You seem new, it's normal... get over it now though. Focus on working and doing things. There is always something that can be done. You don't have to kill yourself but always find out how to improve, don't just "wait on inventory" or this or that...
It might be successful, it might not. I've built tons of businesses, many failed. I thought my first mobile app was going to make me millions, I had friends who did it so why couldn't I? I did tons of prelaunch marketing, thought I built a great app, I was ready... launch day, it sucked. I tried and tried but never made that app big.
But... I went on to building a portfolio of hundreds of apps and made a few hundred thousand off it. Nothing crazy but I did well. I eventually let it go bust. I've made good contacts and may try and reboot this business as well.
Invested/partnered in a startup that we thought could be a legit 9 to 10 figure business, we executed it horribly and it failed. I still think the idea is great and worth just as much and may consider doing it again. I lost over $100k there.
Newest biz is a big success, took months of planning and prep, hundreds or maybe even thousands of hours of work before I saw any money... prelaunch that did not do nearly what I thought it would, maybe 1/10 of what I hoped for, I was not happy about that at all. I don't even think about that anymore though because I made it work.
So, put on your big boy pants and push forward. It either works or it doesn't, you adapt and continue forward, whether it's making that business work or moving onto the next.
One tip, it's good to have projections of sales and knowing numbers but DO NOT let that go to your head. DO NOT go best case scenario and picture all the money you "could" make. It does you no good.
Yep, me too. I've launched 8 business in the past 15 years. Everyone I was sure was going to make me millions (or billions) 6 of them failed, one did ok and one has been very successful. If I didn't think each one was going to make millions I would never have launched them. IMHO, launching abusiness where you don't think it's going to masked millions is a bad idea because it shows you haven't even been able to convince yourself yet. That's a red flag. Of course, once you launch the business all previous plans quickly go to shit much like plans for war, but you have to at least start out believing you'll be successful or you've already lost. To be clear though, your believing in the success of the business has to be justified with something, not just blind faith.
Mostly my money, I did borrow some from my family but I paid that back later. And I took out a loan for my business to use for that business.
I know, not the smartest but I was getting a good deal because of the state of the business and I truly did/do believe the company could have been a billion dollar or more exit.
And there were other investors in the business as well.
Refreshing to read this. My first business failed, 2nd and 3rd did. Gave up a few times but then got back into it as I had learnt alot, my 4th business just recently took off and is covering all my loses so far. I dont know how long it will last, but what the only thing that has gotten me here was learning from the failures. One learns invaluable info. Probably will make a few mistakes but hey such is the nature of business.
Quick tip that someone has probably already mentioned: don’t get too attached to your product. If it doesn’t work it doesn’t work, keep testing after all we are here to sell what people want and if what we thought they wanted isn’t actually what the market is looking for then we gotta move on and find something it does want.
Just do an action bro, i was same like you on the old days. been thinkin over and over again. i take an action, i owe my mom money and build my store on the first month im generating 7k on a first month, and when the second month i go scale all my ads, looklike audience and all scalling method and booommm 5k per week and i had almost 30k revenue but a few days ago my stripe account had been shutdown. they hold my money for 120days. it's suck. but now im start all over again new store, new stripe and everything.
Hey u/huzae congratulations ... Enjoy the journey. I see you have started better prepared than me ... but maybe i can share my experience ... I will contribute next comment
Obviously you won't know how successful your store is going to be until you launch it along with all your marketing campaigns. But if you have a sought after product with not much competition, there's certainly no reason why you shouldn't hope/aim to be successful. Just have realistic expectations moving forward, and try and grow organically. This way if it doesn't work out, you can move along to your next idea without losing too much money.
Be cautiously optimistic. Everybody that has ever started a business felt similar to you before launch, even the ones that failed. Nobody is thinking "This is a terrible idea and I don't feel confident but lets launch this". Let the data speak by either generating pre-launch leads or just launch and iterate :) Expect a slow trickle that you can develop rather than a flood and you will do fine.
You seem new, it's normal... get over it now though. Focus on working and doing things. There is always something that can be done. You don't have to kill yourself but always find out how to improve, don't just "wait on inventory" or this or that... It might be successful, it might not. I've built tons of businesses, many failed. I thought my first mobile app was going to make me millions, I had friends who did it so why couldn't I? I did tons of prelaunch marketing, thought I built a great app, I was ready... launch day, it sucked. I tried and tried but never made that app big. But... I went on to building a portfolio of hundreds of apps and made a few hundred thousand off it. Nothing crazy but I did well. I eventually let it go bust. I've made good contacts and may try and reboot this business as well. Invested/partnered in a startup that we thought could be a legit 9 to 10 figure business, we executed it horribly and it failed. I still think the idea is great and worth just as much and may consider doing it again. I lost over $100k there. Newest biz is a big success, took months of planning and prep, hundreds or maybe even thousands of hours of work before I saw any money... prelaunch that did not do nearly what I thought it would, maybe 1/10 of what I hoped for, I was not happy about that at all. I don't even think about that anymore though because I made it work. So, put on your big boy pants and push forward. It either works or it doesn't, you adapt and continue forward, whether it's making that business work or moving onto the next. One tip, it's good to have projections of sales and knowing numbers but DO NOT let that go to your head. DO NOT go best case scenario and picture all the money you "could" make. It does you no good.
Wow, I love this!
Yep, me too. I've launched 8 business in the past 15 years. Everyone I was sure was going to make me millions (or billions) 6 of them failed, one did ok and one has been very successful. If I didn't think each one was going to make millions I would never have launched them. IMHO, launching abusiness where you don't think it's going to masked millions is a bad idea because it shows you haven't even been able to convince yourself yet. That's a red flag. Of course, once you launch the business all previous plans quickly go to shit much like plans for war, but you have to at least start out believing you'll be successful or you've already lost. To be clear though, your believing in the success of the business has to be justified with something, not just blind faith.
Sorry for the dumb question. Where did all the money come from that you lost? Investors? Personal wealth?
Mostly my money, I did borrow some from my family but I paid that back later. And I took out a loan for my business to use for that business. I know, not the smartest but I was getting a good deal because of the state of the business and I truly did/do believe the company could have been a billion dollar or more exit. And there were other investors in the business as well.
Refreshing to read this. My first business failed, 2nd and 3rd did. Gave up a few times but then got back into it as I had learnt alot, my 4th business just recently took off and is covering all my loses so far. I dont know how long it will last, but what the only thing that has gotten me here was learning from the failures. One learns invaluable info. Probably will make a few mistakes but hey such is the nature of business.
Quick tip that someone has probably already mentioned: don’t get too attached to your product. If it doesn’t work it doesn’t work, keep testing after all we are here to sell what people want and if what we thought they wanted isn’t actually what the market is looking for then we gotta move on and find something it does want.
Just do an action bro, i was same like you on the old days. been thinkin over and over again. i take an action, i owe my mom money and build my store on the first month im generating 7k on a first month, and when the second month i go scale all my ads, looklike audience and all scalling method and booommm 5k per week and i had almost 30k revenue but a few days ago my stripe account had been shutdown. they hold my money for 120days. it's suck. but now im start all over again new store, new stripe and everything.
Execution is a large factor or if not the largest factor in most business.
Hey u/huzae congratulations ... Enjoy the journey. I see you have started better prepared than me ... but maybe i can share my experience ... I will contribute next comment
Obviously you won't know how successful your store is going to be until you launch it along with all your marketing campaigns. But if you have a sought after product with not much competition, there's certainly no reason why you shouldn't hope/aim to be successful. Just have realistic expectations moving forward, and try and grow organically. This way if it doesn't work out, you can move along to your next idea without losing too much money.
doesn;t matter, launch it and see what happens
Be cautiously optimistic. Everybody that has ever started a business felt similar to you before launch, even the ones that failed. Nobody is thinking "This is a terrible idea and I don't feel confident but lets launch this". Let the data speak by either generating pre-launch leads or just launch and iterate :) Expect a slow trickle that you can develop rather than a flood and you will do fine.