Hi!
First of all, have a successful 2022 everybody!
This thread is all about choosing a new business project and then executing the plan.
I've been pretty inactive here for the past 7-8 months or so. I had a small online store, selling only locally in Estonia for over 1.5 years. It did decent numbers (for a rookie like me) and most important of all, I learned shtiloads about e-commerce. I sold the store last month as it would've been really hard to scale due to the product and it's manufacturing ways. But I don't regret anything and I know it was the right time to move on. I also own a new curtain store with 2 other people (practically requires no time at all, 1-2h a week) that we opened in October and is doing well at the moment. I didn't expect to be a part of that but things just fell into place so we started it and if it goes well, we can all take some profit from that business one day. But that is more like a side project for me.
So anyways, I now have around 20-25K to start a new business (or maybe 2). I have plenty of time on my hands as I am not working full time. This time I am starting out with scale on my mind and taking the steps to tackle Baltics and Scandinavia first and eventually the EU.
I have a couple of ideas that I am throwing around but haven't tested any of them yet. One plan would be to start an online gift store - buy UV-printer, engraving machine first. I know, there are tons of them but most of them are doing the same shit like printing on mugs, engravings on wood and selling t-shirts. I believe I could find some new ways to make exciting products as I am pretty creative person. With this I would have options to sell to both b2b and b2c. It would require 100% of my time first but I'd be okay with that as everything can be automated with systems and employees. It's a bit appealing because it would give me the chance to make something unique. But the machines would cost around 20K if I buy new, decent brand machines (still a higher entry barrier than ordering shit from China, right???)
Biggest problem - hard to test products without buying the machines. I guess I could come up with bunch of exciting potential products, find someone who can make a couple of each and start testing. Long process but maybe worth it?
Worst case scenario if I go with this idea - would have to sell the machines and lose some money if it doesn't work out.
Feel free to shoot this down and offer your input.
Then there are a couple of niche e-com stores that I am thinking about. In the coming weeks I will look more into them. But whatever I am going to do, this time my ultimate goal is to build a big, well-thought and functioning brand.
First of all, have a successful 2022 everybody!
This thread is all about choosing a new business project and then executing the plan.
I've been pretty inactive here for the past 7-8 months or so. I had a small online store, selling only locally in Estonia for over 1.5 years. It did decent numbers (for a rookie like me) and most important of all, I learned shtiloads about e-commerce. I sold the store last month as it would've been really hard to scale due to the product and it's manufacturing ways. But I don't regret anything and I know it was the right time to move on. I also own a new curtain store with 2 other people (practically requires no time at all, 1-2h a week) that we opened in October and is doing well at the moment. I didn't expect to be a part of that but things just fell into place so we started it and if it goes well, we can all take some profit from that business one day. But that is more like a side project for me.
So anyways, I now have around 20-25K to start a new business (or maybe 2). I have plenty of time on my hands as I am not working full time. This time I am starting out with scale on my mind and taking the steps to tackle Baltics and Scandinavia first and eventually the EU.
I have a couple of ideas that I am throwing around but haven't tested any of them yet. One plan would be to start an online gift store - buy UV-printer, engraving machine first. I know, there are tons of them but most of them are doing the same shit like printing on mugs, engravings on wood and selling t-shirts. I believe I could find some new ways to make exciting products as I am pretty creative person. With this I would have options to sell to both b2b and b2c. It would require 100% of my time first but I'd be okay with that as everything can be automated with systems and employees. It's a bit appealing because it would give me the chance to make something unique. But the machines would cost around 20K if I buy new, decent brand machines (still a higher entry barrier than ordering shit from China, right???)
Biggest problem - hard to test products without buying the machines. I guess I could come up with bunch of exciting potential products, find someone who can make a couple of each and start testing. Long process but maybe worth it?
Worst case scenario if I go with this idea - would have to sell the machines and lose some money if it doesn't work out.
Feel free to shoot this down and offer your input.
Then there are a couple of niche e-com stores that I am thinking about. In the coming weeks I will look more into them. But whatever I am going to do, this time my ultimate goal is to build a big, well-thought and functioning brand.
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