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NOTABLE! What's stopping you?

Discussion in 'The Unscripted Entrepreneurial Mind' started by JasonR, Oct 23, 2015.

  1. JasonR
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    JasonR Maverick Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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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.
     
  2. RisingStars
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    RisingStars Bronze Contributor Read Millionaire Fastlane Speedway Pass

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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.

    Thanks for doing this. Take care. :)
     
  3. Omega
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    Omega Absolute dominationem vitae Read Millionaire Fastlane Speedway Pass

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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.
     
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  4. CosMoen
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    CosMoen New Contributor Read Millionaire Fastlane

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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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  5. Delmania
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    Delmania Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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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.
     
  6. 100k
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    100k Gold Contributor Read Millionaire Fastlane Speedway Pass

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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
     
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  7. MTF
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    MTF Never give up Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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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?

    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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  8. ExCubeCommando
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    ExCubeCommando Bronze Contributor Read Millionaire Fastlane Speedway Pass Summit Attendee

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    Last edited: Oct 23, 2015
  9. Delmania
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    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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  10. LateStarter
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    LateStarter Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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

    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:
     
  11. LateStarter
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    LateStarter Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    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.

    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.

    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.

    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!

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

    Thanks for the a$$-kick and offer to help @JasonR. Look forward to the response from you and others.
     
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  12. MTF
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    MTF Never give up Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    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).

    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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  13. LateStarter
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    LateStarter Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    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.

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

    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'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.
     
  14. 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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  15. rc08234
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    rc08234 Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    An idea I truly believe in, the rest is easy.
     
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  16. MTF
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    Yes, that's it (especially magnitude - it's like $2-3 per sale).

    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 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.

    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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  17. 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.
     
  18. 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' sh*t (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 sh*t 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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  19. Hackdroot
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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. :(
     
  20. Disobey
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    Fear.
     
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    Honestly, it's the fear than anything I do will come off as a desperate attempt to make money.
     
  22. E-Sharp
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    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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    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.
     
    Last edited: Oct 23, 2015
  24. Sebastya
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    Fear of cold calling.
     
  25. 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.
     
    Last edited: Oct 24, 2015

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