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How to know when to quit my current business?

Discussion in 'Lessons from Success/Failure' started by RoadTrip, Nov 22, 2018.

  1. RoadTrip
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    RoadTrip Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I really hope you guys can help me with this. I'm so stuck in my current business that I really can't figure out what to do next. Actually, not being able to figure out the next steps burned me out back in April. I'm almost better now and I want to make a final decision on this business.

    I'll give you some background first...Last year I started a supplement business. I got the idea because I'm suffering from an autoimmune disease so I try every natural supplement known to man kind. This is when I stumbled upon an idea.

    So I started selling using Facebook Ads and gained traction. To date I have sold around €25.000 worth of product. In the beginning with the FB ads turned on I used to sell a lot. These days I'm selling around €150 a month. Note that this is just in The Netherlands. I tried selling abroad but that didn't work out for me.

    With sales decreasing I thought I should add another product. Which I did. It was selling but sales were not even close to what I sold with the first product. I had no idea what to do next and started doing market research. And then some more and more until I got completely burned out.

    A month ago I decided to pull the trigger and quit the business. I didn't purchase any new ingredients to create the blend. Now that I'm out of stock, I'm receiving emails from customers inquiring when we will be back in stock. When I ask how our product is helping them they mention they feel a lot better using my product. Which puts me right back in doubt mode.

    I have no idea if want to continue pursuing this business. I don't know how to grow, what other products to add, what new angles to try and whether I have enough passion for the market. But I do like the fact that I'm helping people with their health issues. My market is usually an older generation, which is usually also more into popping pills.

    Based on the above, do you think it's time to move on? What do you suggest? This is my 5th attempt at business so I'm not afraid to call it a failure.
     
    Last edited: Dec 13, 2018 at 2:54 AM
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  2. NateKruse
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    NateKruse Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Why did you stop the Facebook ads?

    You have customers who want your product. Why does that put you in doubt mode? I would think that would be reassuring.
     
  3. RoadTrip
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    RoadTrip Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    They stopped converting after a while. I changed creatives, copy etc but after so many people have seen the product they start loosing interest. Google ads doesn’t have the volume in my country unfortunately.

    Yes I would think so too. The problem is I only have around 5 recurring purchases a month now.




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  4. GSF
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    GSF Silver Contributor Speedway Pass

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    Could you not expand to neighbouring Eu countries?
     
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  5. Fassina
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    Fassina Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Try google merchant, it had good results for me.
     
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  6. AgainstAllOdds
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    AgainstAllOdds Legendary Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    €25.000 in the first year is a great success. Build upon that.

    If I was you, I'd build the business up as much as I can, and then sell it on Empire Flippers at a 2.5x valuation.

    After that, move on.

    But as of now, there's no reason to quit. You spent a lot of time on this, and should go away with something - even if you don't want to operate the business anymore.
     
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  7. Fassina
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    Fassina Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    That's revenue, so not bad, but I wouldn't call it a great success.

    Try new flavors, bigger packages, automatic shipping (i.e subscription), premium versions, bundles, radio ads, magazine articles, affiliates, influencer marketing..

    i.e pay a few bloggers to promote it, instagram maybe but remember instagram posts don't rank well on google and don't stick around for long. Facebook health pages etc.

    I might give this a try myself.. ;P
     
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  8. RoadTrip
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    RoadTrip Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Thanks to everyone who replied to this thread. I appreciate it!

    Every single reply suggests I continue to pursue this business. So that is what I am going to do! I am going to give this one last shot and give it all the attention I possibly can. Considering I am still recovering from a burnout it will go slow initially, but with even small steps growth is possible.

    I will give this a shot. I especially see subscriptions as a great addition to the products I'm selling. I also never tried influencer marketing while I've always thought it to be a great strategy. I just didn't believe in my products enough. I'm lucky my brother runs an influencer marketing agency and is willing to help me.

    The past week I already started thinking of the first next steps. This is what I'm going to focus on next:
    1. Figure out my future product line and target market
    2. Rebrand > required to reach the right target market and be in line with future product line
    3. Create the first product of the future product line. I've always had this product in mind and I'm going to make this a reality now.
    4. Try all sorts of marketing. Try and stick with the methods that work
    5. Add the additional products
    6. Expand internationally
    7. ?
    8. ?
     
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  9. njord
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    njord Contributor Read Millionaire Fastlane

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    why dont you contact your loyal costumers and ask for some feedback, on other flavors what could be better ect?
     
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  10. RoadTrip
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    RoadTrip Bronze Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    I need to talk to my customers more. Especially the loyal customers. I will include this on my list. Thanks.


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