Is my thinking flawed?

[akrtw]

Hi Fastlaners,

I have joined the forum for some time but rarely post. I was your typical wantreprenuer, money-chaser, jumping from one idea to another, making small money here and there but never scale to a “life-changing” level.

I recently re-read TMF and some of the golden posts here. I really want to start building a business that truly solves needs and offers value to a market.

However, I’m kinda stuck in thinking what business to build. I come up with different ideas but feel that each has its problems... or am I just making up excuse from overcoming challenges?

Here are my ideas:

1. A SaaS product for salespeople - I am a tech salesperson myself so I know there is a need for this product. But I don’t know how to code. I have a full time job and I don’t intend to quit before I start making some money from my business. That means I cannot just setup a company and hire a full-time CTO/developer. I also think working with some part-time/freelance developer won’t work. Stuck.
2. Online fitness coach platform - this is my personal need. I start working out but can’t afford a 1-to-1 fitness coach. I think it’ll be great if a professional coach can create a dedicated plan for me, check-in with me regularly and give me guidance on my fitness progress. It turns out some individual gym is already providing that service. I don’t know if I can do better than those companies because I’m not even a successful bodybuilder myself. How can I build a product in something that I haven’t even succeeded in? Stuck.
   
   
3. Whiteboard video creation service - seems straightforward and there should be a need. But this model is not scalable. I’m just trading time for my money. Seems to contradict the commandment of Scale. Stuck.
   

I go list more ideas but I think it illustrates my thinking.

A little bit more background:

1. I do have a small lead generation business that is making 1-3k a month but again it is not scalable. My ads is already at the top of Google and getting most impressions and clicks. The search volume of my keywords is limited.
2. I have had small success in doing web design (thanks Fox) but again I feel that’s not scalable. Other web design agencies are creating websites with much higher quality with much less cost. It’s also trading my time with money, which contradict the equation of wealth

Please be harsh and direct. If I’m wrong let me know. If I’m right in the above analysis and it’s just that I haven’t come up with the right idea yet, let me know too.

Really appreciate your feedback!

 

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[Haelios]

You wanted us to be harsh, so here it goes...

Screw your negative thoughts.

Nearly all of the ideas that you've suggested can be accomplished, you just seem to be forgetting certain factors to each one.

A SaaS product for salespeople - I am a tech salesperson myself so I know there is a need for this product. But I don’t know how to code. I have a full time job and I don’t intend to quit before I start making some money from my business. That means I cannot just setup a company and hire a full-time CTO/developer. I also think working with some part-time/freelance developer won’t work. Stuck.

What's stopping you from taking the time out of your day to learn to program? You can always outsource your ideas, but why not save costs by learning how to do certain things yourself?

Online fitness coach platform - this is my personal need. I start working out but can’t afford a 1-to-1 fitness coach. I think it’ll be great if a professional coach can create a dedicated plan for me, check-in with me regularly and give me guidance on my fitness progress. It turns out some individual gym is already providing that service. I don’t know if I can do better than those companies because I’m not even a successful bodybuilder myself. How can I build a product in something that I haven’t even succeeded in? Stuck.

Just because one company is already doing what you have in mind doesn't mean that this road is sealed for good. Have you seen how many fitness channels are on social media, like YouTube, Instagram, Twitter, etc.? Even if you're not a successful bodybuilder, you don't have to be Arnold Schwarzenegger tier in physique to make fitness content.

Whiteboard video creation service - seems straightforward and there should be a need. But this model is not scalable. I’m just trading time for my money. Seems to contradict the commandment of Scale. Stuck.

There may be some factors that will violate the CENTS commandments but that doesn't mean they have to be followed to the T. Think about how many people use services like Amazon? In theory, Amazon could cut their products off the website entirely, which violates the commandment of Control, but that doesn't stop people who are driven.

Perhaps the biggest problem you face of all, is that you don't exactly believe in your abilities. You'll go nowhere if you retain a negative train of thought as it'll bleed into your efforts in life. Have the confidence and guts to leap into projects and you'll get way further in life than if you just mope about what can and can't be done in your eyes.

 

[GWan]

It seems like you have some reasonable doubts for each of your ideas, but that is normal at the beginning. You won't know unless you try. You've already listed the solutions to your problems, but you're just unwilling to try them out because you're afraid they won't work and you'll waste time.

Remember that failure is a prerequisite to success.

SaaS Product - Your solution is to either:

1. Learn to code, which isn't as hard as you think.
2. Hire a developer. It would obviously make no sense to hire someone full-time right away. You should spend your weeknights and weekends creating the designs for the website and then find freelance developers that can build it for you. As someone in the tech industry, I can tell you that this is a very realistic option.

Online fitness coach platform

It turns out some individual gym is already providing that service. I don’t know if I can do better than those companies because I’m not even a successful bodybuilder myself. How can I build a product in something that I haven’t even succeeded in? Stuck.

This is a big limiting belief, even MJ talks about people getting stuck because they're looking for an idea that has never been done before. Facebook beat MySpace, that should be enough to show you that this could possibly be successful.

Whiteboard Video Service
Although it might not follow CENTS, could focusing on this business allow you to make enough each month to quit your full-time job? This will allow you to have more time to focus on building a fastlane business.

You mention that you've had success with lead generation and web design. Don't quit or feel discouraged about these businesses just because you're trading time for money. Instead, view them as a stepping stone to your fastlane business.