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Being a first time entrepreneur is fun and exciting, but nothing prepares you for the day you finally realized that things aren’t working out. My partner and I ran a tech business for about two years before we decided to shut it down. We worked hard, but despite our efforts we just couldn’t make it work. These are some of the things we did wrong.
Trying to serve everyone
Our service was to provide business owners an easier way to sell gift certificates and vouchers online.
My partner built the software with the intention of serving every type of business. However, we realized early on that most people interested in our services were from the beauty industry. We should have taken that insight and rebranded our site, our services and our marketing towards that industry. Instead we got stuck with the idea of satisfying everyone.
This cost us deeply. We should’ve just niched down our services and focused solely on the beauty industry. Expansion could have come at later date once we were successful enough to expand.
Tip: Start small, focus on a niche market before expanding.
Choosing the wrong business model
This was a big one for us. We simply couldn’t figure out the right business model for this particular platform. The choices were either a “subscription base model” or a “pay per transaction model.” In the end, we chose to charge customers per transaction, and charged a very small dollar amount for every gift certificate sold.
Unfortunately, this didn’t work too well. Since most of our customers were new business owners, their sales were very low and in most cases were nonexistent. And since we would only make money if they sold something – we made no profit.
Poor customer service
Even as a first time bu… Read More
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