Once upon a time, not very long ago, I came across a product on eBay and was amazed at how many were sold by the seller. I did a bit of research, market research and every other form of research and decided to jump on board the train to sell this product. Within the first 3 days it started selling like crazy. I was hitting 15 sales a day, then 21, then 44 and even reached a peak of 75. It was a product which I could sell without needing to physically post anything (virtual item) so I decided to bulk buy the product and automate the entire process. In my first week I made a 4 figure profit (yeah, really). Now I'm not going to go into detail as to why it was eventually taken down as that's a story for another day, however, I learnt something very valuable once it was taken down.
The first thing I learnt was easy money, more often than not, is wrong money. I wasn't selling an illegal item but I just didn't research the background of this item accordingly and as a result the copyright owner notified eBay and eBay obliged in taking my listing down.
The second thing I learnt was that once you start making money, it becomes habitual and you naturally start learning from the trends and end up scaling to increase that profit.
The point behind my story is, since my accidental bump-in with a 4-figure salary per week, I have become more confident in knowing I am able to make a success out of myself. Don't sweat the small stuff. If your products aren't selling, research and do what you can do and if it still fails, it might just be time to move on. Learn from your mistakes and ensure you don't make the same ones again. Take up your father's (non-automated business) just to learn. Learn about cash flow, profits, profit margin (and the importance of profit margin) and learn about scaling etc. Get a few lessons in the bag before you go ahead and start another business. Learn before you earn, that's the motto.
P.S. I used my failed 'business' and all the lessons it taught me to start another one, this time learning from the past, and I can safely say, it paid off. Just be patient. Patience is key.
The first thing I learnt was easy money, more often than not, is wrong money. I wasn't selling an illegal item but I just didn't research the background of this item accordingly and as a result the copyright owner notified eBay and eBay obliged in taking my listing down.
The second thing I learnt was that once you start making money, it becomes habitual and you naturally start learning from the trends and end up scaling to increase that profit.
The point behind my story is, since my accidental bump-in with a 4-figure salary per week, I have become more confident in knowing I am able to make a success out of myself. Don't sweat the small stuff. If your products aren't selling, research and do what you can do and if it still fails, it might just be time to move on. Learn from your mistakes and ensure you don't make the same ones again. Take up your father's (non-automated business) just to learn. Learn about cash flow, profits, profit margin (and the importance of profit margin) and learn about scaling etc. Get a few lessons in the bag before you go ahead and start another business. Learn before you earn, that's the motto.
P.S. I used my failed 'business' and all the lessons it taught me to start another one, this time learning from the past, and I can safely say, it paid off. Just be patient. Patience is key.