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How often do you change jobs?
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Yup, I run a couple side ecommerce businesses on the side.
Two rules I always tell aspiring ecommerce owners:
1. Make sure you're competing in a niche that isn't too competitive. Even if it's small, its much easier to dominate that segment and extract money than trying to compete against large incumbents in a competitive business.
2. Make sure your revenue is at least 4x your cost of production. Anything less than that multiple is not worth your time and could even lead to losses.
If you want to do private label jewelry, I would suggest targeting an extremely niche group of customers. A generalist approach will guarantee a failed business.
Thinking private label jewelry and accessories
Yes. Currently have one that's nets more than my primary income. What do you want to know?
Thanks BA1, great advice
Depends on what you plan to sell
Yes. Have experience selling custom high end ladies purses on Etsy. It is a very competitive market. Margins are low and scaling the business is an issue if this is not a your full time job. But does provide some side income if done right
@SA1 agreed it seems super competitive.
Are you guys planning making to product yourself?
OP do you make jewelry?
Private label means I'll pay someone to put a brand name on it, wouldn't be making it myself just picking designs from a manufacturer who puts my brand on it and I resell it
That's the plan, but haven't started doing it yet
@a1 what do you sell?
OP and others, I've been thinking about this myself but just haven't materialized it yet. Would love to have products made overseas sell for a profit- possibly on etsy or other ecomm marketplace. I know I need to invest the time to build it up but haven't done that yet.
It's not wise to mention your niche (especially if it's successful) in the ecommerce world. But to guide you a little, i didn't enter a super competitive industry, like fashion or apparel or jewellery. I found a gap in a market I'm interested in with some competition where I feel like I can provide a better product/service.