When you’re contemplating quitting, get out that sheet of paper with the reason why you started your business, read, focus, and keep going!
That may sound like simple advice and it does not take into account the people that should truly stop their business. The majority of people, whether having a bad day, week, or even quarter, need to stop and pick up their “purpose” sheet. Look for motivation as to why you started your business and ask yourself if that is still the reason. Maybe your “why” has changed. Another thing that possibly happened is you’re off track. If you started out with a “hobby business” for extra money and now it’s the all consuming, every moment of free time, I’m not getting any sleep adventure with customers I genuinely don’t like, then maybe you need to reevaluate!
Success comes with a price. It’s OK to raise your prices to reduce your customers (seriously, get rid of the bottom feeder bargain hunters that are crazy). In fact, if you are in this situation, I challenge you to evaluate how much “per hour” you are making. I’m not kidding. Track EVERYTHING. Your time is valuable, so if you create a post, if you order inventory, if you drive to the post office or office supply, if you email a client… track everything! I’m going to guess, because it’s usually the case, you are spending a lot more time than you think on the creation of a product or service. I did this with the embroidered dog collars I make. As soon as I figured out my actual time, I raised the price by $8 each. Sure, my orders fell off slightly, but now I’m making more than $4.73 a hour… (I’m not kidding about that hourly wage – a little shocking, don’t you think).
A funny thing happens when you check out your why and then actually find the source of your problem (free time) – you “change lanes” and become happier!
PS: If you are asking your self “what is this list of reasons?”… well, then it’s time to stop and make one!
1-Check your list of reasons why (or create one)
2-How much do you make per hour / or per job – I mean really make… it’s time to “job cost” your output! This will determine if your pricing is satisfactory (with you) – it’s not just if you turn a profit on materials, YOU need to get paid for YOUR time!!!
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Listen to Episode #51 of the Two Minute Commute