biophase
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Business Endeavor 1 (Concept): Start a company that sells pre-cut, pre-drilled and unfinished wood for easy DIY furniture.
Business Endeavor 1 (Result): FAILURE. Why did it fail? Because the product was too time consuming to manufacture on my own and the profit potential was slim because it took too much time to produce. Also, the product shipping cost too much because of the weight.
Business Endeavor 1 (Lessons Learned): Find something faster to manufacture and lightweight.
Business Endeavor 2 (Concept): Start a company that teaches motorcycle riders how to survive when riding on the streets.
Business Endeavor 2 (Result): FAILURE. Why did it fail? Because the product reach was limited (relatively few motorcycle riders in America compared to other countries) and not scalable without large amounts of capital.
Business Endeavor 2 (Lessons Learned): Find something with more reach. Something that appeals to a wider audience.
Business Endeavor 3 (Concept): Start a company that sells a hot selling niche product (fidget spinners).
Business Endeavor 3 (Result): FAILURE. Why did it fail? I actually found out about this trend BEFORE it become so popular. I identified that it would become hugely popular. I made two mistakes. First, I spent too much time getting the website just right, ordering samples, ect. Second, I didn’t order my products quick enough. By the time I got them, the market was saturated. I keep the unsold spinners in my garage near my door so I have to look at them everyday. They are a reminder to act fast and without hesitation.
Business Endeavor 3 (Lessons Learned): Move with a purpose!!!
Business Endeavor 4 (Concept): Build a BRAND. I have a vision of where I want the company to be, who my target audience is and how to scale it. I am using print on demand services as a starting point but the end result will move past that.
Business Endeavor 4 (Result): Still in the works. I work 8-5, have two kids, come home, workout at 8:30 pm, and work from 9:00 to 1:00 am every night. On the weekends I work a couple hours during the day. It’s an uphill battle and my mind is my own worst enemy.
Business Endeavor 4 (Lessons Learned): Arm yourself with skills first. I am not good as social media, drawing (art), design or marketing. Every night I teach myself a few of these skills and put them to work the rest of the night.
I know that print on demand services is overused but I have identified the weak points in my competitions armor and am currently exploiting it. My sales are slow but I know why that is. I need to convey what my brand is all about but I’m having a hard time showing that via text, images and video. I know I will eventually figure it out but I have a bad habit of comparing myself to the juggernauts in the industry.
I’m looking forward to absorbing as much knowledge as possible from this forum. I don’t lack motivation, drive or need a business plan. I need more knowledge!
All the best,
Nick
I think your lessons learned are wrong.
Business 1 - Was your product good? Did it save your consumers money because they could DIY the finish?
Business 2 - There are tons of motorcyclists in the USA. You just did not have the skills to reach them.
Business 3 - The lesson is don't build a business on fads. You were chasing money.
Business 4 - You are starting a T-shirt company using POD. Probably not going to work out well.
Lessons Learned 1 - Learn how to reduce costs, automate production, reduce shipping costs.
Lessons Learned 2 - Learn how to market without spending money, use social media
Lessons Learned 3 - Don't chase money
Lessons Learned 4 - Provide value. Putting an image on a t-shirt is not providing value.