Our lives are full of beginnings and endings. In the world of entrepreneurship, this is especially true. Not every business opens and flourishes forever, in fact that is not the norm. Eighty-five percent of small businesses fail in the first year. Today, I’m learning to begin a small business from scratch, again.
In January, I closed down my Ebay and Poshmark businesses due to a change in the platforms’ rules. Selling on a platform is a privilege. In my case, the cost of doing business was going to escalate and I could not afford to keep going at a profit. This is the cost of doing business, no matter what business you decide to begin.
I’ve spent the past 9 months laying off employees, donating inventory and closing my offices. Each facit of the closure had it’s own difficulties. All of my employees were virtual assistants, making it easy to terminate the contracts but it was hearbreaking because they all depended on the income I provided. Donating the inventory meant going through 3,000 seperate items and finding homes for them. This was very time consuming. Closing the office, I had to make sure I had all paperwork in order so that I wasn’t cramming at tax time.
I also took the time to make quite a few decisions with regards to my future business. I am keeping the name Jewels for the Pauper. I may be able to use the same business cards as well as thank you notes. It is (or was) an established hashtag on Twitter and Instagram. I have a FB website that can be revamped. Therefore, I’m not totally starting from scratch.
I know my business will be mostly e-commerce based. I want to be open to local sales as well. What will be totally different is that I will sell no more than 5 different items; and, that I will make them as needed. This way, I won’t have the huge cost and investment I did before. In fact, I have many of the items needed to make the first prototypes.
Etsy will be the main platform, but I’m thinking about Shopify. An established platform with an algorithm that I can understand seems so tempting. However, I would like more control over how I present my future product without fear that the rules will change. Shopify gives me that freedom, but there is much to learn. You can’t spend 30 minutes and open a store!
I’ll keep you posted on the progress of a fresh start to building my next business venture.