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I started and run an e-commerce company, and my best advice before starting a business is to think very little about what you want your product to be and a whol
by idopmstuff 4y ago
I started and run an e-commerce company, and my best advice before starting a business is to think very little about what you want your product to be and a whole lot about what you want your lifestyle to be.
Want to have relaxing end-of-year holidays? Don't start a B2B SaaS company in which you're going to close a huge % of your yearly revenue in the last few days of the year.
Want to be able to travel? You're probably better off with an internet business than a brick-and-mortar store.
Want to be able to eventually step back? You need to make sure that there's a path to lessening your involvement over time without hurting the business.
I started mine during the pandemic and got it to profitability. It's not world-shifting money, but it produces solid cashflow. At that point, rather than trying to raise money and aggressively scale, I automated as much as I could. Got a manufacturer to make the products. Found a 3PL to handle fulfillment. Went through all the common types of support emails I got and made sure those questions were addressed proactively in the product or emails, so I get basically no support emails. Handed off bookkeeping to a professional.
Some of that has changed (the 3PL was terrible and for now I'm doing some fulfillment myself and using Amazon for the rest), but overall I'm only spending a few hours a week on the business. I write marketing emails, ship some product and place orders for stuff as needed.
The really nice thing is that I can move things on or off of my own plate as my workload changes. I'm working a full time PM job that I'm loving, and my wife just had a baby, so I might offload the marketing emails soon (but honestly they're super quick and I often just reuse last year's, so that's tough to justify). If I leave my job, I could definitely move manufacturing in house to expand margins.
I think more than anything, it's those qualities of the business that make it great for me (definitely more than the product).
- james-revisoai 4y ago> The really nice thing is that I can move things on or off of my own plate as my workload changes. This is the goal! > Want to have relaxing end-of-year holidays? Don't start a B2B SaaS company in which you're going to close a huge % of your yearly revenue in the last few days of the year. Can you tell me more about where this point comes from please? I'm not sure if it's a US-UK cultural difference, but if ever, business tends to close around the financial year ends here (early April), not christmas. If you haven't got something signed in November, it usually doesn't happen till January and UK workers take quite long christmas breaks. Or have I not experienced what you are talking about it?