For the past 5 years I've been running my print shop as a 1 man show. While I am appreciative of be able to live off my own business & help others with my services, it has reached a point where I must move on.
The reasons? The biz is 100% dependent on my time & requires 100% manual labor to complete orders. And, did I mention that its 100% location dependent too? Not to mention the equipment malfunctions.
If I hired someone, it would reduce my profit margins to about 20-25% and it would be a hell calling training/dealing with employees in my line of work. Not worth it.
Every day my phone rings off the hook with customers placing order. Many of them expecting me to do their orders right then and there regardless of workload or time. After a certain time, I stop answering calls but yet people still call multiple times in a row because I don't answer.
So, earlier this year I started a new online venture with better conditions. It has produced some sales so the value proposition has been validated. With this venture, it can reach the world. Sure, I am still a 1 man show and still have to work but it doesn't need me to run. I create digital goods and those do the heavy lifting for me. Now, I just have to work on improving value, trust, visibility & brand power to make this full time.
Now, with my slowlane business, its pretty much a monopoly in my local area. My customers need me. They depend on me. Many of their livelihoods are counting on the continuation of my services. But, little do they know, I won't be able to do this much longer. There's more to it but this it in a nutshell.
Once my new venture can replace my income, I plan on closing down my print shop. People will definitely be disappointed.
Whats the best way to exit a business and move on to another?
The reasons? The biz is 100% dependent on my time & requires 100% manual labor to complete orders. And, did I mention that its 100% location dependent too? Not to mention the equipment malfunctions.
If I hired someone, it would reduce my profit margins to about 20-25% and it would be a hell calling training/dealing with employees in my line of work. Not worth it.
Every day my phone rings off the hook with customers placing order. Many of them expecting me to do their orders right then and there regardless of workload or time. After a certain time, I stop answering calls but yet people still call multiple times in a row because I don't answer.
So, earlier this year I started a new online venture with better conditions. It has produced some sales so the value proposition has been validated. With this venture, it can reach the world. Sure, I am still a 1 man show and still have to work but it doesn't need me to run. I create digital goods and those do the heavy lifting for me. Now, I just have to work on improving value, trust, visibility & brand power to make this full time.
Now, with my slowlane business, its pretty much a monopoly in my local area. My customers need me. They depend on me. Many of their livelihoods are counting on the continuation of my services. But, little do they know, I won't be able to do this much longer. There's more to it but this it in a nutshell.
Once my new venture can replace my income, I plan on closing down my print shop. People will definitely be disappointed.
Whats the best way to exit a business and move on to another?
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