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Chiswickflaner

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Jan 1, 2020
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Thank you @MJ DeMarco for the book (Millionaire Fastlane) and all this content.

So much of your story resonates with my experiences. Your honesty, personality and simplicity are brilliant.

I'm on my third business venture, first on my own now.

I've been exploring how to create a fastlane business and this content and timing is ideal to help explore ideas in the event space to scaling up to impact millions.

The downfall of my first business was in the lack of control around tech.
Whilst I understand tech and have built websites, to build something substantial that can serve 100s/1000s/1m+ may be outside my technical skillset even with months of learning/building so that is my first challenge. To find a developer/agency and structure a deal to help us create something that will solve a need or do it myself.
I've been down this road before and spent a ton of money and time (4 years) so any thoughts are welcome.
I'm thinking a revenue share model is best.
 

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lowtek

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Welcome aboard!

I would advise caution with how you structure any deals. Always ask yourself: is this something I could pay an employee or contractor to do? If yes, then revenue share is probably being too generous.
 
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Chiswickflaner

Chiswickflaner

New Contributor
Read Millionaire Fastlane
Jan 1, 2020
7
4
15
London, UK
Welcome aboard!

I would advise caution with how you structure any deals. Always ask yourself: is this something I could pay an employee or contractor to do? If yes, then revenue share is probably being too generous.
Thanks for this.
Please tell me more. Do you have an example real or fictional?
 

lowtek

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Thanks for this.
Please tell me more. Do you have an example real or fictional?
I don't have an example, but the forum itself has several posts to this effect. Basic idea is that control is one of the most important commandments, and you really need a strong reason to give it up. Just because someone has a skillset that you don't, doesn't mean you should give them an ownership stake. The best reason to partner with someone is that they bring things you can't get in the labor market: connections, a network, deep domain expertise, prior experience building a similar company, etc.

Otherwise, you're grossly over valuing the price of labor.
 

peterb0yd

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Dec 30, 2019
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I'm a software dev that has built three separate products to completion as a technical co-founder.

Building a SaaS product or software product in general is vastly more difficult than people make it out to be. It's not the development that is hard, it's everything else.

If the product is B2B, it boils down to how urgent the pain-point is and how well your solution solves the pain point. When you have that down pat, you have to get good enough at copywriting to market the product on your landing page and send out cold emails to prospects to book demo meetings and sales calls. That's not easy and takes a ton of time and work.

If you can successfully pre-sell the product using your own resources, finding investors or developers to build the product will be 100x easier.

My guess at the estimated chance of success with a B2B software product: 1 in 25

If you're building a B2C software product, may god have mercy on your soul. There may be some guys on here that can give you a better formula for success, but at this point in time on the internet, it's going to take serious capital and energy to market the product through content marketing or targeted ads. I stay away from any software ideas that are B2C. Everyone I've met with B2C ideas underestimates how crowded the market is.

My guess at the estimated chance of success with a B2C software product: 1 in 100
 
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Chiswickflaner

Chiswickflaner

New Contributor
Read Millionaire Fastlane
Jan 1, 2020
7
4
15
London, UK
I don't have an example, but the forum itself has several posts to this effect. Basic idea is that control is one of the most important commandments, and you really need a strong reason to give it up. Just because someone has a skillset that you don't, doesn't mean you should give them an ownership stake. The best reason to partner with someone is that they bring things you can't get in the labor market: connections, a network, deep domain expertise, prior experience building a similar company, etc.

Otherwise, you're grossly over valuing the price of labor.
Yes, understood, thank you.
 

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