Posted by1 year ago
Archived
The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime by way of MJ DeMarco Requirements.MP3 reader, 345 MB Overview: Has the 'settle-for-less' monetary plan turn out to be your plan for wealth? That plan sounds a bit of one thing like this.
I wanted to drop a quick update on my business to those who are interested. Two years ago I started searching for a business framework that works, and I came across The Millionaire Fastlane.
What is crazy, is that although this book is popular, it isn't 'mainstream' among entrepreneurs. However it has the keys to starting the type of business you need to create wealth.
Here is a summary of the NECST principle from the book, I followed it to create a business, that within it's first year, is generating $10,000/month and is scaling upwards.
- Needs - Is a need for your product/service? Many people screw this step up by asking biased parties like friends and family. There are many books and resources for need validation, however 90% of businesses fail because people can't get their heads wrapped around establishing an unbiased need. I own software, and hit a general need when I released it, but had to keep fine tuning it to best suit my customer's needs as I continued to sell it.
- Entry Barriers- Can anyone get into your business overnight? This is the problem with network marketing or blogging. Anyone can sign up to do it overnight, driving down margins.
- Control - Do you have reasonable control of the business, or are you at the mercy of another party such as google (if you're earning money advertising for example). If anyone can easily flip a switch and turn off your income, you don't have control.
- Scale - The MOST important. Many people get into businesses with absolutely no scalability. Want to open a hot dog stand or local coffee shop? Are you going to sell a coffee to someone in the next town? On the other side of the country? On the other side of the planet? Not unless you franchise your business or open 50+ locations. If your margins aren't high, you need to be able to sell A LOT of your product, this is only done with scale. I build software and sell it at a monthly subscription fee, I can sell to anyone across the globe.
- Time - Can you separate your time from the business? If you're a graphic designer for example, your business cannot operate without you, unless you invest in a HR system (other people under you). How do you possibly find new customers or enjoy your life when you are busy 24/7. You can never be rich when you trade 8 hrs per day for a given rate, even if it's $100/hr. In the software business, once I create the software once, it operates 24/7 without my time being involved. I can be on the beach in mexico and my software will still be generating income.
To sum up, I own a business that fits a need, has high barriers to entry (don't have to worry constantly about competitors), I have reasonable control over, can be sold anywhere around the globe, and operates 95% independent from my time so I can pursue generating more income.
If you haven't read this great book, I recommend getting it immediately.
51 comments
Download PDF The Millionaire Fastlane: Crack the Code to Wealth and Live Rich for a Lifetime. FREE EPUB
|