Finally found a supporting community in TFF that can appreciate my path to the fastlane. Thanks MJ and all of the contributors to TFF! This forum has been really inspiring and therapeutic at the same time.
Currently, I’m a slowlaner. I’ve worked very hard and long hours in exchange for a six-figure salary. To escape this reality, I’ve turned my attention to real estate investing and I’m starting a scalable business…again.
This isn’t my first attempt at fastlane success. I’ve swung and missed several times before and I think it’s important for me to quickly explain my failures first and maybe some dialogue would help others in this community.
Failure #1: http://www.wemoe.com
(sales page still active; the backend software is disabled now since business is dissolved)
To generate a cash cow to invest into my own RE development, I developed an avatar based wealth/health indicator with money that I raised through my side RE consulting business (approx. $25k invested in the MVP + sweat equity).
Fastlane Model: Down Payment + Recurring Member Fee + royalty on all sales (similar to a MLM structure except I was the owner of the MLM model)
Business Model: Online Access w/ offline distribution model
I had a guy that was in the top 1000 for motivational speakers and I partnered with him to use this platform as a marketing platform and additional income for public speakers. They (public speakers and speakers bureaus) would sell to the corporations that they speak at as a way to earn recurring revenue passed the speech/seminar. I also targeted distribution groups such as universities and health care insurance groups for distribution.
Progress Made: Did 100’s of demos. Locked in 3 public speakers to non-exclusive distribution contracts. Beta tested the program with one public school district and one major university
Turning Point: Sold wemoe.com to another software company for shares of the software company and and a little cash.
Final Outcome: Did about $150k in sales after the merger with the software company within about 7 months of work. My mistake was not vetting the software company. There financial problems and lack of access to capital became my financial problems. There wasn’t enough capital to make the necessary improvements to the software based on feedback from the end users. Business went bankrupt and had a bad name in the marketplace.
Fastlane Violations:
1. Commandment of Need. There was a need but my offering wasn’t the best model in the market to solve that need. Value and fulfilling the need based on user feedback was lacking.
2. Commandment of Control. I made a mistake when I partnered with the other software company. I lost control of key capital raising decisions that would have addressed the improvements needed.
Failure #2: TAC Paving
Back in 2009, President Obama announced a stimulus plan which sent billions of dollars to heavy highway infrastructure work. All of the work had a 10% set aside program that said 10% of work had to be contracted to a DBE company. I heard this, became DBE certified and did a 50/50 partnership with a construction firm which gave me a credit line of $1million and I took this and started an asphalt paving contract.
Fastlane Model: Sub-contract / Third party fulfillment; Ability to pour $3M in asphalt in one day on highway projects; downside was 60 day payment turnarounds but my LOC washed this concern away
Business Model: Offline / Third Party Partnerships; Win contracts then sub to 3rd party for fulfillment; use credit line to purchase equipment and material
Turning Point: Asphalt plants capped my spending limit to $50k per month which means I can’t pour anything larger than a few parking lots…didn’t work for highway work. If I used my LOC, it would push my cost too high to win bids. Basically the big players worked with the asphalt plants to squeeze me out of the game.
Final Outcome: Gov’t put restrictions on my company stating that the way my credit line with the partner company was structured violated the DBE certification status. The company was dissolved. I experienced a networth over a million dollars for a couple of months but it was distinguished when the business was dissolved.
Fastlane Violations:
1. Commandment of Control. The government controlled my partnership agreements due to the DBE certification requirements. The asphalt plants and big players controlled my access to the asphalt material supply.
2. Commandment of Time. I had to work hard in this business to get the contracts that I needed. I could have hired sales people and a person to oversee the operation. However, my partners who gave me the $1M LOC wanted to see me actively working in the business.
Failure #3: Slowlaner
Over the past 15 years, I’ve managed over one billion dollars of commercial development projects as a construction manager for large developers. About 5 years ago, I transitioned from construction manager to real estate developer working for large developers doing front end entitlements and other fun stuff to make large developments happen. I’m an expert at commercial real estate development but I’m getting RICH VERY SLOWLY because I don’t have a vested interest in the developments I manage. I earn a six-figure salary but this is definitely slow lane.
Fastlane Violations: All of the 5 commandments are violated in this scenario. Control, Entry, Need, Time & Scale.
Where do I go from here?
These are just a few of my swing and misses...I have other businesses that I started but none with substantial success. All of the attempts were side businesses that I ran while working full-time. I’m now 35 years old and managed over a billion dollars of commercial construction and real estate development from the slowlane. I’m now looking to utilize my experiences to create money from the fastlane. I’d prefer to do something on a consulting platform that creates enough revenue to invest into REI without violating the FastLane commandments.
Any suggestions or input would be helpful throughout my transition to the fastlane.
Currently, I’m a slowlaner. I’ve worked very hard and long hours in exchange for a six-figure salary. To escape this reality, I’ve turned my attention to real estate investing and I’m starting a scalable business…again.
This isn’t my first attempt at fastlane success. I’ve swung and missed several times before and I think it’s important for me to quickly explain my failures first and maybe some dialogue would help others in this community.
Failure #1: http://www.wemoe.com
(sales page still active; the backend software is disabled now since business is dissolved)
To generate a cash cow to invest into my own RE development, I developed an avatar based wealth/health indicator with money that I raised through my side RE consulting business (approx. $25k invested in the MVP + sweat equity).
Fastlane Model: Down Payment + Recurring Member Fee + royalty on all sales (similar to a MLM structure except I was the owner of the MLM model)
Business Model: Online Access w/ offline distribution model
I had a guy that was in the top 1000 for motivational speakers and I partnered with him to use this platform as a marketing platform and additional income for public speakers. They (public speakers and speakers bureaus) would sell to the corporations that they speak at as a way to earn recurring revenue passed the speech/seminar. I also targeted distribution groups such as universities and health care insurance groups for distribution.
Progress Made: Did 100’s of demos. Locked in 3 public speakers to non-exclusive distribution contracts. Beta tested the program with one public school district and one major university
Turning Point: Sold wemoe.com to another software company for shares of the software company and and a little cash.
Final Outcome: Did about $150k in sales after the merger with the software company within about 7 months of work. My mistake was not vetting the software company. There financial problems and lack of access to capital became my financial problems. There wasn’t enough capital to make the necessary improvements to the software based on feedback from the end users. Business went bankrupt and had a bad name in the marketplace.
Fastlane Violations:
1. Commandment of Need. There was a need but my offering wasn’t the best model in the market to solve that need. Value and fulfilling the need based on user feedback was lacking.
2. Commandment of Control. I made a mistake when I partnered with the other software company. I lost control of key capital raising decisions that would have addressed the improvements needed.
Failure #2: TAC Paving
Back in 2009, President Obama announced a stimulus plan which sent billions of dollars to heavy highway infrastructure work. All of the work had a 10% set aside program that said 10% of work had to be contracted to a DBE company. I heard this, became DBE certified and did a 50/50 partnership with a construction firm which gave me a credit line of $1million and I took this and started an asphalt paving contract.
Fastlane Model: Sub-contract / Third party fulfillment; Ability to pour $3M in asphalt in one day on highway projects; downside was 60 day payment turnarounds but my LOC washed this concern away
Business Model: Offline / Third Party Partnerships; Win contracts then sub to 3rd party for fulfillment; use credit line to purchase equipment and material
Turning Point: Asphalt plants capped my spending limit to $50k per month which means I can’t pour anything larger than a few parking lots…didn’t work for highway work. If I used my LOC, it would push my cost too high to win bids. Basically the big players worked with the asphalt plants to squeeze me out of the game.
Final Outcome: Gov’t put restrictions on my company stating that the way my credit line with the partner company was structured violated the DBE certification status. The company was dissolved. I experienced a networth over a million dollars for a couple of months but it was distinguished when the business was dissolved.
Fastlane Violations:
1. Commandment of Control. The government controlled my partnership agreements due to the DBE certification requirements. The asphalt plants and big players controlled my access to the asphalt material supply.
2. Commandment of Time. I had to work hard in this business to get the contracts that I needed. I could have hired sales people and a person to oversee the operation. However, my partners who gave me the $1M LOC wanted to see me actively working in the business.
Failure #3: Slowlaner
Over the past 15 years, I’ve managed over one billion dollars of commercial development projects as a construction manager for large developers. About 5 years ago, I transitioned from construction manager to real estate developer working for large developers doing front end entitlements and other fun stuff to make large developments happen. I’m an expert at commercial real estate development but I’m getting RICH VERY SLOWLY because I don’t have a vested interest in the developments I manage. I earn a six-figure salary but this is definitely slow lane.
Fastlane Violations: All of the 5 commandments are violated in this scenario. Control, Entry, Need, Time & Scale.
Where do I go from here?
These are just a few of my swing and misses...I have other businesses that I started but none with substantial success. All of the attempts were side businesses that I ran while working full-time. I’m now 35 years old and managed over a billion dollars of commercial construction and real estate development from the slowlane. I’m now looking to utilize my experiences to create money from the fastlane. I’d prefer to do something on a consulting platform that creates enough revenue to invest into REI without violating the FastLane commandments.
Any suggestions or input would be helpful throughout my transition to the fastlane.
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