Brainstorm

Jun 28th, 2008, 12:18 AM #1 (**permalink**)

Ok everyone, here's the thing. This is a question we've all asked so it's nothing new and I'd appreciate the help.

Basically, I just turned 18, I work at Domino's and I got an old rent house from my grandpa for a graduation/birthday present. That being said, I, like the rest of the population, want out of the 9-5. I've tried several MLM scams that got no results and now I'm ready to get serious. I'm sick of living from check to check and since I was 12 I've wanted to start my own business. I have no cash to invest at this moment, but I can invest enough for a website. At an early age I started web design and I can do enough to get by with.

So by now you're wondering what the question is. Well, for the last few years I've been trying to think of a way to make money just by owning the "business." However I can't seem to come up with a rocksolid foundation. I'm not looking to make millions instantly or even ever if that be the case. I just want a reasonable income and all the free time I could possibly imagine. So here's the question: What do I do?

I don't want to have to keep up with stocks and what not as far as selling products. Something simple to generate atleast $1500/mo. I know that there aren't many people who would sit down and draw out a plan for me but I need some help. I don't know exactly what the best way to make money online would be. Selling things or advertising seems common sense. So what do I sell? What do I advertise? Specifically please. I want to either do something new or improve on something enough where people would rather go to me instead of the next leading corp.

Like I said, I'm not asking you to write me out a plan, I definitely want this to be about me but I can't seem to think of anything that seems successful.

Jun 28th, 2008, 12:20 AM #2 (**permalink**)

Start here ...

Do You Have A Successful Entrepreneurial Premise?

Jun 28th, 2008, 12:23 AM #3 (**permalink**)

shaoblivion-

You have a LOT of hidden knowledge in past posts on these forums.

So much so that if you used the search function well, you could spend the next 5 weeks reading, non stop, and learn enough to get started.

Good luck. Thanks for sharing your story.

-Russ H.

BTW, I worked at Dominos when I was in Med School. Great job! (I loved it). Always thought it would make a great sitcom (ala Taxi).

Jun 28th, 2008, 12:43 AM #4 (**permalink**)

I understand that I need to be concerned about my business being helpful, but that's just it. I can't think of a simple business that would be helpful to the millions of internet users that would also fit into my budget of none to little startup cash. I guess basically what I'm asking is for ideas of things to do and then go from there.

Jun 28th, 2008, 01:02 AM #5 (**permalink**)

Read the posts here, like PhxMJ and Russ H. said.

The success stories here and biographies from the library will teach you OPL (Other People's Lessons).

Walk around your world with eyes wide open. See what appeals, and what doesn't appeal to you.

Talk to everyone you meet. How did they get to do what they're doing?

I knew someone whose father-in-law taught him how to clean carpets. Then he went on to buy his own carpet-cleaning rig. Voila- he was in business.

Jun 28th, 2008, 09:32 AM #6 (**permalink**)

Success isn't as easy as someone on this forum giving you a million-dollar idea that requires no specific expertise, no startup cash, and no critical thought. It just doesn't work that way. If it were as easy as saying, "Go sell X online and you'll get rich," everyone would be rich.

What you'll find by reading through these forums is that it's normally not the idea that will make you rich, anyway...it's the implementation. Ten years ago, I could have told you to start selling books online, but that doesn't mean you would have built Amazon.com. I could have told you to create an auction website, but that doesn't mean you would have built eBay. I could have told you to create a search engine (and you would have told me I was nuts because there were already too many of them), but if you tried, you may not have built Google.

My point is, it's not the idea...it's how you go about executing on the idea.

So, where do you start?

1. Pick An Area:

On this board, we discuss a lot of different ways to make money, but they all fall into a few general areas -- Business (B&M or Online), Real Estate, Trading. Each of these will allow you to generate some degree of passive income if done correctly, and there are probably more areas out there as well.

2. Brainstorm:

What specifically are you going to do? If it's online business (as you've alluded to), you need a business idea and a business model:

- Start with MJ's post about having an Entrepreneurial Idea;
- Start with what you love to do (because you'll do it better, not necessarily because it's a better idea);
- Start with what you are good at (also because you'll do it better);

3. Learn:

Now that you have an idea (and remember, that wasn't the most important part!), you have to learn how to implement that idea. Read these forums, read other forums, read books by successful business people, etc.

4. Do:

THIS is the most important part. Get out there (or on there) and start doing. If you want to start an online business, create a website, and start figuring out what works and what doesn't work.

I don't have a whole lot of interest in doing online business, but in the past 5 years I've played around with eCommerce, Affiliate Marketing, Advertising, eBooks, etc. Not to make any money, but to learn the process, as one day I might want to use it to make money.

Steps 3 and 4 above are a never-ending process. Continue to learn and implement, learn and implement, and eventually you'll figure out an idea, a system, a process, a business, etc, that will work for you.

A lot of people come to this forum, ask, "How can I get rich," and then find out that the gist of it is just hard work learning and implementing. Many of them disappear and go elsewhere looking for that get-rich-easy solution, and I'm guessing most of them will never find it.

Just remember, if a month from now, you're no longer on this forum and are not in the middle of executing on you next business idea, it's *NOT* because we couldn't give you all the answers, it's only because you weren't willing to make the effort. Don't let that be case...it doesn't have to be the case...

Jun 28th, 2008, 11:20 AM #7 (**permalink**)

Quote:

Originally Posted by JScott

Success isn't as easy as someone on this forum giving you a million-dollar idea that requires no specific expertise, no startup cash, and no critical thought. It just doesn't work that way. If it were as easy as saying, "Go sell X online and you'll get rich," everyone would be rich.

What you'll find by reading through these forums is that it's normally not the idea that will make you rich, anyway...it's the implementation. Ten years ago, I could have told you to start selling books online, but that doesn't mean you would have built Amazon.com. I could have told you to create an auction website, but that doesn't mean you would have built eBay. I could have told you to create a search engine (and you would have told me I was nuts because there were already too many of them), but if you tried, you may not have built Google.

My point is, it's not the idea...it's how you go about executing on the idea.

So, where do you start?

1. Pick An Area:

On this board, we discuss a lot of different ways to make money, but they all fall into a few general areas -- Business (B&M or Online), Real Estate, Trading. Each of these will allow you to generate some degree of passive income if done correctly, and there are probably more areas out there as well.

2. Brainstorm:

What specifically are you going to do? If it's online business (as you've alluded to), you need a business idea and a business model:

- Start with MJ's post about having an Entrepreneurial Idea;
- Start with what you love to do (because you'll do it better, not necessarily because it's a better idea);
- Start with what you are good at (also because you'll do it better);

3. Learn:

Now that you have an idea (and remember, that wasn't the most important part!), you have to learn how to implement that idea. Read these forums, read other forums, read books by successful business people, etc.

4. Do:

THIS is the most important part. Get out there (or on there) and start doing. If you want to start an online business, create a website, and start figuring out what works and what doesn't work.

I don't have a whole lot of interest in doing online business, but in the past 5 years I've played around with eCommerce, Affiliate Marketing, Advertising, eBooks, etc. Not to make any money, but to learn the process, as one day I might want to use it to make money.

Steps 3 and 4 above are a never-ending process. Continue to learn and implement, learn and implement, and eventually you'll figure out an idea, a system, a process, a business, etc, that will work for you.

A lot of people come to this forum, ask, "How can I get rich," and then find out that the gist of it is just hard work learning and implementing. Many of them disappear and go elsewhere looking for that get-rich-easy solution, and I'm guessing most of them will never find it.

Just remember, if a month from now, you're no longer on this forum and are not in the middle of executing on you next business idea, it's *NOT* because we couldn't give you all the answers, it's only because you weren't willing to make the effort. Don't let that be case...it doesn't have to be the case...

Legendary ... speed++ ... I wonder if he's already left the building!?

Jun 28th, 2008, 11:43 AM #8 (**permalink**)

A+ post JScott ++rep.

Shaoblivion, if you are having a mental block as to ideas, then check out this site: Marketing Ideas - Creativity Pool

There are tons of free ideas. There used to be another great site called freeideabank.com but it appears it's no longer there.

It seems as though you are focused on trying the find the ONE idea that will work for you. There are a million ways to make a million dollars- all you need is one. When I first found this site, I quickly realized that my goals with starting and running a business had always been to "Fastlane" it, but I could never quite put my finger on exactly what that meant for me. I own a small property mgmt company, and I just didn't see how I could take the vacation rental concept and turn it into something Fastlane. After chatting with different people who are in fields that one wouldn't normally associate with being Fastlane, (Diane Kennedy is the perfect example) I've come to realize that, (like JScott said) it's not the idea or concept, it's the implementation, or the "driver". Embracing this concept, we have taken our business is a whole new direction.

The point being, is that there is no one right product, service or concept out there- it's your system for growth that makes a person rich. This can be seen with the difference between McDonalds and the no name burger joint down the street. Both sell burgers, but McDonalds focused on the system to sell the product.

If you've ever watched The Big Idea with Donnie Deutche, (and if you haven't you should start) you'll see that people have made millions off of the strangest ideas. The common thread between most of the ideas that have made it are:
1. Mass appeal. Realize that while some ideas are limited, like bikinis, they can still make a person very rich.
2. Solid business plan for growth. The focus is on the system.
3. Finding a need and filling it gracefully. Meaning, providing the most user-friendly solution at a user-friendly price.
4. The inventors/business owners don't quit.

I hope this helps. ...How about making a list of common problems that you are noticing and then post them here?

Jun 28th, 2008, 11:51 AM #9 (**permalink**)

Quote:

Originally Posted by PhxMJ

I wonder if he's already left the building!?

Nope. His profile page says he's reading this thread right now!

-Russ H.

Jun 28th, 2008, 11:51 AM #10 (**permalink**)

Are the fastlane mentors still looking for people? ATW, Andres?

You might try here:

http://www.fastmentors.com/

Jun 28th, 2008, 01:38 PM #11 (**permalink**)

Thanks for the replies everyone. I'm gonna try to find something that will passively make me enough income to live on and have some fun so I can quit my job and devote more time to planning my big business idea(s). It may take a while but somehow I'm gonna make it happen.

As I get ideas I'll probably run them by in a new thread to gather opinions and ways to enhance the overall service the business(es) will provide. I realize that most wouldn't because they're afraid someone would steal their idea but seriously, its almost to the point where nothing is COMPLETELY original anymore so I'm not too worried about it. Thanks again and I'll be sure to stick around and one day be on my way to big money.

Jun 28th, 2008, 01:49 PM #12 (**permalink**)

Personally, if you're serious about learning, I think there far more reasons to post your ideas in this forum than there are reasons not to...if you have something patentable, maybe you should file your patent first, but other than that, I don't think you need to worry too much about people here stealing your ideas.

Btw, if you contribute enough and get enough positive feedback points, you'll be invited to the Fastlane Private Forum, specifically created for more tenured users of this site. There's more privacy there, so you'll be able to share even more detail with less concern...

Jun 28th, 2008, 04:38 PM #13 (**permalink**)

Quote:

Originally Posted by JScott

Success isn't as easy as someone on this forum giving you a million-dollar idea that requires no specific expertise, no startup cash, and no critical thought. It just doesn't work that way. If it were as easy as saying, "Go sell X online and you'll get rich," everyone would be rich.

What you'll find by reading through these forums is that it's normally not the idea that will make you rich, anyway...it's the implementation. Ten years ago, I could have told you to start selling books online, but that doesn't mean you would have built Amazon.com. I could have told you to create an auction website, but that doesn't mean you would have built eBay. I could have told you to create a search engine (and you would have told me I was nuts because there were already too many of them), but if you tried, you may not have built Google.

My point is, it's not the idea...it's how you go about executing on the idea.

So, where do you start?

1. Pick An Area:

On this board, we discuss a lot of different ways to make money, but they all fall into a few general areas -- Business (B&M or Online), Real Estate, Trading. Each of these will allow you to generate some degree of passive income if done correctly, and there are probably more areas out there as well.

2. Brainstorm:

What specifically are you going to do? If it's online business (as you've alluded to), you need a business idea and a business model:

- Start with MJ's post about having an Entrepreneurial Idea;
- Start with what you love to do (because you'll do it better, not necessarily because it's a better idea);
- Start with what you are good at (also because you'll do it better);

3. Learn:

Now that you have an idea (and remember, that wasn't the most important part!), you have to learn how to implement that idea. Read these forums, read other forums, read books by successful business people, etc.

4. Do:

THIS is the most important part. Get out there (or on there) and start doing. If you want to start an online business, create a website, and start figuring out what works and what doesn't work.

I don't have a whole lot of interest in doing online business, but in the past 5 years I've played around with eCommerce, Affiliate Marketing, Advertising, eBooks, etc. Not to make any money, but to learn the process, as one day I might want to use it to make money.

Steps 3 and 4 above are a never-ending process. Continue to learn and implement, learn and implement, and eventually you'll figure out an idea, a system, a process, a business, etc, that will work for you.

A lot of people come to this forum, ask, "How can I get rich," and then find out that the gist of it is just hard work learning and implementing. Many of them disappear and go elsewhere looking for that get-rich-easy solution, and I'm guessing most of them will never find it.

Just remember, if a month from now, you're no longer on this forum and are not in the middle of executing on you next business idea, it's *NOT* because we couldn't give you all the answers, it's only because you weren't willing to make the effort. Don't let that be case...it doesn't have to be the case...

Great Post! Rep+++

2.5. Listen:

Often times someone will mention something in passing that could be very profitable. I just purchased an electrical contracting business and in talking with my broker a few days before the close he said that his cousin has made millions as a "breaker broker" which is someone who deals in used and reconditioned hard to find and no longer manufactured circuit breakers. The business came with a huge shelf full of these type of breakers that were included in the inventory at a very minimal price.

I would never have thought that there would be any value to old circuit breakers.

Jun 29th, 2008, 09:22 AM #14 (**permalink**)

Quote:

Originally Posted by shaoblivion

... a simple business that would be helpful to the millions of internet users that would also fit into my budget of none to little startup cash.

I probably am late to this thread...

First, JScott, great post, rep++

Second, shaoblivion, I want to point out some things I've noticed from your posts:

You want an idea that:
a) is helpful for MILLIONS of INTERNET users
b) Fits into YOUR budget of 0 (what's your real budget, by the way?)
c) is SIMPLE
d) it is NOT the stock market or selling products
e) is NOT an MLM SCAM (so is it a scam because it did not work for you or because they took your money and disappear?)

So, what are you bringing to the table?
Why should people here help you if you have NOTHING to start with? so you can have some fun as you said in your post?

Are you serious?

I think it is time of stop focusing on what you DON'T want or have.
Today is the day to start focusing on what you DO have.

You were given an OLD rent house (of course, the negativity in you HAD to say it was old... hmmm interesting selection of words, no?)
You DO know about web design. That is very important.
You DO have time to get something going.

I think that, while you keep thinking the same way, you won't find any idea that is good enough for you. You want a turn-key solution where you don't have to do any thinking, it is simple and the products sell on their own while you have fun. Sounds to me like the perfect candidate to fall for "MLM scams", don't you think?

Sorry for what we call here "tough love". I think that today I am in a low-tolerance mood for people looking for excuses for not getting anywhere and improving in life.

Jun 29th, 2008, 09:41 AM #15 (**permalink**)

Excellent point, Andviv! I completely forgot about the fact that he inherited a house!

Already, you have a headstart on a lot of kids your age...don't waste it. Learn a little bit about real estate, and figure out how you can use that house to your advantage to either generate some short-term cash or generate on-going cash flow.

Once you have some cash (or cash flow), you will have another key ingredient to getting your plan started...

Good catch, Andviv...I think you were the only one to bring this up! ++

Jun 29th, 2008, 09:50 AM #16 (**permalink**)

Quote:

Originally Posted by JScott

Learn a little bit about real estate, and figure out how you can use that house to your advantage to either generate some short-term cash or generate on-going cash flow.

Great advice. That sounds to me like the perfect first assignment to get in the right path.

Jun 29th, 2008, 10:01 AM #17 (**permalink**)

From "the One Minute Millionaire"

There are three mountains you can climb to obtain wealth.

1. Real estate
2. Exchanges (stocks, bonds, FOREX, etc.)
3. Business ownership.

Choose one path as your main focus and leanr all you can until you find a NICHE that fits you personally.

I personally am using realestate and FOREX as my starting points. I have most of my knowledge in residential real estate and The FOREX is all about numbers which I am pretty good at. I also am starting a small niche e business.

Owning a business isn't very appealing to me though so If I do own one it will probably be very small.
Pick a mountain and start learning.

Also you become whoever you hang out with. Choose to hang out with people you wish to be.

Jun 29th, 2008, 10:09 AM #18 (**permalink**)

Quote:

Originally Posted by ^eagle^

Owning a business isn't very appealing to me though so If I do own one it will probably be very small.
Pick a mountain and start learning.

There is something to be said for building somewhat of a vertical monopoly of businesses to service your real estate.

Jun 29th, 2008, 10:11 AM #19 (**permalink**)

Quote:

Originally Posted by White8

There is something to be said for building somewhat of a vertical monopoly of businesses to service your real estate.

That is why I started looking at the FOREX.

You can check out my progression here

my fastlane plan

I'm assuming by "service" you mean "fund" But I can see the benefit of building companies to "service" as in "work in conjunction with" too.

Jun 29th, 2008, 12:13 PM #20 (**permalink**)

Quote:

Originally Posted by White8

There is something to be said for building somewhat of a vertical monopoly of businesses to service your real estate.

Quote:

Originally Posted by ^eagle^

That is why I started looking at the FOREX.

You can check out my progression here

my fastlane plan

I'm assuming by "service" you mean "fund" But I can see the benefit of building companies to "service" as in "work in conjunction with" too.

I could be way off base here, but I think he was referring to "owning the chain", but using real estate.

An example of a vertical monopoly in business would be a corporation that owns the manufacturing, wholesaling, and retail ends of the business. Carnegie, with his steel company, is one of the greatest examples of this.

One way I could relate this to real estate would be to own the properties, the management, the brokerage firm, and even the financing. Hard to do? Absolutely -- but it's definitely FASTLANE!

Oh...and the reason I know this? I got it wrong on my test in my AP Econ (Economics) class, and I learned.

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