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EXECUTION My first fastlane business

Discussion in 'Progress/Execution Threads' started by missNB, Jul 14, 2018 at 2:21 AM.

  1. missNB
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    missNB New Contributor

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    i just joined the forum, wrote an introduction and was encouraged by @Akeem to create a separate thread for my business idea.

    I would love all your input and sage advise as I embark on what I hope to be my first ever fastlane business adventure.

    This will be my update and execution thread, and right this moment, I'm at the idea research/development stage.

    A short back story
    I finished TMFL and was halfway into unscripted when my sister finally called me back. I had been trying to reach her for a while, knowing that she just lost her job when the company she worked for went bankrupt, and I wanted to make sure she was ok.

    Fast forward to the job convo, I asked her some questions about where she wanted to go next, and we spoke briefly about her desiring to start a business, but not being sure on what kind. I recommended TMFL and we ended the talk.

    Me, being an idea generator on speed, I texted her a few hours later that I had a business she could do with me if interested.
    I haven't actually told her about the business yet, as when she asked me about it, I told her to read TMFL and I would tell her about it when she's back from her trip. She comes home today!

    Now, I know to be careful with partnerships and I've never had any interest in mixing family and business before, but the more I thought about it, the more I liked it for this particular idea.

    Truth be told, I have had two additional ideas since reading the book, so a total of three potential business ideas as of right now.

    My first idea was a import/e-commerce in a very narrow, but huge niche. I still like a lot of things about this idea, but it has no proprietary elements, even though there is virtually no/poorly executed competition. I would like some proprietary element if I move forward with this business,in addition to having to test the market for productocracy AND it's not keeping me up at night with enthusiasm. It's simply just a particular product solving a huge need.

    My second idea is a product manufacturing business that stems from my own and others dissatisfaction with current solutions. It is a huge market, but also a lot of very big players and the business require a lot of start-up capital. The biggest obstacle with this idea for the moment is even if I get funding and raise capital, it violates the non-compete in my job, and I still have things to learn and do there.

    So the third idea is the one I came up with wanting to help my sister out. It's basically an e-commerce that fulfills a particular service need. My sister is a great fit to this one, and I'm so into it, I can't even sleep. There are a lot of possibilities to create added value in this one, and therefore I'm less worried about not having proprietary elements.

    What's next...

    Obviously I'm telling my sister about the idea and checking if she's into it and what a partnership might look like. I know she, like me, is not a big fan of working with family, so she might very well turn it down.

    After I get her feedback, I need to decide which idea to execute.

    For the moment the last one is the one I get most excited about now, but I'm still keeping the first one as an option as well. The import/e-commerce one fits my expertise the best and I'm probably more comfortable with that niche, while the e-commerce/service one fits my sister better based on interests and market knowledge, but both have potential.

    So, until next time, I don't actually have a fastlane business yet, but rather ideas that could be turned into one (with some hard work and a bit of luck).

    Stoked to see where this takes me, and thanks for creating a forum for us madpreneurs.
     
  2. missNB
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    missNB New Contributor

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    Confession...
    I might be a little koko!
    I don't know about the rest of you, but when I get hung up on something, I need to get going...like right away! I realize my impatience and enthusiasm might be a bit much for others to handle, and that most people like to think and process stuff for days, or maybe even weeks, but that drives me crazy!

    So I learned a long time ago... never wait for anyone, start creating!:hilarious:
    I seriously think waiting for others is the best way to kill my mojo, my creativity and my progress, so koko or not, I'm not doing that anymore.

    Another thing I have learned the hard way, is to not share with everyone under the sun. I used to be the type to enthusiastically share my ideas and plans with everyone, if they asked me "how is it going?", but that's a recipe for disaster.
    I'm not so worried anyone will steal my concepts (cause really, most people aren't going to take action even if they wanted to, right?), but it's the dark clouds they freely share containing the it's-not-gonna-work and it's-very-risky and what-if you-don't-make-it, spoken or unspoken, that tilts my focus.
    So I'm happy to be able to share my enthusiasm in here, with people who obviously have a more possibility-type mentality.

    Okay, enough rant, here's what happened since yesterday.

    I didn't feel like waiting for my sis to get back to me on my idea, and decided to go ahead and just start. As of right now, I might be doing the whole thing solo, or she will join later, we shall see.
    Anyway, I decided to get going with exploring the e-commerce/service idea, and made a to do list...

    To do's:
    1. Research and define customer group/ideal customer
    2. Recruit focus group
    3. Research logistics
    4. Research payment solutions and customer preferences
    5. Clarify functionality needs for website and different supliers
    Progress:
    1. Customer research. I dove into some statistics on e-commerce revenues and sales in my market, and defined some parameters for my ideal customers. I will be targeting men, aged 30-60, in relationship or married, with college education.
    2. Focus group. Based on my customer research, I managed to define a focus group for product selection. I'm not going to post too many specifics about that, but they will help me make sure the product parts of my business is up to par. I will likely recruit through friends, or use social media. I don't need a huge focus group, so 10-20 persons should be sufficient to start.
    3. Website functions. Defined the most important website features I need for my business, and started looking into what solutions are available. I am currently just checking out shopify and magento. I don't want to get too hung up on every possible feature I might want in the future, but rather cover what I know I will need, and what I know I might need in the future and leave it at that. Getting everything up and running to get that first sale, has priority over detail and perfection right now. I also tend to get too detail oriented if I start to look into every possible cool-to-have function and getting everything to run smooth together, so I'm skipping that right now. I have previously only used wordpress, but want to check out if one of the other options has a ready-to-go solution without having to work with too many plugins and stuff.
    For the moment I need:
    1. webshop obviously
    2. simple check-out, preferably one-click option
    3. Options for the most popular paymentintegrations
    4. Simple CRM for managing reminders and suggestions
    5. E-mail options from store
    6. Blog
    7. Social media integration
    8. Logistics integrations and easy management
    9. Flexible customer data collection and registation
    10. language options if I want to extend my market in the future without too much hazzle.
    Anything I forgot?
    If anyone have great suggestions, please share!

    I'll be having a chat with my sister and get some clarity if this is a partnership biz or not, in the next few days and keep working my to do list. :p
     

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