Brazilian, 22, male.
I've tried several things, most of them failed, I 'know' why or at least think I do.
Mainly, lack of proper market research and a tendency of rushing things and a lot of sunk cost fallacy to tie me down.
Current business "profited" 50$ this month with 5 sales. This is sales profit mind you, not actual profit.
Main issue is it doesn't scale, these are not products people buy again often enough (it's furniture*) with a small margin and cost. Could pay for backlinks to increase profit margin, I'm thinking about it, not sure if it's worth it.
..(Improper market research)..
My issue isn't in setting businesses up, I can do that, and have done it several times. My issue is getting to profitable.
If I have a clear next action I get it done, the problem is when you have to wait for the results to do the math. This ruins my momentum and slows me down tremendously. I'd rather have something specific to do everyday than this vague 'check numbers and wait for the marketing to work, do the math optimize and wait again.'
I optimize in 3 hours, now I have to sit around waiting for a week. It's hell. I understand the appeal of a brick and mortar biz now, you can at least go to the office and fake action all day to keep your momentum up, not so much online.
Any advice on building systems for this type of inconsistent action requirement tasks ?
Should I drop this current biz and spend the time opening a better one with better market research ? Or should I spend the next 6-12 months building this into a small income source ? Sunk cost ?
Any advice on dealing with a parent that wants you to inherit his biz, but you don't want to because you want to move to a different country and his biz can't be automated ?
I've tried several things, most of them failed, I 'know' why or at least think I do.
Mainly, lack of proper market research and a tendency of rushing things and a lot of sunk cost fallacy to tie me down.
Current business "profited" 50$ this month with 5 sales. This is sales profit mind you, not actual profit.
Main issue is it doesn't scale, these are not products people buy again often enough (it's furniture*) with a small margin and cost. Could pay for backlinks to increase profit margin, I'm thinking about it, not sure if it's worth it.
..(Improper market research)..
My issue isn't in setting businesses up, I can do that, and have done it several times. My issue is getting to profitable.
If I have a clear next action I get it done, the problem is when you have to wait for the results to do the math. This ruins my momentum and slows me down tremendously. I'd rather have something specific to do everyday than this vague 'check numbers and wait for the marketing to work, do the math optimize and wait again.'
I optimize in 3 hours, now I have to sit around waiting for a week. It's hell. I understand the appeal of a brick and mortar biz now, you can at least go to the office and fake action all day to keep your momentum up, not so much online.
Any advice on building systems for this type of inconsistent action requirement tasks ?
Should I drop this current biz and spend the time opening a better one with better market research ? Or should I spend the next 6-12 months building this into a small income source ? Sunk cost ?
Any advice on dealing with a parent that wants you to inherit his biz, but you don't want to because you want to move to a different country and his biz can't be automated ?
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