Entrepreneur Heal Thyself
As a freelancer or sole proprietor, how do you decide when to start a new project? I’m not talking about taking on client projects… I’m referring to ventures, product or application ideas that you have and think would make a good business. Are you the kind of person who gets an idea in their head one day and jumps in head first the next? Or, do you need to have a plan in place with potential return on investment before you pick up your mouse? Until recently, I would have said that I fell in between those two extremes landing a bit closer to needing a plan than jumping in. However, over the last several months I have come to the conclusion that I fall smack dab in the first group and have determined that that’s not necessarily a good thing.
To program, or not to program that is the question
If you have spent any time on this site or on LOCCs you will have some idea of the projects I’m involved with. I developed BadgeTracker about 5 years ago, Sign-Up-Sheet.com followed about a year or two later accompanied most recently by myScoutPath and ScoutMailer. Contrary to most entrepreneurs I actually found my niche after I had developed a product. BadgeTracker was developed quickly and gained a following and after a little research I determined that the scouting industry was an attractive market to compete in so I selected it as my niche. The products that followed were aimed at scouts first and other groups second and I saw that as having great potential.
The problem here, that I didn’t realize until just recently, is that I had taken on too much. While I do outsource some work to contractors I am the only programmer, support person and business administrator I got. That means that while I’m answering support e-mails development stops. While I’m following up on overdue invoices no one is following up with the sales leads. While I’m programming no one is marketing. This lead to having 3 or 4 mediocre projects/products that were moving forward at a snails pace.
I had jumped head first into any idea that popped into my head, investing time and money to get it online and then ran out of resources to sustain, support and grow them. This lead to a great deal of frustration on my part because I was unable to work on the things I wanted to work on, investigate new ideas and opportunities or even write on my blog because I was stuck in the muck.
Wait… where’s the money?
Some of you may be wondering why I didn’t hire a staff or assistants to help maintain some of this. The short answer is the money wasn’t there. While the scouting industry may have looked like an attractive market at first, I have found over the years that working with non-profits is somewhat complicated and making a sale is difficult needle to thread. So while I was making some money it wasn’t enough to hire help or even leave my day job to dedicate more time. All of this of course contributed to more frustration on my part which is a very unproductive mind set to be in.
Recovery
What this all boils down to is not having a good vision and plan in place for the business. I should have slowed things down and investigated new ideas a bit more before jumping in a starting development and I should have finished one thing before starting another. I’m sick and tired of being sick and tired so I think it’s time for a new plan.
The one thing that all great businesses have in common is great products. There are plenty of businesses out there with mediocre products and they come and go each year along with whatever is “in” at the time. I have decided that I’m not content with creating mediocre products… I’m out to create a great product and doing that requires focus. So I’ve come to the conclusion that I need to “reboot” and start 2010 with a new plan/vision. I think Dr. Charles Emerson Winchester III, from M.A.S.H, put it best when he said “I do one thing at a time, I do it very well and then I move on.” This probably means some of my many projects and ideas may be discontinued or abandoned to drift with the current but I’m confident that this is a better approach than what I have been trying.
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nice post… I know the feeling