Would We Sell More Lip Balm If We Used Machines?
Investing in machinery to automate our processes isn't something I feel is a good move for my business at the moment because we don't sell enough lip balm for it to make sense.
But what if we did automate everything and then we could pay less in wages to make our product? Wouldn't we be able to lower our prices and then sell more lip balm?
While it sounds like a great theory, that's really all it is - a theory. And testing that theory would be very expensive. If it pays off, it could be amazing! But if it doesn't, it could very well be something that my business never recovers from.
I think there's so much pressure to grow business as fast and as big as possible. And while that works for some people, that's not really what I'm shooting for. I think how much risk is acceptable is a really personal thing that can vary a lot from one person, and one business, to another. And I'm just not at the point where I feel ready for a step like that.