A little bit about me before I talk about my business.
I’m 25 years old. I have two degrees in business. A bachelors in business management (focus on entrepreneurship) and a associates in business administration. I wish I could have changed these degrees to product development, but I can’t go back in time.
All of my work experience is in banking.
About my business:
I started it two years ago. I started it as an influencer account on social media, before realizing there was a lot of potential in what I was doing.
My niche is in religion. (It’s more targeted, but what I’m targeting is still fairly new within my niche so I’m keeping this DL for now).
My audience is 18-35 58% female 42% male.
I have 89k followers on Instagram. 12k followers on Facebook (I don’t use this much). 2m monthly viewers on Pinterest (mainly used for my blog, never made a sale off of my Pinterest). 64k on tik tok.
My products: My big sellers are my hand-made products. I compliment these with apparel. I use print on demand for my apparel. I’m just now recently seeing a few sales from this.
My sales channels: I recently just branched out to Instagram shops. I saw a decent sales boost and higher conversion rate, so this was a success. However, my main sales channel is Etsy. I was planning on selling through Amazon, but I’m still researching this. I would probably only sell my apparel through Amazon, due to inventory issues.
My strategy so far has been: 0 focus on advertising through platforms. I’ve given this a shot before, but I saw my conversion rate lower dramatically and was barely breaking even.
I provide as much content and value to my audience as possible and leverage it with products. I’ve found this to work decently through my niche as opposed to just throwing ads in front of my audience.
I also partnered with a influencer who has 1.7m followers. I typically send out a hoodie for 4 hours of promotions. This drives in about 10-15 sales per promotion.
My problems: I have an inventory issue. As soon as I receive my shipments (I get my supplies from China), I seem to sell out quickly. This is the biggest reason why I haven’t sold on Amazon or used FB ads. Im focused on fixing this issue ATM.
Last week I did really well. I made over $100 in sales everyday with one day netting $300 in sales and $200 in profit.
My profit margins are no lower than $6 per item. I make more as people buy more of the same product, which happens often. My average order value is $20, which I profit $15.
I just saw the light at the end of the tunnel last week, but I’m worried about after the holidays. I have a feeling I’m doing so well right now because Christmas.
My biggest stress is when I turn 26. My parents are taking care of my insurance right now, but I’ll obviously take over when I hit 26. This just adds another element for me to worry about.
I’m not even close to where I want to be and it’s making me feel stressed. I literally have worked my butt off since I was 13 and always dreamed of having a successful business by this age. These last few years I have missed out on so many experiences because I’ve been tight with my money (even though I have a ton saved) and because of my time (I think I could spend my free time on my business to get where I want to be quicker).
I’m a man of God and I have full faith He will lead me where I need to be, but I still can’t help but lose motivation.
I truly believe I will make it as an entrepreneur someday, but I don’t know when or how that will look like.
My ideas right now have been:
Get a part time job (it’s all I have time for, I spend about 8-10 hours on my business)
Start another business (although this costs time and more money without a guaranteed return)
Create a course for other religious entrepreneurs (I know this will benefit so many people, but I have a lack of knowledge in editing and website creation).
What’s your thoughts?
I’m so sorry for the extensive read, but I hope to find some advice/motivation!
Thank you for your time.