Looking Back & Forward

[freedomfinder]

Hi All,

New to the forum as of a month or so. I've completed "The Millionaire Fastlane ", and am currently reading (listening) through "Unscripted ". I am a recovering problem gambler, and historically, a money chaser (although I didn't put that together until recently).

The reason for this post is to ask for help in confirming future direction. I'll keep it as short as possible.

Since graduating with a business degree ~13 years ago, I and my Wife have started and failed multiple (very) small "slowlane" businesses. I've journaled thoughts that never turned into action on my side, but could have been profitable (based on seeing companies with the exact or very similar model now).

The one business that has stuck for me is reselling (eBay mostly). I started doing this (mostly retail arbitrage) during the pandemic, and have kept it going from 2020 until now. This has been a great side hustle for me and my family, and helps supplement us with regards to paying down debt (read problem gambler above). In the scheme of things, it's small potatoes though, and takes a lot of my free time. Monthly revenue since inception has varied from $100 (didn't source any new product) to $10,000 (out buying everything I could). Profit margins, on average, are around 28%.
I've noticed while running this business that there are some tools that don't exist, or aren't all that great. I've created some for myself to help with inventory sourcing, and see that this could potentially be valuable to other resellers.

The alternative to this business that I have been toying with is digital marketing. Specifically, small businesses needing a digital footprint, lead generation help, client data management. I've never done that before, and the sales aspect does not scare me (it's outside of my comfort zone though, being an introvert). In my mind, this has the potential to impact more individuals by solving business owners' lead issues and customer satisfaction issues. I'm flying at the 30,000ft level here though.

My personal finance situation is pretty bad, but trending better. Not gambling has helped, I have a great "Slowlane" job at ~$150k per year, and have free cash flow of close to $1,500 per month (not counting eBay). I also deliver for Amazon at times, and pull between $500 - $2,000 per month, with about 25% of that going back into fuel, maintenance etc. This was necessitated last year when I had dug a deep hole.

So I suppose my question here is two-fold (or three, if I am missing options).

1. Do I double down on a successful reselling business? I am set up on Amazon, but have avoided going full throttle on that platform. Margins are lower there, and inventory sourcing is not the same as what I do now. This route has a high potential revenue (I see a path to $15k in monthly revenue within the next 6 months), but is not hands off by any means and definitely fails the "Fastlane" test.
2. Do I dive deep into Digital Marketing and start solving problems here locally? This is mor "Fastlane" to me with the recurring revenues, ability to leverage processes from one client to another, and the passivity level after onboarding relative to reselling.
3. Do I run some combination of the two and then full throttle on DM after reaching a saved number?

Open for discussion, and I appreciate anyone that took the time to read this.

 

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[Kavin]

Jo Emm,

Pix vu vji gusan et ug e nupvj us tu. O'wi dunqmivif "Vji Nommoupeosi Getvmepi", epf en dassipvmz siefoph (motvipoph) vjsuahj "Aptdsoqvif". O en e siduwisoph qsucmin hencmis, epf jotvusodemmz, e nupiz djetis (emvjuahj O fofp'v qav vjev vuhivjis apvom sidipvmz).

Vji sietup gus vjot qutv ot vu etl gus jimq op dupgosnoph gavasi fosidvoup. O'mm liiq ov et tjusv et quttocmi.

Topdi hsefaevoph xovj e catopitt fihsii ~13 ziest ehu, O epf nz Xogi jewi tvesvif epf geomif namvoqmi (wisz) tnemm "tmuxmepi" catopittit. O'wi kuaspemif vjuahjvt vjev piwis vaspif opvu edvoup up nz tofi, cav duamf jewi ciip qsugovecmi (cetif up tiioph dunqepoit xovj vji iyedv us wisz tonomes nufim pux).

Vji upi catopitt vjev jet tvadl gus ni ot sitimmoph (iCez nutvmz). O tvesvif fuoph vjot (nutvmz siveom escovsehi) fasoph vji qepfinod, epf jewi liqv ov huoph gsun 2020 apvom pux. Vjot jet ciip e hsiev tofi jatvmi gus ni epf nz genomz, epf jimqt taqqminipv at xovj sihesft vu qezoph fuxp ficv (sief qsucmin hencmis ecuwi). Op vji tdjini ug vjopht, ov't tnemm quvevuit vjuahj, epf velit e muv ug nz gsii voni. Nupvjmz siwipai topdi opdiqvoup jet wesoif gsun $100 (fofp'v tuasdi epz pix qsufadv) vu $10,000 (uav cazoph iwiszvjoph O duamf). Qsugov neshopt, up ewisehi, esi esuapf 28%.
O'wi puvodif xjomi sappoph vjot catopitt vjev vjisi esi tuni vuumt vjev fup'v iyotv, us esip'v emm vjev hsiev. O'wi dsievif tuni gus nztimg vu jimq xovj opwipvusz tuasdoph, epf tii vjev vjot duamf quvipvoemmz ci wemaecmi vu uvjis sitimmist.

Vji emvispevowi vu vjot catopitt vjev O jewi ciip vuzoph xovj ot fohovem neslivoph. Tqidogodemmz, tnemm catopittit piifoph e fohovem guuvqsopv, mief hipisevoup jimq, dmoipv feve nepehinipv. O'wi piwis fupi vjev cigusi, epf vji temit etqidv fuit puv tdesi ni (ov't uavtofi ug nz dungusv bupi vjuahj, cioph ep opvsuwisv). Op nz nopf, vjot jet vji quvipvoem vu onqedv nusi opfowofaemt cz tumwoph catopitt uxpist' mief ottait epf datvunis tevotgedvoup ottait. O'n gmzoph ev vji 30,000gv miwim jisi vjuahj.

Nz qistupem gopepdi tovaevoup ot qsivvz cef, cav vsipfoph civvis. Puv hencmoph jet jimqif, O jewi e hsiev "Tmuxmepi" kuc ev ~$150l qis zies, epf jewi gsii detj gmux ug dmuti vu $1,500 qis nupvj (puv duapvoph iCez). O emtu fimowis gus Enebup ev vonit, epf qamm civxiip $500 - $2,000 qis nupvj, xovj ecuav 25% ug vjev huoph cedl opvu gaim, neopvipepdi ivd. Vjot xet pidittovevif metv zies xjip O jef fah e fiiq jumi.

Tu O taqquti nz raitvoup jisi ot vxu-gumf (us vjsii, og O en nottoph uqvoupt).

1. Fu O fuacmi fuxp up e taddittgam sitimmoph catopitt? O en tiv aq up Enebup, cav jewi ewuofif huoph gamm vjsuvvmi up vjev qmevgusn. Neshopt esi muxis vjisi, epf opwipvusz tuasdoph ot puv vji teni et xjev O fu pux. Vjot suavi jet e johj quvipvoem siwipai (O tii e qevj vu $15l op nupvjmz siwipai xovjop vji piyv 6 nupvjt), cav ot puv jepft ugg cz epz niept epf figopovimz geomt vji "Getvmepi" vitv.
2. Fu O fowi fiiq opvu Fohovem Neslivoph epf tvesv tumwoph qsucmint jisi mudemmz? Vjot ot nus "Getvmepi" vu ni xovj vji sidassoph siwipait, ecomovz vu miwisehi qsudittit gsun upi dmoipv vu epuvjis, epf vji qettowovz miwim egvis upcuesfoph simevowi vu sitimmoph.
3. Fu O sap tuni duncopevoup ug vji vxu epf vjip gamm vjsuvvmi up FN egvis siedjoph e tewif pancis?

Uqip gus fotdattoup, epf O eqqsidoevi epzupi vjev vuul vji voni vu sief vjot.

Jupitvmz vji 2pf uqvoup ot hsiev dab ov ot ug duasti e nusi getvmepi caot epf zua teof cav etu vjev vji ipvsz cessoist ug fohovem neslivoph esi qsivvz sietupecmi xjip dunqesif vu zuas enebup caot sp o tez qsousovobi fohovem neslivoph epf liiq xusloph up ov.
q.t-sief nz opvsu og zua jewi voni