I have been running an ecommerce business for close to 7 years now. Manage to purchase 2 investment properties along with my current home. Not luxury living but it was good enough for me. I've always grown up in a less than average household, and being thrifty and spending on what is 2nd nature to me.
Covid19 was somewhat a bliss but the aftermath was a nightmare. Covid19 forced many shoppers online and the frantic buying made me a lot more money while it happened(not gonna lie). Fast forward to this year, all hell broke loose. Crazy inflation + crazy oil prices + every country limiting exports + people going back offline now, has now caused living costs to rise tremendously while killing the demand on shopping online. My product costs gone up by 35%(!) has caused customers to hold back their purses.
I'm in the process of selling my share of the business to my business partner and luckily the profits from my investment properties are able to cover all the outstanding business, property loans and also my employee severance packages if we decide to let them go.
I'm in the process of finding a job. But I'm very glad that all the skills I've acquired till date allows me to be valuable and relevant in the job market. So this is me here. Back to square one(?), but curious as to what will come. Hope to get to know everyone in EEE.
Inflation Killed My Business
Re: Inflation Killed My Business
What would have done differently in hindsight?
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- Posts: 173
- Joined: Sat Jan 22, 2022 8:55 am
Re: Inflation Killed My Business
Interesting story
Are you ERE? FIRE? Just started on this journey ?
I ask because losing your business (a corporation - you arent liable for losses personally?) seems to have upended your life but after years in ERE mode this shouldnt happen
Are you ERE? FIRE? Just started on this journey ?
I ask because losing your business (a corporation - you arent liable for losses personally?) seems to have upended your life but after years in ERE mode this shouldnt happen
Re: Inflation Killed My Business
I lose my business not because of losses but because the business model doesn't work anymore, so I'm shutting it down. With the business winding down, I'm still nett positive, even after paying off severance packages to my employees. But ultimately, I hadn't achieved ERE before it happened. So I have to go back into employment.prudentelo wrote: ↑Fri May 27, 2022 8:50 amInteresting story
Are you ERE? FIRE? Just started on this journey ?
I ask because losing your business (a corporation - you arent liable for losses personally?) seems to have upended your life but after years in ERE mode this shouldnt happen