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GOLD! Today is my 1 year TMF anniversary

zargor

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Wow guys, thanks for the encouragement! A GOLD thread, I'm humbled.



Sure thing. I had a small Ecomm business that generated $1-2k a month in a somewhat passive manner. I didn't spend much direct time on it but mentally I was always thinking "I should make a new ad or I should be contacting my customers more". One day I just got real with myself and said "I have no interest in growing this business, so why am I wasting time thinking about it". The ultimate point was when I convinced myself that "I can easily make my new venture profit an extra $1-2k a month by spending the same amount of time as the Ecomm biz".



Happy to help. I wasn't able to get my professional service businesses to comply with either the SCALE or TIME portion of CENTS. If you think about it, there aren't many ways for this to work. It's probably why I've never met a rich Architect. Now if you take that service business and figure out how to pivot to a more "repetitive business model" you might have a chance. It's the one-off custom stuff that kills you. Always creating, never profiting.

Another example of this would be an ER surgeon that treats whatever illness/situation happens to come into the ER. Every patient is something new to figure out. He would do well financially but take that same surgeon and let him create a repeatable procedure he could license throughout the world. Who makes more and has time to spend it :)
Thanks for the great response GR.

It's something I've always believed may be more applicable to professional service firms ... a licensing model.

As you say, it helps overcome the time and scalability portions.
 

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xuyigang

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Wow guys, thanks for the encouragement! A GOLD thread, I'm humbled.



Sure thing. I had a small Ecomm business that generated $1-2k a month in a somewhat passive manner. I didn't spend much direct time on it but mentally I was always thinking "I should make a new ad or I should be contacting my customers more". One day I just got real with myself and said "I have no interest in growing this business, so why am I wasting time thinking about it". The ultimate point was when I convinced myself that "I can easily make my new venture profit an extra $1-2k a month by spending the same amount of time as the Ecomm biz".



Happy to help. I wasn't able to get my professional service businesses to comply with either the SCALE or TIME portion of CENTS. If you think about it, there aren't many ways for this to work. It's probably why I've never met a rich Architect. Now if you take that service business and figure out how to pivot to a more "repetitive business model" you might have a chance. It's the one-off custom stuff that kills you. Always creating, never profiting.

Another example of this would be an ER surgeon that treats whatever illness/situation happens to come into the ER. Every patient is something new to figure out. He would do well financially but take that same surgeon and let him create a repeatable procedure he could license throughout the world. Who makes more and has time to spend it :)
Great analysis, I found out in my trade, some top experienced CPA are actually selling continuing Ed and seminar vs actually doing tax return. What you are describing are my current situation, mostly custom work and always new things, but not scalable.


Sent from my iPad using Tapatalk
 

nradam123

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I am following this thread to see year 4 :) I hope its the year when you announce you are a millionaire.
 
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I am following this thread to see year 4 :) I hope its the year when you announce you are a millionaire.
Cool, I hope there are some things in this thread that help you along your way.

I know everyone is yearning for an epic millionaire post from me validating TMF. The EVENT subject has been talked about on the forum for many years. In almost every case the EVENT really isn't that big a deal. It's hard to understand but the PROCESS is the special part. The PROCESS is the real gold. The learning. The conquering. The struggle. Those are the real epic pieces.

For a brief period I was a paper millionaire prior to TMF. But yet I still was looking for something that led me to find TMF. I already had an EVENT. A business I built worked out well. But it wasn't sustainable. You know why? The PROCESS to get there wasn't right. I used to toil late nights, away from family, lots of employees, lots of stress, no vacations and not a lot of happiness. So really, the EVENT wasn't special at all.

TMF forced me to look at the PROCESS. HOW was I getting where I was getting? This started the 3 year journey that you see in my threads. I'm learning how to sculpt a PROCESS that is repeatable. The EVENTS don't even really get me going. In fact, the only reason I post my events is to give thanks to MJ, validate TMF and maybe give some fastlaners a little motivation.
 

#nowhere

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It's here! My 3 year anniversary on the Forum! Wow, what a trip.





Here's my WIN box you hear me preaching about. I give code names for all my wins be it small or large. You will also see tasks lists, accelerators and various other tracking columns. I find it very helpful to accelerate, track and celebrate wins (feel free to steal this)! If you look in the corner you will see my personal golf handicap drop 1.1 strokes this year as well :)

[...]

Well I am off to do some more "lion shit" so here's to year #4!
Hi Get Right,

I read your thread shortly after my arrival here and since have traced your journey to 3rd anniversary. 3rd anniversary post was epic in different ways. I liked it a lot and learned a lot. Thank you! :)

And yes, I want to steal your WIN box! I tried to understand the functions of the different headlines and everything makes sense for me except the "arch" category (Since you use code words I don't know clearly which function it has for you). I know that you have made your win box tailored for your circumstances and that plain copying won't lead to the desired results. So I tried my best to understand what function the different headlines have to tailor a WIN box fitted for my situation.

Could you please elaborate on the "arch"-category?

I'll stay tuned here and in your spec house thread.

I hope you and your family are doing well!

#n, Germany
 

RisingStars

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Hi Get Right,

I read your thread shortly after my arrival here and since have traced your journey to 3rd anniversary. 3rd anniversary post was epic in different ways. I liked it a lot and learned a lot. Thank you! :)

And yes, I want to steal your WIN box! I tried to understand the functions of the different headlines and everything makes sense for me except the "arch" category (Since you use code words I don't know clearly which function it has for you). I know that you have made your win box tailored for your circumstances and that plain copying won't lead to the desired results. So I tried my best to understand what function the different headlines have to tailor a WIN box fitted for my situation.

Could you please elaborate on the "arch"-category?

I'll stay tuned here and in your spec house thread.

I hope you and your family are doing well!

#n, Germany
@Get Right Thank you for doing this thread. After reading a actually made some changes in my own life which will bring me closer to my goals.
I also would like to ask if you can explain the WIN box a little bit more or maybe you got a link for us where we can read it up if you haven't created the system yourself.
 
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Could you please elaborate on the "arch"-category?
Sure thing! The "Arch" category is for income generating tasks that plow more money into your fastlane vehicle. For instance "Journey" is a consulting gig I picked up. It should throw $7k ish into my spec house company. As long as these tasks don't slow your fastlane down, they are very beneficial.

Thank you for doing this thread. After reading a actually made some changes in my own life which will bring me closer to my goals.
I also would like to ask if you can explain the WIN box a little bit more or maybe you got a link for us where we can read it up if you haven't created the system yourself.
Cool, glad to hear about the changes.

The WIN box is a tool I use (not sure who invented this idea, I'll try to look it up) to track achievement of goals. I simply list a goal (can be tiny or big) that needs to be achieved to better my life and/or fastlane project. Put it in the ToDo column, achieve it, put it in the WIN box. The psychology is it lets you see the steps you are making. For instance - one of mine was "cars washed". This was a tiny task that I just couldn't get around to (actually no code name here, our cars were nasty :) ). I kept putting business tasks in front of this task. One night I just committed. Cranked out the fastlane work, ran outside and washed the cars in the dark...and it felt great! It's a WIN!

So what did writing "cars washed" in the WIN box teach me?
1. If a task gets put in the ToDo category it's going to get done! I WILL do it!
2. My ToDo list got shorter so more important tasks can fill it up again.
3. I get to "celebrate" a WIN by moving that item over. Good for momentum :)
4. Months later I have a huge WIN box where I can see everything I chose to overcome.

So really, after you convince yourself that anything you put in the ToDo list will be accomplished...how big of a "something" are you willing to put in that list? :)
 

SharkWrestler1

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Actually I look for markets first (took me a year to figure that one out). Needs second. Product third.

Markets - Where are the large hungry masses that are ready to cram money down your throat? The markets where you mention "XYZ" and they foam at the mouth. That's where I want to be. Think health, pets, pleasure, etc.

Needs - I listen to that market. I listen a lot. They will tell you (indirectly) what they want if you get close enough. I love the comments section on niche websites, blogs, forums and social media. Treasure.

Product - I look for smiles. Forget statements like "I'd buy one" or "looks awesome" (they aren't going to buy anything from you). Look for those smiles. They can't hide them and they know you are on to something.
Wow @Get Right, I had to reread this a few times to fully understand it but then something just clicked.

Absolute gold!

Forget the statements people make and look at their reaction instead, people will say positive things about your product to not upset you but it's so much harder to hide their emotion towards it, if it's positive then you know your onto something.

Thank you for sharing :)
 

iceyblitz

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Cool, I hope there are some things in this thread that help you along your way.

I know everyone is yearning for an epic millionaire post from me validating TMF. The EVENT subject has been talked about on the forum for many years. In almost every case the EVENT really isn't that big a deal. It's hard to understand but the PROCESS is the special part. The PROCESS is the real gold. The learning. The conquering. The struggle. Those are the real epic pieces.

For a brief period I was a paper millionaire prior to TMF. But yet I still was looking for something that led me to find TMF. I already had an EVENT. A business I built worked out well. But it wasn't sustainable. You know why? The PROCESS to get there wasn't right. I used to toil late nights, away from family, lots of employees, lots of stress, no vacations and not a lot of happiness. So really, the EVENT wasn't special at all.

TMF forced me to look at the PROCESS. HOW was I getting where I was getting? This started the 3 year journey that you see in my threads. I'm learning how to sculpt a PROCESS that is repeatable. The EVENTS don't even really get me going. In fact, the only reason I post my events is to give thanks to MJ, validate TMF and maybe give some fastlaners a little motivation.
Someone gave me this example to explain the happiness between the event and process: He said imagine that you are a mountain climber, your climbing, climbing and climbing.. Now imagine a sudden helicopter arises picks you up and would put you on the top. Would you be as happy as if you would process yourself all the way up?
 

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ZF Lee

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Actually I look for markets first (took me a year to figure that one out). Needs second. Product third.

Markets - Where are the large hungry masses that are ready to cram money down your throat? The markets where you mention "XYZ" and they foam at the mouth. That's where I want to be. Think health, pets, pleasure, etc.

Needs - I listen to that market. I listen a lot. They will tell you (indirectly) what they want if you get close enough. I love the comments section on niche websites, blogs, forums and social media. Treasure.

Product - I look for smiles. Forget statements like "I'd buy one" or "looks awesome" (they aren't going to buy anything from you). Look for those smiles. They can't hide them and they know you are on to something.

Hitting the phones, be back in a few.
Bump!
On markets, I call it desperation.
Even if your product isn't perfect, but if it works, they'll grab it. A thirsty man in the desert will drink any water even if a dirty buffalo just rolled in it!
When I did some copy, most of my clients were mostly technical business owners who had no time or just uncertain newbies....they were desperate for help.
I'm not the best copywriter on the planet, but I got them!

I love desperate people. They are easier buyers to help out. You don't need advanced sales techniques or slick copy as much as you would think.
Most people hate Facebook or Reddit..but it's like a harvest out there. Same goes for Amazon, although sometimes it gets boring fielding out the 1-stars and the other comments.

On total, hard-on validation, cash is king. Cash is always king regardless of whether it is a hyperreality or not. After all, it's the only thing the world keeps track of, even Fastlaners, to a degree. I love pre-sales. It's like having victory even before the battle's even began!
 
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Well guess what? My 4 year anniversary on the forum is today! It's becoming a tradition to let you know what has been happening all year so here we go!

This year found me sticking with my fastlane plan of building spec houses (thread link in signature below). Last year (2016) this company grossed $479k with a net around 10% ($48k). This year (2017) is on track to gross 1.1M with a net closer to 20% ($220k). 2018 should see significant scaling.

I'm having a great time with this company. I work when I want to and have a lot of creative time (which I personally need). It's not "passive" (nor would I want to be at this phase) but there are systems/people in place to make it hands off when I am ready. Check out the last completed house:

Edge_night_full.jpg

My mindset this year was pretty solid except for dealing with the Desert of Desertion...again. I have to keep reminding myself that this is part of a much bigger picture and that each desert DOES have an end (if you just keep walking). Feel free to PM me if you need a desert survival pep talk :)

Another reminder I got this year is that nothing is going to be easy. You have to push to make gains. For instance - I hired a realtor to help sell one of my houses. For 6 months this guy talked and talked about what he was doing to sell a house...but he never did. I trusted him the whole way and it cost me 6 months...I learned that I needed to manage my realtor as well as my subs. No one gets a free pass. They now have to earn freedom from my oversight.

Unscripted. This is an epic book @MJ DeMarco . It took me a week to read it (I usually read a book this size in 2 days). I chuckled as I remembered what it was like unraveling these ideas prior to the book. If you haven't read the book yet, stop and do it now. Leave an Amazon review if you want to help give back.

Looking forward. Year #5 should be the first year I start to see substantial financial rewards from this company. This will come at the same time that cash preservation might be paramount. I will have to negotiate the coming potential housing bubble (exact timeline unknown). I'm seeing an uptick in local copy-cats also. The brighter side of this is that my success is leading to more investor money being offered. How I plan and react to all of this will ultimately determine how good I am at this "game".

As always, thanks to each of you for your encouragement, help and time! Here is to year #5!!!
 
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MJ DeMarco

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Dude, thanks for kicking my feedback loop in the TEETH!

Happy to hear about your success. :thumbsup:
 

Elijah

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Well guess what? My 4 year anniversary on the forum is today! It's becoming a tradition to let you know what has been happening all year so here we go!

This year found me sticking with my fastlane plan of building spec houses (thread link in signature below). Last year (2016) this company grossed $479k with a net around 10% ($48k). This year (2017) is on track to gross 1.1M with a net closer to 20% ($220k). 2018 should see significant scaling.

I'm having a great time with this company. I work when I want to and have a lot of creative time (which I personally need). It's not "passive" (nor would I want to be at this phase) but there are systems/people in place to make it hands off when I am ready. Check out the last completed house:

View attachment 15599

My mindset this year was pretty solid except for dealing with the Desert of Desertion...again. I have to keep reminding myself that this is part of a much bigger picture and that each desert DOES have an end (if you just keep walking). Feel free to PM me if you need a desert survival pep talk :)

Another reminder I got this year is that nothing is going to be easy. You have to push to make gains. For instance - I hired a realtor to help sell one of my houses. For 6 months this guy talked and talked about what he was doing to sell a house...but he never did. I trusted him the whole way and it cost me 6 months...I learned that I needed to manage my realtor as well as my subs. No one gets a free pass. They now have to earn freedom from my oversight.

Unscripted. This is an epic book @MJ DeMarco . It took me a week to read it (I usually read a book this size in 2 days). I chuckled as I remembered what it was like unraveling these ideas prior to the book. If you haven't read the book yet, stop and do it now. Leave an Amazon review if you want to help give back.

Looking forward. Year #5 should be the first year I start to see substantial financial rewards from this company. This will come at the same time that cash preservation might be paramount. I will have to negotiate the coming potential housing bubble (exact timeline unknown). I'm seeing an uptick in local copy-cats also. The brighter side of this is that my success is leading to more investor money being offered. How I plan and react to all of this will ultimately determine how good I am at this "game".

As always, thanks to each of you for your encouragement, help and time! Here is to year #5!!!
Hey, I just found your thread and I am really impressed, great work!
Could you tell me how this business crossed your mind? Why this business exactly? Did you work in this niche or did you just "find" it.
Keep up the good work!
 

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Hey, I just found your thread and I am really impressed, great work!
Could you tell me how this business crossed your mind? Why this business exactly? Did you work in this niche or did you just "find" it.
Keep up the good work!
Hello @Elijah - good question! Check out the link to my progress thread in my signature below. It details most of the big steps. Shoot me a PM if I missed anything.

Almost 10 years MJ!!!
It's kind-of cool that our anniversaries coincide with the forum anniversary. Thanks for your years of help!
 
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Dude, thanks for kicking my feedback loop in the TEETH!

Happy to hear about your success. :thumbsup:
"when the world values your value" (page 211, Unscripted). That one will stick with me for a long time. My hope is that everyone here "feels" that moment...and the wonder twins get beat down again :)
 

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This is a seriously kick a$$ thread. Rep+ and bookmarked for motivation, hope to be posting the same in a year!
 

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Hi, what a great and inspiring thread! Thanks for putting it together over the years and well done on your journey!

I have just joined and this is the first 'longish' thread I've read through and i'm already feeling the inspiration and learning from this forum! Cheers (and thanks MJ for the pointer to this thresad in the intro thread).

D
 

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Amazing thread and extremely motivational. Congrats on all your Wins thus far and subscribing to this thread in looking forward to this year's and many more anniversaries.
 

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Looking forward to the July 18, 2018 update. Have you thought about building spec apartments? I've had a dream to build a 24 unit apartment building using all Elon Musk tech. XD Might work. ;)
 

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