Good businesses have margin. Profit margin, yes. But also margin for your time, your emotional and physical health, your relationships, your sanity, and your integrity. Low-margin work eventually leads to ruin. The margins rarely get better; the sunk costs get worse.
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An example from my life: In my early 20s I opened a skateboard/snowboard shop. It was low-margin everything: - low markup on the products we sold - high complexity (ordering, employees, inventory) - high risk - high stress (theft, capital) - long hours, low pay (as an owner!)
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One thing you’ll notice with low-margin businesses: you’re always “adding more” hoping it will increase your margins. At the skateboard shop we added a mini-ramp, did events, published a magazine, ran contests, and started doing bike repairs. “Throwing good effort after bad.”
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Just found this, and it relates so much to this thread: “Adding more and more layers to a system intended to avert disaster often makes catastrophe all the more likely.” https://99percentinvisible.org/episode/cautionary-tales/ …pic.twitter.com/sg4uPFg7MN
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Good advice.
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Can you make a list of low-marging businesses for us not well-versed enough? I can imagine a few, haha. Retail is the first that comes to mind.
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Unless you work in hospitality. It’s all low margin and many love it
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I’ll have to think about that. (Off the top of my head: I know two Canadian ER doctors, and both have incredible margin in their lives)
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So true, I'm collaborating on this survey to research emotional resilience in founders, would love your input!http://resilience.study
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don’t do it.
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Wydaje się, że ładowanie zajmuje dużo czasu.
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