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106 sats \ 2 replies \ @fauxfoe 20 Jul \ on: 🤝 SN Sellers & Business Club: Questions? Critiques? Wild ideas? We’re all ears. AGORA
My business is pivoting. We have identified a new phase 2. Phase 1 was to get our first client and lock in some revenue. That phase is done except the ink is still wet and we are waiting on first wire transfer.
Phase 2 was going to be me turning some short-term advantages into a few hundred grand so we can power forward. But those sales have been tough and they are a TON of work to service. If we do that we don't get to prep for phase 3 because we're running 12 hour shifts to service customers. That seems like a path to short-term gain with no followup plan. So we pivoted.
Phase 2 is now rushing out a new product by October. There's a specific moment when we think it will make sense with a particular set of customers. We're dumping most of our early revenue into some one-time fixed costs and building this product, so this is once again do or die.
The new product has high upfront costs and then generates annual revenue with minimal overhead for a decent projected project lifespan. It has decent margins. It scales well, fits the team's skillset, and I know how to sell it. I've spent the last two weeks working 12 hours a day on it, which I really couldn't do if I was heads down on my first phase 2 plan.
Meanwhile, my other business is doing ok but it's not going to grow very fast and might even get destroyed by changing business environment. I'm not trying that hard to save it, just because I need to pour energy into the new venture. I guess I should just be grateful I have a Plan B and C.
As you know, fiat transfers get between 3-5 days, without considering internal processing time the clients has to go through before sending it out! It is a painful wait.
I see you are focusing on phase two either way, without waiting for the transfer to arrive. You'll be well-prepared to re-invest it when it will! If you are investing all this time on the project, it's obvious you see it happen, and you are dedicating this time to make it happen before the idea fly away.
Plan A, as you said, will fade out eventually, it's natural, when a plant is not watered, it will die! You don't seem to be worried at all. Keep up with plat ₿ ad C, keep us posted 💪
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Oh, the fiat transfer situation is even worse than that. My bank is a credit union. They're going to hold that check when it comes in for close to two weeks because that's the policy with six-figure checks. If only I could get paid in bitcoin.
Plan C is an opportunity that has nothing to do with my new business. I'm in talks with a company to join their management team. I've been lightly advising their CEO for free for a few months as we try to find a role. Maybe I'm fooling myself that I can run two of my own companies and join their team, but for the moment, I'm keeping my options open, if only to diversify risk.
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