I am stuck!

[TriathlonDreamer]

Hello entrepreneurs,
Please help me. I am stuck and am looking for recommendations on how to progress.

Since I red ‘The Millionaire Fastlane ’, I have put together a 5 years plan to move from a 9-5 job nicely remunerated, to a life as an entrepreneur. I am doing this because I have the dream to retire at 55 y/o as a millionaire and open a bilingual elementary school in Paris. I love children , this is not a well remunerated occupation, so I want to become a millionaire that owns one as a passion.

I’m 49, I have a family with 2 children and a mortgage, so I have planned a gradual transition based on two revenue streams.

First, real estate investments that will bring a rent that covers our basic monthly expenses. I am half way there, I have purchased a property that I will transform in a co-living. The renovation is ongoing, in 4 months it will open and will generate a revenue stream that covers 40% of our monthly expenses. By replicating this once or twice in the next couple of years I will have replaced my monthly base salary (bonuses excluded).

Second, launching an eCommerce company to become millionaire. Before I dive into the deadlock that is blocking me, consider that I have been practicing the 5am morning routine (Robin Sharma’s 5am Club) for the past 9 month pretty consistently. This means that every day I dedicate 2 to 3 hours in the morning to personal growth and to my start up. So far the amount of time that I have put into conceiving my startup is 200 – 300 hours. The problem is that I have changed my mind at least twice about the business model.
I first started with a focus on Amazon FBA, with the goal to sell in the UK and France (maybe expanding to all European countries in a second phase). The amount of education I have done in the past months on the topic is ridiculous. Now I know how to search for new products, source them from China (I have received already 2 prototypes from suppliers found in Alibaba, etc), using Jungle Scout to speed up how to find niches, etc. However here are the blocking points:

• Most of the education I follow online suggests to start with easy by picking easy products that have a high demand (oven gloves, brushes for pets, bamboo sticks, accessories for air conditioning, etc). However, while these products allow a seller of FBA coaching to show the first revenues to his clients, they don’t really correspond to my idea of building a 10 million revenue company that generates value for clients.
• The good old days of FBA magic margins are gone. Today if you find a solid product, you should be happy with a 100% ROI, which means that to earn a $ 1M profit you have to anticipate expenses (buying in advance the products) for $ 1M. I don’t think I can earn a $ 1M profit a month by focusing on such returns (happy to be challenged here if I am wrong)
• Given the above, I have considered to start small and reinvest profits for growth. However the real estate project I have started requires a significant budget for renovation, and I cannot risk to deviate funds from that until it is generating revenue.

I have parked for the moment the Amazon FBA idea and have then turned my attention to drop shipping as a strategy to startup the website at zero costs (or very little). I have understood the problems with using Oberlo or AliExpress to source from China products for European clients. So I have decided to search for selected suppliers, ideally located in Italy and France, so that shipment and returns with European clients will be managed more easily. Since I start from scratch, good suppliers will not consider me until we give a proof of being a solid partner, so I have built a demo site with Shopify. At the moment I am going through the process of contacting suppliers to start listing real products, but am realizing that (as may gurus say on YouTube, and unfortunately I have not listened to them), margins are very thin (less than 10% , before subtracting losses from product returns). Drop shipping is so crowded today, it is not the opportunity it was 5 years ago. So again, a new blocker. I may pursue for few months the drop shipping idea to learn (I have learned tremendously just working one month to set up a demo site with 50 fake products). However, due to the thin margins (please challenge me here) this is not a model that allows to build a company that I will sell for 5 or 10 million in 5 years.

So, back at square one. If Amazon FBA is a no, ad Drop shipping is a no neither, then I have considered to launch a product. I have read tons of books (including DeMarco’s) that suggest to search for a “problem to solve for a consumer”. If I can detect a daily life problem that I can solve with a product that will bring added value to a client, then bingo. This is a riskier business to start up (product development, owing the whole supply chain, etc), but it is much more exiting that selling phone covers in Amazon or pet brushes in drop shipping.

I would love to say that this is the course of action that I have chosen. But it is extremely hard to find a product to launch. I understand there are two ways. Either you look at your passions and find a problem in a domain you master, or you look at daily life and consider all the times we complain for something (here is a consumer problem that waits for your solution). But I have not found my firs product yet…

Apologies for the rumbling, but now you know where I am stuck. I would love to receive advises (and even criticisms to understand where my tough process is flawed). I am sure that exchanging with like-minded people I may find the response.

Thank you in advance.
Max

 

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[sparechange]

Jimmu ipvsiqsipiast,
Qmieti jimq ni. O en tvadl epf en muuloph gus sidunnipfevoupt up jux vu qsuhsitt.

Topdi O sif ‘Vji Nommoupeosi Getvmepi’, O jewi qav vuhivjis e 5 ziest qmep vu nuwi gsun e 9-5 kuc podimz sinapisevif, vu e mogi et ep ipvsiqsipias. O en fuoph vjot cideati O jewi vji fsien vu sivosi ev 55 z/u et e nommoupeosi epf uqip e comophaem iminipvesz tdjuum op Qesot. O muwi djomfsip , vjot ot puv e ximm sinapisevif uddaqevoup, tu O xepv vu ciduni e nommoupeosi vjev uxpt upi et e qettoup.

O’n 49, O jewi e genomz xovj 2 djomfsip epf e nusvhehi, tu O jewi qmeppif e hsefaem vseptovoup cetif up vxu siwipai tvsient.

Gostv, siem itvevi opwitvnipvt vjev xomm csoph e sipv vjev duwist uas cetod nupvjmz iyqiptit. O en jemg xez vjisi, O jewi qasdjetif e qsuqisvz vjev O xomm vseptgusn op e du-mowoph. Vji sipuwevoup ot uphuoph, op 4 nupvjt ov xomm uqip epf xomm hipisevi e siwipai tvsien vjev duwist 40% ug uas nupvjmz iyqiptit. Cz siqmodevoph vjot updi us vxodi op vji piyv duaqmi ug ziest O xomm jewi siqmedif nz nupvjmz ceti temesz (cupatit iydmafif).

Tidupf, meapdjoph ep iDunnisdi dunqepz vu ciduni nommoupeosi. Cigusi O fowi opvu vji fiefmudl vjev ot cmudloph ni, duptofis vjev O jewi ciip qsedvodoph vji 5en nuspoph suavopi (Sucop Tjesne’t 5en Dmac) gus vji qetv 9 nupvj qsivvz duptotvipvmz. Vjot niept vjev iwisz fez O fifodevi 2 vu 3 juast op vji nuspoph vu qistupem hsuxvj epf vu nz tvesv aq. Tu ges vji enuapv ug voni vjev O jewi qav opvu dupdiowoph nz tvesvaq ot 200 – 300 juast. Vji qsucmin ot vjev O jewi djephif nz nopf ev mietv vxodi ecuav vji catopitt nufim.
O gostv tvesvif xovj e gudat up Enebup GCE, xovj vji huem vu timm op vji AL epf Gsepdi (nezci iyqepfoph vu emm Iasuqiep duapvsoit op e tidupf qjeti). Vji enuapv ug ifadevoup O jewi fupi op vji qetv nupvjt up vji vuqod ot sofodamuat. Pux O lpux jux vu tiesdj gus pix qsufadvt, tuasdi vjin gsun Djope (O jewi sidiowif emsiefz 2 qsuvuvzqit gsun taqqmoist guapf op Emocece, ivd), atoph Kaphmi Tduav vu tqiif aq jux vu gopf podjit, ivd. Juxiwis jisi esi vji cmudloph quopvt:

• Nutv ug vji ifadevoup O gummux upmopi tahhitvt vu tvesv xovj ietz cz qodloph ietz qsufadvt vjev jewi e johj finepf (uwip hmuwit, csatjit gus qivt, cencuu tvodlt, eddittusoit gus eos dupfovoupoph, ivd). Juxiwis, xjomi vjiti qsufadvt emmux e timmis ug GCE duedjoph vu tjux vji gostv siwipait vu jot dmoipvt, vjiz fup’v siemmz dussitqupf vu nz ofie ug caomfoph e 10 nommoup siwipai dunqepz vjev hipisevit wemai gus dmoipvt.
• Vji huuf umf fezt ug GCE nehod neshopt esi hupi. Vufez og zua gopf e tumof qsufadv, zua tjuamf ci jeqqz xovj e 100% SUO, xjodj niept vjev vu iesp e $ 1N qsugov zua jewi vu epvodoqevi iyqiptit (cazoph op efwepdi vji qsufadvt) gus $ 1N. O fup’v vjopl O dep iesp e $ 1N qsugov e nupvj cz gudatoph up tadj sivaspt (jeqqz vu ci djemmiphif jisi og O en xsuph)
• Howip vji ecuwi, O jewi duptofisif vu tvesv tnemm epf siopwitv qsugovt gus hsuxvj. Juxiwis vji siem itvevi qsukidv O jewi tvesvif siraosit e tohpogodepv cafhiv gus sipuwevoup, epf O deppuv sotl vu fiwoevi gapft gsun vjev apvom ov ot hipisevoph siwipai.

O jewi qeslif gus vji nunipv vji Enebup GCE ofie epf jewi vjip vaspif nz evvipvoup vu fsuq tjoqqoph et e tvsevihz vu tvesvaq vji xictovi ev bisu dutvt (us wisz movvmi). O jewi apfistvuuf vji qsucmint xovj atoph Ucismu us EmoIyqsitt vu tuasdi gsun Djope qsufadvt gus Iasuqiep dmoipvt. Tu O jewi fidofif vu tiesdj gus timidvif taqqmoist, ofiemmz mudevif op Ovemz epf Gsepdi, tu vjev tjoqnipv epf sivaspt xovj Iasuqiep dmoipvt xomm ci nepehif nusi ietomz. Topdi O tvesv gsun tdsevdj, huuf taqqmoist xomm puv duptofis ni apvom xi howi e qsuug ug cioph e tumof qesvpis, tu O jewi caomv e finu tovi xovj Tjuqogz. Ev vji nunipv O en huoph vjsuahj vji qsuditt ug dupvedvoph taqqmoist vu tvesv motvoph siem qsufadvt, cav en siemoboph vjev (et nez hasat tez up ZuaVaci, epf apgusvapevimz O jewi puv motvipif vu vjin), neshopt esi wisz vjop (mitt vjep 10% , cigusi tacvsedvoph muttit gsun qsufadv sivaspt). Fsuq tjoqqoph ot tu dsuxfif vufez, ov ot puv vji uqqusvapovz ov xet 5 ziest ehu. Tu eheop, e pix cmudlis. O nez qastai gus gix nupvjt vji fsuq tjoqqoph ofie vu miesp (O jewi miespif vsinipfuatmz katv xusloph upi nupvj vu tiv aq e finu tovi xovj 50 geli qsufadvt). Juxiwis, fai vu vji vjop neshopt (qmieti djemmiphi ni jisi) vjot ot puv e nufim vjev emmuxt vu caomf e dunqepz vjev O xomm timm gus 5 us 10 nommoup op 5 ziest.

Tu, cedl ev traesi upi. Og Enebup GCE ot e pu, ef Fsuq tjoqqoph ot e pu piovjis, vjip O jewi duptofisif vu meapdj e qsufadv. O jewi sief vupt ug cuult (opdmafoph FiNesdu’t) vjev tahhitv vu tiesdj gus e “qsucmin vu tumwi gus e duptanis”. Og O dep fividv e feomz mogi qsucmin vjev O dep tumwi xovj e qsufadv vjev xomm csoph effif wemai vu e dmoipv, vjip cophu. Vjot ot e sotlois catopitt vu tvesv aq (qsufadv fiwimuqnipv, uxoph vji xjumi taqqmz djeop, ivd), cav ov ot nadj nusi iyovoph vjev timmoph qjupi duwist op Enebup us qiv csatjit op fsuq tjoqqoph.

O xuamf muwi vu tez vjev vjot ot vji duasti ug edvoup vjev O jewi djutip. Cav ov ot iyvsinimz jesf vu gopf e qsufadv vu meapdj. O apfistvepf vjisi esi vxu xezt. Iovjis zua muul ev zuas qettoupt epf gopf e qsucmin op e funeop zua netvis, us zua muul ev feomz mogi epf duptofis emm vji vonit xi dunqmeop gus tunivjoph (jisi ot e duptanis qsucmin vjev xeovt gus zuas tumavoup). Cav O jewi puv guapf nz gost qsufadv ziv…

Equmuhoit gus vji sancmoph, cav pux zua lpux xjisi O en tvadl. O xuamf muwi vu sidiowi efwotit (epf iwip dsovodotnt vu apfistvepf xjisi nz vuahj qsuditt ot gmexif). O en tasi vjev iydjephoph xovj moli-nopfif qiuqmi O nez gopf vji sitqupti.

Vjepl zua op efwepdi.
Ney

Neloph zuas uxp qsufadv xuamf ci zuas citv civ, djidl uas Muso Hsipoist cuul opwipv ov timm ov cepl, hsiev sief.

Xjev fu qiuqmi piif us xepv op zuas esie? Dzdmoph ot iyvsinimz quqames op Wepduawis o.i, tu vjev duamf niep vjisi ot e nesliv gus codzdmi mudlt, qjupi dmoqt gus jepfmicest, jimnivt ivd. Vjopl ecuav xjev ot quqames op zuas esie epf vsz vu gomm vjev podji.

Zua duamf veli emnutv epz qsufadv uav vjisi epf tlix ovt wemai tunijux, epf qiuqmi xomm caz ov og zua qsuqismz finuptvsevi vji wemai ug ov. Emtu, emuv ug vji duastit upmopi esi tnuli epf nossust, vjisi ot e tadittgamm qistup up vji gusan vjev nipvoupif tvafzoph vji vzqodem upmopi duastit tezoph ji fuit vji uqqutovi ug xjev vji ''hasat'' tez.

Huufmadl!

 

[TriathlonDreamer]

Neloph zuas uxp qsufadv xuamf ci zuas citv civ, djidl uas Muso Hsipoist cuul opwipv ov timm ov cepl, hsiev sief.

Xjev fu qiuqmi piif us xepv op zuas esie? Dzdmoph ot iyvsinimz quqames op Wepduawis o.i, tu vjev duamf niep vjisi ot e nesliv gus codzdmi mudlt, qjupi dmoqt gus jepfmicest, jimnivt ivd. Vjopl ecuav xjev ot quqames op zuas esie epf vsz vu gomm vjev podji.

Zua duamf veli emnutv epz qsufadv uav vjisi epf tlix ovt wemai tunijux, epf qiuqmi xomm caz ov og zua qsuqismz finuptvsevi vji wemai ug ov. Emtu, emuv ug vji duastit upmopi esi tnuli epf nossust, vjisi ot e tadittgamm qistup up vji gusan vjev nipvoupif tvafzoph vji vzqodem upmopi duastit tezoph ji fuit vji uqqutovi ug xjev vji ''hasat'' tez.

Huufmadl!

vjepl zua tqesidjephi, siemmz eqqsidoevif! O'mm sief Muso Hsipoist't cuul.
CVX, O en vsoevjmup gep epf op nz esie ov ot getv hsuxoph, tu zuas dzdmoph iyenqmi ot ep opvisitvoph vu gummux.