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Sam (crazy candle person) ✦
@samantha
Random doubts in my mind: - I am afraid that I will plateau with learning how to make good candles. Like physically making them. I felt closer to perfection today than to making a shitty candle and it scares me because I need to find a new way or another thing to learn. - I am pretty sure I won’t reach my revenue goal of $100k by EoY. Right now it’s been an avg of $2.5k MoM. I haven’t done any other channels other than considering paid ads, TikTok, or retail. I haven’t started because 1. I’m scared and 2. I’m exhausted. - I’m afraid I’m spending too much on inventory. I feel like I’m iterating so quickly that a lot of the inventory gets wasted during experimentation. Tangibly I know the ways out. I know I probably have 6 months to improve on my physical candle making. I have to force myself to not be scared and just do all the distribution streams. Then I have to create an inventory chart to track expenses better.
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Ben - [C/x]
@benersing
Ok banger 1. What revenue do you need to go full time? 2. Once full time what revenue do you need to live a normal life (no ramen)? 3. Which distribution channels do you expect to be highest volume?
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Sam (crazy candle person) ✦
@samantha
1. Probably around $200k. $60-70k to get by (HCOL city), and I like having extra cash to experiment. 2. Around $350k. Happy to have a $100k salary. 3. TikTok shop. Then maybe retail. Thanks for asking the questions. The numbers aren’t too bad actually!
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Ben - [C/x]
@benersing
Not bad. 4. At current growth rate, how long until you get #1 and then #2
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Sam (crazy candle person) ✦
@samantha
A long time. So far my only distribution channel has been Warpcast, and it’s not growing fast enough for me to keep my business exclusively on here. The other thing is I have a relatively seasonal business - so this will be my first full year during black Friday and Xmas. I should experience an explosion of growth at the end of the year. TLDR: I don’t know. But I know I need to change my distribution channel at least.
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Ben - [C/x]
@benersing
Food for thought: If you have the candle making processes down and could pass off 99% of the work to someone else, and can validate Shopify as a channel, there could be profit-share financing options available. Also, not sure about Toronto/CAN, but in US there are incentives to support women-owned small businesses. Possibly worth looking into if you haven't already. Keep at it! 💪
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Chinmay 🕹️🍿
@chinmay.eth
Ok banger advice. Does Cobalt invest in direct to consumer businesses?
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Ben - [C/x]
@benersing
If in healthcare, yes
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Chinmay 🕹️🍿
@chinmay.eth
candles can improve your health. I think it counts!! But, I'm not one of your LPs ;)
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