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INTRO I'm Going Back To School!

Calvin F.

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Oct 20, 2019
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Hey guys,

Been lurking for a while and I thought I would finally make an account.

My entire life I have wanted to be a business owner of some sort. However books like the millionaire fastlane are what have triggered me to take more action in my own life. At 20 years old, I have had three business attempts.

The first one failed because it was too high a barrier of entry for me to financially compete on a large scale. The second idea failed because I didn't make any sales (bad product nobody wanted) and could not afford to keep it running. The third one failed because it was in a certain craft (working with my hands) and I was just terrible at it. I was making a small profit. But I made more at my day job and the length of time it would taken to become good versus the profit margin and non-recurring revenue made it not worth it. So I quit.

The truth about young entrepreneurship hit me hard these last 3 years. Without a job/career that pays you decent money, you are severely limited in your choice of entrepreneurial ventures. Let me explain....

I keep a journal in my room with a list of all my business ideas.

All of the really good ones will take me at LEAST $10K to start. But when I'm making $15 an hour, that $10k can take time to save up. When I failed idea #2, it hurt immensely for me to realize that I had wasted half a year of my life working to build something nobody had actually wanted.

If I had a better paying day job it would provide me with a BETTER, MORE STABLE INCOME to support my business ventures. If it takes only 2-3 months to save $10k versus my 6 months, I will have much more money to risk. And feel less pain if I lose.

It's for this reason why I am going back to trade school for plumbing and have recently began working as a helper. I am going to take a hiatus from pursuing any ideas until I get my savings back up. For now, just going to keep reading until I figure something out.
 

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Vairavan

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Wow. I'm also in your exact situation.

But instead of going back to school, I decided to do freelancing.

Why can't you do that? You can make more money freelancing than plumbing.
 

Lex DeVille

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Wow. I'm also in your exact situation.

But instead of going back to school, I decided to do freelancing.

Why can't you do that? You can make more money freelancing than plumbing.
Some people will, but TBH, plumbing is probably the better option. Plumbers earn fair salaries and learn a useful trade that can be turned into a Fastlane business. Plus OP already has a position working in the field as a helper.

Freelance is inconsistent for most. One month there's income, the next there's not. Income is based largely on how in-demand your skill is as well as the your ability to sell yourself, and a bit of luck in finding clients.

Having trained thousands of freelancers, it takes most people 3-6 months to earn anything, and 6 months to a year to get up to levels that match a traditional 9-5 at minimum wage. Considering OP's age and experience level, this is likely to prove true for him.

Since he already has a position with plumbing he can start earning now and will be at middle-class income levels shortly. Training for plumbers takes a short time and there is considerably less competition for jobs, especially for those with a Fastlane mindset.

OP search at @IceCreamKid's thread on his service business and you can see what he accomplished with carpet cleaning. The same could be done with plumbing.

The first one failed because it was too high a barrier of entry for me to financially compete on a large scale. The second idea failed because I didn't make any sales (bad product nobody wanted) and could not afford to keep it running. The third one failed because it was in a certain craft (working with my hands) and I was just terrible at it. I was making a small profit. But I made more at my day job and the length of time it would taken to become good versus the profit margin and non-recurring revenue made it not worth it. So I quit.
Although I agree with learning plumbing, there is something you should be aware of. All of these did not fail for the reasons listed. They failed because you quit. Plumbing seems like a sure thing, but it will fail you too if you get halfway through and quit.

Welcome to the forum OP!
 

Primeperiwinkle

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+++rep to Andy Black.

Hey OP? FWIW, I’m proud of you for facing reality and taking action to better prepare yourself for the future. It sounds like you’re making your decisions from a really mature place while not giving up on your main goal - entrepreneurial pursuits. Be faithful in the little things dude. I have a feeling you’re going to help the entire plumbing industry but maybe the Universe is tryna teach you how to be humble and diligent w/ what’s right in front of you, first.
 

Andy Black

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+++rep to Andy Black.

Hey OP? FWIW, I’m proud of you for facing reality and taking action to better prepare yourself for the future. It sounds like you’re making your decisions from a really mature place while not giving up on your main goal - entrepreneurial pursuits. Be faithful in the little things dude. I have a feeling you’re going to help the entire plumbing industry but maybe the Universe is tryna teach you how to be humble and diligent w/ what’s right in front of you, first.
I presume you meant @Lex DeVille ?

(It’s so cool I get kudos for Lex posting.)
 

MitchM

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I think the worst part about needing money when you’re trying to start a business is not that it costs a lot of money to start one (it rarely does and there are many ways to pull funds together), but the fact that it puts you in a survival mentality.

It’s highly unlikely that you’ll feel creative and productive when you’re worried about food and rent. For that reason I feel that you’re right about this decision.

I want to emphasize that starting with money really isn’t going to be the solution to starting a great business though. You can’t pour gas on a wet napkin and expect a fire.

The next product I’m launching will cost a lot to compete, so if I’m going to succeed I need to run a successful kickstarter.

If I fail to raise enough money, that doesn’t mean I was priced out. That just means that either I didn’t execute well enough or the product wasn’t valuable.

Call it semantics, but that’s the way I think of it in most cases.
 
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Calvin F.

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Oct 20, 2019
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Wow. I'm also in your exact situation.

But instead of going back to school, I decided to do freelancing.

Why can't you do that? You can make more money freelancing than plumbing.
With plumbing, I can EVENTUALLY do sidework/start a business. Lots of overtime also helps out a lot. Or I could even just try to join a union. Union guys easily hit 6 figures with overtime. One would probably have to make $80hr freelancing to compete with union wages and the benefits package.

I knew a union guy who traveled jobsite to jobsite only working 8 months out of the year. And then spent all the money on women and beer the other 4 months.
 

MitchM

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With plumbing, I can EVENTUALLY do sidework/start a business. Lots of overtime also helps out a lot. Or I could even just try to join a union. Union guys easily hit 6 figures with overtime. One would probably have to make $80hr freelancing to compete with union wages and the benefits package.

I knew a union guy who traveled jobsite to jobsite only working 8 months out of the year. And then spent all the money on women and beer the other 4 months.
There’s also summer door to door sales.

I know it sounds like bullshit but one of my friends just did 80k in his second summer knocking doors.

That’s like 3-4 months of work. Of course, results vary based on effort and skill... but I think summer sales is one of the most viable ways for Fastlaners to open up the headspace and time they need to open up a business.

Maybe I’ll have him take over my account one day and start a thread about it. He’s now working on a business in his off time.
 

MJ DeMarco

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why I am going back to trade school for plumbing and have recently began working as a helper.
Actually not a bad plan. The trades, because of their lack of appeal to younger folks, is starting to morph into Fastlane potential. Nothing wrong with using a job as a means to an end, especially a specialized skill.
 
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Calvin F.

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Oct 20, 2019
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Although I agree with learning plumbing, there is something you should be aware of. All of these did not fail for the reasons listed. They failed because you quit. Plumbing seems like a sure thing, but it will fail you too if you get halfway through and quit.

I definitely agree that I quit. I am also happy that I quit #1 and #3 for the exact reasons I listed. Although with #2, maybe there is another way of tweaking the product. Making it more marketable. I regret leaving that one.

With #2 I had credit card debt and zero in my bank account and got into a car accident. I guess you could say I burned out.

A service/trade is the easiest way for me to improve my standard of living. Especially after getting kicked out again. Eating is my main focus. Can't really run out of money with a service. I would only need tools/supplies which I already have. Then there is the skill set.

Yesterday I read some of the threads you recommended and I appreciate all of the advice. If someone bounces around with multiple different ventures in such a short span of time, they should not be surprised if they have not achieved anything significant.

Thank you.
 

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Calvin F.

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Oct 20, 2019
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The next product I’m launching will cost a lot to compete, so if I’m going to succeed I need to run a successful kickstarter.

If I fail to raise enough money, that doesn’t mean I was priced out. That just means that either I didn’t execute well enough or the product wasn’t valuable.
Maybe this is part of my problem. If I run into issues with scaling, I need to be able to admit I can't do it all on my own. And then as you said, look for alternative ways to find a solution

I know it sounds like bullshit but one of my friends just did 80k in his second summer knocking doors.
That's almost too good to be true. That said, it probably wasn't easy. What could he have sold knocking on doors that people needed THAT much?
 

MitchM

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Maybe this is part of my problem. If I run into issues with scaling, I need to be able to admit I can't do it all on my own. And then as you said, look for alternative ways to find a solution



That's almost too good to be true. That said, it probably wasn't easy. What could he have sold knocking on doors that people needed THAT much?
He sold pest control and he’s also done a summer selling security with Vivint
 

Rabby

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Plumbing sounds like a good idea. Plumbers in the US are like 60+ years old on average... the kids are all trying to be managers or financial advisors or something. So, let them compete for 401k rollovers, and you save up some money.
 

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