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Hello everyone,
My business is turning south due to a lack of control. I am hoping to help someone who is early in their idea and execution phase or someone who has little control and hasn't searched out other options to listen to what MJ says.
I started my first business in flipping cell phones and decided to pursue selling service as a way to make recurring revenue. I found a niche product with no competition that was advertising. It was very easy money, and I am admittedly lazy and could sell this with minimal effort.
I built it up to 10k profit monthly, but have struggled to get excited about selling it. I knew that I had no control, I used the word risky as any change in what I was selling could easily reduce my business to nothing. I started looking at other businesses and have been trying to diversify my income since a business with no control is no better than working for someone else. While looking for other business I found this forum and read the book. The book speaking on Control put into words exactly what I was thinking.
This month, my supplier is making the product I sell severely worse to the point of it not being marketable. I have no negotiating position either and the only option is to contact a shady provider which I have no plans of doing. I will be lucky to make 1/3 what I made before and likely the business will go to 0 over time. I am not angry as I saw this coming and I have other opportunities lined up. The experience I gained from the venture have been invaluable. I made the shift to viewing time as more valuable than money, and many other priceless business lessons.
Don't build a business on quicksand. If picking between ideas to execute, pick the one that has control. If you currently are, diversify as best you can or work on something else at the same time. Save money for a rainy day if you have little control.
Most of all, take actual action. A business with no control and customers is better than a hobby with no customers
Wish you all the best
My business is turning south due to a lack of control. I am hoping to help someone who is early in their idea and execution phase or someone who has little control and hasn't searched out other options to listen to what MJ says.
I started my first business in flipping cell phones and decided to pursue selling service as a way to make recurring revenue. I found a niche product with no competition that was advertising. It was very easy money, and I am admittedly lazy and could sell this with minimal effort.
I built it up to 10k profit monthly, but have struggled to get excited about selling it. I knew that I had no control, I used the word risky as any change in what I was selling could easily reduce my business to nothing. I started looking at other businesses and have been trying to diversify my income since a business with no control is no better than working for someone else. While looking for other business I found this forum and read the book. The book speaking on Control put into words exactly what I was thinking.
This month, my supplier is making the product I sell severely worse to the point of it not being marketable. I have no negotiating position either and the only option is to contact a shady provider which I have no plans of doing. I will be lucky to make 1/3 what I made before and likely the business will go to 0 over time. I am not angry as I saw this coming and I have other opportunities lined up. The experience I gained from the venture have been invaluable. I made the shift to viewing time as more valuable than money, and many other priceless business lessons.
Don't build a business on quicksand. If picking between ideas to execute, pick the one that has control. If you currently are, diversify as best you can or work on something else at the same time. Save money for a rainy day if you have little control.
Most of all, take actual action. A business with no control and customers is better than a hobby with no customers
Wish you all the best
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