Challenges I've Faced With Running A Product Based Business
Challenges come with life as they do with our business. Honestly, if you aren't challenged or fired up about SOMETHING - I question if you're trying hard enough to really MAKE IT. Even on a good day you'll be faced with new challenges, BUT it's how you handle them that will determine your will to move forward.
Trust me… I have my fair share of ups and many downs, where every day feels like an emotional rollercoaster, but those downs have only propelled me forward in a more monumental way.
Here are some challenges I've personally faced and suggestions on how to overcome them:
1.) Putting profit over people.
It wasn't until I shifted my mindset and focused on building relationships that my products started to really sell. Remember, it's not about what you sell - it's about THE PEOPLE. You could literally be sellin ROCKS, but if people liked YOU, you bet your booty they'd be lining up down the block to get said rocks.
2.) Constantly investing in inventory.
They say “you have to spend money to make money”. When it comes to a product based business that sells wholesale this couldn't be more true. You need to really BELIEVE in your products if you want to succeed. (Remember the rocks?!) Because if you believe in your products you won't be scared shitless to invest in buying a lot of them to purchase a bigger profit. Ok, you'll still be scared to hit submit on the payment button - but you'll have a little more confidence in your decision. If you ever want to be profitable enough to sustain the lifestyle you know you deserve, you're going to need to purchase larger quantities so your margins make more sense.
3.) Thinking you need to appeal to everyone
Don't get me started, this couldn't be further from the truth! You don't want your products to be for everyone and as much as you want to appeal to some people, you also want to repel others. You can't be everything to everybody. Your products and messaging needs to be so crystal clear that someone feels like you are speaking directly into their heart and soul. Don't be afraid to not be someone's cup of tea.
4.) Thinking you save more money doing all the things yourself.
Hiring out and outsourcing some of your manufacturing can be really scary and definitely an upfront investment. You want to hold onto whatever little profit you make so close and squeeze it tight, afraid that you might lose it completely. Believe me, I've been there. But you know what super valuable asset you can't EVER get back in life?? Your time! So how much is your time worth? Can you be delegating the less than desirable time sucks in your business so you can focus on your zone of genius - the things YOU DO BEST? Yes friend... yes you can.
5.) Fear of copycats
Nowadays, nothing is that new of an idea. There are a million people out there doing similar things, but the one thing that's going to stand out is you. You can't live in fear of people trying to knock you off or be like you - you need to have an abundance mindset. There is more than enough room at the table for everyone. Do you, and DO YOU WELL. You are the secret sauce of your business and no one can copy YOU. As long as you feel confident about who you are as a human then everything else will be a-ok. And when in doubt get yourself a copyright or a trademark. But even then... consider if you want to spend your time and energy policing that and focusing on negative energy.
I hope these tips helped you realize that no matter what you encounter within your business, you have the ability to overcome any obstacle thrown your way!
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