Rates of business faliure in SL

I actually disagree with that too - ideally, SL should also help people overcome their limitations. In many cases it does (Robbie Dingo is probably the best known example), but this should be expanded further.

Boy, not me. I do enough work in real life, I don't want to be doing it in sl too. I go to sl to play and visit with my friends. If I worked in sl then I would never have time for them. If I wanted to create then I would certainly take the plunge and learn how to do it. Right now making a box and not winding up with it on my head is more than enough for me.

Coincidentally, that's exactly what I'd thought to do since I read Brenda's post - a "Latest items" area near the landing point.

What a great ad! TY, Brenda

Slightly off-topic:

What I find really nice is when people go out of their way to compliment my stuff. When I'm in the store, people come up to me for that reason, and some people do a search and IM me. Even now, while I was reading the latest posts in this thread, I received an IM from someone that said (the name is removed):-

Things like that must happen to many product creators, and they add an awful lot to the pleasure of doing business in SL.

I agree with you disagreeing. That's a good point.

My newer education business - in2orbit - has been steadily growing and it relies on people who want to build (and make sculpties). This group seems to be growing and are a very passionate and creative bunch, providing me with alot of rewarding experiences, alot of enjoyment at seeing folks making cool things and a small financial reward that keeps the business running.

My older business that did well in past.. Pheidias fantasy avatars , a niche market mermaid AV's outifts has suffered a little lately I would say it is due to stale products except my original outfits still sell better than the newer line. It could be due to market saturation..

My original landscape products business is up and running again allthough I completly shut it down after being driven out by some competing products (to remain nameless). Now it seems to be gaining some momentum again i expect from people looking for more quality and originality..

I have done some Sim designs and builds that were reasonably lucritive, approaching real world money..but the biggest problem is that they end! Ceera if you are reading this.. send some over here!!! lol..

I am trying to break into a new market segment with some sculpted prim furniture now.. it remains to be seen what will happen but Im optimistic.

I think the most important thing about a business in SL is to have the smarts to create a plan and implement it, this includes building the business, marketing and support. most of my failed attempts have been due to either impatience or distraction.

The new search has basically killed the classifieds IMO.. i dont even bother with the 50l ads anymore.. not so much for the cost but just for the head ache of setting them up and monitoring etc.. I feel my time is much better spent on tweaking the land descriptions and picks etc.. Also events can be a big plus if you can handle the grief that they will attract. I'm not talking about an event that is really just another ad.. think of something fun for people to do...

All in all I can always make tier and I tend to reinvest my earnings back into SL, indirectly through new pc equipment and software or directly by buying business tools in SL or neat toys i come across. Plus I cover christmas presents from SL hehe.

-whyroc

I'll jump in here and say that I'm the one who was just at Phil's store... Going back later today for round two!

I actually just had an RL friend mention to me a book called "The Paradox of Choice", which points out something that, I think, could have a negative effect on SL business.

Essentially what it says is that as we've moved into a world where there's a multitude of choices regarding everything, we've created a world where everyone is generally dissatisfied with the results. If you have, say, 20,000 different kinds of camera to choose from, then chances are you will never be able to properly evaluate them all, and thus you will be less satisfied with the camera you do eventually buy because you will never know that there wasn't another, better one out there waiting for you.

Needless to say this relates very strongly to SL, where there are many similar items and it's likely to get harder and harder for people to choose between them and then be happy with their choice. What's worse, is that the psychologist who came up with this theory was advising people to overcome it by simply short-circuiting their choice process, picking arbitrarily and just being happy with what they got. Which might sound good, until you are the shop owner who isn't getting any sales because customers aren't bothering to research you.

Phil, I know exactly what you mean. I don't even build the stuff, but really appreciate someone giving us some feedback about how much they loved something they bought, or just love the shopping experience. That feeling that in some small way you made a difference is very powerful feedback. When people invite me, I love to go their homes and let them show me what they have done with our items.

I agree about changing things around and adding new things. I am constantly rearranging little bits in my huge store, just to make them present better or make room for something new. I also tend to remove things after a few months that are not selling. Most of my stuff is extremely low prim but why leave it out since it takes up prims. I also have found that the things that sell the best for me were things i created because i could not find what i wanted anywhere else in SL. So i do think the "find a need and fill it" biz plan is the way to go. As with anything high tech, building a better mousetrap amoung hundreds is a somewhat uphill battle to sell. I prefer to sell simple things that i don't see all over...and keep selling the items that do well, culling the ones that don't.

BTW Phil, ive sent over at least 3 people in the last 24 hours....please just deposit my referral fees into my account...hehe. Nah, i just send them cause i love your stuff and some of it is better than mine LOL
jojo

it's those chesterfield leather sofas. they are really nice.

oh! and i better get back over for another fireplace. i was going to gift one, but i like it too much to part with. LOL

I will make a note here about copiable versus non-copiable items. No mod may be Ricardo's burn, but offering a copiable version of things can be good business.

Seeing how I knew how certain furniture makers here felt about copiable furniture, I took my business elsewhere. I dumped over 5k this weekend on some decent copiable furniture that I plan to use for a new, more upscale development. In the process, I have developed a good relationship and will give a different furniture maker my business when I decide to increase my furnishings or add variety to artwork, because she worked with me. She didn't have the limited view of wanting all the tenants to own the furniture. Yeah, that'd be nice for her, but that isn't the point of offering furnished options!

Ricardo likes to use the word greed. Here, I would consider this greed to not offer a copy/notrans option. I'm not giving away the store, but people get good samples and if they want to buy it, they will know where to find it!

i can't imagine having a duplicate version of each (no copy/transfer & copy/no transfer) on the floor. the prims. oh, the prims.

if someone asked me to offer the opposite of what i was selling, i would probably do it without hesitation, but they'd have to ask for it.

My sales when up with the new search feature was put in place, and I've yet to use classiffieds, i rely 100% on word of mouth and what ppl see when they use search, that or see me and look at my profile.

FD Spark had few small shops when he was new called FD Spark's Art & Fabrics but I closed shop months ago because it was stressing me out.
I like creating, I wish I could share my creations more but there is also bit of fear sharing my creations too.
I don't do well with rejection or criticism it really decreases my creativity.
I thought about doing shop, if I do it will be more like gallery space but issue is I am texture artist and we all know that anyone who sees my creations can take them off their video cards.
So I am bit torn.
I don't think Second Life for majority is really good place for business, its good for those who want to create in Multi-Player type of 3d chat world, make friends and good place to lose a lot of money if you choose to spend it.
The majority of us if we made large profits would never be able to ever cash it out because of how the system is set up.
I don't trust the DCMA process either. It would only work for those with lot of expensive lawyers.
I thought about this a while.
Recently it was confirm when a friend told me something he has been struggling with.
This friend said he been being stolen from Professional Content thief the last six months, he keep files take down notices, a month or two linden Lab approaches the person who is selling his creations and the person just moves on to new alt and his 50 bots.
Any one with good business sense and was really serious about wouldn't even bother
accepting $L or even spend the money we do on server space.
They would have their own money for their own worlds, have direct control who had their products and have control of their own profit in their wallets.
Yet what do I know I never been good with money or business.
Just my opinion

There is no problem with cashing out. I do it every month, and there are plenty of others who do it too.

Yeah but what about the buy and sell limits?

They can be increased as needed. I had mine increased a while ago because the default amount of L$ that I could sell for US$ per month wasn't high enough.

I think it's safe to say that actually creating the content can be the easy part. The marketing and day to day business is the dirty work.I know afew artistic types and being a fair amateur pianist myself, sometimes focusing on the creative process does consume all your energy. That's why I found the thread about department stores interesting. I'm sure some great creators out there really aren't equipped to do the selling. Renting Mall Space isn't a great solution, you still have to manage the space. I think for some an entrepeneur could have a place where all the content comes from different suppliers, but the store owner would manage the displays, deal with customer service issues, etc. It could be done in various way, a flat percentage per sale, consignment, wholesale rate, or even a sort of private label type thing where the store pays a price to sell the item exclusively. It would take some working out, and a level of trust, but it could be an interesting business model.

I haven't really found anyone in world that I know well who would be good business manager so I just decided to focus on improving my skills.
I am pretty ill in real life, often extremely tired and easily overwhelmed.
I really enjoy making textures and doing art and seeing it in Second Life with various creations but running business and all that goes with it I just don't have the energy for it.
I wish though there was easier and more fun way to share my creations and make few dollars at it, even make enough to upgrade my art programs, get newer computer and drawing tablet but at this point I have no clue how.
There is lot here to know, just like real life and it gets just bit too much.
Personally I got tired of renting shop space and not making enough sales to cover even the rent.
I also got paid for advertising only to have LL lose my advertisements when they should have been renewable.

In my prior SL life I also worried and fretted over my business. However since my return I only build as gifts for friends and Im now much happier, but that's just me

Sorry, Yumi, I just had to...

The thing is, sometimes it's better to go into business with a product that isn't highly saturating the market--your example of cameras is perfect, and obviously close to home. I didn't begin designing my cameras because of the 'market demand', I began making them because they are something I enjoy in both lives. And because there aren't 20,000 cameras to choose from, many people will find their way to Glowbox Designs for their cameras...there are only two other companies in SL that sell cameras, and as far as I know speaking with them both, neither one of them are scared of losing sales due to competition--because we are in such a niche market. If someone is interested in getting a camera, they have three choices (two really, the other guy is obscure)...we will all eventually benefit. Now, it is true that the superior product may--in time--reign supreme...but this is the nature of business, product quality, choice, and customer service.

In a key word search, there are far fewer results for 'digital camera' than there are for 'skins.' This can either be a conscience choice for an aspiring business, or serendipity.

Regardless, perhaps it would be wise for all bigger businesses to open a smaller, niche side-business for the very purpose of getting those searches that aren't saturated.

i build expecting to sell nothing. i just like building. it's fun.

but i do always like when something sells, of course. less for the $ and more that someone somewhere liked my idea. but the $ is nice too, cuz there is always a coat or boots or jeans that i jsut 'gotta have'.

i say just have fun and don't worry about other opinions so much.