6 Reasons My First Company Failed
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I have no problem admitting, my first business was not a success. If you don't know, I operated an ecommerce clothing business. While financially it was not a success, the lessons I learned and skilled I acquired were what allowed me to be able to start a much more successful second venture. I broke down in this video why I thought my first company wasn't successful and how can avoid these mistakes.
Number 1: Didn't Look @ The Facts
If you business is not succeeding, you need to recognize those facts. If you are following your passion it can be hard to realize something is not working and that it will come around at some point. Now, this does not mean to not work hard, but you should understand what is working and what doesn't.
Number 2: Ran An Expensive Business
When you run a merchandising business, there is a lot of expenses that go into just operating the business. The cost of the product, affiliates, shipping, shipping goods, marketing, website maintenance, licensing, etc. All those things eat into the bottom line without knowing prior to getting into those business models.
Number 3: Didn't Control Means of Production
In any business model, you will want control of your operations process. Reason being, if the demand of your product grows, you need a way to keep up with it. If you rely too much on outsourcing, you leave a part of your business up to chance.
Number 4: Didn't Have Set Processes
As I've gotten older, I've realized business is just systems and processes. If you want your company to be successful, have written processes that you, your employees and clients can follow. If at any point there are questions, you can always refer to a printer binder or your hard drive.
Number 5: Sold A "Want" Not A "Need"
When you sell an item that people think would be cool to have but don't need, you put yourself in a tough situation to sell. When you create products, you should create something that is "sticky" or needs the consumer to pay for continual use of the product/service.
Number 6: Operated In A Bad Market
Lastly, I operated in market that did not have the money to afford my product. The two most important things when it comes to qualifying your market is desire and ability to afford.
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