I've been running an online writing service for a few years. Sales have been static, but predictable, over the past 3 years. I have since lost interest in this business, and my attempts to diversify (into similar markets using existing resources) have not been successful.
My current aim is to build a £1m+ revenue business, but I'm currently stuck at 1/3rd of that.
I can either attempt to sell the business and move on, or try yet again. There's no guarantee that any of the pivotable ideas I have will be successful.
Hello Ty, thank you for sharing this with us. I understand how vulnerable you might feel right now. My name is Humberto Valle, I have been helping entrepreneurs for over 8 years now, coaching strategic marketing and contracting for many companies at various phases in various industries across multiple continents in matters of growth, change management and innovation. Anything from evaluating opportunities, pivoting, crafting business models, improving website conversions, brand positioning and much more. I have also helped companies with your very own dilemma – here’s my quick advice for you:
First thing first, you have reached 1/3 of your goal – that’s validation enough that your product has value what you might be lacking is positioning for this you should take a look at your commonalities among clients such as industry, common pain points, common budgets, common goals, or final reasons for finally hiring your services, etc. finding these commonalities and comparing them to their alternatives when they don’t hire you can give you insight into what other products to offer, what features to change or remove or improve – not necessarily pivot which is you essentially starting from scratch.
Consider if you have lost interest because of the product, the stagnation, or the fact that you are a founder not a long term executive – as the business grows you become more of an admin person and fire fighter rather than a creative startup entrepreneur facing challenges and creatively figuring out how to prove the world wrong. These people exist and you might be one of them, if that’s the case your business might not be growing due lack of effort, or clarity due to you already exploring new ideas.
I want to share something with you, those that succeed are those with one focus, one idea. People that think too much and have many simultaneous ideas are the ones that fail. This is a proven fact if you look into traits that successful entrepreneurs and failed startup managements have.
Also consider that your model might be built to be scalable, which means that your growth could be stagnant due to lack of resources strategically invested to leverage demand and adding more offerings to your business model. Would a loan be an option if this is the case? Does your business have enough solvency to cover investment expenses for a new feature? A new market? or increase brand positioning?
This leads me to my next question, as you have grown your business to over 300k in revenue has your marketing budget grown respectively?? If not why not?
Stopping marketing spending to save money is like stopping a clock to save time. It doesn’t work that way.
I hope this helps you a bit :)
If you would like to hire me for additional consultancy feel free to google me (Humberto Valle MBA), read on me and email me at firstname.lastname@example.org I am available for long and short term partnerships.
Sell your business, Ty. Just get out while the revenues are real, the pipeline is strong.
In my experience, when an owner-manager loses interest it's downhill for the whole business from then on.
You will have a short term goal to sell which will enable you to keep focused and you will gain a lump sum which can then be invested into something new (which could get you to $1m). You may also find that your new owner wants you to stay on and become an equity participant in a bigger firm which could shortcut your route to your goal.
Well done building what you've done thus far.
Take a look at BlogMutt.com, I know the owners and they may be in the market to buy.