View Full Version : Needing help / input / advice
Hey folks, I'm in a rut. I might just be using this website as a sounding board, but I'm having a bit of a difficult time juggling things. Here is the background of it all ...
In 2000, without a penny to my name, I started a company (freelancing with contractors basically). Since then, I have gotten married, have a kiddo and have been mortgage / debt free for about 3-4 years now. I have noticed that my motivation and passion for the business has steadily declined ever since we paid off the house, and now I just feel burned out. I have clients emailing me, and though I spend minimal time servicing clients each time (I stay at home and rarely even have phone calls to them!) I find myself snarling at the emails that do come in.
I have oftentimes recently sent referrals to people I know instead of me doing the work, but am stuck in the middle of a few projects that have not been fun at all for me. It isn't like this business is a huge time sucker; it is just that it is something that I feel like I am on edge about all the time. Last week was a killer, and because of it, I find myself tired/somewhat depressed today.
To make matters worse, I think by anyone's account, I live a charmed life. I work at home and don't have to go anywhere really for work purposes. I have gotten into buying/selling things which is a hobby, but quite a profitable one. I flat out love it! I am able to deal with my hobby/part time biz most of the day instead of the biz that I am not fond of right now. I'd like to sell the biz, but have not had really any bites. I'd like to dish out the projects from existing clients to someone else, but they trust *me* to do them; not others. Any thoughts would be greatly appreciated. I don't know exactly what I am looking for here in writing this; maybe just a way to vent a bit.
I'm a freelancer. I worked in the industry as a corporate employee for 15 years, and then knew in my gut it was time to move on, so I did. I still don't really consider this industry my "calling." In fact, I'm surprised I've lasted this long in it, because I always had aspirations around service and the arts: like teaching drama to kids. This "day job" is really about increasing corporate profits. But there are parts of it I really love, like figuring out the implications of what people tell me and applying it to business situations. For this, I get paid pretty well.
Last year, I fell into a "hobby" I love, which is permaculture. Off of that, I'm spinning off a side business. Sometimes I get aggravated that I have to do my "real job" instead of advancing my "calling." But when I start getting annoyed, I consider that the income from my "day job" has been a true blessing because it makes meeting my basic needs very doable. I am so very lucky! As you said, I'm also living a charmed life.
In order to keep me motivated, I told myself last summer that I'm going to work like h*ll on my "day job" so that I can fund my passion. Eventually, I'm going to phase out of my lucrative day job--either voluntarily or involuntarily as I get older and people see me as "over the hill." But I think I'll always have my passion, so I have to bide my time and thank God for the ability to meet my bills, eat, give, pay down debt, and still be able to work on something more in line with what I love. So it's all about gratitude and patience.
Also just kind of a ramble, but I guess this is just an "I hear ya."
i appreciate your response - i am definitely thankful for the situation i am in, which makes it all the more frustrating when i let stress get in the way.
I know. Think about whether or not you can push through the frustration and stress with a change of attitude, or if this is the Universe's way of telling you to change course. And think about the service you are providing your family--what do they need from you? Can you meet it by developing your new income stream? If not, just grit your teeth and keep going with your day job until it's the right time to make a complete break.
You are so lucky that you are mortgage free, jschmidt!! I sure wish I were. That offers a lot more opportunity for freedom.
If you are at the stage of burnout where you wish your customers didn't exist, and since you don't need to make every last possible buck and have an avocation that you do enjoy, I think the answer is quite clear: close the business. Your customers may greatly prefer to have you do their work, but if you were not available anymore, the work you're now doing still would need to be done and they would hire your competitors. And you go on with your life.
In looking at Steve's advice, I agree.
But there's a caveat: sell your business. As your business is profit earning, your name/brand has a good reputation, and you have an on-going client list, you actually have a "something" that you can sell. I would talk to your major competitors -- those whom you like -- and see if they are interested in buying your business.
You'll need to set it up for sale (just like you would with a house) -- compiling all of the relevant information that a buyer would need. You'll need to look at how you want to transition the new owner and the clients (it's helpful to have this fore-planned). I recommend a 12-16 week "transition period" where you still are "in" the business for your clients and for the new owner to transition.
One of the biggest mistakes that I made was simply closing my business in the US before moving here. My business was valuable -- I had good, solid contracts with several gyms, established tenancy agreements and classes at a couple of venues, a couple of corporate contracts, and a couple of private clients. For a yoga teacher looking to take on more work or jump into an established business -- it would have been a great, affordable opportunity.
As it was, I divided the business up and literally *gave* it to my own teachers whom I'd trained. I realize now that I could have sold each component (ie, sold the corporate contracts together; sold private clients together; sold a each individual gym contract since each one had 3-5 classes; etc) or I could have sold it as a bundle.
Interestingly enough, I was so concerned for my clients that I spent 16 weeks transitioning them. The other teachers and I "co-taught" classes, I had parties where teachers and students could mingle and get to know each other, and so on. Today -- three years on -- those contracts are still on-going with those same teachers!
It was foolish of me not to sell it. But, you live and learn, right?
So, maybe look at what about your business is salable, go to your competitors, and see whether they want to buy.
And, if you don't get a buyer, then just send your clients to your most trusted friend/competitor, just letting htem know that you are moving on. :)
I'm doubtful as to whether you would get very much with an outright sale to a current competitor. I mean, you're basically telling them you are burned out and ready to throw in the towel. Why wouldn't they just let you do that and then approach your clients, or even approach your clients BEFORE you tell them and say "hey, jschmidt tells me she's thinking of closing her business, would you like to talk about what we could do to help you before she leaves you in the lurch?"
Do you have enough revenue that you could bring on a regular employee to start dealing with some of the direct follow up? Yes, people might resist it at first, but if you find the right person (a capable one) and train them properly, and integrate them into the discussions with clients thoroughly and let the clients see how capable they are, pretty soon they will be picking up a lot of the load. you can continue to oversee the businesss, but with less of the burnout provoking stuff. You could bring the person on with the knowledge that you are likely going to want to sell to them in due course, once they prove themselves. They then have a strong reason to invest energy into building the business. As they bring in more clients of their own, as well as managing your existing clients competently, the burden of day to day management should naturally shift off your shoulders.
I have NO experience in small business myself, so maybe I'm talking nonsense, but if it were me I think that is how I would handle it. This is roughly based on my experience bringing a new person on to my team this year. I have been gradually trying to shift different duties and responsibilities over to her, which is a slow process because for many things I am still the person our clients want input from. But I continually loop her in and give her a chance to share her perspective (which is usually much needed/valuable and spot on) and that builds confidence in the clients and makes her feel more competent/confident, too. And bit by bit, I am able to step back a bit and take a less direct role in fixing things. It is a slow process, but it is actually fun and interesting, and helping me to deal with some of my own burnout issues.
Our accountant always told us to lose the bottom 10% every year and if we got tired of something to raise the price a bit.
So as you wind down, maybe initiate a price increase. They may be more willing to look for your services elsewhere and in the meantime the price increase can be a motivator to you. There is nothing wrong with early retirement either.
ToomuchStuff
5-8-13, 11:15am
Raising prices is a good sugesstion. Also getting new motivation (kids college money in the bank?). If neither works, while you do have the selling option (and the fore-mentioned risk with that), since it seems to be a home based business, selling it, would mean to go back into it, you would have to move out of the area (no compete clause).
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