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Progress Thread Jumping in

Discussion in 'Progress/Execution Threads' started by Andy Daniels, Sep 13, 2017.

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  1. Andy Daniels
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    Andy Daniels Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    My hands are shaking, my heart is racing, and my mind is going at 100MPH. That's how I know it's getting real. The fear of the unknown, the sleepless nights. The time is upon me.

    To summarize: I've found a definitive need in the construction industry, and will be creating a mobile application to make certain processes more convenient. I've been validating the idea among trade workers and contractors, all of whom said they would use it in a heartbeat. Feels good! At this point I'm not ready to disclose specifics on the app, as the project is in its adolescence. But now the real work begins...

    I quit my job. I need to give 100% to this thing.

    I scheduled a meeting with a development team on Monday morning, I'm going to present my business outline and design flowcharts. I need to prove to them that my idea will add value (it definitely will) and that it can make money in the long run. I've been selling shit I don't need trying to get enough money to bootstrap this thing, the last thing I want to do is give away equity ownership before I even know it's full potential.

    Things I need to figure out:
    1. Paying the development team. I prefer to bootstrap it over giving equity, so I'm doing what I can to scrounge every cent.
    2. Marketing plan. You can have the best product in the world, but if nobody hears about it, what's the point? I need to figure out how branding and my USP will integrate into marketing.
    3. Timeline/Goals. This all hinges on the development team accepting my project and the work starting on time. I'll be sure to update you on this as it progresses.

    It's scary, but that's entrepreneurship for ya! I think @ZCP said it best: "You have to want it more than you want to breathe." And I really do. I'm doing whatever it takes.

    Thanks for reading! More updates to follow.
     
    Kingmaker and mo3 like this.
  2. Bdenner64
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    Bdenner64 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Sounds like you're headed in the right direction. Good luck brother!
    If you like that quote this may motivate you as well


    View: https://youtu.be/lsSC2vx7zFQ

    hmm, I just re-listened to this. Something I never noticed is at the very end he talks about not needing the money. Successful people do not chase the money, it is not what motivates them to be great.
     
    Last edited: Sep 13, 2017
  3. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    I'm not sure what this app is going to cost. If it's a lot, it might be worth seeing if you can get some pre-sales on the software. Some incentive to encourage some early revenue to come your way. Like managing your own Kickstarter.
     
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  4. Andy Daniels
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    Andy Daniels Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Alright, the meeting with the development team went well. They liked the idea, and were very receptive. The owner of the company had lots to say about starting a company, which was helpful. There was lots of talk on next steps, so I'll do my best to summarize.

    I need to get a features list to the developers so they can determine what the cost will be to code the app, separated into "critical" and "non-critical" app features. Once they determine how long it will take, they can also tell me how much it will cost.

    They estimated they would need to hire an additional 6-10 developers/coders to get this done in a year. That would equate to approximately $8,000/week in just payroll, which is WAY above my means. I have a financial planner friend who has a network of potential investors in his pocket, which may be helpful down the road.

    It's looking like I may have to draw up a formal proposal and take it to financiers to make it happen. This is a road I've never been down, and I can't wait to learn. As always, I appreciate any feedback or advice, or scolding, I welcome that too.
     
    Kingmaker likes this.