Fastlanehunger
PARKED
- Joined
- Jun 6, 2016
- Messages
- 1
Rep Bank
$25
$25
Hi Everyone, this is one of my first post so here is a quick snapshot of what I'm doing and what led me here.
I graduated 5 years ago and opened up a retail store in Canada in the niche musical instrument industry. I quickly launched an ecommerce site and begun acquiring and building relationships with the top suppliers in the industry. We have expanded to multiple selling platforms(eBay, reverb, multiple websites) and to 3 locations while never using financing from the bank we financed from our suppliers and used our profit to expand our brand selections and presence in the market. We have become one of the largest dealers in North America for some of the product. Ok, so this all sound great but here is the progress or growing pains style of issue if you will:
We are heavily invested in inventory and are finding more and more challenging to find quality sales staff and systems to increase sales and make our sales process more efficient to raise sales and product turns. I am a great negotiator and salesperson but when I look at the numbers I can't see us being able to afford based on the margins a solid team with experience that will push this to the next level, not to mention, the stress of not using any financials institution for credit such a lines of credits, we pay every we owe off every 6 months on payment plans from the sale of that or other paid for inventory.
We have done very well over the last 5 years but with the amount of time and effort I've put I I don't see this bringing me to 100M in the next 10 years. Maybe that goal is unrealistic to some but if I don't set my standards and goals high how will I ever achieve them. Maybe I'm in the wrong industry? Maybe it is time to take outside investment? I can't seem to find anyone that will do close to what I do in terms of commitment and effort and it brings me back to projections and realistic margins and costs to be able to build this into something that will propel my family into another world. Kind of feeling stuck right now and all the staff is pushed to the max.
Any input is great. Any suggestions or recommendations!
I graduated 5 years ago and opened up a retail store in Canada in the niche musical instrument industry. I quickly launched an ecommerce site and begun acquiring and building relationships with the top suppliers in the industry. We have expanded to multiple selling platforms(eBay, reverb, multiple websites) and to 3 locations while never using financing from the bank we financed from our suppliers and used our profit to expand our brand selections and presence in the market. We have become one of the largest dealers in North America for some of the product. Ok, so this all sound great but here is the progress or growing pains style of issue if you will:
We are heavily invested in inventory and are finding more and more challenging to find quality sales staff and systems to increase sales and make our sales process more efficient to raise sales and product turns. I am a great negotiator and salesperson but when I look at the numbers I can't see us being able to afford based on the margins a solid team with experience that will push this to the next level, not to mention, the stress of not using any financials institution for credit such a lines of credits, we pay every we owe off every 6 months on payment plans from the sale of that or other paid for inventory.
We have done very well over the last 5 years but with the amount of time and effort I've put I I don't see this bringing me to 100M in the next 10 years. Maybe that goal is unrealistic to some but if I don't set my standards and goals high how will I ever achieve them. Maybe I'm in the wrong industry? Maybe it is time to take outside investment? I can't seem to find anyone that will do close to what I do in terms of commitment and effort and it brings me back to projections and realistic margins and costs to be able to build this into something that will propel my family into another world. Kind of feeling stuck right now and all the staff is pushed to the max.
Any input is great. Any suggestions or recommendations!
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
