Being an entrepreneur had always been my dream.
My first business was a retail business.
It only lasted for 6 months and I lost $50k in that business.
Lessons learned?
– I needed a retail shop to sell.
– I needed to renovate the shop.
– I needed to a full-time staff to be at the shop.
These were costs I had to incur, whether I was going to sell anything or not.
That was also the reason why I lost $50k in just 6 months of operation.
Wounded, I turned into wholesale business.
The good thing about wholesale business was I could operate from a simple office and manage everything personally at the initial stage.
However, wholesale business had its own problems.
– There were bad debts, because sales were mostly on credit terms.
– I had to handle damaged goods.
– Last but not least, old inventories were piling.
Whenever I looked at the old stocks in the warehouse, I shrank.
I asked myself, “Am I going to grow old with these old stocks?”
Certainly not!
I needed a new business.
A business with
– no physical products,
– low overhead, but…
– unlimited upside potential.
Thinking of these, there was only one answer…
Online business!
In the next episode, I’ll share with you how I started my first online business. Stay tune…
