The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success
  • SPONSORED: GiganticWebsites.com: We Build Sites with THOUSANDS of Unique and Genuinely Useful Articles

    30% to 50% Fastlane-exclusive discounts on WordPress-powered websites with everything included: WordPress setup, design, keyword research, article creation and article publishing. Click HERE to claim.

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 90,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

Question about keeping good public relation

NotFexelcraft

New Contributor
Read Fastlane!
User Power
Value/Post Ratio
29%
Jan 25, 2024
7
2
So, recently I have started a small side hustle of selling a certain secondhand item, I bought that item from a person (let's name him A) who is a good friend of mine. A has a massive supply of the item due to his father and he gets it practically for free. What I have been doing is buying the item from A and selling it to other people, though it's a relatively non-scalable side hustle it has a 10-20% margin. When someone requests the item I buy it from A and sell it (with no chance of loss from my part). For a few months, it's been going great!

But A realized that even though his item was selling, he was losing due to my margins (keep in mind that he gets it mostly for free, even if it costs him sometimes it will be like a 50% margin) so he has started giving out the item for a very low margin and telling people that I used to buy from him. This has hurt my sales and it is ruining my reputation. What should I do to keep both my margins and my reputation? He doesn't really have a good reputation so people don't trust him as much as me. But his reputation is growing too. I need both him and the public to be happy to keep my hustle alive. I have really been stuck in this problem for a week and every day i am losing customers.

Looking for suggestions.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Spenny

Platinum Contributor
FASTLANE INSIDER
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
386%
Nov 16, 2022
661
2,549
22
United Kingdom
So, recently I have started a small side hustle of selling a certain secondhand item, I bought that item from a person (let's name him A) who is a good friend of mine. A has a massive supply of the item due to his father and he gets it practically for free. What I have been doing is buying the item from A and selling it to other people, though it's a relatively non-scalable side hustle it has a 10-20% margin. When someone requests the item I buy it from A and sell it (with no chance of loss from my part). For a few months, it's been going great!

But A realized that even though his item was selling, he was losing due to my margins (keep in mind that he gets it mostly for free, even if it costs him sometimes it will be like a 50% margin) so he has started giving out the item for a very low margin and telling people that I used to buy from him. This has hurt my sales and it is ruining my reputation. What should I do to keep both my margins and my reputation? He doesn't really have a good reputation so people don't trust him as much as me. But his reputation is growing too. I need both him and the public to be happy to keep my hustle alive. I have really been stuck in this problem for a week and every day i am losing customers.

Looking for suggestions.
Sounds like you're the middleman being cut out of the equation. There isn't much you can do if you have no value to provide compared to your friend.

What value can you give that he cannot provide? More 'safeness'? Better processing? Faster Processing? Better deals? Buy the excess product elsewhere for a better price?

It may also be wise not to tell your customers or him about one another. That's trade secrets.
 

NotFexelcraft

New Contributor
Read Fastlane!
User Power
Value/Post Ratio
29%
Jan 25, 2024
7
2
Sounds like you're the middleman being cut out of the equation. There isn't much you can do if you have no value to provide compared to your friend.

What value can you give that he cannot provide? More 'safeness'? Better processing? Faster Processing? Better deals? Buy the excess product elsewhere for a better price?

It may also be wise not to tell your customers or him about one another. That's trade secrets.
I have a much better system than he will most likely ever have ( He has a very bad reputation ), I have customers coming in but he is trying to lure them away and slowly stop selling to me. The product is from a very small field and he has a lot of strings to pull for stocks. Most people would charge almost double than him ( That's why my hustle was working so well too )

From my understanding, I need a way to convince him to sell to me instead of the public but due to my reputation, I don't have much work to do because people come to me now. As a friend, he won't mind (In my opinion) if I become a middleman but he's not convinced that i produce value.

P.S. He found out because he investigated my hustle, It was quite abnormal for someone to buy large quantities of such a product
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top