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JasonR

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What is stopping you, right now, from starting your business?

What is stopping you from making your first sale?

What is stopping you from making the leap?

If you've already started your business, what's stopping you from quitting your job?

What is stopping from doubling your revenues and profits?

I want to know the answers. We can help you. Go.
 
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RisingStars

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What is stopping you, right now, from starting your business?

What is stopping you from making your first sale?

What is stopping you from making the leap?

If you've already started your business, what's stopping you from quitting your job?

What is stopping from doubling your revenues and profits?

I want to know the answers. We can help you. Go.
Well for me its that I didnt find a "winner" product yet.
I got around 400 sales since I started ecommerce (before on ebay, now starting amazon)

First I sold used stuff ( I sold really quick but it was hard to scale and get more inventory)

Now I am importing goods from china but I've not found a winning product or niche what enables me to scale and grow fast enaugh.

Thanks for doing this. Take care. :)
 

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I'm up at 2:30 am fixing up some computer stuff so these questions are a blessing.


What is stopping you, right now, from starting your business?

My low starting funds (20$) and i'm still thinking about many things. Particularly how my age will come into play with starting a business.Or if it won't stop me at all.I have a great mind for ideas but my mind is still in the money chasing stage.Currently trying to over come that.

What is stopping you from making your first sale?

While i'm not in a business i'm working on selling.Nothing is really stopping me,I'm just plowing through all the issues and i feel overall confident i can make sales.

What is stopping you from making the leap?

Getting all the technical stuff ready.I have to run bots with scripts to make what i'm doing work.So i'm currently almost done setting up windows 7 in a virtual box.So i can run 2 accounts for 12 hours at the same time then run another 2 accounts on the other 12.Plus i have to make sure my partner has everything set up because it's rather complicated.Other than that the only thing stopping me is myself and my rather poor work ethic (though i have been working more recently on this).

What is stopping from doubling your revenues and profits?

The only foreseeable thing that will stop me from doubling revenues and profits is actually Human resource.I could tell you what i sell but i'd be easier if you'd check out my thread.Explains most of it in detail.Basically the more people i have working for me i almost double my profit.
 

CosMoen

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Surface problem: Product: disposable personal hygiene product. Can't decide whether to slap a label on a generic version of this product from alibaba or find a manufacturer willingly to make some tweaks and THEN brand this slightly improve version of product. Option 1 would get me to market faster, less investment, and easier to abandon IF fails. Option 2 gives me more brand presence if the manufactured product is slightly different and slightly better than the other ones out in the market, but will take longer to bring to market.

Option 1 also gives me more time to focus time and money on branding a generic product. For example, Dollar Shave club is 90% branding and customer service. The razor blades themselves are pretty generic. Option 2 is more time and money on making a slightly more unique product and less time on marketing/branding. Which option should I go with?

So the question really is whether I can create a brand out of a generic product that is already being manufactured or go create a better version of it. Like toilet paper, for example. Would you rather build your brand around a generic (but good quality) toilet paper that is already being manufactured or would you go out to manufacture a better version of the generic toilet paper (with aloe vera perhaps) and then go out and brand that instead?

Deeper problem(s): I don't really believe in myself enough. Theres this voice in my head that keeps telling me to go back to my corporate job which I held for 4 years right after college. I left after I have saved enough money from my job for 4 years (about 80k saved) and made an additional $30k in the stock market which I cashed out. However, I have been living off the savings for a year now just traveling and exploring business ideas.

Doubt is constantly on my mind. I know I won't be able to stand going back to a corporate job, but my mind is telling me I'm being a bitch and to just suck it up like everybody else. Take the job.

The best solution I have at the moment is to take up a part time bartending job so that it pays for my living expenses which is about $2k/month. This way I would be less stressed about eating away at my savings while I work on my business. Thoughts? I dont have any bartending experience and don't even drink BUT I'm willing to learn, be a barhelp if necessary at the beginning, and I also live in NYC metro which should be good for these types of jobs
 
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100k

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At a first glance, I would say I have no ideas. I have no idea who I want to help. At a deeper level, it's the mindset I have developed that I have nothing of value to give to anyone and that I am not a person of value or substance.

You don't need ideas. You need problems. Go out and engage with people and businesses, find out what problems they have and once you know their true problems, you can start thinking of ways to solve those problems through a product/app/software/ebook/video course/membership site/network site etc.

http://mixergy.com/listen-to-dane-m...ar-how-he-extracts-a-profitable-business-idea

http://www.geordiewardman.com/post/59670553151/email-copy-for-idea-extraction
 

MTF

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What is stopping [you] from doubling your revenues and profits?

Being uncertain if it's worth the effort in my current business. They say it takes the same amount of effort to make $10,000 a year as it takes to make a million. Is it true?

You have two choices:

A. Stay in a business that's unlikely to grow past a certain point (comfortable, but not mind-blowing, something around $15k/month). I can double my revenue/profits, but after reaching $15k it will be highly unlikely based on the top earners in the industry. The advantage here is that it's relatively safe and it's already working for you.

B. Start a new, unrelated business with more potential where the top earners reach 6-7 figures a month. The potential for doubling revenue/profits here is virtually unlimited when compared to option A, but you have to start from scratch and won't use many of the skills you had to master for your current business.

What do you pick?
 
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ExCubeCommando

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What is stopping you, right now, from starting your business?
Me: Nothing

What is stopping you from making your first sale?
Me: Nothing

What is stopping you from making the leap?
Me: Nothing

If you've already started your business, what's stopping you from quitting your job?
Me: Laid off! :upyours:

What is stopping from doubling your revenues and profits?
Me: The person I have to look at in the mirror each morning! (getting motivated from this forum!)
 
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Delmania

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You don't need ideas. You need problems. Go out and engage with people and businesses, find out what problems they have and once you know their true problems, you can start thinking of ways to solve those problems through a product/app/software/ebook/video course/membership site/network site etc.

http://mixergy.com/listen-to-dane-m...ar-how-he-extracts-a-profitable-business-idea

http://www.geordiewardman.com/post/59670553151/email-copy-for-idea-extraction

Thanks for the links, I'm familiar with Dane and his idea extraction techniques, but the more I can learn, the better my attempts will be. My main issue is the negative mindset.
 

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Being uncertain if it's worth the effort in my current business. They say it takes the same amount of effort to make $10,000 a year as it takes to make a million. Is it true?

Is that the sound of money chasing I hear? ;)

You have two choices:

A. Stay in a business that's unlikely to grow past a certain point (comfortable, but not mind-blowing, something around $15k/month). I can double my revenue/profits, but after reaching $15k it will be highly unlikely based on the top earners in the industry. The advantage here is that it's relatively safe and it's already working for you.

B. Start a new, unrelated business with more potential where the top earners reach 6-7 figures a month. The potential for doubling revenue/profits here is virtually unlimited when compared to option A, but you have to start from scratch and won't use many of the skills you had to master for your current business.

What do you pick?

Why pick? Can you automate 'A' enough to free your time to chase 'B'? Also you're comparing yourself to top earners in the industry. Is there a reason for that? Why are you limiting your potential this way? If it's because you're using similar business models then can you tweak that and break through the ceilings you see? Innovate around the top players and beat them at their own game! You've got this! Keep digging! It'll be worth it in the end. :rockon:
 
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LateStarter

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What is stopping you, right now, from starting your business?

Lack of product. Waiting for responses from Private Labelers about costs for branded products and current name brands about B2B wholesaling opportunities. The former are slow to respond and frustrating. The latter are reviewing my business model and well...big corporations that don't move fast.

What is stopping you from making your first sale?

Good point. My model is both B2C and B2B. For B2C I need to get the website going and try to get some presales. That means working on a name, branding, copy, packaging, KPIs, etc. If I get traction though I won't have product. I may need to fulfill orders with retail products at a considerable loss. Is it worth it to prove out the model? Probably. For B2B can I shop this idea around if I don't have finalized costing? It's a hard thing to do when you're trying redirect marketing dollars and don't know the cost for your service or the ROI to address their questions. This part may need to wait a bit.

What is stopping you from making the leap?

Worried that without being able to offer CPG name brands (and make money from them) the business may not get the traction to scale. I know, I know...violating Control...but until I can get a private labeler on board and start building my brand it's a necessary evil.

If you've already started your business, what's stopping you from quitting your job?

Sales. Yup. I see the circular logic in going back to Question 2. Guess I need to work on those thing above instead of waiting around. Time to go all in!

What is stopping from doubling your revenues and profits?

2x$0 is $0 so even one sale would exponentially grow my business. How's that for a positive perspective?

I want to know the answers. We can help you. Go.

Thanks for the a$$-kick and offer to help @JasonR. Look forward to the response from you and others.
 

MTF

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Is that the sound of money chasing I hear? ;)

I dislike the "money chasing" term being thrown for no reason. It's obvious I'd rather make a million than $10,000. Doesn't make me "chase money" in the Fastlane sense (focusing solely on making money instead of thinking how to provide value).

Why pick? Can you automate 'A' enough to free your time to chase 'B'? Also you're comparing yourself to top earners in the industry. Is there a reason for that? Why are you limiting your potential this way? If it's because you're using similar business models then can you tweak that and break through the ceilings you see? Innovate around the top players and beat them at their own game! You've got this! Keep digging! It'll be worth it in the end. :rockon:

I suppose I can work on two things at once, but it's more of a question of focus and where to use my resources (that's what's stopping me from doubling my revenue/profit - not being sure if I use my resources properly). I don't like to split my attention any more than it's necessary. A (self-publishing) can't be automated because it requires me to keep writing or my income will drop substantially within a few months.

I'm comparing myself to top earners because I think realistically. If the best players in the industry make X, it's unlikely you'll make more than X (unless it's an industry full of weak players, but that's not the case here).
 

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I dislike the "money chasing" term being thrown for no reason.

There was no offense intended by my comments. Hope none was taken. If you're giving it your maximum effort and the returns aren't there then I'd look at the model. Are you not providing enough value to attract customers from the large pool available? Or is it more about the market being too small in terms of scale (volume) and magnitude ($/transaction). From your comments it would seem the latter.

...self-publishing can't be automated because it requires me to keep writing or my income will drop substantially

Right there. Time for money...just at a higher hourly rate. Originally you asked:

They say it takes the same amount of effort to make $10,000 a year as it takes to make a million. Is it true?

You can't scale in this market because your model requires your time. No matter how much effort you put in your return will always be capped unless you free your time or increase the effective hourly rate. There's also no exist strategy with this kind of a business. You can never 'cash out' and reap the equity of the business because it's all tied to you and your abilities. Sure there is some portion of good will because of the name you're building but that is very difficult to transfer to someone else if you try to get out. From what I'm interpreting your content also sounds like it has a 'shelf life' and unless you keep producing more revenue will decline. You're not reaping the rewards of long-term recurring rental/sales of your content. So unless you're planning on being the next J.K. Rowling I'm not sure where this is going to take you.

I'd rethink how you can automate this. Can you outsource any part of it even if it comes at a cost? It's a question of scale vs time so use a Pareto analysis to weigh your options. For instance if you outsource the writing but provide topics and editing yourself it may compromise the quality of your products but still be effective. That could free 80% of your time. If you lose 20% of your business due to reduced quality and lose 20% of the revenue due to outsourcing can you scale up the volume to make up the difference in revenue? Alternatively is the drop in revenue as a result of outsourcing worth the time you now have to pursue option B?

I suppose I can work on two things at once...

I've never been a proponent of that. I believe it takes a lot of focus to build something meaningful. Splitting your attention could compromise both efforts. With no exit strategy in self publishing and a willingness to try something new, I'd start thinking about that new business. Automate as best you can to sustain your revenue while making the switch.
 
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Dad2Four

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I need to figure out something to execute on.

I've been trying to pick a direction for eternity.

I build a solo ad auction website about a year ago that failed to attract enough of a following to take off.

I've got a few adsense sites I built a few years ago with a piece of software I built and it's made a steady flow of $100 a year. Yeah powerhouse.

I just took some hourly work but the guy hasnt paid. Trust me, I'm well aware that hourly is not fastlane anyway.

I've done some research on the ecommerce side but have not found a niche that looks promising.

Yeah, I recognize that my current state of indecisiveness is my biggest issue.

I'm a coder by day and an not cut out to sit in this box for the remainder of my days but this seems to be the path I'm currently on.

Fire away, I can take it. :)
 

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Or is it more about the market being too small in terms of scale (volume) and magnitude ($/transaction). From your comments it would seem the latter.

Yes, that's it (especially magnitude - it's like $2-3 per sale).

You can't scale in this market because your model requires your time. No matter how much effort you put in your return will always be capped unless you free your time or increase the effective hourly rate. There's also no exist strategy with this kind of a business. You can never 'cash out' and reap the equity of the business because it's all tied to you and your abilities.

True. I can stop writing and I'll keep making money, but sooner or later it will dwindle. It cannot thrive without my involvement.

I'd rethink how you can automate this. Can you outsource any part of it even if it comes at a cost?

I outsource almost everything but writing and marketing, but these jobs don't take that much time. Outsourcing the writing is not going to work, that's a very bad, low-quality (and ultimately will be short-lived) business model.

With no exit strategy in self publishing and a willingness to try something new, I'd start thinking about that new business. Automate as best you can to sustain your revenue while making the switch.

I guess that makes the most sense, so the answer is "double your revenue/profits by exploring other possibilities rather than doing it to your current, limited business." Thank you.
 
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The Grind

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What's stopping me.

I cant get myself to sit down at my computer and actually focus on a task and get it done.

I have 0 motivation. The only thing I want to do is escape reality because I hate my life.

For example, One big task I need to do is make a sales page, I already have optimizepress, have some copy skills, alls I have to do is literally just sit down and get the landing page created, shouldnt take more than 2-5 hours because I have to learn how to create the page with optimizepress at the same time. It doesnt have to be perfect, just has to get done.

Then write a sales letter, before I can do this I have to come up with all the benefits of my product, which I havent done either because again, I cant get myself to focus on it and THINK of all the benefits.

So many thoughts in my head, I cant focus, I cant organize the thoughts and ideas in my head.

I find myself googling "how to get more concentration and focus" than anything else.
 

The-J

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I want to scale my current efforts. I'm sick of making an hourly wage and churning out deliverables to people.

The money is decent for the amount of time I put into it (I live a 4-hour work week life and can pay my bills), but there are a few things that are keeping me from scaling:

1) People. I need employees in order to scale this. Those employees would be critical to doing so, and if they screw up, I'd be f*cked for cash flow and goodwill with clients. This work is highly dependent on reputation and the only reason I'm still getting work is because my clients like me.

2) Time. The reason I work 4-10 hours a week is because I only really have ~20 hours a week to spare between a 24-credit school semester, normal 'life' shit (errands, cooking, commuting, gym) and keeping my relationships (long term GF, the 3 friends that I have, family) intact. I love leisure time, though, and that's really hard to give up. I'm shit at time management (although I'm better than I was a month ago, or a year ago, which is good). Scaling my efforts will be a large upfront time commitment (setting up more advanced lead generation, hiring/managing/training people, organizing it all).

Worst part is, I could never fully remove myself from it (the 'agency' model) without sacrificing important control. So I'd be creating myself a manager-type job, in a way.

So here are my options:

1) Do it anyway, or

2) Start something new on top of what I already have, slowly phasing out my current job. Could be e-commerce, could be some other sort of service, could be one of the infoproducts I had in mind. This is another large upfront time commitment, although some options are less time upfront than others.

3) Do nothing and continue to complain

I'm done with school forever in April and after that, time no longer becomes a limiting factor. But I want to do it now. I'm sick of waiting for the perfect moment to strike, cuz there is none.
 

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Little to no capital after bills are paid.

No idea what to do.

I actually have several hours a day to work on something. Just no direction. :(
 
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E-Sharp

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What is stopping you, right now, from starting your business?

What is stopping you from making your first sale?

What is stopping you from making the leap?

If you've already started your business, what's stopping you from quitting your job?

What is stopping from doubling your revenues and profits?

I want to know the answers. We can help you. Go.

Analysis paralysis.

I'm trying to decide on what to start and I keep going in circles. I know I want it to be in the e-commerce realm but then I keep researching different things, going down some research wormhole, getting new ideas after further research, blah.
 
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zt90

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I sell on Amazon and the biggest thing that is killing me right now is the fact that sales will never ever become consistent and completely passive for my products. It goes something like this...

1. products sell well
2. I take earnings and reinvest in more products with the same strategy
3. original products that were selling well stop selling well
4. I tweak and trouble shoot for a week to try and figure out what the problem is
5. 50/50 on whether I can revive my products
6. repeat

This is extremely frustrating for myself and other sellers I'm sure. I don't feel any more financially secure than a person with a 9 to 5 because of the inconsistency. The earnings are cancelled out by inventory that is not moving so I'm pretty much living on the edge. The above makes it extremely hard to scale without taking a huge financial risk.
 
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NYCGoblin

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Unsure on how I should/can improve the product that I want to import. This product has a huge market, and current sellers have ranging qualities of the product. There is pretty high demand for it everywhere in the world, and I see people using the product and it being a pain all the time, including me! The best of the product on the market I'd like to make another improvement on but I don't know what it should be. Whether it be the total design, materials used, or just different color's designs on it. I am more than likely just decide on one thing and just make the order. I'll never know what the right improvement is without doing the wrong one. Hoping to have the first product line be perfect is pretty foolish now that I think of it.
 
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I see a couple of posts here talking about fear. I have to ask...really with all sincerity...

What are you afraid of?

I'm not just saying that to challenge you; I genuinely want to know! I'm very fortunate right now in my life. I don't have that fear with my business. So let me see if I can help you out.

Fear of coming off looking desperate to make money @dmitriyb

This fear is because you're looking at customers from a position of scarcity. There are TONS of customers out there. Even if you look desperate and scare them off that's ok. No, really it is! You're honing your skills and working on learning how to make a pitch. These customers are giving you FREE instruction! When was the last time you got a free education? Take it!

We are all getting sold to every, single day. You hate watching commercials, right? You know why? People hate being sold to! What about telemarketers? Do you like talking to them? No! Because people hate being sold to! What about pop-ups and banner ads? Yeah! I LOVE those! Really?! NO! I f*cking hate that shit!!! But you know what? As consumers we're used to it. We accept it as a part of modern life. Most offers suck balls! But you know what? We don't give it a second thought ...and neither should you when you're on the other side of the pitch!

Still not confident? Check the value proposition of your offer and strengthen it. Remove the obstacles between you and the customers ability to say "Yes". Make it an easy decision for them and let your offer sell itself. Don't 'push' your offer, just 'present' it.

Not everyone is going to want your offer and that's ok. Ever hear of the saying "You can lead a horse to water but you can't make him drink"? The same is true for customers. Just remember that even if they're not your current customers doesn't mean that they can't be your 'future' customers. So even if you completely f*ck it up you can make your pitch again later and STILL get their business!

Fear of Cold Calling @Sebastya

Lemme guess...you're an introvert, right? A lot of the same rules above apply so makes sure you read those first. Did that already? Good because there are two key principles to cold calling as an introvert that you need to know. Are you ready for them? Ok..here they are.

The first and easiest thing you need to do as an introvert is to smile when you're talking on the phone. Believe it or not you can hear someone smiling when they're on the phone and smiling will make the other person drop their guard. They'll let go of their natural apprehensions and defences and be more open and accepting of what you have to say. Pretty easy thing to do right? Good because here comes the hard part.

Introverts hate the spotlight. That's not secret. But who normally takes the spotlight? Extroverts...duh! Not exactly what I was going for... but ok. And why do they take the spotlight? Because they feel like they have something to say! Something that's interesting and important. Introverts are the opposite. We don't feel worthy of the spotlight or of someone's time. And there is the biggest fundamental flaw that we introverts need to get over mentally. Stop looking at yourself as a nuisance to the person on the other end of that call. You have something worthy to say and the person on the other end of that phone call needs to hear it!

Believe that your call is going to make someone's day! It doesn't matter if it's because you spoke kindly to the receptionist or because your offer was the best one the Office Manager has heard in the past 6 months. You are going to make someone smile today and they're going to be glad that they talked to you!

But rejection sucks. How do you deal with that? Simple. Your job as an entrepreneur is not to worry about how many people say no to you and hang up. Your goal is not to get everyone to say yes. That's a far too ambitious goal. Your job is to start increasing the number of potential customers that will actually say yes.

On Day 1 expect that everyone will say no to you. You're green with a new offer that's not exactly polished and you're still finding your way. It's going to be a disaster. It's inevitable. After a few days practice your confidence will build and maybe a week from now you'll get one person interested enough to hear your whole pitch! ...and then they'll say no. But one day someone will say yes! It'll be a monumental day for you! Now build on that. Aim for one less rejection every day. Iterate, refine and strengthen your pitch and your skills. Keep moving forward.

Let go of fear by stopping the stories in your head!
 

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Well for me its that I didnt find a "winner" product yet.

I got around 400 sales since I started ecommerce (before on ebay, now starting amazon)


First I sold used stuff ( I sold really quick but it was hard to scale and get more inventory)


Now I am importing goods from china but I've not found a winning product or niche what enables me to scale and grow fast enaugh.


400 sales is a great start. You're doing something. Perhaps, look at it as, you need to import 100 products to find 2-4 winners. From there it's just scale.


If it were me, I would focus on one vertical/market and create/find products for that market. Think about branding it and offering something unique that makes you different than other products. And/or find something you can get an exclusive deal on importing/creating.


My low starting funds (20$) and i'm still thinking about many things. Particularly how my age will come into play with starting a business.Or if it won't stop me at all.I have a great mind for ideas but my mind is still in the money chasing stage.Currently trying to over come that.


What is stopping you from making your first sale?


While i'm not in a business i'm working on selling.Nothing is really stopping me,I'm just plowing through all the issues and i feel overall confident i can make sales.


When I started my business I moved home at 28 years old so I could spend more on the business. I also had a job, in order to make money to cover my a$$ and put all of my excess funds into the business. This proved to be a turning point for me.


Your age has nothing to do with your success, other than the earlier you start the better. You will make mistakes. Learn from them. If I had the option I would go back and start younger, because you need all the experience you can get.


So the question really is whether I can create a brand out of a generic product that is already being manufactured or go create a better version of it. Like toilet paper, for example. Would you rather build your brand around a generic (but good quality) toilet paper that is already being manufactured or would you go out to manufacture a better version of the generic toilet paper (with aloe vera perhaps) and then go out and brand that instead?


Deeper problem(s): I don't really believe in myself enough. Theres this voice in my head that keeps telling me to go back to my corporate job which I held for 4 years right after college. I left after I have saved enough money from my job for 4 years (about 80k saved) and made an additional $30k in the stock market which I cashed out. However, I have been living off the savings for a year now just traveling and exploring business ideas.


Doubt is constantly on my mind. I know I won't be able to stand going back to a corporate job, but my mind is telling me I'm being a bitch and to just suck it up like everybody else. Take the job.


The best solution I have at the moment is to take up a part time bartending job so that it pays for my living expenses which is about $2k/month. This way I would be less stressed about eating away at my savings while I work on my business. Thoughts? I dont have any bartending experience and don't even drink BUT I'm willing to learn, be a barhelp if necessary at the beginning, and I also live in NYC metro which should be good for these types of jobs


Oh man, great questions!


Ideally, you would want to create a product with a twist - such as the aloe vera toilet paper (does this exist, lol?). IMHO the best products are products that already sell with a unique twist. That being said, much money has been made selling the same products everyone else does - but - there is definitely way more value in bringing something unique to the market. If you just need to make sales to start, doing something simple where you can get sales under your belt, THEN work on formulating your twist.


Sounds like you had a high paying corporate job - we call those golden handcuffs. Good on you for quitting and traveling. That's experience most people never get to have, and is a great way to generate new business ideas. I routinely see things selling in Bali, Thailand, etc. that could be turned into an online business. Hell, I know a few people doing just that. When you're on the ground in those countries you have a significant advantage, as many of the locals don't know online business and don't trust people outside of their world of cash only, local deals. You need to build trust with these people in person, first.


Here is how I would look at your situation. I would figure out how much time you can live off of your savings - 6 months, 12 months, etc. For those 6-12 months, you grind it out and eat, breathe, sleep business. Focus on sales. You will find something to produce an income. If the worst happens, you can fall back on that job. Also, I would consider getting the hell out of NYC. Your money goes much further in other parts of the country (and the world) - and you'll live nicer.


As for your belief in yourself - you just need to work on your core confidence - and your belief system. If you dedicate yourself to business, you WILL make it. Look up some NLP. Look yourself in the mirror in the morning and tell yourself "I love you, you kick a$$, and you will succeed." Then smile. No really, it works.


At a first glance, I would say I have no ideas. I have no idea who I want to help. At a deeper level, it's the mindset I have developed that I have nothing of value to give to anyone and that I am not a person of value or substance.


This is a mindset problem. You've obviously helped people here. If I were you, I'd think about going to any successful business owners and offer to help them for free. Then pick their brains a bit. Or even go buy them lunch and pick their brains. Most people won't refuse a free lunch, and you're likely to find a good mentor.


Being uncertain if it's worth the effort in my current business. They say it takes the same amount of effort to make $10,000 a year as it takes to make a million. Is it true?


You have two choices:


A. Stay in a business that's unlikely to grow past a certain point (comfortable, but not mind-blowing, something around $15k/month). I can double my revenue/profits, but after reaching $15k it will be highly unlikely based on the top earners in the industry. The advantage here is that it's relatively safe and it's already working for you.


B. Start a new, unrelated business with more potential where the top earners reach 6-7 figures a month. The potential for doubling revenue/profits here is virtually unlimited when compared to option A, but you have to start from scratch and won't use many of the skills you had to master for your current business.


What do you pick?


No, I don't think thats true in terms of effort. Making a million bucks is hard, much harder than making $10k. However, making that $1m is much easier when you do find a NEED that's can scale without you. Then it's usually a matter of time and hard work to scale from $10k to $1m. It still isn't easy.


I would pick option B, every time. I, personally, would never go into a business that tops out at $15k a month. You're limiting yourself right off the bat. What I would do, if I was in a business like business A, is work on automating that to a point, get someone else to run it, and then work on a NEW business while using the income of the old business.


Lack of product. Waiting for responses from Private Labelers about costs for branded products and current name brands about B2B wholesaling opportunities. The former are slow to respond and frustrating. The latter are reviewing my business model and well...big corporations that don't move fast.


I would be pounding the phones and their emails to get them moving. When you're a little guy, you often get glossed over for the bigger accounts. Be the NOISY guy that won't go away until you get an answer and product in your hands. If they don't move fast enough, move on to the next supplier. Seriously, pick up the phone and email EVERYDAY until they get you what you need.


I need to figure out something to execute on.


I've been trying to pick a direction for eternity.


Yeah, I recognize that my current state of indecisiveness is my biggest issue.


I'm a coder by day and an not cut out to sit in this box for the remainder of my days but this seems to be the path I'm currently on.


Fire away, I can take it. :)


Lack of direction is a problem for many new entrepreneurs. It certainly was for me. I didn't have any success until I picked a direction and told myself: This is what I'm doing for the next YEAR.


As a coder, I'm guessing you may now know how to get customers. I would start to shift your mindset from building something (such as an ecommerce site or an app which you certainly know how to do) to MARKETING. Buy a course on adwords, facebook and email marketing. You NEED to know how to sell as an entrepreneur.


An idea I truly believe in, the rest is easy.


The rest is not easy. Ideas are nothing without proper execution. There are plenty ways of making money out there. Do you think your belief of having this amazing "idea" is a self limiting belief stopping you from starting anything?


Start anything. Who cares if you fail. Just fail forward. There is no learning without failure.


What's stopping me.


I cant get myself to sit down at my computer and actually focus on a task and get it done.


I have 0 motivation. The only thing I want to do is escape reality because I hate my life.


For example, One big task I need to do is make a sales page, I already have optimizepress, have some copy skills, alls I have to do is literally just sit down and get the landing page created, shouldnt take more than 2-5 hours because I have to learn how to create the page with optimizepress at the same time. It doesnt have to be perfect, just has to get done.


Then write a sales letter, before I can do this I have to come up with all the benefits of my product, which I havent done either because again, I cant get myself to focus on it and THINK of all the benefits.


So many thoughts in my head, I cant focus, I cant organize the thoughts and ideas in my head.


I find myself googling "how to get more concentration and focus" than anything else.


Thank you for the honesty. It takes balls to put this out into words on the internet. Ask yourself what do you hate about your life? How do you change it? For me, when I MOVED, the first time, I became happier and more successful. When I moved out of the country, the same thing happened. Change something. Change everything.


As for focus and concentration, you may want to get yourself checked to see if you have ADD. I have it. A lot of high functioning, successful entrepreneurs have it. You're not alone my friend.


I want to scale my current efforts. I'm sick of making an hourly wage and churning out deliverables to people.


The money is decent for the amount of time I put into it (I live a 4-hour work week life and can pay my bills), but there are a few things that are keeping me from scaling:


1) People. I need employees in order to scale this. Those employees would be critical to doing so, and if they screw up, I'd be f*cked for cash flow and goodwill with clients. This work is highly dependent on reputation and the only reason I'm still getting work is because my clients like me.


2) Time. The reason I work 4-10 hours a week is because I only really have ~20 hours a week to spare between a 24-credit school semester, normal 'life' shit (errands, cooking, commuting, gym) and keeping my relationships (long term GF, the 3 friends that I have, family) intact. I love leisure time, though, and that's really hard to give up. I'm shit at time management (although I'm better than I was a month ago, or a year ago, which is good). Scaling my efforts will be a large upfront time commitment (setting up more advanced lead generation, hiring/managing/training people, organizing it all).


Worst part is, I could never fully remove myself from it (the 'agency' model) without sacrificing important control. So I'd be creating myself a manager-type job, in a way.


So here are my options:


1) Do it anyway, or


2) Start something new on top of what I already have, slowly phasing out my current job. Could be e-commerce, could be some other sort of service, could be one of the infoproducts I had in mind. This is another large upfront time commitment, although some options are less time upfront than others.


3) Do nothing and continue to complain


I'm done with school forever in April and after that, time no longer becomes a limiting factor. But I want to do it now. I'm sick of waiting for the perfect moment to strike, cuz there is none.


Insightful post. Taking a step back, I would ask yourself if this business is the business you SHOULD be in. It doesn't sound very scalable, nor does it seem you can remove yourself from the business and have it still run. The best types of businesses run WITHOUT you with good SOPs and good people/systems in place. I worked 15 hours on my business last month and had one of my best months.


The other thing I'm noticing is you're spreading your time to thin. Something has to give. I would wait until school is finished to go hard at something. Move if you have a commute, because that's a time suck as well. If your friends are conducive to business (ex they complain about their jobs and are stuck in the slow lane) consider finding a new circle of friends. I'm not saying cut them off, but spend less time with them. My world changed when I started to surround myself with like-minded entrepreneurs, and I became a happier and WAY more successful person.


Little to no capital after bills are paid.


No idea what to do.


I actually have several hours a day to work on something. Just no direction.


To me it sounds like you don't have enough TIME either. Cut your bills, cut whatever it is that's digging into your TIME. When I worked a 9-5, I would make calls and work on my businesses at my breaks. I would work on my business at my down time at work. My boss was well aware I was starting something, BUT I didn't care if I got fired. I wanted it THAT bad.


Cut your expenditures and anything sucking up your time. It's time to start making some sacrifices.




Honestly, it's the fear than anything I do will come off as a desperate attempt to make money.


Fear...ah the motivational driver that stops us from doing anything. Did you ever realize Fear is imaginary? It's all made up in your head. If you fail, what are 'they' going to do? Take your birthday away? Are you going to DIE? If someone thinks "oh that guy is just trying to make money" - why do YOU care? We are ALL trying to make money. And that's OK. Making money off the value you deliver (as MJ does off of this book and this forum) is a GOOD thing.


There is a safety net beneath your feet - you just can't see it. It's OK to fail. Believe in yourself, and take a leap of faith. Hell, I'd love to hear what business you started, or what product you attempted to sell, and failed. I can relate. Send me your failure stories!


Analysis paralysis.


I'm trying to decide on what to start and I keep going in circles. I know I want it to be in the e-commerce realm but then I keep researching different things, going down some research wormhole, getting new ideas after further research, blah.


I suffered from the same thing too. Try thinking what value can you offer a MARKET. Look at a specific market and create a product or service around that market. For example, look at the survival "niche" (it's a huge niche). I can think of dozens of things a particular survival person might want. When I started thinking about markets instead of products my mindset shifted.


Then, just get out there and start testing your ideas in the REAL market. Stop asking friends and family what they think because THEY DON'T KNOW. Only the market has your answers.
 
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JasonR

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Apparently there is a post limit of 20,000 characters so I had to split my reply into two.

I sell on Amazon and the biggest thing that is killing me right now is the fact that sales will never ever become consistent and completely passive for my products. It goes something like this...


1. products sell well

2. I take earnings and reinvest in more products with the same strategy

3. original products that were selling well stop selling well

4. I tweak and trouble shoot for a week to try and figure out what the problem is

5. 50/50 on whether I can revive my products

6. repeat


This is extremely frustrating for myself and other sellers I'm sure. I don't feel any more financially secure than a person with a 9 to 5 because of the inconsistency. The earnings are cancelled out by inventory that is not moving so I'm pretty much living on the edge. The above makes it extremely hard to scale without taking a huge financial risk.


Hmm..I sell on Amazon as well and don't find this to be the case. You need to figure out whats happening to your products and the market. The thing with Amazon is that if you introduce a product that has any sort of demand, you will sell. If it's a "dud" product discount the inventory and move it.


You absolutely can quit your job with an "Amazon" business - and I know many people who have done. However, there is risk of being JUST on Amazon. As I said before, focus on a MARKET and bring those products on Amazon - then transition to your own website sales so you can start building a business that's not dependent on Amazon.


Scaling on Amazon is generally not hard (although time consuming and cash intensive). A model many people follow is 10 sales a day per product, and at LEAST $20/SALE, then scale that until you hit your revenue goals.


If your products are tanking due to bad reviews - you need to fix that first. Hard to say without looking at your products/business but your problem IS fixable.


Fear of cold calling.


Go to your best friend and give him a $500 check. If you don't make 25 cold calls that week, he cashes that check.


Unsure on how I should/can improve the product that I want to import. This product has a huge market, and current sellers have ranging qualities of the product. The best of which I'd like to make another improvement on but I don't know what it should be. Whether it be the total design, materials used, or just different color's designs on it. I am more than likely just decide on one thing and just make the order. I'll never know what the right improvement is without doing the wrong one. Hoping to have the first product line be perfect is pretty foolish now that I think of it.


Differentiating on product color alone is not going to do it. Decide on ONE improvement that's the BEST improvement you can think of, and just launch it. Launch it quick with as little capital as possible and go test it in the market. If it works, rinse and repeat and sell as many as you can, while improving on the current products and launch a new one.


Perfectionism is the entrepreneur killer. How do I know? I used to be one. When I focused on getting the product 80% of the way there, instead of perfect, I became much more successful.


Ever heard of FIDIL? f*ck it, do it live. Words I live by...let the market be your guide.
 

rc08234

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The rest is not easy. Ideas are nothing without proper execution. There are plenty ways of making money out there. Do you think your belief of having this amazing "idea" is a self limiting belief stopping you from starting anything?


Start anything. Who cares if you fail. Just fail forward. There is no learning without failure.

Yes, for me the rest is easy. In July I moved 1000 miles away from my home and took on 50k of debt to start my business which will be profitable in the next few months...and within a year high 5 figure low 6 figure profits. It will never be a 10 million dollar a year business, so like I said it's the idea for me.
 

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