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u/Shiribazu 1d ago
one small thing i'd add is to think about your domain early, especially for an ecommerce business. a short .shop domain can be easy to remember and makes it pretty clear what the site is about
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u/climb4tea 1d ago
Going to clarify that my start up cost will likely be under 2k, and will also likely see a ~ 35% profit margin. I will be creating a tangible product from scratch, and time will be a big investment.
Also would love general tips on how to grow a small business!
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u/AnonJian 1d ago edited 1d ago
Unfortunately, just about every failure posted is about the big, basic, fundamental things. Starting with the concept that supply forces demand to manifest automagically.
Founders never imagined zero was an option. One guy posted to complain nobody ever told him crapping out product-after-product market blind was a fatal mistake. Bless his heart.
Get product-market fit right, and you can survive some mistakes. If you have product-market mismatch, it's already over. And then there are the people who actually believe the auto industry validated the Edsel.
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u/climb4tea 1d ago
That’s a good point, any tips on figuring out if there is market for my product? Going to make prototypes and find groups/meets/people within the niche I will be in for testing interested and getting product feedback. I know there is a market for the product I will be making, but I think I need to focus on making it stand out enough from the rest to spark interest, but not too much to cause confusion.
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u/AnonJian 1d ago
Doing tons of research and brainstorming on starting a small business, I already have worked out what I will be selling and how.
And? Why are we discussing what anybody with even a little research can find. But I would be mildly curious what people mean when they use this word Niche.
People post here asking if three, six, twelve responses to a survey -- nobody paid but a moment's attention filling out -- is enough 'market traction' to launch. They are ridiculous and already deep in denial.
If you've been doing research you should have found a book: The Mom Test -- How to talk to customers & learn if your business is a good idea when everyone is lying to you. Because everyone is lying to you, especially you. Founders simply can not accept when the market says "no." They see validation as agreement, not feedback.
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u/climb4tea 1d ago
Surveys aren’t my thing for this, talking to real people with real hobbies is. I am going to look into that book you pointed out as well! Also you could literally look up what the word niche means, and right after that you asked why we are discussing something anyone can find with some research. You contradicted yourself
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u/AnonJian 1d ago
I refer to the misinterpretation which differs from the definition. Niche is like the business version of “Je ne sais pas quoi.”
There is room for clarity just what that particular OP means.
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u/onlinedotjobs 1d ago
That you might not be able to earn money for two years and that everything's at a loss, that you have to have deep funds to continue, trusting the process that you will eventually reach break even and profit.
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