What's Next???

[Bitz]

Hope you all are having a great week!

I’m new to the Fast Lane form, and well any form that is. I really enjoyed reading some of the members introductions, which were awesomely motivating and genuine ! So I wanted to introduce myself to the Fast lane group.

I'm 24, and decided to go unscripted right out of the gates of university. Within 8 months I was able to create a supplement company driving in about $5k/mo profit. Great, right?? Well not so fast. It all started when I was approached by a family friend of mine. A real estate expert who wanted to go polygamous and dable in the world of supplements. He provided the financial backing and trusted me with all execution. Although, I knew nothing about how to execute I did know the nutrition industry like the back of my hand, and I knew anything I didn't know could be learned as needed. Despite only getting 25% equity in the company it was a no risk learning environment for me...a hand shake later and I took the deal.

The next 5 months was consumed by product research, forecasting, sourcing, working with manufactures, design, marketing, automating what I could, etc...I really did learn invaluable skills. We were getting in a portion of the market not yet saturated (at the time)...I was excited. With much anticipation the first product hit market, and than the second. First month sales were about $500, month 2 a little better close to $1500...a few optimizations later and month 3 we hit $5k in profit!

Well this is where I mention "not so fast". As sales rise, well inventory falls. I knew we had to restock or our momentum would crash...and thats exactly what happened. My partner decided to cut invests and focus on what he knew best, real estate. Within 2 more months inventory dried up and with that profits. Although, bummed out at first I am a positive guy and always look at the bright side of things.
Positives:

1. I am super grateful to of been able to learn invaluable skills in a risk free environment.
2. Although profits were high the first few months of launch, profit margins were low which gave little wiggle room to test marketing strategies and keep up with demand
3. Despite getting into market early a few months after inventory ran out the market became saturated and larger brands barging in creating price wars...aka good timing but still a trend so probably not sustainable long term

Long story short I needed a job. With my new learned skill set I was able to land a Digital Marketing job at a large agency despite my Finance back ground. Although scripted, I get to save some capital while learning PPC (SEM) and digital marketing from the best out there. Moreover, the hours, the freedom and the lifestyle are way better than I would get from any suit wearing Investment Finance job or most hourly gigs. It’s an ends to a means I keep telling myself. Its allowed me to save capital, strengthen my digital marketing skill set and gives me the time to pursue my next venture.

And that segways into why I'm here. Im glad I found @MJ DeMarco's books and you all on this forum!

Well so much for keeping this short...Overall, I am more than just itching to get going again! Tearing through audio books literally any moment of free time I have. Avoiding the frustrating amount of “bro marketing” and “guru” get rich quick crap out there. I know exactly what I want and why I want it. I could achieve it in a year or two or maybe 10 years or more...who knows when you'll get that "gold" gum ball unless you keep trying and taking action. When I found MJ DeMarco’s books they regained my faith in what entrepreneurship really is....not a "bro marketing" skem or and not getting aspiring to be on the cover of Inc Mag but the simple ruthless grind, and giving the shoulder to the mindlessness lives most people out in the world today live by. MJ DeMarco's focus on genuine hard work and execution, in return to make life beautiful was great!

Two Other Great Reads:

• The Million-Dollar, One-Person Business: Make Great Money. Work the Way You Like. Have the Life You Want by Elaine Pofeldt
  
  
• The Lean StartUp by Eric Reis

Okay so why am I on this form…

1. Accountability of execution
2. Surrounding myself by like minded individuals who are hard working and genuine in their pursuit is motivating
3. Ability to ask Questions and eliminate the "noise" of a google search but also hopefully anything I learn in my scripted job, as a PPC Marketer, will be of value to anyone on this forum too

If you made it this far thank you for your time!

My first question for you all is:
Currently I am stuck in the idea phase. I have a few ideas and I have done a lot of obsessive research. Although, good ideas in the sense they fill market deficiencies I am just not sure they hit the commandment of need. What validation resource tools (eg. Google keyword planner, Google trends, reddit, quora, twitter, jungle scout, Amazon reviews etc) have you used to validate that people need what you are looking for? In addition, what has helped you make your decision when deciding between which idea to monogamously pursue?

*If this is not the right forum thread where you ask these questions...sorry..I'm new to this, could someone guide me to the right thread.

Thanks all and enjoy your day!

 

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