Only after 10 years of losses had i realized the right thing to do was to shut down my business.
Introduction
Over the recent months, I realized that during catch-up meals with our clients, a lot of them were curious as to how Godata.digital started and how we turned from a surviving little startup to a relatively strong growing marketing company in the Digital Sphere. Hence, I decided to take a little time off to write this article on the Godata.digital story. Hopefully, this will help potential clients and those who would like to know a little more about us, get to understand us that little bit more.
The Good Years..
Hi! My Name is Lawrence and yes, me and my team founded Godata.Digital.
I started my first digital business when i got my first computer in 2000. I started selling online when was still in my secondary school. While a lot of my peers were playing soccer and impressing girls, I was busy uploading products and serving customer enquiries. Over time, my little EBay business got better and I created my own website. Over the years, I’ve sold products in numerous categories from Men’s Fashion, to electronics and household necessities. My longest stint was perhaps with CablePals where i sell electronics and phone related items.
It was initially good with sales better than expected, with consumers enquiring every single other day and sales was in almost every day. I knew I was making money because I was able to get my cost down to negligible compared to what I was making over every order. I didn’t had to work out my accounts. My bank was growing and I was happy.
Fast forward a decade later with the digital commerce landscape rapidly changing, so did my client’s preferences. Consumers are getting smarter. They are becoming more discerning over the purchases they make and it was no longer an easy feat to make a sustainable income online. Consumers today want good products, innovative products, products with Brand and quality rather than cheap fakes or replicas that you can easily source from places like Taobao or 1688.
It was tough, but i had to do it. It was the right thing to do. My only regret was not knowing why i hadn't end it sooner.
Lawrence
The big Collapse..
Though my business was in rapid declining mode, I failed to see through the clouds. Once in a while I was still getting that 1-2 sales and had thought that was sufficient for my to continue to fund my little pursuit. Every time my stocks finished, I’ll make a reorder. Didn’t even realized that each individual batch was causing me to lose a few hundred dollars. I was actually PAYING to be in business. It was only after 10 years of losses had i realized the right thing to do was to shut down my business.
The worst part in business is not losing hundreds of thousands of dollars, it was about losing hundreds of dollars over a long enough period. My business was HAEMORRHAGING money and I wasn’t aware of it. That was when it hit me. I didn’t actually have a business. My model was not a money making model and I didn’t had a clue on that. I didn’t have the knowledge that my business was not making money and I didn’t know that pulling out was actually the way to go. It was only when I had my numbers compiled that I realized my business was a lost cost and I should take it behind the barn to shoot it.
The worst part in business is not losing hundreds of thousands of dollars, it was about losing hundreds of dollars over a long enough period
Lawrence
The Realization.. This was how Godata.digital Story Began
Then I realized something worst.. That I wasn’t the only one.
Most of the clients we serve faces 2 path.
- The path to success
- The path to failure
The ones that faces failure doesn’t knows it and its our duty to let them see it clearly.
The ones that faces success have it in their business but have yet to found their pathway to success. Our duty is to assist them to reach there sooner. Our team’s collective expertise can help you to find your business potential and unleash what you’ve yet to discover. It would be a waste to know that a potentially great business died simply because it didn’t manage to find the correct help to assist in its business. If you are in doubt, reach out to us and let us help you out!
Finally, I want to thank you for taking the time off to read my story. It means a lot to me and I certainly hope you did learn something from my experience. Finally, don’t hesistate to contact me should you have any business related issues you feel that I’ll be able to assist you on.
Lawrence Goh
Founder, CEO, Godata.Digital
