What Fastlane venture makes more sense to focus on?

[GhostCEO]

I am re-reading TMFL for the 3rd time in preparation for the next phase of my business life, and have 2 paths I see myself following...

In chapter 19, MJ talks about the 5 Fastlane Business Seedlings.

I am torn apart between choosing Computer/Software Systems or Content Systems for my Fastlane venture.

Here are 2 factors I'm considering in my decision

Factor #1: My Background
I am a marketing automation consultant, and all my clients are Gurus who sell their advice online. So I knew quite a few things about selling advice and information online. I have spent 5 years in that industry and I know close to all there is to know about it.

So Content Systems seems like the way to go based on my background.

But the Computer/Software Systems seems like an attractive route to me as well. I know how to code. Not very well, but I know how to do most stuff, I understand the big picture.

Now blockchain is something that interests me a lot and where I see a lot of potential to develop a Software System. I could go that route and develop something in that uncharted land where everything is still to be discovered.

But that means I would have to spend quite a lot of hours getting up to date coding skills relevant to the Blockchain.

So here Content Systems wins in my opinion.

Factor #2: The Liquidation Potential
I'm worried that a Guru Content System-based business will not be as easy to sell as a blockchain Software System.

My goal is to retire using my Fastlane business by liquidating it. I don't want to operate it forever.

Think about Anthony Robbins selling his business... This makes no sense and I'm not sure it would be sellable, because Robbins wouldn't be there to do the events, create the products, talk on radio, etc. (Correct me if I'm wrong on this assumption because that's the base belief of my thinking).

Now another option would be to create more of a publishing company and not focus on creating the content myself and putting myself out there as the "Guru"... But this is not where I have great knowledge. I have more knowledge in the Guru business than in the Publisher business. I have no clue how to do Publishing for other experts. I know how to position 1 expert and make his programs sell. That's it.

Also, positioning myself as a Guru will allow me to leverage systems a lot more, publishing is huge on Human Resources.

Based on all those details, what do you think would be best for me to focus on for a Fastlane venture?

 

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[Aetherwolf]

Think about Anthony Robbins selling his business... This makes no sense and I'm not sure it would be sellable, because Robbins wouldn't be there to do the events, create the products, talk on radio, etc. (Correct me if I'm wrong on this assumption because that's the base belief of my thinking).

The typical route to go in such cases would be to install one or more "heirs" to the system, who are allowed to use the gurus name in exchange for a share in their profits. Yes, one day Tony Robbins will not be there anymore. But I am pretty sure his "officially acknowledged master pupils" are gonna hold up the flag and keep him from starving. ;-)

 

[MarekvBeek]

Where is the need?

Serious... all I see in your post is what you want or can do, because of your skills or background.

The marketplace doesn't care about that.

I know it is hard, I was thinking that same way for a very long time. But shift your focus from your need, to the need of others.

That is what create real businesses.

Maybe there is a need for an automated way for your marketing automation consulting?

Have you checked that?

Is there a need to let people develop a Guru-status, and is there a way you can show it to people because of your expertise?

Don't go the easy way, because it will pay you nothing.

Go for the way that solves needs and painpoints.

That will pay you and get your business into the next phase of your life.

 

[maverick]

SOOOO:

You've heard some interesting things about blockchain and feel you're somehow placed to compete with the biggest companies and the smartest people.

And you know all there is to know about giving advice online.

Yet you fail to sell your own ideas in your post.

 

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[JustKris]

Echoing the other posts----where's the NEED? Surely you've found some irritating issue in your work---like maybe a SUPER easy way to automate everything for content gurus.

Plenty of content creators have pivoted into really profitable SaaS businesses. Russell Brunson (Clickfunnels), Andy Jenkins (WebinarJam), Nathan Barry (Convertkit) and so on.

If you can create a scalable solution to a problem, especially if people will pay a recurring monthly fee for it, do it.

 

[letter9]

Where is the need?

Serious... all I see in your post is what you want or can do, because of your skills or background.

The marketplace doesn't care about that.

I know it is hard, I was thinking that same way for a very long time. But shift your focus from your need, to the need of others.

That is what create real businesses.

Maybe there is a need for an automated way for your marketing automation consulting?

Have you checked that?

Is there a need to let people develop a Guru-status, and is there a way you can show it to people because of your expertise?

Don't go the easy way, because it will pay you nothing.

Go for the way that solves needs and painpoints.

That will pay you and get your business into the next phase of your life.

Great advice.

It's not about you. It's about market your serve.

 

[hughjasle]

Man tough crowd with the responses you got.

I don't know what you do well enough to answer much in one post, but there has got to be something there for you I would think. Is there ANY WAY to automate what you do with "gurus" or better, make a software that new and up and coming "gurus" can use to help them automate their businesses? I'm sure you have already been down this path but with me not personally knowing what all it takes to do what you do and in general having a personal disdain towards "gurus", I don't know that market very well.

Not to push you one way or another, but to address your comment of needing hundreds of hours of learning code comments; don't sell yourself short. Hire that crap out. You know enough to know if you are getting screwed by your developer. IMO that's one of the best positions to be in, knowing enough yourself to hiring it out. The hardest part of any Saas is not actually coding. It's coming up with what to build that people will actually want to pay for and executing it.

I know a load of ppl who would be interested in a Software that they could use that would allow them to become a guru... I just don't know if that's possible. You would know far better than me.

It has been a while since you posted, update us on what you are thinking.

 

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[loop101]

I am re-reading TMFL for the 3rd time in preparation for the next phase of my business life, and have 2 paths I see myself following...

In chapter 19, MJ talks about the 5 Fastlane Business Seedlings.

I am torn apart between choosing Computer/Software Systems or Content Systems for my Fastlane venture.

Here are 2 factors I'm considering in my decision

Factor #1: My Background
I am a marketing automation consultant, and all my clients are Gurus who sell their advice online. So I knew quite a few things about selling advice and information online. I have spent 5 years in that industry and I know close to all there is to know about it.

So Content Systems seems like the way to go based on my background.

But the Computer/Software Systems seems like an attractive route to me as well. I know how to code. Not very well, but I know how to do most stuff, I understand the big picture.

Now blockchain is something that interests me a lot and where I see a lot of potential to develop a Software System. I could go that route and develop something in that uncharted land where everything is still to be discovered.

But that means I would have to spend quite a lot of hours getting up to date coding skills relevant to the Blockchain.

So here Content Systems wins in my opinion.

Factor #2: The Liquidation Potential
I'm worried that a Guru Content System-based business will not be as easy to sell as a blockchain Software System.

My goal is to retire using my Fastlane business by liquidating it. I don't want to operate it forever.

Think about Anthony Robbins selling his business... This makes no sense and I'm not sure it would be sellable, because Robbins wouldn't be there to do the events, create the products, talk on radio, etc. (Correct me if I'm wrong on this assumption because that's the base belief of my thinking).

Now another option would be to create more of a publishing company and not focus on creating the content myself and putting myself out there as the "Guru"... But this is not where I have great knowledge. I have more knowledge in the Guru business than in the Publisher business. I have no clue how to do Publishing for other experts. I know how to position 1 expert and make his programs sell. That's it.

Also, positioning myself as a Guru will allow me to leverage systems a lot more, publishing is huge on Human Resources.

Based on all those details, what do you think would be best for me to focus on for a Fastlane venture?

I would suggest not trying to invent a market. Are there already examples of Blockchain Content Systems? If not, wait until that industry is created. I was watching a YT video the other day that stressed "markets" over "marketing", the idea was to stick with existing markets instead of trying to create a new one via marketing.

Doh, I just found the video, it was this cute girl talking about MJ (small world!)

View: https://www.youtube.com/watch?v=r67174J-n0k

 

[VentureVoyager]

@loop101 I just went through her videos, great value she offers there