Hey all!
This is a thought that's been stuck in my mind, and I thought, I'll get the opinion of some of my fastlane brothers! I'm sure there's no answer that applies to all situations.
But - when, in your opinion, can you start funding the lifestyle you want, and not invest a majority back into the business? I ask because, from Millionaire Fastlane , I sort of envisioned building my online business to a comfortable level, making it passive as possible, controlling expenses. Simple. Solve needs, automate, scale. When I'm making 10K a month, why not help out my parents or start paying off my mortgage. My business is a software subscription, so yes, it's highly passive and scalable- most of the work is in acquiring new customers, I sell to customers who do what I did in my old career so I understand their needs. Getting a cheque every month from maintaining a system is awesome. I'm in my first 3 weeks and am close to breaking even on my living expenses, which was my biggest fear - so now I'm feeling good.
But then I start reading "lean startup" and it's scaring the shit out of me, a lot of good information in there, but honestly they make it sound like you have to be constantly investing every dollar into running vigorous experiments and testing marketing tactics and seeing how customers react, and just constantly investing your time in the business, otherwise you're getting closer to dying and an unsustainable business. I'm sure you have to take only parts of what applies to you from these books, I feel like the case studies in this book are constantly new social networks, I'm b2b and have a much better understanding of my customers needs and their investment in the system, but a lot of what Eric Reis says makes sense.
So again, would love to hear, what was the point some of you felt you can take advantage of the passivity of your business, and start investing in your lifestyle, not the business.
This is a thought that's been stuck in my mind, and I thought, I'll get the opinion of some of my fastlane brothers! I'm sure there's no answer that applies to all situations.
But - when, in your opinion, can you start funding the lifestyle you want, and not invest a majority back into the business? I ask because, from Millionaire Fastlane , I sort of envisioned building my online business to a comfortable level, making it passive as possible, controlling expenses. Simple. Solve needs, automate, scale. When I'm making 10K a month, why not help out my parents or start paying off my mortgage. My business is a software subscription, so yes, it's highly passive and scalable- most of the work is in acquiring new customers, I sell to customers who do what I did in my old career so I understand their needs. Getting a cheque every month from maintaining a system is awesome. I'm in my first 3 weeks and am close to breaking even on my living expenses, which was my biggest fear - so now I'm feeling good.
But then I start reading "lean startup" and it's scaring the shit out of me, a lot of good information in there, but honestly they make it sound like you have to be constantly investing every dollar into running vigorous experiments and testing marketing tactics and seeing how customers react, and just constantly investing your time in the business, otherwise you're getting closer to dying and an unsustainable business. I'm sure you have to take only parts of what applies to you from these books, I feel like the case studies in this book are constantly new social networks, I'm b2b and have a much better understanding of my customers needs and their investment in the system, but a lot of what Eric Reis says makes sense.
So again, would love to hear, what was the point some of you felt you can take advantage of the passivity of your business, and start investing in your lifestyle, not the business.
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