Starting my journey to the fastlane

[sammich!]

Hey guys,

I am in the slowlane and last year I had this thinking of changing to the fastlane and worked my plan out, read books, think of business ideas and all before knowing about millionaire fastlane book.

I have created my business idea from other books and recently got introduce to millionaire fastlane when I search for books to read. Bought it from amazon and although im not finish with the book yet, I kinda fee like my busines idea is in accordance with the fastlane principle.

Next year speficically March I will be starting my fastlane journey and open a fruit shop nearby a university area. Will be sharing my journey with everyone and hope to reach the fastlane within a few years.

Gurus here are welcome to share your comments and advice

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[tafy]

Next year speficically March I will be starting my fastlane journey and open a fruit shop

Now would be a good time to tell us how you will scale this business, before you waste too much time thinking about it

 

[Lex DeVille]

Now would be a good time to tell us how you will scale this business, before you waste too much time thinking about it

My first thought was the same.

Not sure how this will be scale, but nothing is impossible.

 

[sammich!]

Now would be a good time to tell us how you will scale this business, before you waste too much time thinking about it

scale? Im not sure. Maybe open more branches?

I have been planning on the business for more than a year and will finally finish with it all and ready to put actions into it like getting the license, looking for shop to rent, and stuff. This is my chance to finally say goodbye to my boring job.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[tafy]

scale? Im not sure. Maybe open more branches?

This is what i thought you would say. Lets pretend you will be successful and make a living wage from your business, you will have swapped one job for another. But this job will be way harder with longer hours, debt and uncertainty.

Will the business be able to take away your time from it to hire a manager or 2 to run the place and still make money?

Where will you open your second location, who will run it?

I dont want to kill your dreams but you have to think hard if its going to work as your real business may be the one afer this idea

 

[sammich!]

This is what i thought you would say. Lets pretend you will be successful and make a living wage from your business, you will have swapped one job for another. But this job will be way harder with longer hours, debt and uncertainty.

Will the business be able to take away your time from it to hire a manager or 2 to run the place and still make money?

Where will you open your second location, who will run it?

I dont want to kill your dreams but you have to think hard if its going to work as your real business may be the one afer this idea

Hi tafy,

Thanks for providing your thoughts. At least there's someone who can discuss about my plans than my parents who just says 90% of business fail and don't waste my time, get a job and live like everyone else.

I have thought about this and even create a system where I don't have to be the main person working in the business. The first year starting out, I will be working in the business because I need to make sure everything is running as it should and it is making profit. But at the same time, I will make systems so that the staff I hire know what they should do and how everything runs.

I haven't thought so far in detail about the second location, but basically if the first one succeed, the next 2,3,4,etc will be a replicate of how the first business is.

I have gone quite far in my planning and just 1 step from execution, I hope I get more inputs before jumping into a hole

 

[tafy]

I will be starting my fastlane journey and open a fruit shop

What makes you think you will make enough money to cover wages without you working the business?

I dont think theres enough margin

Why buy from you instead of a supermarket, market stall or convenience store?

Fruit and veg is a tough business, perishible goods go off quite easily and then you cannot sell.

Why dont you start today with doing a door to door service? Market stall? something?

You could start part time with some leaflets, fruit basket weekly service, part time, fresh from wholesaller to their door, whatever is in season etc.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[sammich!]

What makes you think you will make enough money to cover wages without you working the business?

I dont think theres enough margin

Why buy from you instead of a supermarket, market stall or convenience store?

Fruit and veg is a tough business, perishible goods go off quite easily and then you cannot sell.

Why dont you start today with doing a door to door service? Market stall? something?

You could start part time with some leaflets, fruit basket weekly service, part time, fresh from wholesaller to their door, whatever is in season etc.

Sorry I think I didnt explain my business properly. My fault.

When I say a fruit shop I didnt mean selling fruits and vegetables. Its a fruit juice cafe kinda thing where people order smoothies and snacks to hang out. Thats why my target is around university area where the students are my main target. Im counting on this to be my escape from being a corporate slave and hopefully my stepping stone to the fastlane.

 

[tafy]

Ok thats a different thing altogether

You have a chance if you get a great location and good rent, good branding, good smoothies and great staff.

Good luck man

 

[Yasai]

You could start selling your smoothies and snacks on the weekends (or whenever you like, really).
See if there's actually a demand.
If there isn't a demand for your service and products, either discard the idea... or CREATE demand ;-) (via marketing).

If people like what you offer, you might make a profit and can invest that in your (future) Brick and Mortar.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[sammich!]

Ok thats a different thing altogether

You have a chance if you get a great location and good rent, good branding, good smoothies and great staff.

Good luck man

Thanks. Im hoping on this to be my life changer or at least provide a start to bigger things to come.

 

[sammich!]

You could start selling your smoothies and snacks on the weekends (or whenever you like, really).
See if there's actually a demand.
If there isn't a demand for your service and products, either discard the idea... or CREATE demand ;-) (via marketing).

If people like what you offer, you might make a profit and can invest that in your (future) Brick and Mortar.

Thanks yasai. I know what you mean. So far I have handed out survey forms for simple validation around the university where I will operate and the feedback has been quite positive. However I know such forms cant always be trusted and should not take the input heavily.

I have lay out the plan for the operations side and once started will focus heavily in marketing based on other entrepreuner books I read.

 

[Yasai]

Conducting a survey is one thing.
It's probably more useful to use it to explore their actual needs than to verify if they want something.
In other words: Don't ask them whether they would like such a café in general, ask them what they LIKE and DISLIKE about current cafés (your competition).
Then start giving them the good stuff while reducing the negative stuff.

When I said

You could start selling your smoothies and snacks on the weekends (or whenever you like, really).

I meant it.

Don't just survey people, go out there and sell stuff.
Start with a small stand. If that's profitable, use that money to start a second one and hire an employee. If both are profitable, use that money to hire 2 more and so on.
That's Scaling. Create a brand, Create a Franchise.

I've seen enough people who thought "Oh, I'm just going to open a store right away and see if I get enough customers". Couple of months later they're insolvent/bankrupt.
Get "proof of concept" on a small scale first and let it grow organically (if it turns out to be a successful concept).
Reduces much of the "gambling" aspect, plus you might make enough money to afford your Brick and Mortar without going into debt
(You can go into debt once you've demonstrated that your stuff works and is reliable).

Edit: If you happen to have some money to play with, disregard the small scale approach and jump right in. However if you're worried about credit, loans, debt etc. start small and expand fast.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.