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NOTABLE! What's stopping you?

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

  1. LGILL
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    LGILL New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I'm Struggling to find information on how I can design (requires complex electrical work) and manufacture my product idea. After realising I was an action faker :rofl: I decided to get right into one of my ideas instead of just sitting around. I ran into these problems pretty quickly and have been looking for a solution ever since. I'm new to this kid of work and would really appreciate any tips or guidance anyone could give me.

    Thanks.
     
  2. John F.
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    John F. Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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

    Nothing. Business has been started. The fear of what family would say WAS stopping me for a long time. That fear has been crushed.

    What is stopping you from making your first sale?

    Fear of financial loss. I am very close to crushing this fear.

    What is stopping you from making the leap?

    Fear of falling and not hitting anything on the way down. An eternal fall. No rock bottom. No bottom at all. Crushing of this fear is in process.

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

    Fear of the insecurity the job provides. Having a family creates fear of insecurity for me. This one is also in the process of getting crushed.

    What is stopping from doubling your revenues and profits?

    Fear of the unknown.

    As you can see there is a theme here. Fear was my biggest problem. I have put in a lot of work to push through fear in recent years. It's working. Progress is happening. Fear may never go away, but being paralyzed by it is not going to happen anymore.
     
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  3. c.dream87
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    c.dream87 New Contributor Read Millionaire Fastlane

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    Wow, I was scrolling through the posts and I see this question "What's stopping you?"
    ah ... I do not know, I try to answer the questions and then see what happens:

    Right now I do not know what to do, I only have about € 15 in the wallet, my mother is making really beautiful fabric bags, but from the latest news she does not want to sell them with me.
    I could have a good chance with his bags, but where do I start? I made a site on wix (which needs to be updated), I have a fb page, groups.
    The product likes, because it was bought, not as we would like, but it was bought

    This question for my case is not in the right place, the question would be "What prevents you from continuing to sell?"

    Here, I do not know, I follow groups on fb marketing, I'm putting all of myself to take decent pictures, to try to write properly, to attract women and sell.
    But nothing, many I like, many views, few requests for information (which many times are other people who make bags)
    I know the problem is me, the product itself is not bad, indeed, we have had requests from Dubai.
    The problem is me.

    Myself prevents me from making the jump, I do not know what to do, I do not know who to ask, I do not know if I'm wrong.
    And then the lack of money stops me a lot, moreover now that with my mother I quarrel one day and one no.
    As my mother said just two hours ago, this is the beginning of the end. But now I'm determined to make the beginning of our life quiet, even if I do not see her anymore.

    I have no work,
    I worked hard with the project I had with my mother.
    I just have to figure out how to sell.

    Eh, the problem is always there,
    how to make people fall in love with the bags and then sell them,
    since now prices are also relatively low compared to our calculations.
     
  4. RoadTrip
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    RoadTrip Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    First of all, you have to have your mother on board. Tell her about your ambitions to be an entrepreneur. Tell her she can take care of producing the bags while you can take care of sales.

    Secondly, for sales I suggest you focus on three platforms:
    • Facebook / Instagram Ads
    • Instagram Influencers
    • Etsy
    If the bags are as good looking as you mention, it shouldn't be too hard to get your first sales rolling in from one of these platforms. You can send free bags to Instagram influencers.

    For ads you are going to need a little bit more money than 15$ though. I'm guessing $100 should get you started.
     
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  5. c.dream87
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    c.dream87 New Contributor Read Millionaire Fastlane

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    it's relatively complicated right now (here EXECUTION - c.dream journey I wrote better what's going on )

    Yes, I agree with you, I already have a FB page that without sponsors I managed to get to 6,300 people who looked at the page.
    I also have instagram that has good views
    My problem is that I can not convert sales views.
    I always try to change the way I write (also helping with my mother), photos and more.
    I know this too, that I have to do the sponsored ones. When I have availability I will, at the beginning FB gave me free vouchers and I used them, but nothing that ... more views but always few sales since we opened the page.

    Thanks for answering you are very kind.
     
    RoadTrip likes this.
  6. AF77
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    AF77 Contributor

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    If I quit my job I have to replace 15k a month.

    I have two small children, a car payment (very small), and a mortgage.
     
  7. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Where do you live if you have to replace 15k/month?

    Sent from my SM-G960U using Tapatalk
     
  8. AF77
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    AF77 Contributor

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    That’s my income on a good month with three paychecks. Actually it’s 12,000 after taxes.
    On a two paycheck month it’s like 8k after taxes.

    Each month:
    1st $900 mortgage
    2nd $490 to Car and Credit Line
    3rd $360 to Electric Company
    4th $810 to Goddard School
    5th $180 to water/gas company
    12th $400 to Medical Bills
    14th $250 Cell Phones
    15th $365 to IRS - Agreement/Penalty
    16th $130 to internet and Netflix/hulu

    That’s $4,500 in bills a month making $8,000 a month after taxes. This doesn’t include groceries and gas and shit.

    My car is a 2014 Fusion that I bought for 13,999 with a warranty in case anyone thinks my car payment is high. It’s only 360 of that 490 above.
     
  9. SamRussell
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    SamRussell Contributor Read Millionaire Fastlane

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    What is stopping you, right now, from starting your business?
    My new business is teaching guitar online - I've started advertising lessons, but I'm not making any sales (yet).


    What is stopping you from making your first sale?
    I think its an organic reach problem. I've done keyword research and will be writing a series of blog posts this week that will bring more people onto my website.


    What is stopping you from making the leap?

    The leap has been made!


    If you've already started your business, what's stopping you from quitting your job?
    No customers.... yet. I don't need that many to quit my job, move abroad somewhere cheap, and have much more time for studying and writing music and enjoying life more.


    What is stopping from doubling your revenues and profits?
    Finding people that want help and are willing to pay for it.
     
  10. AF77
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    AF77 Contributor

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    How about the pounds of competition you have? Ultimate Guitar, Tabs all over the Internet...
    why would someone want lessons from you?
     
  11. SamRussell
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    SamRussell Contributor Read Millionaire Fastlane

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    In general, people want an in person teacher for several reasons:
    • there is too much free stuff to shift through. In this case, the over-saturation of the market works in my favour. People don't want to spend hours searching and comparing lessons, they want the info fed to them
    • they might not understand the free stuff, or the free stuff might be poorly explained.
    • there are a few incredibly niche skills I have where there is nothing on the internet about them
    • free stuff isn't very motivating. When you have a teacher, you have an external factor that is a very powerful source of motivation. Some students will practice more to impress their teacher than they will for their own benefit
    In general, if I can get someone the result, they will give me the dollar. And I am pretty good at getting people results in their playing. I'd happily take anyone for a free 15 minute skype lesson and help them solve some of their playing problems in 10 minutes or less. Whether it's technique, improvising, songwriting... I can take the most musically untalented person and help them make progress.

    I know this works in my local market, but I'm still figuring out how to translate this into the online market.
     
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  12. theOfficialRJ
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    theOfficialRJ Contributor

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    These are definitely good reasons to buy your service over others, but are you highlighting these benefits in your ads? Do your potential customers know what they will get from your service vs. other services on the internet?

    Have you considered teaching free lessons in the beginning in exchange for testimonials/reviews?

    Good luck! Keep us updated :)
     
  13. Guidance
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    Guidance New Contributor

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    I have multiple issues, which I’ll describe in the relevant sections:

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

    A full time software development job and grad school due to which I have NO time to do anything. Fatigue from these things only makes it more difficult to do anything.

    What is stopping you from making your first sale?
    I have no product yet to sell and no experience/idea on how to get to potential customers (product is in B2B space, so customers would be business owners/“decision-takers”). I don’t have any business-owners in my family either who can guide me. Since I have a full time job, I can’t connect with people during the day and naturally it’s too late to do it in the evening.

    What is stopping you from making the leap?
    Two reasons: 1) My parents worked really hard to get me this far and made a lot of sacrifices on the way. Now that I have a job, I want to help them financially and fulfill their dreams (luxury, peace of mind etc.). Leaving this job means I can’t even provide even basic things for them, let alone luxurious items. I would barely have any money for myself to survive. I just can’t convince myself to sacrifice all of that for what appears to be a selfish reason (wanting to run a business of my own).
    2) Unlike most other people, I don’t “hate” my job. Yes I do get frustrated with how things are or that I have to watch other people make decisions, but there are times that I do enjoy working. I am frequently torn apart about what I want more (working in this job or running my own business). I always end up wondering whether I REALLY want to run my own business or am I thinking of doing it only because I think it’s nice.
    These 2 problems are probably 90% of what’s stopping me.

    If you've already started your business, what's stopping you from quitting your job?
    I have not started it yet, but as stated in the last answer, the fact that I actually do enjoy my job sometimes keeps me questioning myself on whether I really want to run my own business.

    What is stopping from doubling your revenues and profits?
    No business :(
     
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  14. SamRussell
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    SamRussell Contributor Read Millionaire Fastlane

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    Currently people can't "buy" lessons from me online, they can only book a free lesson. I do need to get some testimonials up on that page though... something to get done this week!

    I think I can rank on Google for some related keywords, so I'll be writing some blog posts on the topic over the next few weeks too
     
  15. GradyS
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    GradyS Contributor I've Read UNSCRIPTED

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    As I'm sure it has been mentioned many times, actually decided on what to do. I am energized by helping people, and am not as interested in just flipping a product on Amazon. All of those blogs/articles you read about "what do you find yourself losing time with or doing in your spare time?" It's solving puzzles. I really enjoy looking at a problem and finding a way to fix it. However, I'm not sure how that could be a CENTS model because it would depend on me.

    Fear and my family. I am the main financial support for my family of 4, and also provide insurance/benefits for them. I completely understand how a paycheck and insurance are terrible reasons to keep a job, but I cannot just quit and focus on my own thing. If I were ever to even have a notion of quitting, it would have to already be doing extremely well on the side to make up for those.
     
    RoadTrip likes this.

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