Building a business Sucks! Initially, my aim was to encourage as many individuals as possible to embrace entrepreneurship. However, my perspective has shifted drastically. Now, I’m taking on this challenge to persuade you otherwise. If, after witnessing all the hardships, you’re still eager to dive into entrepreneurship, then you truly have the passion for it. Anyone can become a successful entrepreneur, not everyone should.
Now back to the update…..
We’ve taken significant steps forward, engaging with distributors and securing deals. However, we stumbled upon a setback by not paying close attention to detail—a core rule in our business analysis. This oversight led us to purchase unsuitable inventory. We have since generated $10,000 in revenue but a loss of about $1,000. Tracking revenue is not a significant metric for us as we are building the foundation. Other KPIs mean more to us the revenue at the moment.
This experience led us to reassess our business model. We realized it wasn’t the best fit for us after comparing our skills with what was needed and analyzing the market, especially the Amazon FBA space. We observed that competition on Amazon is fierce, with constant rule changes and new fees, making it challenging to stay profitable. Notably, a major third-party seller on Amazon recently filed for bankruptcy, signaling potential difficulties in this market.
Given these challenges, we’ve decided to pivot. Our team previously ran an agency, which gives us a unique perspective. We’ve identified an opportunity to support smaller brands on Amazon that have potential but lack effective marketing and optimization. Our new model focuses on providing value to these brands, shifting from being simple resellers to becoming strategic partners. This approach may involve exclusive brand deals where our compensation is tied to their success, a shift that aligns better with our capabilities and vision.
Importantly, I recognized the value of having a co-founder in this journey. Sharing the workload and decision-making process can significantly impact the business’s success, though it’s crucial to choose the right partner, as this relationship is almost like marriage.
Despite these challenges and changes, our goal remains to generate significant revenue. We’re not deterred by the setbacks and are using them to refine our strategy. This involves continuous business analysis and ensuring our actions align with our long-term vision. We’re also focusing on creating a solid foundation with clear objectives and plans for the future.
In summary, while we’ve faced challenges and had to pivot, our journey is progressing. We’re more aligned and structured than when we started, and we’re excited about the potential of our new direction. Stay tuned for more updates as we continue to navigate this challenging but rewarding venture.
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