Because I successfully worked on drop shipping last year ($750,000 revenue in 11 months, 20% margin), a lot of people don’t understand why I stopped doing it, or why I refuse to coach them and get money for it.
“Why would you stop doing something that made you so much money so quickly?”
I wrote a whole article about it last year, which was read 200,000+ times.
I received hundreds of messages because of this write up, and still people would ask me to coach them, mentor them, consult with them.
Now I thought deeper about it, I got a simpler answer to why I am not attracted anymore by the drop shipping dollars:
This is not the right type of business, for me, at this time.
I started drop shipping at a point where I was broke, in debt, and trying to survive by myself in Bali without any strong connection or knowledge of my environment.
At this time, it made perfect sense.
It was the right type of business for me, given my situation.
After I saved up to $100,000 and sorted out my situation in Bali, building a foreign investment company and earning my official residency there… I started to feel I could open doors that led to paths that made way more sense to me than selling products from China to Europe.
Don’t get me wrong, I don’t think that drop shipping is a bad business idea.
I would probably go back to it if I were to lose everything,
and start living on my emergency fund.
I see too many people getting hooked and lost in businesses which
just make them money without bringing anything more to them.
It’s hard to understand that too much money, or the wrong kind of money,
is as harmful as not enough money.
When it comes to business, a lot of people are looking for the right type of business as “the one that will make the most money with the least effort”.
I see a lot of folks jumping in to the last trending business opportunity,
just to catch the wagon and get their own piece of the cake.
I know how it feels, because I used to do exactly the same thing.
Now, with a little bit more of perspective, I ask myself those questions before taking a decision of jumping into any business:
- Do I need to make quick money to survive, or can I afford to focus on a longer term opportunity?
- How much money do I expect to make from it? In which timeframe? With which level of risk?
- Am I excited about the opportunity because I actually love what it’s all about,
or because everyone else is excited about it?
- Do I have any advantage compared to others in the market, or am I learning it all from scratch?
- Is it a “life mission” or a “get rich quick”-ish business opportunity
- Is it going to positively impact the World at any scale? Do I care that it does?
- Do I understand the market? Or am I following a trend blindly?
- Is this opportunity going to bring in only cash, or am I also building strong assets with it?
This list is not exhaustive, and there is no right or wrong answer.
Asking those questions will bring more self-awareness about what you are about to do, and take some distance with the short-term excitement, to become more rational about it.
In the end, those questions only bring you closer to the answer of the bigger question:
Is this the right kind of business, for me, right now?
While answering, be conscious about your own context and circumstances.
Today, I say no to 99% of the business opportunity I receive,
and go all-in on the 1% I decide to take on.
2 years ago, I would say yes to anything that would bring money in.
Was I wrong then to do so?
I don’t think so.
Because 2 years ago, I was struggling to the point I couldn’t buy proper food to myself, so I took any possible action I could to bring food on the table.
But now I provide food to myself and even give a job to 5 more people, I can (and have to) focus on the bigger picture, the longer term game.
Be honest with yourself,
and don’t be self-entitled.
Adjust your behaviour and actions to the reality of what you are actually facing.
Being successful is not about doing something impressive so that everyone else will praise you, it’s about doing the right kind of action in any given situation, so you can step up and live your own life in your own terms.