• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Trading Life for a Weekend?
    Build a Business, Build a Life.
    Unleash the Dream.

    Become an UNSCRIPTED™Entrepreneur.

    UNSCRIPTED™ Entrepreneurship is an entrepreneurial business strategy that unleashes dreams, frees time, and explodes your incomes—but more importantly, it changes your life forever. Make no mistake; this isn’t something you “try”— this is something you live.

    FREE Download (Unscripted) FREE Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

Progress Thread Set up to Fail, Driven to Succeed - Journey from 0 to Serial Entrepreneur

Discussion in 'Progress/Execution Threads' started by ChrisJHarrington, Feb 11, 2017.

FORUM SEARCH


Need answers about entrepreneurship? Search FIRST! More than likely your entrepreneurial topic has already been discussed.
Powered by Google Site Search.
  1. ChrisJHarrington
    Offline

    ChrisJHarrington Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    282
    Likes Received:
    445
    Joined:
    Nov 27, 2014
    Gender:
    Male
    Rep Bank:
    $2,742
    Kingmaker likes this.
  2. FastNAwesome
    Offline

    FastNAwesome Silver Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    899
    Likes Received:
    877
    Joined:
    May 23, 2011
    Rep Bank:
    $909
    Your very mindset makes it not-slowlane, because it's not your end game, just a step along the way. I might be stupid, but didn't know any better, and finished college as a "step along the way" just to get a well paid job as another "step along the way". Education is cheap where I live, so did it without debt though, but could have spent that time better, if only TMF existed:)

    Is making an online program an option for scaling it? I see many people do that. Of course you'd need to distinguish yourself somehow.
     
    Argue likes this.
  3. ChrisJHarrington
    Offline

    ChrisJHarrington Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    282
    Likes Received:
    445
    Joined:
    Nov 27, 2014
    Gender:
    Male
    Rep Bank:
    $2,742
    Thanks! Yep, online niche programs are definitely scalable. Just check the fastlane principles..

    Tomorrow is day 1 in the new sales position.

    Decided to break up my days into 'themes', similar to what Jack Dorsey does to run Square and Twitter simultaneously. Here's my breakdown:

    Monday: Partnerships/Presentations
    Tuesday: Sales
    Wednesday: Management/Admin/Financials
    Thursday: Product
    Friday: Off day
    Saturday: Marketing
    Sunday: Reflection, Strategy, & Planning

    Also took out some of the constant shit in my calendar because I was over-working myself and feeling way too stressed.. more days to come up for breath. Guys like Gary Vaynerchuk like to over-exaggerate how much work you need to put in because most people don't work hard enough.

    As for myself, I'm pretty self aware and know I was burning my engine in 8th gear way too much. Need to tune it back a bit - I'm way too much of a workaholic.. so i've made some adjustments - the themed days is a big one.
     
    FastNAwesome and Kingmaker like this.
  4. ChrisJHarrington
    Offline

    ChrisJHarrington Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    282
    Likes Received:
    445
    Joined:
    Nov 27, 2014
    Gender:
    Male
    Rep Bank:
    $2,742
    Been having fun in the new sales role. Pay basically doubled (when I hit commissions - which I am now fully in control of) and I'm working about 80% as much compared to the prior job..

    Work 80% and make double.. sounds like a good formula to me. Have some deals in the pipeline, expenses covered, plenty of savings being added to my account every pay period, now to continue to hone in on my business and take stuff to the next level..

    I'm realizing this is all levels - and I want to make sure I keep ascending to the next one - right now I'm at the 6 figure mark for income in corporate, and I'm able to manage a handful of personal training clients to make myself around $1-2K a month in side revenue.

    The next level for me in the sales gig is to just find the 20% of things yielding the 80% results and build up enough flexibility and efficiency to work from home a few days per week.
    The next level in the fitness business is to launch boot camps and build a scalable and repeatable model - training classes instead of individuals, and bumping that revenue per hour up to a rate that's high enough to eventually hire trainers as well. It's high enough with 1-1 training but I'm not in a position to hire trainers right now (I sublease space, I don't own it, so it's just for me). I've had some clients drop off and I haven't been consistent with my marketing, so that's another level to work on - consistent marketing stream for bringing in net-new clients. The reason I stopped marketing was because I got overwhelmed with a lack-of-scalability strategy - I can only take on so many clients at once. Now my full focus is on group trainings and boot camp classes. Been working on the launch.. more on this soon
     
  5. ChrisJHarrington
    Offline

    ChrisJHarrington Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    282
    Likes Received:
    445
    Joined:
    Nov 27, 2014
    Gender:
    Male
    Rep Bank:
    $2,742
    Couple of minor updates:

    - still working on setting up a foundation for my fitness training group classes - need some scheduling software for groups.. specifically for fitness / payment processing etc.. working on that
    - Got a guy from my hometown paying me for online coaching now too.. little extra income there
    - I'm starting to build up a nice stream of income from a few sources. This is what it should look like in the next couple of months:

    - Salary from sales job
    - Commissions from sales job
    - Personal training revenue
    - Boot camp revenue
    - Online training revenue
    - Software app license sales (another tool I've had created that I don't think I've mentioned here - very small revenue stream because it solves a minor need and is going to cost $15-40 per license per year)

    With just my salary alone, I'm in like upper 85% of America for people my age.. so can't complain when you put it all in perspective.... 2017 will be a nice 6 figure year.. but I'm more focused on building some asset value in these businesses i'm building.
     
    Kingmaker and FastNAwesome like this.
  6. ChrisJHarrington
    Offline

    ChrisJHarrington Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    282
    Likes Received:
    445
    Joined:
    Nov 27, 2014
    Gender:
    Male
    Rep Bank:
    $2,742
    Getting back to lightning focus on my business today and onward..

    Job had picked up and I had some learning curves to get over between the last 1-5 weeks and now i'm feeling good..

    Also had a boxing exhibition match yesterday that was taking up a lot of mental and physical focus. I did really well - and now I'll rest with that and just go back to lifting a few days a week and focusing on business...

    Gotta run.
     
  7. ChrisJHarrington
    Offline

    ChrisJHarrington Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    282
    Likes Received:
    445
    Joined:
    Nov 27, 2014
    Gender:
    Male
    Rep Bank:
    $2,742
    So I've been pretty head down, and I'd say I even burnt myself out trying to do too much, too fast. High level update here and a question for those of you reading..

    Question first: Is it a decent strategy to focus on building a practical business before trying to jump in the deep end of entrepreneurship? I really struggle with idea creation / fast execution to validate the idea. There's really nothing I can think of myself diving into head-first that I can validate quickly enough.. so for now I'm focused on niche-areas in personal training and finding ways to scale that. Is that a decent strategy to just DO SOMETHING until I figure out an immediate need to solve and dedicate a lot of time to?

    My update:
    - Been working a lot of hours for this startup, making some solid money + commission
    - Been working a bit of hours with personal training - haven't achieved the scale I'd have liked to yet (about 1 year into doing this as a business) but I have learned a ton and feel I have a scalable strategy moving forward.. then I can stop being 'trainer' and HIRE trainers shortly.. stepping into the online space for high-ticket coaching for a niche-market...
    - Been saving aggressively.
    - Planning a multi-unit property purchase. I figure in the meantime, if I can't figure out something that solves a core need and meets fastlane criteria, I might as well take steps each day to secure myself the freedom to fully focus 100% on entrepreneurship in the future. For me, that means saving $300-500K and being able to live off the residual (4-6% return), and continuing to lower expenses (income investment property, owner occupied, etc)

    Thoughts?
     
    Kingmaker likes this.
  8. ChrisJHarrington
    Offline

    ChrisJHarrington Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    282
    Likes Received:
    445
    Joined:
    Nov 27, 2014
    Gender:
    Male
    Rep Bank:
    $2,742
    In the meantime, I've marked my 'red circle' on the calendar for when I'm going all-in on entrepreneurship. By June 9th, 2022 (My 29th birthday), I'm not going to work for anybody else ever again.

    The date may be sooner, but it will not be later.

    Between now and then, I'm learning, working on my own businesses when I can, and accumulating WEALTH. Shouldn't be too difficult to accumulate between $300-500K from now and then and live off the residual... At this rate, I'll be saving $80,000 a year.....
     
    Kingmaker likes this.
  9. ChrisJHarrington
    Offline

    ChrisJHarrington Bronze Contributor Read Millionaire Fastlane Speedway Pass

    Messages:
    282
    Likes Received:
    445
    Joined:
    Nov 27, 2014
    Gender:
    Male
    Rep Bank:
    $2,742
    I find I'm spending more time working on myself than on a business.

    I'm really trying to build the foundation for which I can focus time, energy, and effort on solving real-world business problems. I understand now that personal training isn't going to be scalable. It may be when I enter the online space, but that's going to be an experiment in of itself in the near future.

    It may sound 'slowlane', but in the interim, I'm working my a$$ off for someone else as a highly-paid sales rep at this startup company, and honestly I don't think it's a bad idea. A lot of people on this forum like to write as if they're all CEO and A player #1 guys and discredit the #3, 4 and 5 guy..

    I'm confident I'm an A player and will be a great founder in the future, but for now I'm living like I'm that broke start-up guy (bare essentials in a shared small apartment) and I'm learning everything I can while raising my net worth / savings. Before I'm 29, I will have accumulated somewhere in the realm of $300-500K at the rate I'm saving, so once I hit that mark I'm going to get a few other boxes checked and then go all in as an entrepreneur.

    I figure if I'm making a 5-7% residual on 300K, I'll make $15K-$21K a year, which is more than enough for me to live off of. At this point, I'm going to get either an apartment or house and mortgage in some other part of the country, and go 100% all in on entrepreneurship. For now I keep learning, saving, and spending the rest of my days building whatever need I can solve - right now personal training is more of a side-hustle and income, and I have a few other things in the works as well. My biggest challenge has been executing too slow, overplanning, and focusing on $ instead of value creation, so I've been making modifications to execute quicker.

    So for the time being, I'll collect the paycheck (a large one due to hustling / commission etc) and focus the rest of my time on the offense of business-building. Then when I've got a few things more in place, I'm going all in. I enjoy working for a startup, but I know I can be an A-player.. I just don't agree with the way traditional entrepreneurship is glorified to eat ramen and be dead broke and on the verge of bankruptcy and requiring a level of 'struggle' to the point that you set yourself up to fail.

    When I hear those stories, I know there's a large percentage of people who had a similar struggle but did not, and may not ever make it in this world.

    So, I'm going to at least set myself up to be able to make it by aggressively saving and preparing for war.

    In the meantime, I'm saving tons of $$, I'm scaling my income, I'm focusing all my time on how I can add value to the world (whether it be at this job or on my own projects), I'm living frugal as hell, and I'm preparing for war.