New member introduction.

[Peter2]

Hi everyone. My name is Peter, and I'm from Palm Beach, FL.

I have started three different companies in three different industries with total sales of nine figures. I retired about a year ago, while in my late 30's. I have come to the conclusion that retirement can be very boring, and I have decided to start another company in a yet to be determined industy. As always, I will have a 2-5 year exit strategy depending on the business.

Hopefully, I will be able to contribute to this site while making some new friends and contacts at the same time.

 

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[MJ DeMarco]

Welcome Peter and fellow Lambo owner! Its great to have you here.

Any ideas on the new business? Can you give an overview of your prior businesses (without endangering your personal privacy [retail? online? Service?). I know you mentioned that your last company had a gazillion employees.

Warning to all: Peter has a vast library of cat pictures that is sure to amuse.

 

[andviv]

Welcome

Welcome!!! I hope you enjoy the forums....

 

[ErikV10]

Congratulations on a very successful business of yours Peter2. You should hook me up with some of your companies.

I'm into Real Estate right now in which my parents just got me into.. I currently have a condo near UIC Chicago and I already have people who will live there for the school year.

I'm also looking to get into starting my online biz to make me some more money.

I'm not worth 9 figures yet, but hopefully.. will do my best.. to get there.

My family currently have a steel scaffolding business located in Philippines. Had some major companies that bought from us like Toshiba and Siemens.

 

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[Peter2]

Any ideas on the new business? Can you give an overview of your prior businesses (without endangering your personal privacy [retail? online? Service?). I know you mentioned that your last company had a gazillion employees.

Thanks for the welcome everyone. My businesses have all sold a product, and one of the businesses included servicing that product as well. The different products where sold mainly through a network of salespeople. One company was doing business in Florida only, and one had sales people in 49 states. I did not do business in Alaska. The third company sold the products via infomercials.

I had a lot of employees, because I have always believed in doing as much as I can in house. I handled all the direct mail, inluding printing in house. Of course I had a customer service department, accounting department, inbound and outbound phone department, shipping and warehouse, sales trainers, recruiters, managers, IT guys, payroll people, etc.

I don't know yet what kind of business I will start. I have around 150+ different ideas written down that I am currently looking in to. I always keep a recorder or pen and paper next to me at all times. You never know when you get a great idea. For me, it often happens while in bed, about to fall asleep.

 

[Luke12321]

welcome peter, glad to be able to discuss topics with people at your level of experience! Look forward to it very much! PS- I generate great thoughts right before I go to sleep as well which always make for an interesting day the next day!

 

[bflbob]

You never know when you get a great idea. For me, it often happens while in bed.

I have a lot of great ideas in bed too!
Unfortunately, my wife seldom lets them come to fruition.

 

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[Yankees338]

I have a lot of great ideas in bed too!
Unfortunately, my wife seldom lets them come to fruition.

HAHAHA...oh the dirty minds of those in the fast lane :nono:

 

[Antonio.]

I'm glad you made it over here Peter

 

[Rawr]

Great start for a thread too.

Peter, you mentioned having 150+ ideas written down. Very impressive! How do you then proceed to filter those, what are the steps to take to narrow it down to something viable that you'd be interested dedicating a lot of time to?

 

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[Jorge]

First of all: Welcome!

I too have doubts about how to filter the ideas. I also keep a list of all the ideas I have but then I don't know wich to develope and wich not to...

Cheers!

 

[Peter2]

Great start for a thread too.

Peter, you mentioned having 150+ ideas written down. Very impressive! How do you then proceed to filter those, what are the steps to take to narrow it down to something viable that you'd be interested dedicating a lot of time to?

I will let you know when I do it.

Basically, it will come down to a couple of different things that I would look at.

Is this something that is morally right?

Is there a market for this?

Will I enjoy doing this?

Is it easy to scale this business?

What are the profit margins?

These are just some of the things I will look at.

 

[Yankees338]

I will let you know when I do it.

Basically, it will come down to a couple of different things that I would look at.

Is this something that is morally right?

Is there a market for this?

Will I enjoy doing this?

Is it easy to scale this business?

What are the profit margins?

These are just some of the things I will look at.

What exactly do you mean by "is it easy to scale this business"? Something relating to growth I would assume?

 

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[Peter2]

What exactly do you mean by "is it easy to scale this business"? Something relating to growth I would assume?

Can I increase the revenue fast, without increasing my expenses too much so that I still stay profitable during the expansion.

 

[Yankees338]

Can I increase the revenue fast, without increasing my expenses too much so that I still stay profitable during the expansion.

Thanks. What types of factors are indications of being able to do this?

 

[Peter2]

Thanks. What types of factors are indications of being able to do this?

If you have to open manufacturing facilities and distribution centers for example, it would probably cost much more money than you profit from your business. It would take many years before you break even and start making a profit.

Lets say you have a car repair company, and you want to scale that business. It's not an easy thing to do since you have to open up new facilities, buy new equipment and tools and hire and train new people at every new location.

If you have a company that sells information on the internet, it's much easier to scale, since it will require mostly increased advertising.

 

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[Yankees338]

If you have to open manufacturing facilities and distribution centers for example, it would probably cost much more money than you profit from your business. It would take many years before you break even and start making a profit.

Lets say you have a car repair company, and you want to scale that business. It's not an easy thing to do since you have to open up new facilities, buy new equipment and tools and hire and train new people at every new location.

If you have a company that sells information on the internet, it's much easier to scale, since it will require mostly increased advertising.

Thanks for the explanation. Great info! Rep+++

Is this essentially the economies of scale of a particular business or industry? Sounds awfully similar to what we discuss when referring to economies of scale during my Economics class.

 

[djs13]

Wow Peter, you seem like a very successful man. I can only assume that retirement can get extremely boring. I think when most people say they "want to retire by age --," they actually mean they want to be financially free by that certain age and not neccessarily stop working or creating business ventures.

I too carry around a notebook with me. When I make an entry I write the date at the top and then I just ramble on with my ideas. Sometimes I write the goals that I have for this week and other times I write goals that I have for the coming months. Before I carried around a notebook I came up with ideas but then forgot about them and eventually lost them for good. Definitely keep the entire forum posted on whatever your new venture may be.

 

[TC2]

If you have a company that sells information on the internet, it's much easier to scale, since it will require mostly increased advertising.

I have heard this over and over again!

Do you invent the information or just re-distribute the information?

Thanks!

 

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[Peter2]

I have heard this over and over again!

Do you invent the information or just re-distribute the information?

Thanks!

If you want to make big money, you have to own the information and the company. You will never make a lot of money selling someone elses information or products on the internet.

Successful affiliate marketers can make an OK income, but they will not come close to the income of the company they are selling information or products for.

 

[Kung Fu Steve]

Figured I'd officailly welcome you. You've already given me some great advice! :Welcome:

 

[fanocks2003]

Peter2, I can relate a lot to your thing with coming up with ideas. For me they just come whenever I don't want to have them coming. I can sit at a dinner party with friends or any other social gathering and the ideas will just materialise in my head like pictures/movies. Very disturbing especially when people try to connect with you and try to find a conversation with you. I guess they see me as some kind of an Autistic guy at this point...hehe.

What I have found with people who start companies, those I have met in person at least, is that they are incredible with coming up with unique solutions to situations, products, services etc. It's like an ongoing machine in there (in their heads). I guess one of the main cores to have when starting businesses is: fast thinking. And of course the ability to analyse quickly. The most dynamic phase of a company is the start-up phase as you know. Everything moves quickly and boldly forward, every day. Very interesting indeed.

By the way, you mentioned that you had sold 3 companies. Good job. I have set a date when I will sell my financial company (the one I am working on now). The date is May 1st 2009. I think it is time to wrap things up and start that beverage company I had in mind.

Anyone heard of "Honey flavoured Green Tea"? That's my new venture in 2009. I have had discussions with a Chinese manufacturer for 2 weeks now and they seem to be very professional and easy going to deal with. Flexible with my bottle design demands too. I have teamed up with a swedish product design company as well (I know the CEO of the company since before so it was a natural partner to team up with on this).

Well, just wanted to welcome you on board as well (even though it was a while this thread was written). I have missed it before, but found it tonight. Very inspiring to read.

 

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[Sid23]

If you want to make big money, you have to own the information and the company. You will never make a lot of money selling someone elses information or products on the internet.

r.

Peter, would you mind providing an example of a company that does this? I'm not sure I follow.

Thanks!

 

[Antonio.]

If you want to make big money, you have to own the information and the company. .

That's exactly what I'm doing now.. What happens if you own the company, the information, and redistribute the information as well heh?

 

[Peter2]

Peter, would you mind providing an example of a company that does this? I'm not sure I follow.

Thanks!

A prime example is TheRichJerk.com.

He wrote his own information and owns the rights to it.

The majority of his income comes from affiliate marketers that market his information for him. The affiliate marketers make peanut money while the rich jerk is raking it in.

The same goes for every single MLM company, where the distributors make little money while the company owners get super rich.

If you want to make money in life, you have to be a leader and not a follower.

 

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[Adam K]

If you want to make money in life, you have to be a leader and not a follower.

Great Quote!

Welcome to the boards.