I'd like to share with you my experience of 9 months spent on the fastlane. Or perhaps it's better to say that I fooled myself I was on the fastlane... I'm writing this both as a wake up call, self-examination for myself, motivation to radically change what I am doing, as well as hopefully help some of you not make the same mistakes.
What made me write this post is self-examination that I started yesterday and a quote from Mind Your Business Facebook page posted two hours ago - "no matter where you are in life, you can start from today and build yourself a brighter tomorrow". Thanks for that @Vigilante, that's exactly what I needed today in order to stop fooling myself and get to work.
I quit my job 9 months ago. Everything was looking great at that time. As feeling of safety is important for me, I was waiting with the decision until I was sure everything is on the right track. However, something went wrong along the way and even though it looked like everything has already "clicked" before I quit my job, my business started falling apart.
At last it is time to deal with the demons of the past! So here are the results of my self-examination, don't make the same mistakes I made, learn from mine instead of trying them out for yourself:
So what's my plan for the following months in terms of developing my business ventures?
What made me write this post is self-examination that I started yesterday and a quote from Mind Your Business Facebook page posted two hours ago - "no matter where you are in life, you can start from today and build yourself a brighter tomorrow". Thanks for that @Vigilante, that's exactly what I needed today in order to stop fooling myself and get to work.
I quit my job 9 months ago. Everything was looking great at that time. As feeling of safety is important for me, I was waiting with the decision until I was sure everything is on the right track. However, something went wrong along the way and even though it looked like everything has already "clicked" before I quit my job, my business started falling apart.
At last it is time to deal with the demons of the past! So here are the results of my self-examination, don't make the same mistakes I made, learn from mine instead of trying them out for yourself:
- I was counting more on others and luck than on myself. When I quit my job, I had one big client A (my business is b2b) responsible for most of my income (rare but big deals), another big client B giving a feeling of stability (many small deals) and a few occasional ones. I tried to get more clients, but I didn't try hard enough. I kind of tried. It made me feel ok - I mean I try, I am not able to get more, but I try, so I should be excused, shouldn't I? Unfortunately the excuse didn't bring me any money - strange, isn't it?
- In the meantime my competition undermined my cooperation with client B. They had been working together for 10 years and were able to convince the client to transfer "our" part of the budget to them. I was mad at them, but at least I had someone to blame for the setback. And instead of working my a$$ off to get new clients, I preferred to focus on "it's their fault, I couldn't do anything about it".
- Client A is still working with us, but the amount of work is 10x less than last year. Again, a great excuse - "if they gave us as much work as last year, we would make the ends meet". What is worse, 90% of work from them is coming before Christmas, on December. Isn't that a great opportunity to wait whole year for that single month that will pay for the whole year? I mean a month of hard work for a year worth of living, isn't that great? It is, unless it turns out that the client decides to put money somewhere else...
- In the meantime I started in parallel a second venture. Again, I was waiting for the "perfect December", so I had time for other things, right? The second business is failing even worse than the first one. But I had a few months of hard work thanks to it, so again I'm excused - I worked hard! Should've spent that time on getting new clients for the main business though, that would be much more productive.
- The best part is... I've come up with a few more business ideas to pursue. Why have 1-2 propering companies, when you can have 5-10 failing badly? Isn't the latter more fun?
- Honestly, what are my main issues, why do I fail? Here they are:
- I am a poor salesman. I have either to hire someone to do it for me or really focus on learning this art (taking into account current financial situation, probably the latter). And I have to stop looking for other things to do instead of selling.
- My main business - I don't believe in my product anymore. I built the business around a product, because I liked it, not because someone needed it.
- I work hard, not smart and I kid myself. I am a poor salesman? Ok, let's spend a month on building a great website! That should solve the issue, right?
- I am good at finding new business ideas, much worse on the execution to the end side. I need to be self-disciplined here and minimise number of things that I'm doing in parallel.
So what's my plan for the following months in terms of developing my business ventures?
- Main business - focus on sales, really fight for new clients, redesign it to provide greater value (I've got some ideas already). I don't believe this business will be great someday, but it can earn me a living without taking very much time.
- Second business - cut the losses.
- I've been wanting for some time to start a SaaS business. I know, ANOTHER venture to work on, this cannot bring anything good to me. However, I have a strong belief that this is the way in which I can provide value to the market. By creating products that are confirmed to be needed by others, not doing it the other way around. Moreover, many of the skills that I will be learning in the process, will help me in my main business. Idea etraction, selling, these will help me sell also in my current business. Finally, I am a computer science major and I just feel it much better than what I am doing currently.
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