I’m a 29M. 2.5 years ago I quit my job to go full time in my online coaching business. I’ve had some ups and downs, but this entire year has been down.
The most I’ve ever made in a month was just over 6k
But lately it’s been hard for me to get over 2k per month
I barely have enough money to do the basic things and would like to hire some help but literally can’t afford it right now
Should I close the business down? Or get a job and do the business on the side?
Haven’t had a “job” in 2.5 years so I don’t imagine it will be easy to get, but I’m broke and open to anything
Any ideas?
It’s understandable to feel discouraged when your business isn’t generating enough money to support you. However, it’s important you take some time to reflect on your situation and consider some salient facts below.
There is a clear reason why your business is not making enough money. It could be due to poor marketing, pricing issues or an inefficient business model. Figure out the root cause and then start to develop a plan to address it.
The truth is, you have to give your business enough time to succeed. Most businesses take time to mature and become profitable. Don’t get discouraged if you haven’t achieved your financial goals.
Be prepared to make the necessary changes to turn your business around. You have to make strategic change in the area of marketing, customer service and product quality. Struggling business can thrive if you employ effective marketing strategies especially SEO and Social Media Marketing.
Taking on a part-time job to supplement your income while you work on growing your business is a good advice but you should not quit your business because you are not much today. Obviously, there things you need to address to make the business work. You need to answer this salient question “Why is it that the same coaching business that generated $6k is barely generating $2k? Some issues have to be addressed to make your business profitable again and even surpass the best results you have ever got.