Hey 7 figure + club: If you had to do it all over again in 2023...

[DW85014]

...What would you change?

So I've had the opportunity to meet a few people (some from this group I believe) that have hit 7 figures or more.

They gave me hope but, I would like to ask the wider community - assuming you've hit 7 figures in online business ( I haven't for the record)

If you had to start things all over today (without giving away all of the secret sauce, but perhaps some) what would you do differently?

What would you do if you only had $5000 to invest?

What would you do if you only had $500 to invest?

If this is somehow against the rules and/or has already been answered thoroughly for 2023 please feel free to take it down.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[mikecarlooch]

IDEA - SCALING - SUCCESS! - Antifragile's take: The secret to scaling up.

The secret to scaling up. Imagine a tailor who has little experience with suits making a one of a kind suit for you. Imagine he had to get it right the first time! It's not going to end well. And that's just a suit. That's how most people approach business. They have this big spark! Great...

www.thefastlaneforum.com

 

[Subsonic]

...What would you change?

So I've had the opportunity to meet a few people (some from this group I believe) that have hit 7 figures or more.

They gave me hope but, I would like to ask the wider community - assuming you've hit 7 figures in online business ( I haven't for the record)

If you had to start things all over today (without giving away all of the secret sauce, but perhaps some) what would you do differently?

What would you do if you only had $5000 to invest?

What would you do if you only had $500 to invest?

If this is somehow against the rules and/or has already been answered thoroughly for 2023 please feel free to take it down.

I am the 4 figure guy but since you are asking that question I assume you are at a point where I can give you advice.
I am also 18, if you worry about my low numbers.

For 500€ you can learn all the Skills you could ever want on Udemy and then also have lots left over to pay random business expenses like webhosting, domains, buying equipment and legal registration. I started my business with about 200€ and let me say, its so much better than starting with nothing.

I currently have about 6.5k and 200 a month in income. I have a "oh shit" savings account of about 4k. That is great since now, when moving out or doing stuff I dont have to worry about going truly broke or being unable to pay something important.
1k is in my active bank account and moves up and down, depending on what I am doing. Generally I am investing in increasing my value right now. 1k is in cash in a pink piggy so I always have cash. 500 is in crypto because I want to experience a volitaile market when it doesnt matter, so I have more resolve when I eventually have real money invested.

There is no real "investment" for that money that will change your life in 2023. If you have 5k laying around, make it your emergency fund and act like you have 500 laying around.
Again, use that money for whatever it needs to be used for. No 497€ course will bring you more value than the ability to pay random bills and fees that come with starting a business. For example a ad budget of 250€ lets you try loads of 5€ a day campaings...

 

[DW85014]

I am the 4 figure guy but since you are asking that question I assume you are at a point where I can give you advice.
I am also 18, if you worry about my low numbers.

For 500€ you can learn all the Skills you could ever want on Udemy and then also have lots left over to pay random business expenses like webhosting, domains, buying equipment and legal registration. I started my business with about 200€ and let me say, its so much better than starting with nothing.

I currently have about 6.5k and 200 a month in income. I have a "oh shit" savings account of about 4k. That is great since now, when moving out or doing stuff I dont have to worry about going truly broke or being unable to pay something important.
1k is in my active bank account and moves up and down, depending on what I am doing. Generally I am investing in increasing my value right now. 1k is in cash in a pink piggy so I always have cash. 500 is in crypto because I want to experience a volitaile market when it doesnt matter, so I have more resolve when I eventually have real money invested.

There is no real "investment" for that money that will change your life in 2023. If you have 5k laying around, make it your emergency fund and act like you have 500 laying around.
Again, use that money for whatever it needs to be used for. No 497€ course will bring you more value than the ability to pay random bills and fees that come with starting a business. For example a ad budget of 250€ lets you try loads of 5€ a day campaings...

Solid thoughts sir - thanks for sharing!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[DW85014]

IDEA - SCALING - SUCCESS! - Antifragile's take: The secret to scaling up.

The secret to scaling up. Imagine a tailor who has little experience with suits making a one of a kind suit for you. Imagine he had to get it right the first time! It's not going to end well. And that's just a suit. That's how most people approach business. They have this big spark! Great...

www.thefastlaneforum.com

This is also fantastic thank you for pointing me in this direction.

 

[Kung Fu Steve]

There are only 2 things you can sell: a product or a service. So pick one of those.

Then you need a consistent, reliable way to generate new sales and provide your product and/or service.

A sales process.

A delivery process.

This might sound oversimplistic but the only reason people fail to hit 7-figures is they don't have a reliable way to generate sales -- even if it's not really efficient.

Some people cold call. Some people knock on doors. Some people email. Some people run ads. Some people go to business expos. Some people skim Facebook groups and harass people in DMs... there's a million ways and while it's not the most EFFICIENT way to do it -- if you figure it out, and just do that every day, you'll make sales.

Back in the day, I knew that if I made 200 cold calls a day, I'd set 2 appointments. And most of those appointments turned into a sale. It sucked. It was brutal. I made a bunch of money... but it was reliable.

I could explain sales processes in all my companies but that would take forever... how about you just tell us what you're gonna sell first? Then we can come up with an effective way for you to sell it every day!

 

[fastlane_dad]

...What would you change?

So I've had the opportunity to meet a few people (some from this group I believe) that have hit 7 figures or more.

What would you do if you only had $5000 to invest?

What would you do if you only had $500 to invest?

All of our businesses were started with investments in that price ballpark (until they self funded them selves). Some went on to make 6 figures. Some ended up being 8 figure businesses. Yet several went dead into the ground.

We primarily used physical products / goods, tested the market quickly, and scaled up if there was promise there. Throughout the years used a combination of eBay, Amazon, Google Ads in combination with Shopify, and other platforms to distribute our products. There is still tons of opportunity for the taking out there (although competition and barrier to entry might have changed in quite a few of online fields)!!

Check out some of these threads to get you started ..

Is Ecom still alive
Idea Generation Thread

Good Luck and please follow up with additional questions!!

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.