Why start a business?

Hello there!

In this post, I’d like to discuss why people start a business. In my first post, I mentioned my idea for a coconut products store. The reason I thought about it was simple—I wanted something that was mine. I was approaching 30, and maybe it was my internal clock ticking, but at that time, my motivation was clear: I really wanted my own store. I imagined having a variety of products that I could sell and, of course, make money from.

A few years later, while I was looking for a new job, I began dreaming about owning a business again, but I wasn't sure what kind of business it would be.

At that time, dropshipping was a growing trend. By then, I was married and had become a mother. My partner and I would often discuss business ideas, and he thought selling women’s fashion could be interesting. We also talked about running a small corner shop that sold food.

All these ideas seemed promising, so we decided to look into them.

Dropshipping appeared cost-efficient but complicated to set up. The food store and fashion venture, on the other hand required capital to get started, so we explored those options and even prepared a business plan to apply for a small business loan.

Through these experiences, I learned a lot.

The first lesson was:

• That the cost of importing the fashion products was higher than expected.

• The second lesson was that I didn’t know how to price my products to be profitable.

In fact, on the day we met with a loan advisor, I shared the expected selling prices for our store’s products, and they pointed out that they were actually too low to be profitable. That was a turning point—where as of then I had to learn how to price products effectively for a profitable business.

This experience was invaluable. Although I sometimes struggle with setting higher prices, I now push myself to overcome the fear of being criticised and aim for prices that ensure profitability.

Hoping this experience will help you with starting your business.

Made with AI.