Hi Everyone, here's my intro...
I was a full-fledged Slowlaner until a few years ago, when I decided that working a regular job was highly overrated, not because I'm lazy, but due to its limitations -- a lack of control, flexibility, a relative ceiling on earning potential, etc. So, while (mostly) keeping my day job, I dove into side ventures. None of them gave me the results I wanted, and it took "The Millionaire Fastlane " book to help me understand where I went wrong.
Yes, they were all failures, but I've learned a lot, and by applying Fastlane Concepts from now on, I plan to avoid wasting any more of my precious time on endeavors that are doomed from the get-go.
My Failures So Far:
NOVELIST: I've written two full-length novels. My first novel secured me a big-name New York agent. But alas, the novel didn't sell, and the agent dropped me. I can't blame her. She literally has thousands of people seeking her representation. Dropping me was smart, because her time is in very hot demand. THE LESSON: Although Fastlane indicates that writing can be a good source of profitable income, it also points out that far too many people are "doing what they love." Unless you want to go the self-published route (which is a REAL challenge for fiction), any novel must first be "blessed" by a literary agent, a publisher, and finally the public. The odds are astronomical, the market is jam-packed, and the financial rewards are getting slimmer every day. These days, very few novelists can quit their day jobs. Plus, as MJ says in his book, doing what you love for money is a good way to end up hating it, which I did.
WEB PUBLISHER: I've developed several Web sites to make money from affiliate products, Adsense, etc. My success was very modest (a couple hundred bucks of passive income a month), but encouraging, until Google's Penguin update slaughtered me. THE LESSON: Don't put all your eggs in a basket controlled by someone else. Plus, as MJ says, it's better to OFFER an affiliate program than to sell someone else's.
BRICK & MORTAR ENTREPRENEUR: I opened up a small retail shop with a family member. I learned a lot, but I'd never do that again. It was a job in disguise, and not very profitable. It might've been scaleable if we'd put more effort in selling on the Web, but my partner had control certain aspects that made success impossible unless I was up for screaming matches in the back room. (Yes, it actually devolved into this.) THE LESSON: Don't waste time on a business that isn't scaleable. Don't think a brick & mortar job will free your life, or that a partnership is the answer. If you're going into business to control your own destiny, partnering with someone else is probably not the way to go.
REAL ESTATE: My husband and I flipped a few houses and enjoyed some modest success. We kept one of the houses as a rental for passive income. We may pick up another house as time/money allows. Hard to say...
WHERE i STAND NOW: I have a decent-paying day job. I'm thankful that it pays the mortgage, but loathe it for obvious reasons. I'm still obsessed with something different, and am excited about my current project, which is developing a line of weight-loss hypnosis CDs to be sold on the Web and perhaps at some expos. Unlike previous ventures, this project seems to meet all of the Fastlane criteria, and I have a unique marketing angle that I'm really excited about.
I've been reading the Fastlane Forum a lot and have picked up some great information, especially related to e-commerce, and couldn't be more grateful, so thanks, everyone, for being so generous with your time and expertise.
I was a full-fledged Slowlaner until a few years ago, when I decided that working a regular job was highly overrated, not because I'm lazy, but due to its limitations -- a lack of control, flexibility, a relative ceiling on earning potential, etc. So, while (mostly) keeping my day job, I dove into side ventures. None of them gave me the results I wanted, and it took "The Millionaire Fastlane " book to help me understand where I went wrong.
Yes, they were all failures, but I've learned a lot, and by applying Fastlane Concepts from now on, I plan to avoid wasting any more of my precious time on endeavors that are doomed from the get-go.
My Failures So Far:
NOVELIST: I've written two full-length novels. My first novel secured me a big-name New York agent. But alas, the novel didn't sell, and the agent dropped me. I can't blame her. She literally has thousands of people seeking her representation. Dropping me was smart, because her time is in very hot demand. THE LESSON: Although Fastlane indicates that writing can be a good source of profitable income, it also points out that far too many people are "doing what they love." Unless you want to go the self-published route (which is a REAL challenge for fiction), any novel must first be "blessed" by a literary agent, a publisher, and finally the public. The odds are astronomical, the market is jam-packed, and the financial rewards are getting slimmer every day. These days, very few novelists can quit their day jobs. Plus, as MJ says in his book, doing what you love for money is a good way to end up hating it, which I did.
WEB PUBLISHER: I've developed several Web sites to make money from affiliate products, Adsense, etc. My success was very modest (a couple hundred bucks of passive income a month), but encouraging, until Google's Penguin update slaughtered me. THE LESSON: Don't put all your eggs in a basket controlled by someone else. Plus, as MJ says, it's better to OFFER an affiliate program than to sell someone else's.
BRICK & MORTAR ENTREPRENEUR: I opened up a small retail shop with a family member. I learned a lot, but I'd never do that again. It was a job in disguise, and not very profitable. It might've been scaleable if we'd put more effort in selling on the Web, but my partner had control certain aspects that made success impossible unless I was up for screaming matches in the back room. (Yes, it actually devolved into this.) THE LESSON: Don't waste time on a business that isn't scaleable. Don't think a brick & mortar job will free your life, or that a partnership is the answer. If you're going into business to control your own destiny, partnering with someone else is probably not the way to go.
REAL ESTATE: My husband and I flipped a few houses and enjoyed some modest success. We kept one of the houses as a rental for passive income. We may pick up another house as time/money allows. Hard to say...
WHERE i STAND NOW: I have a decent-paying day job. I'm thankful that it pays the mortgage, but loathe it for obvious reasons. I'm still obsessed with something different, and am excited about my current project, which is developing a line of weight-loss hypnosis CDs to be sold on the Web and perhaps at some expos. Unlike previous ventures, this project seems to meet all of the Fastlane criteria, and I have a unique marketing angle that I'm really excited about.
I've been reading the Fastlane Forum a lot and have picked up some great information, especially related to e-commerce, and couldn't be more grateful, so thanks, everyone, for being so generous with your time and expertise.
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