[Update] My journey from approximately £2,000 monthly to around £45,000 monthly in five months through ecommerce (not dropshipping!) while maintaining a full-time job

Core eCommerce Concepts
1

It’s been four months since my last update, and I have some significant developments to share regarding my journey in ecommerce while juggling a full-time position. I purchased a business and increased its revenue from £2,000 a month to over £80,000. Reflecting on my experience, I’ve learned invaluable lessons, including some I wish I’d approached differently. Here’s a brief recap:

  • July: £12,000
  • August: £4,000
  • September: £21,000
  • October: £25,000
  • November (until the 24th): £35,000 (ended at £46,000)

Latest updates include:

  • December 2023: £79,000
  • January 2024: £39,000 (stock shortages impacted this month)
  • February 2024: £60,000
  • March: £80,000

We are consistently growing, and I recently left my full-time job to dedicate myself entirely to this business starting May 2024. I look forward to exploring new opportunities. Challenges I’ve faced over the past four months include cash flow issues due to stock purchases, stock forecasting, maintaining return on ad spend while scaling, and balancing my job with a growing workload. I’ve hired help for customer service and am now navigating VAT in the UK, which affects our margins. If you’re on a similar path, feel free to reach out with questions!

2

wow! that is an amazing growth curve in such a short time. did you focus on any specific products or marketing strategies that seemed to work best for you? it’s inspirin to see someone manage both a business and a job successfully like this! “keep it up.”

3

Hey Leo_Speedster! :wave: Congratulations on such an impressive journey! I’m super curious about how you managed to buy a business while having a full-time job. Was it challenging to secure financing without leaving your job first, or did you have some savings?

Plus, I’m eager to know how you kept your motivation high amidst all these challenges, especially when you faced cash flow and stock issues. It’s incredible how you’ve scaled things up so quickly. What’s the biggest lesson you’ve learned from handling stock forecasting, and how did you tackle it?

And what’s next for your ecommerce venture now that you’re finally dedicating yourself full-time? Would love to hear about any unique plans or strategies you’re excited to try next. :smile:

4

From my own experience in ecommerce, it’s essential to have a strategic approach to inventory management. Stock shortages can severely impact sales, as seen in your January figures. A good tactic is to use predictive analytics to anticipate demand better and work closely with suppliers for seamless restocking. Addressing VAT is crucial too; understanding tax obligations can save substantial headaches later. I found that investing in efficient accounting software to handle VAT calculations and returns can significantly aid in maintaining healthy margins and ensuring compliance.