Great investment or a no-no?
For the last few weeks I have been thinking about an investment idea of mine. Now, I must admit, none of my ideas so far have been very successful but I just refuse to give up on trying. This idea though is different. It has to do with one of my passions in life, and is related to a niche product. I had been reading in the past about starting online businesses and e-stores but never really came across anything that I felt would be a good product for me to promote.
A few weeks ago however, while navigating different sites to buy something for myself, within my passion, I came across a wholesaler in China, offering products which I personally wanted to buy, at only 5-10% of regular prices I had seen so far. After writing back and forth (in the beginning I did not realise it was a wholesale company) I found out that I would have to buy at least 10 units of every product I would like to order, which kind of has put me back for a bit.
Initial step would be around 110 euros for buying 10 units plus having them shipped to my home, which would set unit cost at 11 euros. I have been looking around at eBay and other shops selling this exact item and the lowest I have been able to find so far was 40 euros. Now, I would not want to go as high as 40 euros, I would rather set the price at 25 euros, seeing that I am passionate about my niche and believe products are way too expensive, making it too complicated for the “regular man” to buy them. Buying just 1 product at the time, something I would really want to have myself, so I would be passionate about promoting it both on another website of mine and on eBay and then when having sold at least 4 of them, having gained my initial investment back, I would buy 1o units from another item and so on.
I am 99% convinced this would possibly be a great investment with many possibilities of future growth, but …
I know, many online gurus recommend not investing any money you can’t afford to lose, and I am ashamed to admit that right now, I don’t even have the 110 euros to spare. Maybe a good thing because it really pushes me to both think and rethink this idea, plus search advice from others while scraping those 110 together.
But, since I do not believe in coincidences, I decided to go ahead and publish this post, which I had already written last week, after reading Terence Chang´s Show me the Money and China series.Any comments and/or advice would be highly appreciated!!
Tagged with: Adventures • Asking for Advice • investment • investment idea • Making Money
Filed under: Adventures • Asking for Advice • Future Projects • Making Money
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Thank you for the mention.
Personally, there is no free lunch in the business world. You always have to invest your business in some degree. If you don’t invest, you usually will fail easily. Your mind set to allow failure.
If you invest something seriously, you will try to do everything and anything to rescue it. You don’t have option to turning back. So don’t get yourself any excuse to get start, or you will never get start.
Every business starts small. If you think your initial investment is too high, you need to find out other options to get your investment fund. Work around your difficulties and find the way out.
As long as you keep the faith and believe that you can succeeded in your niche. Go for it. I have to personally admit my previous failures. Not once, but twice for the same reasons.
Not enough research and Give up too early
Good luck to your adventure!
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Hi Terence,
I will put updates on this venture later down the line, since I do believe I should take the chance.
thank you very much for your positive feedback
Meanwhile, while still scraping together the initial money I will need to invest, I am doing more research and collecting data of places to advertise and preparing sites and links to my own site where I would want to sell future products.
Maybe in a way, it is a good thing not being able to spend it now, since I have the time to prepare and set things up.
Again, thank you for your interest and I am sure we will meet again in blogland
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Someone once told me you are either a do-er or a wisher! If you think you have a great idea and have everything planned then you should pull the trigger and get started. The worst case scenario is you will lose the startup investment. I know it is not something to sneeze at but you have to make so type of investment to start, whether it be money or blood, sweat & tears…
If you really cannot afford the initial investment why not search for a partner at least to get started and then buy them out when you can.
~Phil
Phil’s last blog post..Domain Name Renewal Scams
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@Phil
I rather fail 10, 20 times knowing that I have really tried, than think “what if” and “if only” for the rest of my life. I sure had my share of these absolutely wonderful hot business ideas failing completely but deep down I just know I will get it right in the end.
I am certainly a do-er although it is my wishes and dreams that push me
Thank you for your encouraging words, I will post my progress in this blog
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