I bought that product and I love it. You solved a pain point I have and it is absolutely worth paying for.
I bought that product and I love it. You solved a pain point I have and it is absolutely worth paying for.
I would have done similar but I would have cut off some business partners who weren’t serious way earlier. Lost so much time and should have spoken up earlier.
Honestly just keep it in savings. You’re young and the money can come in handy. Focus on growing that business.
Don’t close it down. Just do it on top of the job. I have a coaching business. I got a job last year because it’s a grind paying my workers and myself. I decided to get a job so I could keep my workers. As soon as I got a job, I raised my prices by 40-80%. Since I didn’t need the money to survive, I was much more comfortable asking for higher prices. I got the same amount of business (about $10K monthly). I just stacked the money in the business to build a cushion.
It’s tough doing everything. Just make sure to have an ATS (applicant tracking system) friendly resume that is optimized for the jobs you want. If it’s possible, try to avoid highlighting that you were the owner of the business. I gave myself an organic title when I was going for interviews.
Also whenever you price coaching, always price in future help. That was what hurt me. I priced enough to cover myself. I didn’t price it enough to cover my 2 workers and all the freakin SaaS tools that add up.
I got fired from both jobs (I am a shitty employee lol) but that gave me enough savings and bought me enough time to invest in some things. I am back at it full time.
Congrats!! Try to find a way to eventually raise your rates. $45 an hour is great especially when you are starting but it may not be enough once you account for other things. Try to find a way to add bells and whistles that add value but cost you little.
Repeat customers are the way to go and you’re doing it right. I make good money but since I have to get new clients on a regular basis, making $100-$200 an hour is still a grind for me.
Keep it up. Focus on the long haul. I am the Founder of NoDegree.com. I started it in 2014. I went through so many pivots and business partners and stuck it through. Didn’t make revenue until end of 2019. Things are really coming together just now. Keep at it.
Acquire your first few customers before quitting. The first few customers are the hardest to get.