and then collecting monthly fees for the service without having to deal with them too often.

I've been able to generate about $14,000/month with 3 or 4 hours work. Currently between the two services I am generating:
350 Locations x $23.99/month on digital menu boards: $8,396 / month
4 business * $1500/month on intranet service: $6,000 / month


* However I am generating another $5,000/month on average doing legacy work I was doing before the passive income started - such as software development, consulting, hosting sites I designed for clients years ago, etc.

A large issue that has kept me from expanding the passive services in the last year is the extra work (consulting,etc) I am doing on top of the passive systems. This is the kind of work that stresses me out, and I think I have a hard time saying no to larger clients who have been very much good friends. This has kept me from the following projects:
  1. We are currently redesigning the digital menu board product so it works across many industries, allowing me to sell to many more customers.
  2. We're simplifying our intranet product so it needs less training, easier signup with credit cards instead of being set up with invoicing, etc.

My New Opportunities
I typically love working with LARGE businesses such as franchises - I came from that world so have connections there. You talk to a head office and become an approved supplier to get your intranet or digital signage in thousands of locations.

I have just gained access to 5 LARGE franchises, with about 2,500 locations. I am farily confident we will be able to get our digital menu board into 1000 of their locations by end of 2020 at an increased price of $29.99. I just REALLY need to nail the software redesign which is currently underway but has been on the backburner as I do consulting.

  • 1,000 X $29.99= $29,990
    +$14,000 existing= $43,990/month which pushes me over the $500k threshold
Our Intranet Product has been redesigned as well, and we went from 4 high maintenance companies paying $1500/month , added on 10 low maintenance customers using the new version at $99/month. We have 250 people who did trials meaning we only convert to paying businesses at 4%. I REALLY think this can get to about 20%. My goal is to get this to 100 customers paying $99/month but this will be second priority after signage.
 
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Last edited:

VincentVega24

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As a SAAS entrepreneur - the only success I measure is passive subscriptions, which means on-boarding a customer and then collecting monthly fees for the service without having to deal with them too often.
Thanks for sharing man, really great post! I'm currently working on an Idea targeting the same system!
 

MπR

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typically love working with LARGE businesses such as franchises - I came from that world so have connections there. You talk to a head office and become an approved supplier to get your intranet or digital signage in thousands of locations.

That is very smart. Convince the big heads with your value proposition and they can push it down the chain. Also they are the ones making the financial decissions. They also can get the feedback from their staff which you can use to improve your product.

Less time invested, more money made. :thumbsup:
 

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Awesome progress, just a sneak peak into the INSIDERS Call coming next month. Thanks for sharing your story with the community.

Marked NOTABLE.
 
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MJ DeMarco

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Ing

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Good results for good ideas and lasting industriousness!
Respekt
 

AA1980

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Hello All,

Just wanted to drop a quick update on my execution to hold myself accountable.

I've unfortunately not grown my business properly over the last year. Specifically: I've let passive income become the non-priority.

I own two GREAT services, one a digital menu board business for automotive shops and the other an intranet communication service. (I'll be talking a bit more about these businesses in my INSIDERS conference call next month).

As a SAAS entrepreneur - the only success I measure is passive subscriptions, which means on-boarding a customer and then collecting monthly fees for the service without having to deal with them too often.

I've been able to generate about $14,000/month with 3 or 4 hours work. Currently between the two services I am generating:
350 Locations x $23.99/month on digital menu boards: $8,396 / month
4 business * $1500/month on intranet service: $6,000 / month


* However I am generating another $5,000/month on average doing legacy work I was doing before the passive income started - such as software development, consulting, hosting sites I designed for clients years ago, etc.

A large issue that has kept me from expanding the passive services in the last year is the extra work (consulting,etc) I am doing on top of the passive systems. This is the kind of work that stresses me out, and I think I have a hard time saying no to larger clients who have been very much good friends. This has kept me from the following projects:
  1. We are currently redesigning the digital menu board product so it works across many industries, allowing me to sell to many more customers.
  2. We're simplifying our intranet product so it needs less training, easier signup with credit cards instead of being set up with invoicing, etc.

My New Opportunities
I typically love working with LARGE businesses such as franchises - I came from that world so have connections there. You talk to a head office and become an approved supplier to get your intranet or digital signage in thousands of locations.

I have just gained access to 5 LARGE franchises, with about 2,500 locations. I am farily confident we will be able to get our digital menu board into 1000 of their locations by end of 2020 at an increased price of $29.99. I just REALLY need to nail the software redesign which is currently underway but has been on the backburner as I do consulting.

  • 1,000 X $29.99= $29,990
    +$14,000 existing= $43,990/month which pushes me over the $500k threshold
Our Intranet Product has been redesigned as well, and we went from 4 high maintenance companies paying $1500/month , added on 10 low maintenance customers using the new version at $99/month. We have 250 people who did trials meaning we only convert to paying businesses at 4%. I REALLY think this can get to about 20%. My goal is to get this to 100 customers paying $99/month but this will be second priority after signage.

Incredible! Way to go!
 

TreyAllDay

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Update and a GIFT to my fellow Forum Members

Evaluating your business (CENTS) isn't an event, it's a process.

Even after you determine a business is, or can be "fastlane", and decide to launch - you need to revisit your business as often as necessary to ensure you're still on track. You WILL:

  • Learn new information that is relevant to the validity of your business.
  • Hit new brick walls, which you will. Nobody knows everything at the outset.
  • Stray from the plan, which happens from just being human.
A good example/story:
In the initial years, I had evaluated my software business as strong in the area of "control" because I wrote the software and sold it under my own website, not relying on amazon or you tube for a channel to advertise or sell.
However.... the popular hosting company that we kept the software on began throttling user speed as we grew and even outright went down at random hours of the day.
I quickly learned that I was NOT in control of the delivery of the service - a core part of my product, something I had no way of knowing at the beginning.
I had to learn a new skill from scratch:
How to create my own cloud server (using amazon/linode) writing linux command line. This increased my control, although I still evaluate it as being a slight risk that needs to be improved on.

Complying with CENTS is not a set it and forget it, it's a scale that moves up and down constantly as you progress.

How Do I Keep My Business Heading In The Right Direction?
Every single quarter I do an evaluation on my business in 22 KEY areas, compile it into a report, and then set goals in the areas I need to improve.

I have made this tool available to my fellow forum members for free on our app server.
https://app.engynn.com/evaluation/

An example of what mine may look like is attached. I'll speak more to this on my call with @MJ DeMarco next month.

What I'd Love To Hear More Of From Others:
What are some areas of your business you initially thought aligned well with CENTS, what happened that made you realize you were wrong, and how did you fix it?
 

Attachments

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Last edited:

johnp

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Wow this is great. I'm definitely going to be jumping on your call.

I'm also in SaaS. One of my customers/users is a car dealer and I've been thinking of scaling in this space a bit more.

I have just gained access to 5 LARGE franchises, with about 2,500 locations. I am farily confident we will be able to get our digital menu board into 1000 of their locations by end of 2020 at an increased price of $29.99.

This is really interesting. In my business, the revenue that I bring in is tied site traffic or total websites that my product is deployed on. I've found some success in going for agencies that have 100's of clients. It's more profitable than just going to one-off owner/operator businesses. I never thought of large franchises. now you have me thinking...
 

Bekit

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Complying with CENTS is not a set it and forget it, it's a scale that moves up and down constantly as you progress.

How Do I Keep My Business Heading In The Right Direction?
Every single quarter I do an evaluation on my business in 22 KEY areas, compile it into a report, and then set goals in the areas I need to improve.

I have made this tool available to my fellow forum members for free on our app server.
https://app.engynn.com/evaluation/
Amazing tool. Wow! Thanks for sharing! I'm surprised this doesn't have like 60 likes already.

Really gives you a lot of good things to think about, and ensures that you're not forgetting anything.
 

Genius01

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Update and a GIFT to my fellow Forum Members

Evaluating your business (CENTS) isn't an event, it's a process.

Even after you determine a business is, or can be "fastlane", and decide to launch - you need to revisit your business as often as necessary to ensure you're still on track. You WILL:

  • Learn new information that is relevant to the validity of your business.
  • Hit new brick walls, which you will. Nobody knows everything at the outset.
  • Stray from the plan, which happens from just being human.
A good example/story:
In the initial years, I had evaluated my software business as strong in the area of "control" because I wrote the software and sold it under my own website, not relying on amazon or you tube for a channel to advertise or sell.
However.... the popular hosting company that we kept the software on began throttling user speed as we grew and even outright went down at random hours of the day.
I quickly learned that I was NOT in control of the delivery of the service - a core part of my product, something I had no way of knowing at the beginning.
I had to learn a new skill from scratch:
How to create my own cloud server (using amazon/linode) writing linux command line. This increased my control, although I still evaluate it as being a slight risk that needs to be improved on.

Complying with CENTS is not a set it and forget it, it's a scale that moves up and down constantly as you progress.

How Do I Keep My Business Heading In The Right Direction?
Every single quarter I do an evaluation on my business in 22 KEY areas, compile it into a report, and then set goals in the areas I need to improve.

I have made this tool available to my fellow forum members for free on our app server.
https://app.engynn.com/evaluation/

An example of what mine may look like is attached. I'll speak more to this on my call with @MJ DeMarco next month.

What I'd Love To Hear More Of From Others:
What are some areas of your business you initially thought aligned well with CENTS, what happened that made you realize you were wrong, and how did you fix it?
This is really cool.
Helps me take a frank look at my business without tinted glasses and see where the flaws are and where I can improve.
Thanks a lot.
 
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TreyAllDay

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This is really interesting. In my business, the revenue that I bring in is tied site traffic or total websites that my product is deployed on. I've found some success in going for agencies that have 100's of clients. It's more profitable than just going to one-off owner/operator businesses. I never thought of large franchises. now you have me thinking...
Yea it absolutely has made a huge difference for me. Finding access to large groups of customers - franchises and affiliate programs work great. Agencies would be a great idea - there are even always large facebook groups of customers, associations, etc where you'll find your niche.

Wow mate congratulations .!!! any tips on how to get software or application development clients?
It completely depends on the type of customers you're seeking and the type of software/apps you're building. I found the best way in was just getting out there and networking/meeting people and calling on them. Starting small and working your way up. Getting in with agencies can be good - I get a huge amount of new software dev business from a creative agency I got to know over the last year who doesn't have in-house.

Really gives you a lot of good things to think about, and ensures that you're not forgetting anything.
Absolutely - I think especially when we're so close to the business we don't think about this on a daily basis. If you can move the needle on these metrics even a few percent a month you're much more likely to have a successful operation.
 

Appdeveloper

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It completely depends on the type of customers you're seeking and the type of software/apps you're building. I found the best way in was just getting out there and networking/meeting people and calling on them. Starting small and working your way up. Getting in with agencies can be good - I get a huge amount of new software dev business from a creative agency I got to know over the last year who doesn't have in-house.
Creative agency, you mean marketing agencies?
 

TreyAllDay

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Hello all. I'm new here. How do I get on this call on 1/9/20?

Yes marketing agencies - they are great because they have access to a large # of clients typically.

You must be an INSIDERS to listen in
 

njerseycraig

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Awesome job getting to this point Trey, looking forward to the call.

Would love to hear details on how you identified the key pain points & what your process was in validating the ideas (if you spoke to people in your company while you were employed there/decision maker & users in the industry in general).

Also interested in hearing how long you held your job while working on this idea on the side & when you decided to make the leap to full time.
 

Robert Obniski

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Hmm, interesting..

My Fast Lane "flame" has sparked again the past few weeks after I convinced a buddy to read it and he loved it. We got our creative juices flowing.

The past few days I've been non-stop thinking about old letter menu boards vs new digital screens. Im a fan of History as well as the Future and with Fast Lane on my mind, Im looking at everything in that perspective.

I ended up returning to this forum after months, maybe a year of no interest. Decided to click your thread. And sure as shit - one of your methods is exactly what Ive been thinking about. Mind=Blown.

I have my own personal view on "why" things happen but all I can tell you is this..

This thread and your call happening tomorrow, is the reason I am joining the Fast Lane INSIDERS and your call will be the first one I will ever listen to. I don't know what to expect but I'm eager to hear about what you have done so far.

Exciting stuff for all of us. Looking forward to hearing what you have to say.
 
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TreyAllDay

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Hmm, interesting..

My Fast Lane "flame" has sparked again the past few weeks after I convinced a buddy to read it and he loved it. We got our creative juices flowing.

The past few days I've been non-stop thinking about old letter menu boards vs new digital screens. Im a fan of History as well as the Future and with Fast Lane on my mind, Im looking at everything in that perspective.

I ended up returning to this forum after months, maybe a year of no interest. Decided to click your thread. And sure as shit - one of your methods is exactly what Ive been thinking about. Mind=Blown.

I have my own personal view on "why" things happen but all I can tell you is this..

This thread and your call happening tomorrow, is the reason I am joining the Fast Lane INSIDERS and your call will be the first one I will ever listen to. I don't know what to expect but I'm eager to hear about what you have done so far.

Exciting stuff for all of us. Looking forward to hearing what you have to say.

Glad to hear this helped! Hope to have you on the call tomorrow will talk a lot about this!
 

MJ DeMarco

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What time is the call today? and Will I be able to go back and listen to it later if Im not available for the entire call?

Starts tonight at 6pm AZ time, which is 1 hour 15 min from now. Call will be recorded and archived on the INSIDERS forum if any INSIDERS cannot be on the call.
 
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Lenin

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Update and a GIFT to my fellow Forum Members

Evaluating your business (CENTS) isn't an event, it's a process.

Even after you determine a business is, or can be "fastlane", and decide to launch - you need to revisit your business as often as necessary to ensure you're still on track. You WILL:

  • Learn new information that is relevant to the validity of your business.
  • Hit new brick walls, which you will. Nobody knows everything at the outset.
  • Stray from the plan, which happens from just being human.
A good example/story:
In the initial years, I had evaluated my software business as strong in the area of "control" because I wrote the software and sold it under my own website, not relying on amazon or you tube for a channel to advertise or sell.
However.... the popular hosting company that we kept the software on began throttling user speed as we grew and even outright went down at random hours of the day.
I quickly learned that I was NOT in control of the delivery of the service - a core part of my product, something I had no way of knowing at the beginning.
I had to learn a new skill from scratch:
How to create my own cloud server (using amazon/linode) writing linux command line. This increased my control, although I still evaluate it as being a slight risk that needs to be improved on.

Complying with CENTS is not a set it and forget it, it's a scale that moves up and down constantly as you progress.

How Do I Keep My Business Heading In The Right Direction?
Every single quarter I do an evaluation on my business in 22 KEY areas, compile it into a report, and then set goals in the areas I need to improve.

I have made this tool available to my fellow forum members for free on our app server.
https://app.engynn.com/evaluation/

An example of what mine may look like is attached. I'll speak more to this on my call with @MJ DeMarco next month.

What I'd Love To Hear More Of From Others:
What are some areas of your business you initially thought aligned well with CENTS, what happened that made you realize you were wrong, and how did you fix it?
32866
 

GravyBoat

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Update and a GIFT to my fellow Forum Members

Evaluating your business (CENTS) isn't an event, it's a process.

Even after you determine a business is, or can be "fastlane", and decide to launch - you need to revisit your business as often as necessary to ensure you're still on track. You WILL:

  • Learn new information that is relevant to the validity of your business.
  • Hit new brick walls, which you will. Nobody knows everything at the outset.
  • Stray from the plan, which happens from just being human.
A good example/story:
In the initial years, I had evaluated my software business as strong in the area of "control" because I wrote the software and sold it under my own website, not relying on amazon or you tube for a channel to advertise or sell.
However.... the popular hosting company that we kept the software on began throttling user speed as we grew and even outright went down at random hours of the day.
I quickly learned that I was NOT in control of the delivery of the service - a core part of my product, something I had no way of knowing at the beginning.
I had to learn a new skill from scratch:
How to create my own cloud server (using amazon/linode) writing linux command line. This increased my control, although I still evaluate it as being a slight risk that needs to be improved on.

Complying with CENTS is not a set it and forget it, it's a scale that moves up and down constantly as you progress.

How Do I Keep My Business Heading In The Right Direction?
Every single quarter I do an evaluation on my business in 22 KEY areas, compile it into a report, and then set goals in the areas I need to improve.

I have made this tool available to my fellow forum members for free on our app server.
https://app.engynn.com/evaluation/

An example of what mine may look like is attached. I'll speak more to this on my call with @MJ DeMarco next month.

What I'd Love To Hear More Of From Others:
What are some areas of your business you initially thought aligned well with CENTS, what happened that made you realize you were wrong, and how did you fix it?

Damn man this is a great tool and got me thinking about alot of stuff today. Props to you for that. Hope it stays up for future use.
 

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