... in this final part of my E-commerce project fail story I have some numbers for you.
I would say that the total cost of the project was around 3000USD and I could earn back around 800USD (I didn't sell all the bags for the full price and as I mentioned before a lot of them I was just giving away for free). Of course, I am not counting the cost of my work.
So yeah - 2200USD and I still have around 200pcs of gym sacks at home, do you want some haha?
Fortunately, at that time it wasn't too painful for me. I had a full-time job so I could cover all the expenses by myself.
Here are some biggest mistakes I made:
- I didn't take much time to test the product before I bought it
- I didn't start to solve the problem after I figured out that the product is bad (talk with the producer, improve the product, find a new producer and so)
- I should use a local producer, better flexibility, easier to improve my gym sacks. Or just make the final prototype locally and then move the production to China.
- The wrong timing I mentioned the product came on the 15th of January.
- I wasn't super super focus on that project like I said the main goal was to finish my university not to make a successful business.
and so on ...
It's a funny story right. If you are reading it you must be thinking how stupid I am haha. So many obvious mistakes during the process.
Anyway, lesson learned and I hope the experience will help me with some future projects:).
Do you have a story like that? Leave a comment, it would be interesting to hear about it.
Stay with me. Efran.