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Hi, thanks for reading. I'm currently running my first business that is basically a job, and I have been looking for a more scalable business. I was hoping to get some insight from the wonderful people here that have much more experience and perspective than me.
Brief background:
Long story short, from growing up in a typical middle class "go to school and get a job" background, I've always been "looking for another way". After a mechanical engineering degree, a couple of ignorant rookie business attempts, and dropping out of grad school twice, I started my current business teaching guitar last year. This was my first business learning the ropes of how business works, and within the year I've grown from 0 to roughly $60k net per year, and I only teach about 45 hours per month. I've got a school and a system going, but it's all me. I really feel like pushing further in this industry is like trying to push the accelerator through the floor of a Toyota Corolla - the numbers just aren't in my favor.
The positives:
Something tells me it's just time to switch vehicles entirely.
I don't waste my time, I spend every day reading/learning/looking for a new business to start so I can focus all my efforts there, and I want to leverage the internet.
Do you think I'm suffering Shiny Object Syndrome, or are my thoughts in the right direction here? What are some ways that I might be able to leverage my experience into something far more easily scalable? I'd love to brainstorm with you and hear your opinions. Thanks for reading!
Brief background:
Long story short, from growing up in a typical middle class "go to school and get a job" background, I've always been "looking for another way". After a mechanical engineering degree, a couple of ignorant rookie business attempts, and dropping out of grad school twice, I started my current business teaching guitar last year. This was my first business learning the ropes of how business works, and within the year I've grown from 0 to roughly $60k net per year, and I only teach about 45 hours per month. I've got a school and a system going, but it's all me. I really feel like pushing further in this industry is like trying to push the accelerator through the floor of a Toyota Corolla - the numbers just aren't in my favor.
The positives:
- I've been involved in music for almost 20 years, and I know what I'm talking about.
- I don't really have any true competition in my area for my target market - I'm dominating.
- This solves a real need for some people
- The business IS me. (and it sucks)
- This sort of service requires skilled labor, so;
- Scaling would require a lot intensive training, employees to manage, and highly skilled labor
- According to google, the industry has been on the decline for the last decade, and I don't see any reason why it wouldn't continue to decline
- The reach is very small (local), and even more locations is still a small reach.
Something tells me it's just time to switch vehicles entirely.
I don't waste my time, I spend every day reading/learning/looking for a new business to start so I can focus all my efforts there, and I want to leverage the internet.
Do you think I'm suffering Shiny Object Syndrome, or are my thoughts in the right direction here? What are some ways that I might be able to leverage my experience into something far more easily scalable? I'd love to brainstorm with you and hear your opinions. Thanks for reading!
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