Is it easy to run a business? - Part 1

Nov 26, 20

Is it easy to run a business? - Part 1

Once again, thank you for taking the time to visit our website.

During this period, I managed to take some time off from personal work and dedicated some time to work on the wallet business and catching up with the team.

As we all know, the year is coming to an end. It is a time for self-reflection on what could have done better, and of course, the holiday seasons are around the corner.

Here are some thoughts: 
Is it easy to run a business?
Are we making enough to sustain the business?

The answer is yes & no.

Design

In the beginning, we started creating the idea of our wallets from sketches to market research. We constantly searching for a leather crafting company to craft out our wallets from sketches and photos. The end product is not always the same as the ones we thought. Thankfully, we managed to find a trusted leather crafting company.

Crowdfunding

With the help of a crowdfunding platform, we managed to get our 1st wallet - Ed classic: The Perfect Minimalist Wallet successfully funded over 250%. 

We are lucky and thankful to have such wonderful support from the crowdfunding members.

Reality

Subsequently, reality hit us. With the crowdfunding funds, we have to start looking for a manufacturer to mass-produce the wallets. It is quite tough to find a manufacturer at a reasonable price because the quantity we are producing is merely little to them. Any amount that is less than 1000 QTY, they might not take it especially with a design that is new to them.

Asides from that, sourcing for high-quality leather is an issue as there are so many types of leathers. It took us a while to find the right color combination when we are producing the red crazy horse leather.

With the strict timeline to work on fulfilling the crowdfunding rewards, we have to get things done quickly to ensure that we can get the final product earlier than expected. That way we have time to do a quality check of the wallets, before sending it to the customer. All this takes time.

And, for each wallet that is mass-produced. They are actually individually stitched by a crafter using a machine. If you happen to order more than 2 wallets, you may find them slightly different because each wallet is individually made. 

 

That's all for now, we will continue to blog when we have the time. For now, stay tuned for our Black Friday Sale!

Cheers!

Ed