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How to Build a Business Online

Free Lessons

[Free Lesson] #5 – Why I gave up offline business and turned online

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…

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