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Know what's worse than trying and failing?
Trying and SUCCEEDING but being unprepared.
This is how I failed a business due to too much demand...
THREAD
Trying and SUCCEEDING but being unprepared.
This is how I failed a business due to too much demand...
THREAD
In 2017 I launched a venture with a friend of mine
It played to both of our strengths, I was a good promoter and he was great at web design.
So we came together and made a company. We would manage websites and build them for people. Pretty simple.
It played to both of our strengths, I was a good promoter and he was great at web design.
So we came together and made a company. We would manage websites and build them for people. Pretty simple.
Within 2 days, we had our first customer. Now I know I'm a good promoter but this was FAST. We knew we were onto something.
We got that website up and running with ease.
4 days later we had ANOTHER customer. This was literally life-changing for me, why?
We got that website up and running with ease.
4 days later we had ANOTHER customer. This was literally life-changing for me, why?
At the time I was dead broke - not even $0 in the bank account broke. I'm talking thousands of dollars worth of debt as well as upcoming bills.
So 2 customers in this short amount of time? There couldn't have been anything better.
We got to work, promoting and designing:
So 2 customers in this short amount of time? There couldn't have been anything better.
We got to work, promoting and designing:
To promote: I didn't have much of a twitter account, so I would do it through my blog and email list.
The payment would come through, and I would "plugin" a theme for the website to their domain, and get the basic site running.
I then would pass it onto my friend
The payment would come through, and I would "plugin" a theme for the website to their domain, and get the basic site running.
I then would pass it onto my friend
He would handle all of the details of the website, making it uber-personalized.
We could have just kept it as running a basic website, but one of the best parts about the offer was the uber-personalization. The client was able to choose 3 custom details about the website...
We could have just kept it as running a basic website, but one of the best parts about the offer was the uber-personalization. The client was able to choose 3 custom details about the website...
But it was this unique promise that we couldn't keep up with which was the downfall of this business.
Within 1 month we had 4 customers. It doesn't sound like a lot, but due to certain commitments, it stretched us thin. Let me explain...
Within 1 month we had 4 customers. It doesn't sound like a lot, but due to certain commitments, it stretched us thin. Let me explain...
On the "side" I was flipping things on craigslist and my partner had a few other clients as well.
So pile those businesses on top of running 4 different customized websites through our own servers?
We were ridiculously short on time.
Despite this however, we didn't stop...
So pile those businesses on top of running 4 different customized websites through our own servers?
We were ridiculously short on time.
Despite this however, we didn't stop...
We kept the gears turning for another 3 months after that stressful first month.
Was it a smart decision? No. It was purely out of pride.
The profits were terrible compared to our other ventures, and it took up a tonne of our time.
So eventually, demand got too high...
Was it a smart decision? No. It was purely out of pride.
The profits were terrible compared to our other ventures, and it took up a tonne of our time.
So eventually, demand got too high...
And we made the decision to shut the business down.
It was a brilliant idea, it clearly had demand, we obviously had the skills to pull it off.
But the one thing we didn't have was time. Our other hustles had better work to profit ratio.
Morals of the story?
It was a brilliant idea, it clearly had demand, we obviously had the skills to pull it off.
But the one thing we didn't have was time. Our other hustles had better work to profit ratio.
Morals of the story?
1) If you're going to do something, only do that ONE thing
2) You must be prepared for best-case scenarios as well as worst-case scenarios
3) Know when to quit, don't be too proud that you end up wasting a huge amount of your time on something useless.
2) You must be prepared for best-case scenarios as well as worst-case scenarios
3) Know when to quit, don't be too proud that you end up wasting a huge amount of your time on something useless.
If you’re tired of seeing the same cold showers and type 200 words a day feel good tweets...
And you’re ready for real lessons from learned the real world.
RT this thread
https://twitter.com/realdylanmadden/status/1253294107948179457?s=21 https://twitter.com/realdylanmadden/status/1253294107948179457
And you’re ready for real lessons from learned the real world.
RT this thread
https://twitter.com/realdylanmadden/status/1253294107948179457?s=21 https://twitter.com/realdylanmadden/status/1253294107948179457
