Not sure if I should quit due to sunk cost. Advice please
Hey all,
Context: long story short, I was in an unemployed phase following deferral of a university degree. I love the gym and fitness, so during thid time, I trialled a few product ideas. One I have now made (label, data sheets etc) and I have confirmed all of the compliance and regulations. The last investment required is insurance (approximately 1k) and a label run.
I released an initial video on a new brand page on Instagram, and it got a fair bit of organic traction despite no ads and a cold start (90k views, 3900 DM shares, 220 EOI filled out for a sign up discount code etc).
The problem is: due to my spare time, I spent time and resources on developing other product ideas, leading to about $5k total investment, $3k in this specific product. This was, in hindisght, feeling the need to "be productive" and fill my days. The RRP for this product specifically is fairly low and I feel hard stuck at a ceiling of approximately $25 USD per bottle (its a spray).
Whilst the niche market will likely appreciate the product, I'm at a loss if I want to continue with the brand. I had grand visions of releasing a product, using that revenue to release another product etc. But I feel like there is little chance of growth/potential in the business, especially when the gym and fitness space is either saturated or towered over by corporate giants.
Sorry for the ramble, just not sure what I should consider and I feel a bit terrible for not doing proper budgeting/forecasting first.
Thanks!