The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

The $10K/day: Matching Goals with Industry + Business Model

MJ DeMarco

I followed the science; all I found was money.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
Jul 23, 2007
35,620
142,135
Utah
Via the Unscripted Text Network

You can't fit square pegs into round holes when it comes to business.

When there are systemic issues in your industry that prevent scale and growth, it is futile to fight the reality.

I mention this because over the weekend I met with a local entrepreneur who has a successful business that services my local community.

He wanted to scale.
He wanted to grow.

And as a customer of this entrepreneur’s service, I know he had the mental and physical fortitude to make big things happen.

The problem was, his successful business is seasonal and only operates 7 months out of the year. Think something like snow removal or hanging XMAS lights.

This makes scale and “going Fastlane” a huge problem.

If you have a big company with 20 trucks and 40 employees, but have to lay off all your employees in the “off season,” your problem is systemic. Your great employees won’t likely come back as they need to work, and need a steady paycheck. For this entrepreneur, hiring and training 40 new employees every spring is not feasible, cost effective, nor reasonable.

It also isn’t reasonable to pay employees during the 5 months of “off season” as it prices you out of the market.

This poses a systemic problem if the goal is Fastlane growth and scale, and systemic problems are like asking pigs to fly.

The answer to systemic problems isn’t something that can be easily fixed, even using first-principle thinking.

The answer, unfortunately and yes, harsh -- is you’re likely in the wrong business if you’re working for a Fastlane outcome.

TAKEAWAY: You can't meet your goals if your industry or business model is not conducive to those goals in terms of scale.

That said, the solution this entrepreneur arrived at was NOT to abandon his business or industry.

While his business is seasonal, he was earning about $50K for 5-6 months of work, which gave him a ton of free time in the off season.

He’s been documenting his local success in various employee training manuals, and even developing his own management software for people within the industry.

His “Fastlane strategy” is to sell his successful B2B training guides, CRM management, and other industry tools that he can license via subscription. As for the software that he intends to sell, he is architecting it in a “no code” solution.

While his local business might not “go Fastlane,” his domain knowledge might translate to a Fastlane.

Remember, not everyone wants to make millions and for many folks, a business that earns $50K a year and is operational only half of the year would be a dream come true.

If this subscription aspect of the business doesn’t work, he still has a great business that makes $50K a year and gives him a boatload of time to experiment in other Fastlane opportunities.

This “experience” is not Slowlane, or a waste of time.

It is what creates multi-millionaires.

TAKEAWAY: REMEMBER: Nothing is Slowlane if your intent is to go Fastlane.

So moving forward, the path the entrepreneur has chosen to explore is to go B2B and sell subscriptions, customer management solutions, and training options. This is in supplementation to his existing local business.

As I mentioned, this entrepreneur’s business is LOCAL and SEASONAL. Again, some good examples (while not his business as these are much simpler) are a holiday lights hanging business or a snow removal business.

With the new strategy going forward, he can position himself to serve a much larger market, and market that is likely to be hungrier.

When we’re strategizing our business, it is important to look at the markets you’re serving, and to make sure those markets can help us achieve our personal goals.

THE $10K DAY THOUGHT EXPERIMENT

“I want to make $100K a month”

If that is your goal, look at your industry and the market you’re serving. Some questions to ask…

I call it the $10K a Day Thought Experiment

1) How large is the market that you can effectively serve? How many total customers are there that need your offer? 5,000 people? Or 50,000,000?

2) How easy is it to reach your market? Are there mediums to get in front of prospects? Or is it impossible to hit a target with your offer?

3) If all goes spectacularly well and you have a $10K day, what would that day look like? How many employees would you need? How about supply and manufacturing? Would you need a warehouse? Office?

4) If a $10K day is impossible, what would make it possible? Are there systemic problems? Or have you exposed your industry as deficient to meet your goals?

If you’re looking to have your business ideas graded, there is a CENTS based rating system I launched some years ago. In that rating system, “access to markets” is a huge weight.


Bottomline?

Business is hard. As such, your excellent execution needs to be rewarded with outcomes that match your long-term goals. If you're in an industry that cannot merge with those goals, you should use that experience only as a means to an end.

Hanging XMAS lights as a side-hustle is great, but if the goal is $100K/mo, the industry/model is deficient.

What does the $10K day in profits look like? Or is that simply impossible?
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.
Last edited:

Isaac Odongo

Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Nov 7, 2022
110
97
Via the Unscripted Text Network

You can't fit square pegs into round holes when it comes to business.

When there are systemic issues in your industry that prevent scale and growth, it is futile to fight the reality.

I mention this because over the weekend I met with a local entrepreneur who has a successful business that services my local community.

He wanted to scale.
He wanted to grow.

And as a customer of this entrepreneur’s service, I know he had the mental and physical fortitude to make big things happen.

The problem was, his successful business is seasonal and only operates 7 months out of the year. Think something like snow removal or hanging XMAS lights.

This makes scale and “going Fastlane” a huge problem.

If you have a big company with 20 trucks and 40 employees, but have to lay off all your employees in the “off season,” your problem is systemic. Your great employees won’t likely come back as they need to work, and need a steady paycheck. For this entrepreneur, hiring and training 40 new employees every spring is not feasible, cost effective, nor reasonable.

It also isn’t reasonable to pay employees during the 5 months of “off season” as it prices you out of the market.

This poses a systemic problem if the goal is Fastlane growth and scale, and systemic problems are like asking pigs to fly.

The answer to systemic problems isn’t something that can be easily fixed, even using first-principle thinking.

The answer, unfortunately and yes, harsh -- is you’re likely in the wrong business if you’re working for a Fastlane outcome.

TAKEAWAY: You can't meet your goals if your industry or business model is not conducive to those goals in terms of scale.

That said, the solution this entrepreneur arrived at was NOT to abandon his business or industry.

While his business is seasonal, he was earning about $50K for 5-6 months of work, which gave him a ton of free time in the off season.

He’s been documenting his local success in various employee training manuals, and even developing his own management software for people within the industry.

His “Fastlane strategy” is to sell his successful B2B training guides, CRM management, and other industry tools that he can license via subscription. As for the software that he intends to sell, he is architecting it in a “no code” solution.

While his local business might not “go Fastlane,” his domain knowledge might translate to a Fastlane.

Remember, not everyone wants to make millions and for many folks, a business that earns $50K a year and is operational only half of the year would be a dream come true.

If this subscription aspect of the business doesn’t work, he still has a great business that makes $50K a year and gives him a boatload of time to experiment in other Fastlane opportunities.

This “experience” is not Slowlane, or a waste of time.

It is what creates multi-millionaires.

TAKEAWAY: REMEMBER: Nothing is Slowlane if your intent is to go Fastlane.

So moving forward, the path the entrepreneur has chosen to explore is to go B2B and sell subscriptions, customer management solutions, and training options. This is in supplementation to his existing local business.

As I mentioned, this entrepreneur’s business is LOCAL and SEASONAL. Again, some good examples (while not his business as these are much simpler) are a holiday lights hanging business or a snow removal business.

With the new strategy going forward, he can position himself to serve a much larger market, and market that is likely to be hungrier.

When we’re strategizing our business, it is important to look at the markets you’re serving, and to make sure those markets can help us achieve our personal goals.

THE $10K DAY THOUGHT EXPERIMENT

“I want to make $100K a month”

If that is your goal, look at your industry and the market you’re serving. Some questions to ask…

I call it the $10K a Day Thought Experiment

1) How large is the market that you can effectively serve? How many total customers are there that need your offer? 5,000 people? Or 50,000,000?

2) How easy is it to reach your market? Are there mediums to get in front of prospects? Or is it impossible to hit a target with your offer?

3) If all goes spectacularly well and you have a $10K day, what would that day look like? How many employees would you need? How about supply and manufacturing? Would you need a warehouse? Office?

4) If a $10K day is impossible, what would make it possible? Are there systemic problems? Or have you exposed your industry as deficient to meet your goals?

If you’re looking to have your business ideas graded, there is a CENTS based rating system I launched some years ago. In that rating system, “access to markets” is a huge weight.


Bottomline?

Business is hard. As such, your excellent execution needs to be rewarded with outcomes that match your long-term goals. If you're in an industry that cannot merge with those goals, you should use that experience only as a means to an end.

Hanging XMAS lights as a side-hustle is great, but if the goal is $100K/mo, the industry/model is deficient.

What does the $10K day in profits look like? Or is that simply impossible?
Saw it in the channel.
Great to have it here.
It shows how the mind of an entrepreneur works.
What can I do to ensure I solve this problem?
Whose problem is it?
How can I solve it?
How can I get them to know I have a solution to their problem?
How can I get them to buy it?

I Just love it.
 

Isaac Odongo

Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Nov 7, 2022
110
97
I have checked it out.
The information there alone is enormous.
I felt like it should have been a book I could own and refer to as a manual to bounce off business ideas.

I will bounce the same idea to it again in a few months.

Rated some idea of mine at 90+%.

I tried to be honest but maybe I was biased in some parameters.

The idea needs a lot of programming and testing.

The idea could when made concrete be used by the world's population in at least simple majority of those with smartphone or Internet.

Best execution case scenario = 75,000,000 or more
Worst execution case scenario =1,000,000 or more.

Now ideas are trash, execution is king.

I figure I may need to learn programming. So I took a course in software engineering.

I have also read some copy writing.

What else may I do?

Sorry @MJ. I hope I don't look diversionary to your post above.

I am just excited.
 

jeandearme

Contributor
Read Fastlane!
May 2, 2011
154
91
The agency I started two weeks ago (and probably any agency for that matter) is able to get to $10K/day.

I calculated it like that:
- 10K/day * 30 days = $300K/month (in profit)
- 1 customer => $3k/mo (revenue)
- 166 customers => $500k/month (revenue)
- 30 developers => $120k/month (salaries)
=== $365/mo ($12k/day) before taxes (up for optimization)

Interesting thought experiment. Certainly doable.

Just graded my idea: got 77/100 (B grade) - average execution $5m. Wasn't sure in some questions how to grade it (if you can automate using employees should I put that grade higher or lower?).
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.
Last edited:

Panos Daras

Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Oct 10, 2022
53
30
Via the Unscripted Text Network

You can't fit square pegs into round holes when it comes to business.

When there are systemic issues in your industry that prevent scale and growth, it is futile to fight the reality.

I mention this because over the weekend I met with a local entrepreneur who has a successful business that services my local community.

He wanted to scale.
He wanted to grow.

And as a customer of this entrepreneur’s service, I know he had the mental and physical fortitude to make big things happen.

The problem was, his successful business is seasonal and only operates 7 months out of the year. Think something like snow removal or hanging XMAS lights.

This makes scale and “going Fastlane” a huge problem.

If you have a big company with 20 trucks and 40 employees, but have to lay off all your employees in the “off season,” your problem is systemic. Your great employees won’t likely come back as they need to work, and need a steady paycheck. For this entrepreneur, hiring and training 40 new employees every spring is not feasible, cost effective, nor reasonable.

It also isn’t reasonable to pay employees during the 5 months of “off season” as it prices you out of the market.

This poses a systemic problem if the goal is Fastlane growth and scale, and systemic problems are like asking pigs to fly.

The answer to systemic problems isn’t something that can be easily fixed, even using first-principle thinking.

The answer, unfortunately and yes, harsh -- is you’re likely in the wrong business if you’re working for a Fastlane outcome.

TAKEAWAY: You can't meet your goals if your industry or business model is not conducive to those goals in terms of scale.

That said, the solution this entrepreneur arrived at was NOT to abandon his business or industry.

While his business is seasonal, he was earning about $50K for 5-6 months of work, which gave him a ton of free time in the off season.

He’s been documenting his local success in various employee training manuals, and even developing his own management software for people within the industry.

His “Fastlane strategy” is to sell his successful B2B training guides, CRM management, and other industry tools that he can license via subscription. As for the software that he intends to sell, he is architecting it in a “no code” solution.

While his local business might not “go Fastlane,” his domain knowledge might translate to a Fastlane.

Remember, not everyone wants to make millions and for many folks, a business that earns $50K a year and is operational only half of the year would be a dream come true.

If this subscription aspect of the business doesn’t work, he still has a great business that makes $50K a year and gives him a boatload of time to experiment in other Fastlane opportunities.

This “experience” is not Slowlane, or a waste of time.

It is what creates multi-millionaires.

TAKEAWAY: REMEMBER: Nothing is Slowlane if your intent is to go Fastlane.

So moving forward, the path the entrepreneur has chosen to explore is to go B2B and sell subscriptions, customer management solutions, and training options. This is in supplementation to his existing local business.

As I mentioned, this entrepreneur’s business is LOCAL and SEASONAL. Again, some good examples (while not his business as these are much simpler) are a holiday lights hanging business or a snow removal business.

With the new strategy going forward, he can position himself to serve a much larger market, and market that is likely to be hungrier.

When we’re strategizing our business, it is important to look at the markets you’re serving, and to make sure those markets can help us achieve our personal goals.

THE $10K DAY THOUGHT EXPERIMENT

“I want to make $100K a month”

If that is your goal, look at your industry and the market you’re serving. Some questions to ask…

I call it the $10K a Day Thought Experiment

1) How large is the market that you can effectively serve? How many total customers are there that need your offer? 5,000 people? Or 50,000,000?

2) How easy is it to reach your market? Are there mediums to get in front of prospects? Or is it impossible to hit a target with your offer?

3) If all goes spectacularly well and you have a $10K day, what would that day look like? How many employees would you need? How about supply and manufacturing? Would you need a warehouse? Office?

4) If a $10K day is impossible, what would make it possible? Are there systemic problems? Or have you exposed your industry as deficient to meet your goals?

If you’re looking to have your business ideas graded, there is a CENTS based rating system I launched some years ago. In that rating system, “access to markets” is a huge weight.


Bottomline?

Business is hard. As such, your excellent execution needs to be rewarded with outcomes that match your long-term goals. If you're in an industry that cannot merge with those goals, you should use that experience only as a means to an end.

Hanging XMAS lights as a side-hustle is great, but if the goal is $100K/mo, the industry/model is deficient.

What does the $10K day in profits look like? Or is that simply impossible?
Super helpful quiz. I scored a C- for my online shop that I actually think it is quite generous. I would score it a D-. The thing is that I actually have to start somewhere. So I picked something that I can do in order to learn the skills needed. It is an online shop selling home grown 100% biological (no fertilizers, GMOs and mixed with other kind of shit) olive oil and avocado oil. It is in a special bottle that lets you portion the amount you use perfectly so that you do not add too many calories. I want to target fitness/ health obsesed individuals (kind of like me). Example of skills I need to aqcuire is setting an online shop, understanding how consumer buys, learn how to sell, learn how to lead. I am terrible at all those now. From my point of view, starting somewhere and going from an employee to someone that can sell and make money going directly to the source of wealth that is the consumer is a huge win! And it does not mean that I have to stop there. So skills that I learn now on a relative slowlane business can be transfered to a fastlane one. It is not an "either/ or" game. It is an "and" game.
Making the analogy of how I started exercising it was 5 minutes a day in Occulus rift. And now I am 30 kilos less, keeping it off for more than 1 and a half year and can lift more than I could imagine in the gym (no more Occulus though just plain old weightliftng with progressive overload).
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Must Read Books...

must read books
Download FREE and share!
Download
Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top