Well, life as a would-be entrepreneur has its ups and downs, but then I never expected it to be easy. However, generally its going well and turnover is up to over £3,000 per month already after only 5 months!
Most of this is on the back of sales of the Wi-Fire but we are starting to sell other products. We are now listed on Edimax's site as a reseller so hopefully that will draw in visitors and customers to our site. Edimax sell a range of networking solutions and as the Wi-Fire is a wireless adapter it seems to make sense to sell related products. As
hField Technologies only make the Wi-Fire we had to look elsewhere for complimentary products that would ofer a synergy with the Wi-Fire, such as routers, switches and
Bluetooth adapters.
We are also signed up with Avenir-Telecom to sell a range of products, such as
iPhone and
iPod accessories. They are also distributors of a range of products from various
companies, mainly but not exclusively related to
mobile phones.
Another distributor we are now signed up with is CCI Distribution. Through them we can obtain an even wider range of products such Hard Drives,
DVD players, monitors,
flash memory and the like.
However, cash-flow is our biggest issue at the moment and the bank is not being very helpful. As we are a new company they are reluctant to lend until we have established a track record with them. This is the 'chicken and the egg' conundrum. Without the
finance we can't expand and without being able to expand we can't sell mroe products and gain more customers and hopefully make more profit!
My
business angel may be able to help but at the moment I am reluctant to return 'cap in hand'. However, I may have to if we are to expand. No doubt many a new
business (or even one established much longer than us) finds itself in this situation. Only time will tell if we can overcome this and expand quicker than we are doing at the moment.
When we set the business up it was with a target of reaching £25,000 turnover in the first year. Already it looks like we will exceed that in another 3 or 4 months. If we can obtain the financing, we will probably be able to hit a much higher target. We shall see.
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