Why I’m writing Again and Start Up Failure

I recently made the decision to shutdown my 3-year start up.

Short story: I reached a deal with phone repair and flip shop—whcih started sprouting some progress 2 years ago. We brainstormed and jointly developed an automated valuation algorithm and eventually managed to go live with it and deploy it on a website. We built a business model to copy Gazelle/EcoATM, whereby we automated used phone valuations, sellers brought the phones to our partner’s shop, the partner repaired them, and we then sold them for a slim profit on Mercado Libre. We also were pumping out ads and meme-ads to grow traffic and sales. We reached $3000 in sales in our first month and about $10,000 in total. But the margins were very slim. When I built the financial model, I realized the primary driver of success in the business would be speed. And the phones were simply not moving quickly enough.

You can read the full story here: https://geolbo.com/2023/06/25/why-im-writing-again-and-start-up-failure/