I have a personal goal of creating income streams outside of my day job. I think a multitude of software developers want to do this.
My personal reasons are as follows:
- Diversify my income (all of your eggs in one basket is never a good idea)
- Learn more about business
- Generate revenue
I recently started GymBrew to help meet these goals. Gymbrew is a subscription based service for sending monthly shipments of protein goods. Most protein consumers drink a good amount of protein to aid muscle growth. Finding high quality protein at a reasonable cost is a pain point. GymBrew was going to change that by allowing customers to subscribe for a flat rate and get exactly what they need.
I created the launch page, and the site was ready to go live. I got in touch with a wholesaler and the experience was terrible - incorrect shipments, cash on delivery instead of charging my credit card, etc.
I think this is a great idea for the right person - someone who doesn't mind dealing with wholesalers and the laundry list of problems associated with retailing a product.
I sold GymBrew this month for $170 on Flippa, I am getting about $150 of that after transaction fees. I feel this is a fair price, and a little less then I paid a designer to create a really stunning design.
What I learned:
- Wholesalers are difficult to deal with
- A large amount of available time (that I don't have) is necessary for launching a business
I am going to refocus on developing more passive income streams (software, this blog, investments).