I have been looking into a new venture in the last two weeks. Without saying too much about it a similar company in the US which started up in the last 3 years it has been successful and received around $1.5m VC. So the basis for a successful business looked promising. There is currently only one player in the UK market who I looked into yesterday. They have a very good website with perhaps a slightly small catalogue of products but it’s still reasonable. After doing some digging it revealed this company has only made sales of £4500 over a 12 month period (bear in mind the profit is around 20% from each transaction) and on their returns last years only had £2500 in the bank. This surprised me very much it paints a picture of a sad little business.
However they are missing one stream of revenue from the US equivalent - which is their main money maker - however it doesn’t make up for the monumental difference in success
In my mind there are two ways of looking at this, crap management etc from the UK business. Or more concerning the market may simply not be as buoyant in the UK than in the USA. From a couple of sources the UK business has attempted to drum up business with one of the methods I was thinking of doing so. It isn’t encouraging , looking at the number of vendors signed up so it can’t have been too successful!
To be honest I’m not sure what to think of this. Knowing what I do should I stop and look for another venture or is there untapped potential in the market!? I was feeling quite upbeat about this last week and was about to schedule a few meetings with various parties however this has come to a complete shock to me!
FYI I have not spent anything much on this yet around £50 so I’m not committed to continue from a financial point of view
The UK business will enter it's third year of trading this year
To give you an idea of the business its a multi vendor e commerce model.
With the main revenue stream being though a subscription membership - US business only. Secondary through the multi vendor marketplace taking a commission Ebay style
What would you do in my situation?
Sorry if this sounds a bit pathetic to be asking it’s just that I don’t have anyone else to run this past
However they are missing one stream of revenue from the US equivalent - which is their main money maker - however it doesn’t make up for the monumental difference in success
In my mind there are two ways of looking at this, crap management etc from the UK business. Or more concerning the market may simply not be as buoyant in the UK than in the USA. From a couple of sources the UK business has attempted to drum up business with one of the methods I was thinking of doing so. It isn’t encouraging , looking at the number of vendors signed up so it can’t have been too successful!
To be honest I’m not sure what to think of this. Knowing what I do should I stop and look for another venture or is there untapped potential in the market!? I was feeling quite upbeat about this last week and was about to schedule a few meetings with various parties however this has come to a complete shock to me!
FYI I have not spent anything much on this yet around £50 so I’m not committed to continue from a financial point of view
The UK business will enter it's third year of trading this year
To give you an idea of the business its a multi vendor e commerce model.
With the main revenue stream being though a subscription membership - US business only. Secondary through the multi vendor marketplace taking a commission Ebay style
What would you do in my situation?
Sorry if this sounds a bit pathetic to be asking it’s just that I don’t have anyone else to run this past
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