How long do you guys keep paying for fixed costs for a venture before moving on?

[MakeMoreMoves]

What I have realized that the main the reason I left my other ventures was that the business was not an asset, but a liability. Months and months I would be paying all these costs with no returns and thinking that I am illogical for paying for all of this and cut the cord the venture.

I don't even know how much money I lost doing this, probably over $10k at this point. I gotta quit ecommerce. I gotta admit I suck at it.

 

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[fhs8]

Ouch. That's a lot to lose from fixed costs. Where did most of your 10k go? In just a few months???

You cut the cord when you realize that your original plan didn't work out or that there's no light at the end of the tunnel. One of the most valuable assets is time and it's very important not to waste it.

 

[Azure]

Did you test the market before jumping in? 10K is a lot to lose without gaining any traction.

 

[Aimee]

What I have realized that the main the reason I left my other ventures was that the business was not an asset, but a liability. Months and months I would be paying all these costs with no returns and thinking that I am illogical for paying for all of this and cut the cord the venture.

I don't even know how much money I lost doing this, probably over $10k at this point. I gotta quit ecommerce. I gotta admit I suck at it.

What costs have you been paying? Have you made any of the money back at all?

 

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[MakeMoreMoves]

Ouch. That's a lot to lose from fixed costs. Where did most of your 10k go? In just a few months???

You cut the cord when you realize that your original plan didn't work out or that there's no light at the end of the tunnel. One of the most valuable assets is time and it's very important not to waste it.

Multiple ecommerce ventures. When I say months and months, about 2 years.

For each venture: domains, hosting, subscription plans, unsold inventory, Fiverr jobs, info, directories, startup fees for suppliers, business fees, tools, materials, website themes, etc it all adds up very fast and bought many business books. Some udemy courses.

Edit: I forgot the biggest sucker, advertisements. Yeahhhh

If I quit this ecommerce thing, that's 2 years down the drain.

 

[Lex DeVille]

Multiple ecommerce ventures. When I say months and months, about 2 years.

For each venture: domains, hosting, subscription plans, unsold inventory, Fiverr jobs, info, directories, startup fees for suppliers, business fees, tools, materials, website themes, etc it all adds up very fast and bought many business books. Some udemy courses.

If I quit this ecommerce thing, that's 2 years down the drain.

To me it sounds like you don't have an "ecommerce" thing. Sounds like you have a bunch of side projects, aren't focused on any one thing, and that's probably why you're not making sales (assuming you're not making sales). What is making money at all right now? Do more of that...Stop spending money on stuff until you start making some. You'll waste a lot more than 10k if you keep going at it like this.

Figure out how to sell the unsold inventory you have since it's wasting away right now. That's money sitting there that you could find ways to sell. Put it on ebay or Amazon or wherever you can host it free. Update the copy. Share it on Facebook. Craigslist...wherever. Write up a free ebook to go with it (bear in mind I have no idea what your unsold inventory is). Find something to combine with it and put it for sell and adjust the price until someone buys.

Then figure out the next step once you've done that.

 

[Aimee]

Multiple ecommerce ventures. When I say months and months, about 2 years.

For each venture: domains, hosting, subscription plans, unsold inventory, Fiverr jobs, info, directories, startup fees for suppliers, business fees, tools, materials, website themes, etc it all adds up very fast and bought many business books. Some udemy courses.

Edit: I forgot the biggest sucker, advertisements. Yeahhhh

If I quit this ecommerce thing, that's 2 years down the drain.

Oh damn.

Honestly, you don't need any of this stuff. You're going about it the complete wrong way -- you just need to SELL stuff. People don't care about your website themes or your domain or your business books or your udemy courses. You don't even need advertisements. You just need a product, and you need people who want to buy that product.

I'm by no means an expert, but I've been doing this for almost a year now, and I make more than I would if I had a full time job.

Here's how I started out:
1. Find supplier who is willing to sell small quantities - tell them you want to do a trial order. Some will, some won't. Send lots of messages, cut out the ones who reject you and focus on those who accept you.
2. Buy small quantity, sell on eBay and Amazon for low-ish prices to test market. This will build up your rankings. When I start out with a new product, I always include handwritten messages asking for feedback so I can gain social proof. People like this.
3. As you get customers, slowly start to raise the price. You're higher in the rankings now so you can do this.
4. If you made a profit, order more and relist. If they don't, you've either broke even or lost $200.
5. Repeat with same product if it worked, or try another product if it didn't.
6. If you want to carry on with product, get a logo and a website. If that works out, buy some advertisements.

If you want any advice, send me a message and I can try to help you out. No guarantees, but I'll give it a shot.

Best of luck!

 

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[MakeMoreMoves]

To me it sounds like you don't have an "ecommerce" thing. Sounds like you have a bunch of side projects, aren't focused on any one thing, and that's probably why you're not making sales (assuming you're not making sales). What is making money at all right now? Do more of that...Stop spending money on stuff until you start making some. You'll waste a lot more than 10k if you keep going at it like this.

Figure out how to sell the unsold inventory you have since it's wasting away right now. That's money sitting there that you could find ways to sell. Put it on ebay or Amazon or wherever you can host it free. Update the copy. Share it on Facebook. Craigslist...wherever. Write up a free ebook to go with it (bear in mind I have no idea what your unsold inventory is). Find something to combine with it and put it for sell and adjust the price until someone buys.

Then figure out the next step once you've done that.

Oh damn.

Honestly, you don't need any of this stuff. You're going about it the complete wrong way -- you just need to SELL stuff. People don't care about your website themes or your domain or your business books or your udemy courses. You don't even need advertisements. You just need a product, and you need people who want to buy that product.

I'm by no means an expert, but I've been doing this for almost a year now, and I make more than I would if I had a full time job.

Here's how I started out:
1. Find supplier who is willing to sell small quantities - tell them you want to do a trial order. Some will, some won't. Send lots of messages, cut out the ones who reject you and focus on those who accept you.
2. Buy small quantity, sell on eBay and Amazon for low-ish prices to test market. This will build up your rankings. When I start out with a new product, I always include handwritten messages asking for feedback so I can gain social proof. People like this.
3. As you get customers, slowly start to raise the price. You're higher in the rankings now so you can do this.
4. If you made a profit, order more and relist. If they don't, you've either broke even or lost $200.
5. Repeat with same product if it worked, or try another product if it didn't.
6. If you want to carry on with product, get a logo and a website. If that works out, buy some advertisements.

If you want any advice, send me a message and I can try to help you out. No guarantees, but I'll give it a shot.

Best of luck!

Hey @Aimee and @SinisterLex, Thanks for the responses.

Some of the products I have are restricted, unable to sell on amazon or eBay. Restricted by the wholesaler, not amazon or eBay itself. I don't want to destroy supplier relationship. So these are the products I am spending time on building a website. Stand-alone website inventory is composed of dropship inventory and wholesale inventory (at my house). I think ads are mandatory for a standalone website. With ebay and amazon that is not a problem because you are technically paying for traffic by their fees. A person selling on these sales channel can easily negate ads as not necessary. The thing is though , search on google shopping. You will see that eBay listings show up on there. Amazon first page on google for tons of products.

I don't know about you guys, but lots of wholesalers and dropshippers don't want their products on eBay or Amazon that much. If they do, its usually some product with a label that has no value or a product that won't sell well. I contact suppliers that say they work with amazon and eBay. Then they tell me, we only want standalone sites now. The better products all require a standalone.

I like ebay and amazon, but I wanted a standalone so I would have more control.

I should have gave more history in the OP. I don't want to give the impression I'm a noob, but I am just so unsatisfied with the results.

1) My personal eBay account has 289 star, only for selling old personal stuff

2) My eBay store has 50 star rating, inventory composed of wholesale (money-tied), drop-ship, and handmade products. So far, the handmade products are the only thing that have traction. It really isn't worth my time to do make these things for $2 profit on each unit. But still doing it because its the only thing that makes money. Scalability is not possible with the handmades. I plan on phasing them out entirely for a model that has much more scalability. The drop ship and wholesale products don't sell.

3) Amazon Account has only the handmade products, sells like 1 a month. Every other item on eBay, goes against amazon TOS or supplier restrictions. \

All my dropship products on my website are found on ebay and amazon, but I can't list those products there . Its on my website for a much higher price because I can't afford low prices like amazon. Like there is no way out. People who sell the products I sell on amazon/eBay probably got in there by seniority. Contacting that supplier first before they went "No more ebay/Amazon". Its near impossible to compete on a standalone website anymore.

"4. If you made a profit, order more and relist. If they don't, you've either broke even or lost $200." - The last scenario has happened to me nearly everytime. Seems like gambling.

Business books and Udemy probably not necessary, but the more knowledge the better or so I thought. I thought this knowledge would give me better returns

Themes/Domains, I just did this to establish more trust so it doesn't look shady.

Advertisements, if buyers don't know I'm selling = Game Over.

 

[TonyStark]

Multiple ecommerce ventures. When I say months and months, about 2 years.

For each venture: domains, hosting, subscription plans, unsold inventory, Fiverr jobs, info, directories, startup fees for suppliers, business fees, tools, materials, website themes, etc it all adds up very fast and bought many business books. Some udemy courses.

Edit: I forgot the biggest sucker, advertisements. Yeahhhh

If I quit this ecommerce thing, that's 2 years down the drain.

It sounds like you have all of the NON-IMPORTANT parts of a business covered, everything except a SALE.

Why would you keep hosting a website that isn't even selling anything?

Get rid of your inventory!

Edit:
@ABetterLifeNow I do like your avatar.

 

[MakeMoreMoves]

It sounds like you have all of the NON-IMPORTANT parts of a business covered, everything except a SALE.

Why would you keep hosting a website that isn't even selling anything?

Get rid of your inventory!

Thanks for response, If the website is not up, no sales are possible. Its chicken and egg cycle.

 

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[TonyStark]

Thanks for response, If the website is not up, no sales are possible. Its chicken and egg cycle.

Go door-to-door, you're not ready for a website.

 

[Envision]

If you're learning I don't consider it a waste. Most likely you're not filling a need with your product - atleast not one that meets the value you wish to create for yourself.

I probably blew ~5k learning and trying and F*cking around buying themes, hosting, product (still have it in my garage), domains, courses, events, etc. None of it was a waste because each phase I went through provided the knowledge I needed down the road to succeed.

This is why I think its important to have a day job that has a good income (and keep working on your career until you know you are legitimate entreprenuer). It allows you to test and mess up. It provides you the cushion and if you are able to it allows you to save in case entreprenuership doesnt work out for you... so you dont waste 2 years you just spent 2 years of extra funds trying things that didnt work while learning alot.

At some point you will realize you're onto something and thats when you go in and drop some savings on a quality idea with a proven sales strategy. So the risk is super low and you're not going to "lose" if thats how you want to refer to it.

 

[Ecom man]

What I have realized that the main the reason I left my other ventures was that the business was not an asset, but a liability. Months and months I would be paying all these costs with no returns and thinking that I am illogical for paying for all of this and cut the cord the venture.

I don't even know how much money I lost doing this, probably over $10k at this point. I gotta quit ecommerce. I gotta admit I suck at it.

Just out of curiosity, have you read any of the amazing threads on here about building an ecommerce business?

 

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[mazo]

Some of the products I have are restricted, unable to sell on amazon or eBay. Restricted by the wholesaler, not amazon or eBay itself. I don't want to destroy supplier relationship. So these are the products I am spending time on building a website. Stand-alone website inventory is composed of dropship inventory and wholesale inventory (at my house).

Sounds like you're wasting the most valuable thing you've got "Time". You don't have a relationship with any suppliers if you are not selling anything, you do not need them or the website. Sell what you have on EBay/Amazon never mind what restriction these suppliers are say. Re cope some of your money and start again.
You'll get where you are going in the end.

 

[townhaus]

I'd forget about e-commerce for 1 month. Just forget about all this business stuff for a little while. Sounds like you've been thinking about it too much and getting nowhere.

Free your mind think to about other things. You won't miss out on anything.

I'm just assuming this, but you sound like an information addict. Stop buying books, downloading torrents, reading blogs and forums.

Can you take a days break without any internet?

Also, stop thinking of about business/shop that will be on Amazon/Ebay etc.