Hello everyone!
I am new to the forum, but have been working towards "un-scription" since 2019. I came across The Millionaire Fastlane on a 2-for-1 sale on audible several months ago and finally read it last month. I have since read Unscripted a couple times and that lead me to this forum! I've attempted several business and in hindsight, all the failures have failed some part of CENTS. Here's my list of business attempts so far:
-Bret
I am new to the forum, but have been working towards "un-scription" since 2019. I came across The Millionaire Fastlane on a 2-for-1 sale on audible several months ago and finally read it last month. I have since read Unscripted a couple times and that lead me to this forum! I've attempted several business and in hindsight, all the failures have failed some part of CENTS. Here's my list of business attempts so far:
- Real Estate -- Still ongoing, but capital intensive and slow with a big dependency on financing. With a partner, I own 17 cash-flowing units in another state. Outcome-TBD
- Shopify Store selling products imported from china. -- Failed Entry
- Dropshipping Shopify Store -- Failed Entry
- Etsy/Shopify Store selling POD wall art. -- Failed Control and Entry, but I learned photoshop. The legality of selling artwork of cars is "iffy." I put this on the backburner and it makes about $100/month on Etsy sales.
- Private Label Items selling on Amazon. -- In progress. I've had some sales and have new products coming. As-is, this business fails Control. The goal is to build a brand that can stand on it's own. I've learned a lot and have about $10K tied up in products, trademark fees and other expenses. Outcome TBD.
- Custom Children's Mountain Bike Business: Meeting with a friend and working on an OEM products business for children's mountain bikes. This one has the potential to pass CENTS. We are currently waiting on some parts to ship from China to build some prototypes. Outcome TBD.
- I haven't really had a FTE. I still work at a W2 job and I'm having a hard time walking away. None of my businesses have provided enough income to support my Family of 7. Luckily, the company I work for (semiconductor engineering) is up for sale and my workload has dropped to 1-2 hours a day. I will quit when the workload picks back up and my time is gone again.
- I'm not currently good at monogamy . The real estate takes 1-2 hours per week, and the rest of my time is split between the private label amazon business and the new bike business. None of these is bringing in significant revenue.
- In most of my endeavors, I've been focused on chasing money rather than creating value. This is the biggest lesson I learned from MJ in his books.
- After reading Fox's post and reading his new book, I've started learning HTML & CSS. I feel it is a skill that will help in any business venture, and I can do freelancing to pay the bills while building a business.
-Bret
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