Personal Development for Smart People Forums - View Single Post

Still Growing · 12-19-2006, 01:37 PM

Could you give me your advice on whether I should get out of the business I'm in. Below are the details.

I used to work for a company selling this industrial product, which I'll call wigits. I found this company in Austria who makes this product too and I am now selling these wigits here in the US.

My problem is that its been two years and these wigits still are not selling that well. I think the Euro exchange rate make my product a little too expensive. With this product there are many customizations that are possible however it seems that it takes so long to develop each one and that it costs so much money travelling all over the country trying to sell them.

There are only 10 manufacturers/competitors of this product and I have received positive reactions from customers but its in such a niche market. What troubles me is that I believe that I can build this business but I think it will take me 5 years before I can really earn a good living at it. We're making a very small profit right now but my real question is.....

If a product doesn't sell well is that a sign to move on????

I read a lot of books and blogs on such things, have a lot of experience in business and generally have a good business since but I feel too close to the problem. I am in my late 30s and I had all of these hopes and dreams about building a giant & profitable company and now that reality is setting in I realize that I may have bitten off something that is not entirely desirable.

I long for a product that will sell like crazy, make tons of profit and have the potential for something bigger.

Am I being too unrealistic?

Should I stick it out and stay with it since I know and understand this product or should I try to get out of it and move on to something more lucrative?

Please give me your advice.

12-19-2006, 01:37 PM	#1 (permalink)
Still Growing Senior Member Join Date: Nov 2006 Posts: 944	Should I get out of this business???? Could you give me your advice on whether I should get out of the business I'm in. Below are the details. I used to work for a company selling this industrial product, which I'll call wigits. I found this company in Austria who makes this product too and I am now selling these wigits here in the US. My problem is that its been two years and these wigits still are not selling that well. I think the Euro exchange rate make my product a little too expensive. With this product there are many customizations that are possible however it seems that it takes so long to develop each one and that it costs so much money travelling all over the country trying to sell them. There are only 10 manufacturers/competitors of this product and I have received positive reactions from customers but its in such a niche market. What troubles me is that I believe that I can build this business but I think it will take me 5 years before I can really earn a good living at it. We're making a very small profit right now but my real question is..... If a product doesn't sell well is that a sign to move on???? I read a lot of books and blogs on such things, have a lot of experience in business and generally have a good business since but I feel too close to the problem. I am in my late 30s and I had all of these hopes and dreams about building a giant & profitable company and now that reality is setting in I realize that I may have bitten off something that is not entirely desirable. I long for a product that will sell like crazy, make tons of profit and have the potential for something bigger. Am I being too unrealistic? Should I stick it out and stay with it since I know and understand this product or should I try to get out of it and move on to something more lucrative? Please give me your advice.