Just had an amazing idea Now What?

[Rem]

Smoke more weed to find out the next steps. Let us know!!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jon.a]

This could mean anything. I would use it in the context that I just finished a 10 mile run in 105 degree weather. I believe that this term could be used after a hard day at work or had a little too much party material. Or, even that he was placed in a pan with brownie mix.

Seeing as he has Australia listed as where he lives, it could mean anything....

I was thinking something else was in the brownie mix.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[James Thornton]

Step 2. Don't forget to bring a towel!

I have no idea what's going on...

(if no one gets that joke, I am on the correct forum)

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Silverhawk851]

Sorry if this seems rambled I am quite baked right now and feel as if I have had the ephiany of a lifetime

 

[Tyler Ellison]

So I've seen the topic of affiliate marketing mentioned several times here by reputable members and while I had a brief look at Amazon's affiliate program. I was hoping you guy's could tell me a bit about your experience with affiliate marketing if any. I had looked at Amazon's service and read the threads related to it, but the commission's seems quite low with the average being around a 4-5% return. Is this normal? and does affiliate marketing prevent you from scaling any of the 3 aspects mentioned in TMF at all? My first inclination was that you can't adjust your prices is this correct?

1) I would never sell anything for a commission so low as 4-7% (amazon's) unless it was basically no cost to run. As an affiliate, I can't bring myself to spend my time and money to promote a product for 4% when there are so many other products that pay over 50%.

2) I've generated about $500,000 in affiliate commissions this year. If that doesn't make me qualified to give advice on affiliate marketing in anybody's eyes here, just ignore the rest of this post.

3) Affiliate marketing on the internet actually means you have to be an excellent direct-response copywriter. A lot of people get sucked into affiliate marketing because it looks like easy money, but the truth is most folks don't have a clue on how to do advertising that converts to leads and sales and they lose time & money. The first skill you need to be a good affiliate marketer is become skilled at direct-response copywriting. There are many threads on forum here ( https://www.thefastlaneforum.com/community/forums/sales-marketing-copywriting-social-media.79/ ) about that including the Gary Halbert challenge ( https://www.thefastlaneforum.com/co...ert-30-day-challenge-copywriting-group.50217/ )

4) There are technical skills needed. You can't just direct link to affiliate offers because every traffic source online is already onto that. You need to be able to setup your own landing pages to send the traffic to. You don't learn that in a day, but there are some automation tools to help. Unless you can pay a developer to do this for you, this means more learning and time spent without $ money made. It's an investment in yourself to learn these things.

5) Nobody's offer lasts forever, and one of my biggest problems is that the good offers I run 'cap out' or don't allow additional inventory to be sold. That means the merchant won't allow the product to be sold anymore and that can wipe out a spectacular campaign. So, I have to constantly be testing different offers in and out of the chute so that I always promote the best converting offers and so that I always have other offers to promote if my #1 runs out. But as long as there are good converting offers to plugin to your advertising, you can scale to as high as your traffic source allows.

If you choose to be an affiliate, you still don't own a business and that's MJ's point in TMF . You are essentially a mercenary, because there aren't many assets generated when you send all your ads to somebody else's stuff. You provide a service for as long as the merchant wants you to go out and do the hard work of advertising his stuff profitably. If that's what you're good at, then you can be very well paid. The most you can do is build an email prospect list and remarketing lists with pixels - those are essentially the only business assets you can build as an affiliate. You don't actually have buyers, your client is the merchant.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Hackdroot]

IMO....

Hey guy's

I have not really had an idea of what I could possibly do until just now, I have just seen a product I know I could make way cheaper then the only competition but I am unsure now how to proceed. I have no experience with the invention / manufacturing process or even running a business this would be my first start-up.

Learn. Research whether or not there is an existing patent involved and if it's even applicable or enforceable in your country. There's plenty of online resources that can give you the answers you need.

My other main concern is in order to make the concept work I would have to produce a product of similar design to the competition, so would there be any legal issues with that? The competition is a foreign company based in Italy.

You need to either consult with an intellectual property or patent attorney, or if you can't afford that, do your own research. Don't disclose your idea without having them sign an NDA, speak in hypothetical terms. Plus you don't really NEED to produce anything. You could file a patent on an improved design/process and license it to the existing manufacturer. (read "One Simple Idea" by Stephen Key, or watch some of his youtube videos)

Sorry if this seems rambled I am quite baked right now and feel as if I have had the ephiany of a lifetime as all the shit i've read on here and in TMF has just CLICKED.

Stop doing that. Do you want to be stoned or successful. Plenty of time for you to get baked when you retire.

 

[SteveO]

@SteveO does "baked' mean what I think it does?

This could mean anything. I would use it in the context that I just finished a 10 mile run in 105 degree weather. I believe that this term could be used after a hard day at work or had a little too much party material. Or, even that he was placed in a pan with brownie mix.

Seeing as he has Australia listed as where he lives, it could mean anything....

 

[Dwight Schrute]

I understood the reference. Doesn't mean you're on the wrong forum.

I got that joke too. Maybe we're wrong here?

***EDIT** I apologise for mentioning I was 'baked' if it offended anyone. I use the product as I occasionally have bouts of anxiety, and while it is still an illicit substance in Australia the laws in the state where I live are quite lax.

Relax dude!

Really, read One Simple Idea.
No need to raise money on kickstarter, or build a big factory from ground up.
You can offer a company a way to save them lots of money, and they'll gladly pay for it.

 

[Mr.B]

Ok so after spending the day looking at options for this product as well as reading reviews about the compititons product I have come to the conclusion that this product while very cool doesn't really serve a 'Need', now this maybe just because I have yet to see / find a need that this product could fill but for the moment it appears to be more of a cool gimmick.

Good to figure that out now rather than later! The fact those other companies weren't able to get enough funding on kickstarter suggests that there might not be much demand for this product.

Also...

I have just seen a product I know I could make way cheaper then the only competition but I am unsure now how to proceed. I have no experience with the invention / manufacturing process or even running a business this would be my first start-up.

How do you know that you could make it way cheaper when you have no experience with invention/manufacturing etc.?

 

[SmoothFranko]

The strength of your idea - explain your idea so simple that even the 'dumbest' can understand it and follow you. (in my case my girlfriend )
- Rentabilityprofile - can you make a Money tree out of this or will it suck the life and Money out of you.
- No excuses - with time there will be newborn competitors small, big and strong... and so what keep on going.
- Make up your mind - sometimes you might be doubtful as I see on your earlier posts and sometimes you wont. This is nature. Don't give up.
- Independence no matter what.

Thanks man I appreciate you sharing your own experience with me, but I am more inclined to agree with Mr.B.

Good to figure that out now rather than later! The fact those other companies weren't able to get enough funding on kickstarter suggests that there might not be much demand for this product.

And the more i've thought about it the more I think the idea was a surge of 'I CAN MAKE MONEY!!!' instead of thinking about a way I could fill a need with this product.

-Shannon

 

[JustinBoshans]

Step 2. Don't forget to bring a towel!

I have no idea what's going on...

(if no one gets that joke, I am on the correct forum)

I understood the reference. Doesn't mean you're on the wrong forum.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Guest3722A]

The chronic bubonic is awesome for creativity, provided you're using the right strains. The trick though is once you find an idea that plays out when you're not roasted, and you find there's actually a solid flow of customer interest for it, YOU NEED TO PUT IT DOWN AND CLEAR YOUR HEAD in order to stay sharp throughout the process phase which requires a TON of focused time and energy.

 

[jon.a]

So I've seen the topic of affiliate marketing mentioned several times here by reputable members and while I had a brief look at Amazon's affiliate program. I was hoping you guy's could tell me a bit about your experience with affiliate marketing if any. I had looked at Amazon's service and read the threads related to it, but the commission's seems quite low with the average being around a 4-5% return. Is this normal? and does affiliate marketing prevent you from scaling any of the 3 aspects mentioned in TMF at all? My first inclination was that you can't adjust your prices is this correct?

@SmoothFranko PM'd me this question and I told him to ask it in public here so others could benefit and so he could get feedback from more than just me.

I'm not the best one to ask. My affiliate experience was not very successful and it has been many years ago, so I'm not current.

I agree with @MJ DeMarco that AM is not a very good use of one's time. And, basically just another form of a job. However, I disagree with the level of evil that some forum members have labeled it as.

We have a couple of AM'ers that claim to be making good money. I can buy into that as long as it's being used as a path to something "better."

Your question though seems to from the perspective of a vendor. That is an entirely different fish. AM for a vendor is just another channel from which to sell through. A potentially messy one though. There's a huge affiliate management issue and a myriad of ways to get ripped off by affiliates. Actually, for a while I consulted between Out Sourced Program Managers (OPM's) and vendors bringing them together for a commission. But, that was also several years ago. So, no AMA by me, as again I'm not current.

So, the man has asked his question let's see how many can help without being jerks.

 

[SmoothFranko]

I have so far come up with an idea on how I can make the product cheaper then my competition and tracked down a kick starter which had done something with the same principle but a simpler design. I had thought about contacting the guy that put up the kickstarter about possibly teaming up as he appeared to not have been doing the kick starter for entrepanuraly purposes.

***EDIT** I apologise for mentioning I was 'baked' if it offended anyone. I use the product as I occasionally have bouts of anxiety, and while it is still an illicit substance in Australia the laws in the state where I live are quite lax.

 

[SmoothFranko]

I have looked at WIPO (World Intellectual Property Organisation) and the European Patent Office, and so far have not found any ongoing patents related to the design or the tech. It also looks like the only other company looking at this had a kick starter for US production of the product that failed to be funded in 2013.

**EDIT** Looks like they tried to relaunch there funding campaign on INDIGOGO in 2014 which also failed.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[James Thornton]

I understood the reference. Doesn't mean you're on the wrong forum.

Haha I meant 2 things by that:

- This forum a such a better use of time than the many hilarious time-waster websites I avoid at all costs.

- If not many people get the reference, I'm probably amongst more experienced entrepreneurs that I can really learn from.

 

[SmoothFranko]

Ok so after spending the day looking at options for this product as well as reading reviews about the compititons product I have come to the conclusion that this product while very cool doesn't really serve a 'Need', now this maybe just because I have yet to see / find a need that this product could fill but for the moment it appears to be more of a cool gimmick.

Its more or less something you could expect to find at a hobby store or the same sort of store you would find rubix cubes, telescopes, glow in the dark stickers, slinky's ect...

 

[marcuzgabriel]

- The strength of your idea - explain your idea so simple that even the 'dumbest' can understand it and follow you. (in my case my girlfriend )
- Rentabilityprofile - can you make a Money tree out of this or will it suck the life and Money out of you.
- No excuses - with time there will be newborn competitors small, big and strong... and so what keep on going.
- Make up your mind - sometimes you might be doubtful as I see on your earlier posts and sometimes you wont. This is nature. Don't give up.
- Independence no matter what.

With my idea I used 15000 € within a couple of weeks due to the excitement taking over my rational thoughts. EF name registration, bought my company, bought lawers to fix things quicker for me etc. I started last february 2014 and until now I have made 0€ profit on this product. I had partner troubles and now I have 'copycats', big and small competitors. And so what... My biggest challenge was my mindset: What if...

I only had the opportunity to develop and learn these 5 points above and so many more with my eyes closed due to my investement for more than a year ago. Thanks to this Investment I change my road as you should to.

My mindset has never been clearer my product will kick a$$. Don't give up just do it.

Hope it helps a bit. Remember this is from a personal perspective and not a general.

/Marcuz

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[jon.a]

And the more i've thought about it the more I think the idea was a surge of 'I CAN MAKE MONEY!!!' instead of thinking about a way I could fill a need with this product.

-Shannon

Very good.

 

[Tyler Ellison]

@Tyler Ellison Thank you very much this is some great advice for anyone looking into that area. In your opinion would affiliate marketing be considered a good side venture as an alternative passive income or is it something you need to commit to?

I'd say it depends on what your current skills are. If you're already technical enough to quickly setup landing pages and know enough about advertising that it doesn't take much time to do, then it works fine as a side venture. The idea of it being 'passive income' is a bit of a myth. Campaigns can run without additional work for quite a while, but they all die. Your stuff is going to be seen, complained about, copied, etc.

It can payoff big in that you set things up once, they scale up, and you make big $$. But something always happens to kill it. It still requires consistent action-taking and constant optimization. To be really successful with it you have to commit fully, and long-term it's best to consider it a means to an end. A way to get freedom to build a business you completely control and can leverage better than any affiliate marketing permits.

 

[BellaPippin]

Step 2. Don't forget to bring a towel!

I have no idea what's going on...

(if no one gets that joke, I am on the correct forum)

Don't panic

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[SmoothFranko]

Hey guy's

I have not really had an idea of what I could possibly do until just now, I have just seen a product I know I could make way cheaper then the only competition but I am unsure now how to proceed. I have no experience with the invention / manufacturing process or even running a business this would be my first start-up.
My other main concern is in order to make the concept work I would have to produce a product of similar design to the competition, so would there be any legal issues with that? The competition is a foreign company based in Italy.

Sorry if this seems rambled I am quite baked right now and feel as if I have had the ephiany of a lifetime as all the shit i've read on here and in TMF has just CLICKED.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Kung Fu Steve]

Whatever you do DON'T SHARE YOUR IDEA! Everyone in the world will steal it so be sure to be as vague as possible if you want the best advice...

Sorry if this seems rambled I am quite baked right now and feel as if I have had the ephiany of a lifetime as all the shit i've read on here and in TMF has just CLICKED.

Bwahahahahaha... buddy... seriously?

 

[jon.a]

@SteveO does "baked' mean what I think it does?

 

[Arrivederci]

One Simple Idea - Stephen Key

 

[crockbar]

Hey guy's

I have not really had an idea of what I could possibly do until just now, I have just seen a product I know I could make way cheaper then the only competition but I am unsure now how to proceed. I have no experience with the invention / manufacturing process or even running a business this would be my first start-up.
My other main concern is in order to make the concept work I would have to produce a product of similar design to the competition, so would there be any legal issues with that? The competition is a foreign company based in Italy.

Sorry if this seems rambled I am quite baked right now and feel as if I have had the ephiany of a lifetime as all the shit i've read on here and in TMF has just CLICKED.

Maybe you should think about your idea again when your not baked and see if it is still a really good idea

If it is than I can give you some pointers...

 

[SmoothFranko]

Maybe you should think about your idea again when your not baked and see if it is still a really good idea

If it is than I can give you some pointers...

I did exactly that I decided that I needed to sleep on the idea.

One Simple Idea - Stephen Key

Thank you I will definitely give that a look

Learn. Research whether or not there is an existing patent involved and if it's even applicable or enforceable in your country. There's plenty of online resources that can give you the answers you need.

Thank you Hackdroot, I am looking into as I type this.

 

[SmoothFranko]

The chronic bubonic is awesome for creativity, provided you're using the right strains.

I agree with you 100% especially the day after I feel inspired and creative.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[GreatestManEver]

1 - Using weed over time damages your mind, stop using weed, the mind is the most delicate and useful things you have. There are better things in life that work better then weed, like working out, meditation, sex, and a whole bunch of other stuff.
2 - Don't ever tell people you use weed in the business world, especially if you put your picture in your profile, the internet is forever, look at how people are using Trumps tweets from any years ago, to go after him.
3 - Is there really a need for this in the market.
4 - Check patents.
5 - execute better.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Guest3722A]

http://www.amazon.com/dp/B00KE2HX6S/?tag=tff-amazonparser-20
http://www.networkworld.com/article...ndulged-in-marijuana-and-his-1975-arrest.html