Should I sell my abandoned side-project/business? [~$9k in 5 months]

Should I sell my abandoned side-project/business? [~$9k in 5 months]

kinder

Member
Local time
14:18
Joined
Oct 16, 2019
Messages
5

My problem is that I spread my focus over to much. I started so many projects at once that I came to a moment where I got stuck and need to get rid of some.

So, I am thinking of selling UX Store and it's social accounts which have more than half of million followers on Instagram.

I acquired UX Store (Shop) - Tools and Resources for UI/UX Designers on August 10th, 2018 from the guy called Marc which at that moment running a store he had passive earnings of ~$500/month. Not bad considering that he didn't invest anything in paid ads. It was all organic.

And here is a story of how I got an idea for this business. Well, it was ~6 am after none sleeping night, I was waiting for server guys to finish some work for another experimental project I was trying at the time, while on another hand I had already 2 main things to focus (Vanila.io and Automatio.co).
So, I didn't wanna waste time while waiting for them, and just like that, I decided to start a new side project, which will be an e-commerce dropshipping business. I always wanted to give a shot.

Since I had a big network of followers on Instagram, I wanted to use that and make some extra $$.

I bought a domain name, built a shop in ~2h and added some demo products, just to get an overall sense of how it gonna look and feel. And then, I decided to contact Marc (at that time UX Store owner) to see if there is a possible way to work together.

I was very direct and said something like: "Hey Mark, listen I am in the process of building my store like yours, what's your plan and status with the current business?".

And seems I came to the right moment, cause he was already thinking about selling it. We were talking about the store, how he started, was checking the sales and traffic stats. At one point we agreed on $6k. But, before I bought it, I wanted to see how much sales a store can make if I do full promotion for 24h on my whole Instagram network.

We did it, and he reported that promotion resulted in ~$600 worth of a sale. Just from one-day promotion. That was it, I am buying it. In the end, Marc saw a lot of potential in me running the UX Store, and he offered me a partnership. He wanted to get 5-10% for and to lower the prices by 50%. So literary I ended getting a store for $3k and giving away 10% of equity.

That was such a good deal.

From that day, I exposed my mind and body to extreme exhausting and pressure. I literary stopped doing work out, going with friends on the lake and having normal habits. I also screwed my sleeping schedule completely which resulted in burnout.
On another hand, I started doing all kinds of improvements and things for the UX Store, such as redesigning a store 3 times to enhancing the overall visual and user experience. Since my targeted customers were UX designers, it needed to be solid at least.

I wanted to do a lot of things. I am crazy (sometimes) and in the cost of self-destruction, I will do things I aimed, no matter the price. Below you can see how the UX Store Trello board looked like. 2019-10-11_1953.
I don't wanna go into details what all I did, cause I could talk about it for days.

Let's get to the numbers.

So from the moment I acquired store (August 2018) till the end of the year, the store had 165 orders (520 items sold) which resulted in ~$9k gross sales or ~$8k net. Check the screenshot 2019-10-11_2014.
Not bad for a period of fewer than 5 months.

Note: From the period of when I acquired store till today, the UX Store had ~$13k in gross sales, 250 orders and 732 items purchased 2019-10-16_0406

At the beginning of Dec. 2018, I already sold most of the products and some were out of the stock already or at least very low. That's the period where I was burning out. I got tired of everything, especially social media (managing 5 accounts). I stopped doing daily promotions and driving traffic to the store. I didn't post anything on the Instagram network for a few months. Since the Instagram network was growing at ~1000 followers per day, I lost 100k-150k followers due to inactivity.

I also needed to prepare and manufacture the products, but I didn't wanna just to order the same one which was at the moment already old.

Since my network was very influential at the time, and a lot of really good and influencer designers were using and promoting UX Store products, I wanted to design, improve and manufacture new products. which will be even more useful and align with the current state of the UX Community.

From that period I left the UX Store completely and didn't do any work, promotion, etc. It's literary collecting dust, while overtime some sales come in organically through SEO and SMM for few not very popular products left.

Few things to consider. I was doing most of the work alone. I did everything from designing, web development, social promotion on 5 accounts, a bit of SEO and other growth hacks, to talking with customers, answering emails, messages, etc.
I also bought a mini photo studio, just so I can take professional-looking photos for a store. Not sure if it's worth it, cause it took me to much time and money.I had some help from Marc (previous owner), but it was just a tiny bit of help. As well from my ex GF like some HTML/CSS fixes, but as I said, I did 95% things by myself.

I am saying this just so you can picture it how much could be done if there was at least one more guy like me doing everything its need to reach the goals.

So I am thinking of either to sell a store or partner with someone.

If I would sell whole business including the Instagram Network (600k + followers Get Featured on Instagram - UX Store) I would consider getting it something in the range of $25k-$30k.
If I would to partner, I would ask min $10k investment to join and of course to take over most of the work which is needed for store to operate.

You can reach me via email: [email protected] or Twitter: Stefan Smiljkovic (@shtefcs) on Twitter

 

l3ta

Member
Local time
05:18
Joined
Oct 14, 2019
Messages
73

Looks like you are in need of a partner that shares the same passion for the business. But if it doesn't materialise, then sell it all and end it. There will be other projects once you are in the right frame of mind. Dump it right quick and get your cash :D

 
Last edited:

kinder

Member
Local time
14:18
Joined
Oct 16, 2019
Messages
5

Looks like you are in need of a partner that shares the same passion for the business. But if it doesn't materialise, then sell it all and end it. There will be other projects once you are in the right frame of mind. Dump it right quick and get your cash :D
That's right. Will see what will be, I will wait for a bit, maybe the right guy shows up. Or I need to find him manually.

 
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