Business Struggle

[Murk]

So 4 deals in a row have fallen through in the last 3 months, through no fault of my own. In my business, you can be perfect up to a point but ultimately the final decision is out of our hands and these things happen. The sum of these deals was £73,000 or $90,000 which is enough to see me through 12 months if I budget and that's now all down the toilet, although I made 2 deals in Q1.

I'm not in panic yet mode as last year was good and although my outgoings are very high I've budgeted accordingly.

My problem is my usual BD (business development) method is not working, no new clients this year, my pipeline is ok, but my existing clients are either being difficult or have nothing for me to work on.

I'm now forced with the decision to go back to working 12-16 hour days (I've been working about 10-20 hours a week most of this year) to make things happen and pop off again. As a consolation, 2 other guys who left my team in 2020 covid era to start our own firms are experiencing the exact same issue.

I think I'm just suffering from my own lack of enthusiasm and motivation, which I have posted about before. It's like feast or famine, when I make money I just switch off, until I feel the pressure and ramp it up and save the day.

I just want to be a machine, but I don't think I can really be that 6am every day working and grinding kind of person. Sometimes I feel I'm not cut out to be an entrepreneur and could take my experience and sit on a nice basic with bonus and live a normal life working for someone else. Then I remember the issues I had doing that in my 20s and can't bring myself to work for someone else.

Just venting. I'm here on a Sunday at 10pm been working the last 6 hours trying to make **** happen for this coming week.

 

[BeExcellent]

Go for a walk. Clear your mind, meditate, have a good think. The solution is out there. But you’ll have to be creative. Are there new avenues to drive business toward you etc.?

Sometimes in business it’s easy peasy. Other times it’s a grind, think and consider what kind of need your business meets and in this environment what kind of customer needs your business product or service.

If you figure out who needs you and WHY the deal making will solve itself. Trust the process and be open to novel ideas and solutions.

Cheers

 

[Stoic]

I’m self employed.

I always have goals. I even pay a coach $350 a month to call me each week for a 20 minute goal to keep me accountable on the things I said I would do like create/implement a system or process , make 100 calls, whatever other important task is needed but that I sometimes otherwise would not get to. I have somebody holding my feet to the fire so that I do what I said I was going to do.

 

[corsica]

What they don't tell you about opening your own business is that most businesses fail in the first year (I'm not saying it's your case) and how stressful it is to maintain one. You can come and go as you please, do your own schedule... But you'll be thinking about your business 24/7. I'm not going give you advice on management since books were written about it and I imagine there is not much I can add to your strategy.

I used to own small businesses (12 employees) and it was stressful. One period you make a lot of money but you're afraid of spending because you don't know if the revenue stream will continue. Then you have variables that are not in your control. Right now the period of easy money is over and interest rates are going back to normal. You don't see VCs throwing money everywhere (hiring spree, acquisitions, crazy valuations in companies that make no money...).

Now I make $100k/year working 6 months out of the year. I'm not enjoying myself for half a year but when I'm done, I shut off completely from work and I can enjoy myself (go whatever I want for months), stress-free. The only way for me to make more money is moving-up (doing courses to upgrade) but it requires time. And there is a cap in how much I can make. And I would still have to work those 6 months per year, staying away from family and loved ones. It's a trade-off and in my case, I prefer to work for somebody else and don't stress.

My recommendation is:
You should have a stable income (usual job) so you can take more risks (more upside) in your business. If your business is not doing fine (temporarily hopefully), you won't stress. A common theme is having your wife (or your brother) with a stable job (career preferably) making enough money to pay the bills (rent/mortgage and all living expenses). And you with your business the upside (early retirement and some luxury like fancy travels).

 

[FlirtLife]

So 4 deals in a row have fallen through in the last 3 months, through no fault of my own. In my business, you can be perfect up to a point but ultimately the final decision is out of our hands and these things happen. The sum of these deals was £73,000 or $90,000 which is enough to see me through 12 months if I budget and that's now all down the toilet, although I made 2 deals in Q1.

I'm not in panic yet mode as last year was good and although my outgoings are very high I've budgeted accordingly.

My problem is my usual BD (business development) method is not working, no new clients this year, my pipeline is ok, but my existing clients are either being difficult or have nothing for me to work on.

I'd highly recommend visiting the library and looking for case studies in the "Harvard Business Review" (periodical). Experienced CEOs and leaders analyze problems and give ideas for solutions. While Harvard Business School is no longer the top ranked, it's reputation and ranking are still top 5.

Are any of those failed deals from the same customer? If they're costing you time and effort, and providing no business, maybe you need to reduce the time you spend on them?

If you spend that time trying something new, or creating ads in a place you hadn't considered, you might get fresh leads that are more valuable than your worst customer.

 

[Murk]

I’m self employed.

I always have goals. I even pay a coach $350 a month to call me each week for a 20 minute goal to keep me accountable on the things I said I would do like create/implement a system or process , make 100 calls, whatever other important task is needed but that I sometimes otherwise would not get to. I have somebody holding my feet to the fire so that I do what I said I was going to do.

I kinda had 2 other guys I would have check in's with, they used to be on my team 3 years ago and we all set up our own firms. 1 is now working from Colombia/Australia with his gf and the other is thinking about jacking it all in. My business is into it's third year and been profitable from the first 3 months. I did struggle with accountability and organisation in year 1 but I fixed that myself over the last couple years

My recommendation is:
You should have a stable income (usual job) so you can take more risks (more upside) in your business. If your business is not doing fine (temporarily hopefully), you won't stress. A common theme is having your wife (or your brother) with a stable job (career preferably) making enough money to pay the bills (rent/mortgage and all living expenses). And you with your business the upside (early retirement and some luxury like fancy travels).

I am on my own with a limited family and no siblings so it's all on me, I could get a regular job and work my business part time/out of hours. That's a last resort/safety net though, I'm definitely not there yet

I'd highly recommend visiting the library and looking for case studies in the "Harvard Business Review" (periodical). Experienced CEOs and leaders analyze problems and give ideas for solutions. While Harvard Business School is no longer the top ranked, it's reputation and ranking are still top 5.

Are any of those failed deals from the same customer? If they're costing you time and effort, and providing no business, maybe you need to reduce the time you spend on them?

If you spend that time trying something new, or creating ads in a place you hadn't considered, you might get fresh leads that are more valuable than your worst customer.

Good idea thanks.

Yes all same customer, 200k employees globally, I've been working on two projects in Michigan and Ontario for them, I've made good money from them since 2021 but now I feel that I'm just wasting time with them.

Trust the process

The amount of times I've heard this over the years haha.

It's true though, I'm going back to basics and going for the quickest wins and easiest route to money.

I made a new plan last week to pivot away from them into other existing clients and into new clients, going to review at the end of next week.

Appreciate all the advice, sometimes you just have to suck it up and grind it out.