Kak
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So I am starting a e-commerce business for a niche that I am well aware of.
Now I am just starting out, and I am looking at spending $1000 into my first order from my wholesaler for a few products. Just to test the waters and see if the business is viable.
But that puts the cost of my main product at $17.83 CAD landed. My competitor is selling at $17.99 (on sale)
Now if I bump up my order to $2000, the main product that I am selling drops down to $11 CAD landed.
Would you guys recommend starting out first just testing the waters, and taking a loss on your first shipment of products, or would you double up your initial order to make sure you are making a profit?
Now spending the extra $1000 is not an issue for me, I just would hate to be stuck with a lot of product that I cannot move if for some reason the business does not take off.
What are your thoughts?
This is a pretty important concept to learn... Entrepreneurship is lonely. You need to create your own confidence in your own decisions. You need to be able to take the leap knowing that you understand the forces at play and are willing to accept those terms. Remember you are the leader, you are the ceo, you are the boss, and the business goes where you steer it.
As far as your question is concerned there is not really a right answer, you could play both options into the ground or do well with either. The only right answer to this question is... It’s up to you.