I read the post by Jack Edwards in regards to how he opened a new business with just 15k$ and turned it into 10 million in 24 months. Located here.
That is my motivation, the automation that he has created that runs hundreds of thousands of dollars to his bank account monthly.
---
My goal, is to start a new business with only $ 210.00. My prior businesses start with $0.00 and am proud of my ability to generate income from nothing but an idea, but due to the nature of this business I have to invest that sum of money. Call me cheap, or whatever, this is just how it is.
What the business is, I will not disclose for many reasons.
I will report on my results and processes at least once a week. I will answer any questions that I am presented with if I don't deem them repetitive or infringing on my right to keep my new business product/service a secret.
I will note that I am not reinventing the wheel. There are many people doing this type of business but I do not think they are utilizing it as much as they should. I believe I don't have a "direct niche" instead just something I know I can make money off of. I do believe I can undercut current competitors EXPONENTIALLY.
Expenses:
$10.00 for a domain name.
No hosting costs (I have prepaid for hosting 6 years in advance for all my needs).
I will start designing the company today, and should be done within 7 days. The business is online based, I think every business I have been in was online based, or at least...I turned it from physical to an online basis. There are no recurring sales for this business but I have come up with something that is surely going to change this aspect and act as a great income boost.
Also understand I am going to scale up on my other business that I was under utilizing that I have mentioned/talked about in this forum. I am also doing all of this while being a student at College Part Time, I find college as something to occupy my mind, and my time, as an Accounting Major, if this picks up, I will STILL finish college and get a degree, just because I am the first person in my family to ever have this opportunity...and yes I understand that it will not benefit me in the short run, but I have bigger plans that require what I shall learn.
I have set up the company, name, images/logo, policies, and so on and so forth.
I have chosen the product, will look for suppliers and will test to see if my targets bite.
I have opened a new personal bank account, that I will close and turn into a business bank account after the income from this deems it necessary to have customers write a check to a business name as opposed to my own name.
I am using a laptop with a broken screen that is hooked up to a flat screen computer and soon to be hooked up to a projector that faces a nice open wall in an empty room. I do not have any other furniture, yes I do lay down on the carpet or hardwood floor as I'm doing what I have to do to make this.
Employees:
No one else but myself. I will hire as the business deems it necessary.
--
Goals for this week.
Wait for the product to arrive at my warehouse (at the moment lets call my warehouse my basement that is being underutilized, with 8 foot ceilings, lighting and office space that I am to furnish before I leave the empty room in my home.
Test the markets waters.
Make a single sale to prove the viability of the product.
Notes about me: I am 22 years old, in College with my own 4000 sq. foot home 2 car garage and Mitsubishi eclipse (which I hope to replace in a few months), always had a hand in online businesses or businesses in general, am not making hundreds of thousands of dollars a year, am only earning residual income, I have had experience in sales. Had a "boss" 2 years ago, so I can learn the ropes of running a development firm, and went in as a quality assurance tester, was offered a management position 1 day before the day I joined the company, and quit that same day. I never really learned to scale companies up as Jack Edwards did in the link I gave above and so, I am going to see if I can scale a new business up from scratch.
My residual income business, if scaled correctly would be soo profitable, but I just "didn't" WHY?? GOD. I am working on this now as well.
Thanks for reading... hope it is informational if at anything at least interesting.
I hope this thread keeps me motivated, because... that is all a person really needs to succeed after he or she already has an idea to prosper from.
---
Yes I know 100k is chump change for many of you, but I see this $ 100,000 as just enough money for another business I have in mind.
That is my motivation, the automation that he has created that runs hundreds of thousands of dollars to his bank account monthly.
---
My goal, is to start a new business with only $ 210.00. My prior businesses start with $0.00 and am proud of my ability to generate income from nothing but an idea, but due to the nature of this business I have to invest that sum of money. Call me cheap, or whatever, this is just how it is.
What the business is, I will not disclose for many reasons.
I will report on my results and processes at least once a week. I will answer any questions that I am presented with if I don't deem them repetitive or infringing on my right to keep my new business product/service a secret.
I will note that I am not reinventing the wheel. There are many people doing this type of business but I do not think they are utilizing it as much as they should. I believe I don't have a "direct niche" instead just something I know I can make money off of. I do believe I can undercut current competitors EXPONENTIALLY.
Expenses:
$10.00 for a domain name.
No hosting costs (I have prepaid for hosting 6 years in advance for all my needs).
I will start designing the company today, and should be done within 7 days. The business is online based, I think every business I have been in was online based, or at least...I turned it from physical to an online basis. There are no recurring sales for this business but I have come up with something that is surely going to change this aspect and act as a great income boost.
Also understand I am going to scale up on my other business that I was under utilizing that I have mentioned/talked about in this forum. I am also doing all of this while being a student at College Part Time, I find college as something to occupy my mind, and my time, as an Accounting Major, if this picks up, I will STILL finish college and get a degree, just because I am the first person in my family to ever have this opportunity...and yes I understand that it will not benefit me in the short run, but I have bigger plans that require what I shall learn.
I have set up the company, name, images/logo, policies, and so on and so forth.
I have chosen the product, will look for suppliers and will test to see if my targets bite.
I have opened a new personal bank account, that I will close and turn into a business bank account after the income from this deems it necessary to have customers write a check to a business name as opposed to my own name.
I am using a laptop with a broken screen that is hooked up to a flat screen computer and soon to be hooked up to a projector that faces a nice open wall in an empty room. I do not have any other furniture, yes I do lay down on the carpet or hardwood floor as I'm doing what I have to do to make this.
Employees:
No one else but myself. I will hire as the business deems it necessary.
--
Goals for this week.
Wait for the product to arrive at my warehouse (at the moment lets call my warehouse my basement that is being underutilized, with 8 foot ceilings, lighting and office space that I am to furnish before I leave the empty room in my home.
Test the markets waters.
Make a single sale to prove the viability of the product.
Notes about me: I am 22 years old, in College with my own 4000 sq. foot home 2 car garage and Mitsubishi eclipse (which I hope to replace in a few months), always had a hand in online businesses or businesses in general, am not making hundreds of thousands of dollars a year, am only earning residual income, I have had experience in sales. Had a "boss" 2 years ago, so I can learn the ropes of running a development firm, and went in as a quality assurance tester, was offered a management position 1 day before the day I joined the company, and quit that same day. I never really learned to scale companies up as Jack Edwards did in the link I gave above and so, I am going to see if I can scale a new business up from scratch.
My residual income business, if scaled correctly would be soo profitable, but I just "didn't" WHY?? GOD. I am working on this now as well.
Thanks for reading... hope it is informational if at anything at least interesting.
I hope this thread keeps me motivated, because... that is all a person really needs to succeed after he or she already has an idea to prosper from.
---
Yes I know 100k is chump change for many of you, but I see this $ 100,000 as just enough money for another business I have in mind.
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