- Joined
- Oct 20, 2023
- Messages
- 2
Hi All,
New to the forum as of a month or so. I've completed "The Millionaire Fastlane", and am currently reading (listening) through "Unscripted". I am a recovering problem gambler, and historically, a money chaser (although I didn't put that together until recently).
The reason for this post is to ask for help in confirming future direction. I'll keep it as short as possible.
Since graduating with a business degree ~13 years ago, I and my Wife have started and failed multiple (very) small "slowlane" businesses. I've journaled thoughts that never turned into action on my side, but could have been profitable (based on seeing companies with the exact or very similar model now).
The one business that has stuck for me is reselling (eBay mostly). I started doing this (mostly retail arbitrage) during the pandemic, and have kept it going from 2020 until now. This has been a great side hustle for me and my family, and helps supplement us with regards to paying down debt (read problem gambler above). In the scheme of things, it's small potatoes though, and takes a lot of my free time. Monthly revenue since inception has varied from $100 (didn't source any new product) to $10,000 (out buying everything I could). Profit margins, on average, are around 28%.
I've noticed while running this business that there are some tools that don't exist, or aren't all that great. I've created some for myself to help with inventory sourcing, and see that this could potentially be valuable to other resellers.
The alternative to this business that I have been toying with is digital marketing. Specifically, small businesses needing a digital footprint, lead generation help, client data management. I've never done that before, and the sales aspect does not scare me (it's outside of my comfort zone though, being an introvert). In my mind, this has the potential to impact more individuals by solving business owners' lead issues and customer satisfaction issues. I'm flying at the 30,000ft level here though.
My personal finance situation is pretty bad, but trending better. Not gambling has helped, I have a great "Slowlane" job at ~$150k per year, and have free cash flow of close to $1,500 per month (not counting eBay). I also deliver for Amazon at times, and pull between $500 - $2,000 per month, with about 25% of that going back into fuel, maintenance etc. This was necessitated last year when I had dug a deep hole.
So I suppose my question here is two-fold (or three, if I am missing options).
1. Do I double down on a successful reselling business? I am set up on Amazon, but have avoided going full throttle on that platform. Margins are lower there, and inventory sourcing is not the same as what I do now. This route has a high potential revenue (I see a path to $15k in monthly revenue within the next 6 months), but is not hands off by any means and definitely fails the "Fastlane" test.
2. Do I dive deep into Digital Marketing and start solving problems here locally? This is mor "Fastlane" to me with the recurring revenues, ability to leverage processes from one client to another, and the passivity level after onboarding relative to reselling.
3. Do I run some combination of the two and then full throttle on DM after reaching a saved number?
Open for discussion, and I appreciate anyone that took the time to read this.
New to the forum as of a month or so. I've completed "The Millionaire Fastlane", and am currently reading (listening) through "Unscripted". I am a recovering problem gambler, and historically, a money chaser (although I didn't put that together until recently).
The reason for this post is to ask for help in confirming future direction. I'll keep it as short as possible.
Since graduating with a business degree ~13 years ago, I and my Wife have started and failed multiple (very) small "slowlane" businesses. I've journaled thoughts that never turned into action on my side, but could have been profitable (based on seeing companies with the exact or very similar model now).
The one business that has stuck for me is reselling (eBay mostly). I started doing this (mostly retail arbitrage) during the pandemic, and have kept it going from 2020 until now. This has been a great side hustle for me and my family, and helps supplement us with regards to paying down debt (read problem gambler above). In the scheme of things, it's small potatoes though, and takes a lot of my free time. Monthly revenue since inception has varied from $100 (didn't source any new product) to $10,000 (out buying everything I could). Profit margins, on average, are around 28%.
I've noticed while running this business that there are some tools that don't exist, or aren't all that great. I've created some for myself to help with inventory sourcing, and see that this could potentially be valuable to other resellers.
The alternative to this business that I have been toying with is digital marketing. Specifically, small businesses needing a digital footprint, lead generation help, client data management. I've never done that before, and the sales aspect does not scare me (it's outside of my comfort zone though, being an introvert). In my mind, this has the potential to impact more individuals by solving business owners' lead issues and customer satisfaction issues. I'm flying at the 30,000ft level here though.
My personal finance situation is pretty bad, but trending better. Not gambling has helped, I have a great "Slowlane" job at ~$150k per year, and have free cash flow of close to $1,500 per month (not counting eBay). I also deliver for Amazon at times, and pull between $500 - $2,000 per month, with about 25% of that going back into fuel, maintenance etc. This was necessitated last year when I had dug a deep hole.
So I suppose my question here is two-fold (or three, if I am missing options).
1. Do I double down on a successful reselling business? I am set up on Amazon, but have avoided going full throttle on that platform. Margins are lower there, and inventory sourcing is not the same as what I do now. This route has a high potential revenue (I see a path to $15k in monthly revenue within the next 6 months), but is not hands off by any means and definitely fails the "Fastlane" test.
2. Do I dive deep into Digital Marketing and start solving problems here locally? This is mor "Fastlane" to me with the recurring revenues, ability to leverage processes from one client to another, and the passivity level after onboarding relative to reselling.
3. Do I run some combination of the two and then full throttle on DM after reaching a saved number?
Open for discussion, and I appreciate anyone that took the time to read this.
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