Lecture Notes: Business Journey and Lessons Learned

Introduction

• Brief discussion on first business experience and transition to current activities.

Early Career and Motivation

• Worked as an insurance agent with inconsistent income.
• Needed additional income source; worked around 25-30 hours a week.
• Developed an interest in woodworking in 2017.

Starting a Woodworking Business

• Bought tools and started making basic items (e.g., cutting boards, wall hangings).
• Created an LLC and business bank account.
• Business named "Blackwater Refurb and Design."
• Focused 80% on woodworking and 20% on furniture flipping.

Challenges in Woodworking

• High cost of raw materials (e.g., black walnut).
• Time and labor-intensive processes.
• Difficulty in selling products at profitable prices at craft shows and Facebook Marketplace.
• Realization that general consumers do not appreciate quality differences.

Transition to Furniture Flipping

• Recognized higher profitability in furniture flipping.
• Sourced and restored thrift store furniture.
• Earned $500-$1000 per month.
• Example: Bought a buffet for $40, invested $100 in total, sold for $220.
• Despite efforts, the labor cost made it less profitable.

Facing Competition and Market Realities

• Encountered rising competition in furniture flipping.
• Challenges with pricing and consumer education on quality.
• Shifted to sourcing furniture for other flippers.

Diversification into Reselling

• Difficulty in sourcing inventory led to exploring broader reselling market.
• Initial intimidation by shipping logistics.
• Discovered Rally Roots YouTube channel for guidance.

Starting with eBay Reselling

• Created an eBay account in October 2018.
• First sale: Adidas windbreaker jacket for $19.
• Overcame initial challenges with shipping.

Growth and Current Business Model

• Expanded to selling various items, including clothes and collectibles.
• Leased a warehouse for operations.
• Balanced income between YouTube revenue and reselling.

Business Philosophy and Advice

• Importance of adaptability in business.
• Embrace competition and pivot strategies.
• Consider traditional employment if necessary; both paths can lead to success.

Conclusion

• Encouragement to navigate business challenges.
• Gratitude for community support.

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• Note: Emphasized on embracing change and learning from failures, highlighting the journey from woodworking to a successful reselling business.