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Hi everyone, I hope this post can be helpful to all aspiring entrepreneurs like me who want to be free with their own time instead of spending 40 hours a week doing the same thing over and over again.
Today I want to share a story of failure with you.
My Story
As an aspiring entrepreneur, I struggled to come up with business ideas. The only ones that came to mind were online courses in the financial sector, where there are already 100,000 people involved.
Lacking ideas and not focusing on other activities out of fear or incorrect judgment, I stumbled upon an idea that my partner and I came up with together. So far, so good, except for the fact that it was in the lipstick sector.
How much does a man know about lipsticks? As far as I know, zero.
Since I couldn't think of any other ideas, and the idea of creating a no-transfer lipstick that doesn't dry out the lips seemed brilliant, I thought, "In such a big market, how can I not manage to sell a lipstick?"
So, let's roll up our sleeves and get to work.
Execution and Project
So, what do we need to start this business?
We need a laboratory to make the first samples. While searching for a lab, we wanted a small quantity to test the market, but here in Italy, or I believe in any country, they don't make small quantities. Standard companies make 10,000 pieces with a minimum estimate of at least 22,000 euros, which is an average annual salary in my country.
So, we researched until we found a lab that would make 400 pieces for us.
Great, it's done, right?
We opened a VAT number through a portal, which is a very convenient service with accountants ready to support you in every way, costing 450 euros + 244 euros for VAT registration.
We started making the first formulations. My girlfriend tested them and made more tests until we found the right one. Estimate: 1900 euros.
The product was ready, the formulation was okay, and we started working on the colors. Choosing the colors cost another 1700 euros for colorations and tests.
Meanwhile, as we worked on colors and formulations, we also created the boxes to put the lipsticks in, paying the graphic designer 350 euros for the design and 1210 euros for production.
A year had passed, so another 450 euros for accountants.
The final step after testing the product's stability in its packaging was production: estimate 4600 euros.
Now they were ready for sale.
Sales Phase
We were ready with 400 pieces for sale, created the website, and chose Shopify Start to avoid extra expenses and test the market.
We linked Instagram to the store, created content without showing our faces because I am a man who knows nothing about lipsticks, and my partner works for a lipstick company and therefore can't create content for others due to her contract.
We involved influencers, but nothing sold. I am trying to improve the offer and the website, but still no sales.
So far, I've had 150 visits to the site, mainly from Italians.
I am very demoralized and think I might have to sell off all the lipsticks and face failure.
Maybe for you, 10,000 euros is not much, but for me in Italy, it's quite a lot.
**Conclusion**
Never invest too much money in an idea. Always stay low, and when the first sales come in, jump in as fast as you can.
I'll attach photos of my product since it's not a sponsorship because I only sell in Italy.
Today I want to share a story of failure with you.
My Story
As an aspiring entrepreneur, I struggled to come up with business ideas. The only ones that came to mind were online courses in the financial sector, where there are already 100,000 people involved.
Lacking ideas and not focusing on other activities out of fear or incorrect judgment, I stumbled upon an idea that my partner and I came up with together. So far, so good, except for the fact that it was in the lipstick sector.
How much does a man know about lipsticks? As far as I know, zero.
Since I couldn't think of any other ideas, and the idea of creating a no-transfer lipstick that doesn't dry out the lips seemed brilliant, I thought, "In such a big market, how can I not manage to sell a lipstick?"
So, let's roll up our sleeves and get to work.
Execution and Project
So, what do we need to start this business?
We need a laboratory to make the first samples. While searching for a lab, we wanted a small quantity to test the market, but here in Italy, or I believe in any country, they don't make small quantities. Standard companies make 10,000 pieces with a minimum estimate of at least 22,000 euros, which is an average annual salary in my country.
So, we researched until we found a lab that would make 400 pieces for us.
Great, it's done, right?
We opened a VAT number through a portal, which is a very convenient service with accountants ready to support you in every way, costing 450 euros + 244 euros for VAT registration.
We started making the first formulations. My girlfriend tested them and made more tests until we found the right one. Estimate: 1900 euros.
The product was ready, the formulation was okay, and we started working on the colors. Choosing the colors cost another 1700 euros for colorations and tests.
Meanwhile, as we worked on colors and formulations, we also created the boxes to put the lipsticks in, paying the graphic designer 350 euros for the design and 1210 euros for production.
A year had passed, so another 450 euros for accountants.
The final step after testing the product's stability in its packaging was production: estimate 4600 euros.
Now they were ready for sale.
Sales Phase
We were ready with 400 pieces for sale, created the website, and chose Shopify Start to avoid extra expenses and test the market.
We linked Instagram to the store, created content without showing our faces because I am a man who knows nothing about lipsticks, and my partner works for a lipstick company and therefore can't create content for others due to her contract.
We involved influencers, but nothing sold. I am trying to improve the offer and the website, but still no sales.
So far, I've had 150 visits to the site, mainly from Italians.
I am very demoralized and think I might have to sell off all the lipsticks and face failure.
Maybe for you, 10,000 euros is not much, but for me in Italy, it's quite a lot.
**Conclusion**
Never invest too much money in an idea. Always stay low, and when the first sales come in, jump in as fast as you can.
I'll attach photos of my product since it's not a sponsorship because I only sell in Italy.
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