Should I get out of this business????

[Still Growing]

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.

[Doku]

Re-assess the product itsself. How does yours beat out the competition? Lose to the competition?
Is yours more durable? Better warranty? Better support? You mentioned that the product is essentially tailored to each customer... What's the turn around time from order to ship/install? Go to current customers. What do they like about the product? What should you change for the next revision?

Travel cost to sell the product is a pain. Ok, how about conferences where a lot of your customers will be? Or setting up your own conference? Or setting up a launch party for the next revision, and inviting your customers/potentials to the event?

Are your customers in competition with each other? Working with each other? Or in random fields? Do they know each other and can make a connection on your behalf? The best advertising that you will ever have is word of mouth.

All that being said, since you are working for a company in Austria, and living/selling here in the US, I would assume that you're a "low man on the totem pole" at the company... If you don't have the full support of your upper management literally all the way to the top, then you are going to have very little influence over the product itsself, very little ability to improve the product, and very little ability to help a customer mould the product to a perfect fit for them. If the product won't sell itsself, and you can't help make the product sell itsself, then I would suggest that it might be time to move on.

I work in a very small niche market myself. The best "sales" I have done so far are from working with my customer and actually getting a current customer to help me land the next customer. My customers have common goals, and aren't really competing against one another. An example would be a book publisher, magazine publisher, and newspaper. They all are somewhat in the same market (printing presses, paper, ink, etc), but they aren't really competition for each other.

Anyway, FWIW, that's my rambling opinion/suggestions.

[Steve Pavlina]

Sounds to me like you should get out, but not for any of the reasons you list. I don't see any evidence that you're really passionate about selling this product. Is this something you'd be willing to die doing?

It doesn't sound like the path you're on right now has much of a heart.