The most important part is that your business model makes CENTS
I kind of was in the same boat , stuck on what kind of business I would like to run.
With an option of breaking into tech / e-commerce (what I like to do in my free time)
or petrochemical engineering. (sector I work in )
At the start I told myself I wanted to go into tech because of the absurdly high profit margins I've been hearing.
Who doesn't want to net 80-90% ? Right? Wrong.
I was so wrong. The competition was so fierce and I got decimated on the marketplace. (Sales plunged)
Being sucked into chasing a dream that just didn't work out, which is OK.
So after some self-reflection I've learned a couple of things about myself: I suck at sales, and I'm just an average dev.
I've learned from my mistakes with failing businesses and all I can say is.
Pick one thing: a service or a product in a specific niche of a niche and double down on it.
Example:
So one day I've talked with a local business owner that does a similar job as me.
He fixes , services and places centrifugal pumps for chemical companies and also wholesales them.
He has 2 employees (3 during the busy season) and nets around 900k / year.
(Bills his workers at 100 euro / hour + adds material cost with a 20% margin + misc.)
The thing that really surprised me is just how much free time he had!
His only complaint was how long it sometimes took for these companies to pay him 30-60 days.
You'd be surprised with just how much money you could make with a specific , underserved service.
I kind of was in the same boat , stuck on what kind of business I would like to run.
With an option of breaking into tech / e-commerce (what I like to do in my free time)
or petrochemical engineering. (sector I work in )
At the start I told myself I wanted to go into tech because of the absurdly high profit margins I've been hearing.
Who doesn't want to net 80-90% ? Right? Wrong.
I was so wrong. The competition was so fierce and I got decimated on the marketplace. (Sales plunged)
Being sucked into chasing a dream that just didn't work out, which is OK.
So after some self-reflection I've learned a couple of things about myself: I suck at sales, and I'm just an average dev.
I've learned from my mistakes with failing businesses and all I can say is.
Pick one thing: a service or a product in a specific niche of a niche and double down on it.
Example:
So one day I've talked with a local business owner that does a similar job as me.
He fixes , services and places centrifugal pumps for chemical companies and also wholesales them.
He has 2 employees (3 during the busy season) and nets around 900k / year.
(Bills his workers at 100 euro / hour + adds material cost with a 20% margin + misc.)
The thing that really surprised me is just how much free time he had!
His only complaint was how long it sometimes took for these companies to pay him 30-60 days.
You'd be surprised with just how much money you could make with a specific , underserved service.