I ran a small online store selling custom phone cases. lasted about 14 months. i thought i knew everything because i watched a lot of youtube videos. turns out i didn't know how to manage cash flow or deal with suppliers. lost about $8k of savings. it stung. but looking back, i'm weirdly grateful. it taught me more than any course could. i'm now planning my next thing and feel way more prepared. anyone else feel this way about a failed venture?
Startup Failure
My first business failed, and honestly, i needed that lesson
The cash flow thing is what gets almost everyone. You can have sales but if the timing is off you're dead. I learned that the hard way with a service business.
8k is a relatively cheap tuition fee for that kind of education, honestly. Some people lose way more. What was the biggest mistake with suppliers?
I haven't started a business yet but this is the stuff that scares me. Do you think you could have have avoided it by taking a small business class or something?
mike_runs – biggest supplier mistake was orDering too much inventory upfront to get a bulk discount. Tied up all my cash and then the trend changed. I had boxes of cases nobody wanted.
latenightlaura, classes don't teach you the emotional part of it. You can learn the theory but until you're the one staring at a spreadsheet at 2am wondering how to make payroll, it doesn't click.
I think the lesson is less about thd specific failure and more about learning to be uncomfortable. Running a business is just problem after problem.
14 months is a decent run. mine lasted 6. it was a food truck. i didn't account for permits and parking costs. total disaster.
Are you going to do the phone case thing again or something completely different
The inventory trap is so common. I reead a book called 'The Lean Startup' after I failed and it made me realize I did everything backwards. Built a whole product before asking anyone if they wanted it.
There's a weird pressure to pretend it was all part of the plan after you fail. I appreciate the honesty here. It wasn't part of my plan, it just sucked. But I did learn to read a P&L statement.
skaterbob – definitely something different. The phone case market is brutal now anyway. I'm looking into a local service business, less inventory risk.
The 2am spreadsheet thing is real. I used to wake up and check my bank balance first thing every morning. Not healthy.
It's good you're getting back on the horse. A lot of people just give up entirely and go back to a job they hate. What's your timeline for the new idea?
Reading these makes me feel less alone. I lost my shirt on a dropshipping thing a few years ago. Still recovering financially. But mentally I'm sharper.