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I have been self employed for a few years. It's going ok, but not great.
My issue is that there are so many different directions I could go in. There are positives and negatives to each possible decision.
I have learned that changes are incremental. So I don't want to make huge changes, but just sort of build on what I have already done.
I guess this is more of a mental problem. I get stuck in one place, because I have all of these ideas, but then I start to think of how to make them happen, it gets complicated, then the idea doesn't sound so great. Then I think of another idea and the same thing happens. Then I just do nothing with these ideas. There are small exceptions, like very small slow changes. I look back on the last couple years and am not happy with my progress.
Anyone have any idea of what I am talking about? How do you stop the thinking and make a decision that is a pretty good decision?
You can't stop the thinking and you shouldn't. Analysis is an important part of making decisions. What you can do is to change your attitude. After you've examined an issue and consider it a good idea think of it a challenge or learning experience and proceed step by step to accomplish it.
You can't stop the thinking and you shouldn't. Analysis is an important part of making decisions. What you can do is to change your attitude. After you've examined an issue and consider it a good idea think of it a challenge or learning experience and proceed step by step to accomplish it.
Yeah, attitude is important. Part of it is that I have tried a lot of difficult things. I guess I am attracted to things which are complex. When things are complicated and challenging, they don't work out or are more costly than they are worth.
That's an issue because I need to make a living. Any new project cost me money, so sometimes I would be better off just keeping it simple.
Maybe I better focus on what will give the highest returns and lowest risk. That's means doing things that I already know well, but just switching it up a little.
Rather than obsessing over every minute detail of the several choices... make a quick choice.
Pick one that has some important er, rational distinction over the others and just run with it.
The one that requires the least cash outlay? OK
The one that should complete itself soonest? OK
The one that that once started can most easily be turned over to a assistant? OK
Which and why is largely immaterial.
What matters is actually doing one (or the other).
This requires that you choose and start one (or the other).
Go start one.
Next month...or in August... you can start one of the others.
Rather than obsessing over every minute detail of the several choices... make a quick choice.
Pick one that has some important er, rational distinction over the others and just run with it.
The one that requires the least cash outlay? OK
The one that should complete itself soonest? OK
The one that that once started can most easily be turned over to a assistant? OK
Which and why is largely immaterial.
What matters is actually doing one (or the other).
This requires that you choose and start one (or the other).
Go start one.
Next month...or in August... you can start one of the others.
Some choices are these:
1. new but similar products to those I am already making, so that I can increase sales and income soon.
Requires some cash, but is more of a sure thing. Faster pay back.
note: I'm actually finishing one thing right now for this plan. I will email photographer to set up appointment so I can have a photo to advertise. I'm estimating I will make about $700-1500/mo from this and I need the money.
2. new but more unique products that I have started to develop and have made/sold a few. I am just a long way from perfecting the process.
Requires a little more cash, takes more time, more likely to have to problems due to technical difficulties. This is a long term project. The product development is more difficult. But it could do very well if I keep at it for a couple years. For the short run, it would be harder to make profit, because I would be spending more and taking more time to do this.
3. make things at lower price points
requires less cash, but takes more time compared to profitability
Kind of a waste of time, because it takes more time for the amount of money made. boring.
I'm thinking the wise thing to do would be more #1 and set aside a little time and money to keep #2 going. Since #2 is a bigger more difficult project, then I need to just break it down to smaller parts.
I'm not going to worry about an assistant yet, but at some point passing off easier work would be a good idea.
Yes, I think #1 is an all around good way to go. I emailed the photographer too!
I have poured so much time and mental energy in trying to figure out what could be done better, that I have done too little of what would likely work well. If I had just done what would likely be a decent decision years ago, I'd be way better off not. Trying to endlessly think of different choices, leads to no decisions and stalled progress.
My issue is that there are so many different directions I could go in. There are positives and negatives to each possible decision.
I'm in a similar situation. I've been owner/operator of businesses in the past. No employees but some subcontractors. Also fully self-funded.
I'm now working on various ideas for large businesses. I'll need funding and employees will be a must.
I think as a person gains experience in business it becomes more difficult to jump in on a new idea. An experienced business person can see more of the drawbacks to an idea. They also know which ideas are more work. Which ideas will make more profit, etc.
Your inability to jump on something may actually be good. Your "experience" may be saying these ideas aren't going to take you to the next level. They are just more "self-employment", not areas for spectacular growth.
Trust your feelings/emotions they are usually helpful.
I'm in a similar situation. I've been owner/operator of businesses in the past. No employees but some subcontractors. Also fully self-funded.
I'm now working on various ideas for large businesses. I'll need funding and employees will be a must.
I think as a person gains experience in business it becomes more difficult to jump in on a new idea. An experienced business person can see more of the drawbacks to an idea. They also know which ideas are more work. Which ideas will make more profit, etc.
Your inability to jump on something may actually be good. Your "experience" may be saying these ideas aren't going to take you to the next level. They are just more "self-employment", not areas for spectacular growth.
Trust your feelings/emotions they are usually helpful.
You're farther ahead than me. I don't have the skills to make up a full plan that involved funding and employees. Maybe in 5 years I'll be there, but first things first.
I'm at the point where I'm trying to make self employment more profitable. I'm trying to find more business so that I can get paid for more of my time and make sure that rate of pay is good. Some of these ideas are lower pay and less similar to what I am already doing, like #3, so that has been removed as an option.
It is true that I can see more drawbacks to some ideas and bad feelings about them are a good thing. I have other ideas too, that are even worse. For example, changing the industry into a different category all together. That involves a lot more work and unknowns. What's the point of doing that, if I can do more of what I know already?
The highest income self employed/business owner I know around my age (actually 5 yrs younger) told me that they don't take on really big projects. That means that they don't think super big, like projects that would cost millions of dollars. They try different things and then build on what works. That method is making them over 300k a year.
Small businesses/SMEs IMO shouldn't be too involved in analysis and decision-making. A large company like, say, Apple or BP needs to have a widespread check of the environment so it see its strengths, weaknesses, opportunities and threats. An SME IMO simply needs to say "our mission is xyz, so any opportunity that falls under xyz we pursue".
Of course, one has to account for desired profit levels, the competitors (if there are many) and their own resources, promotion and other marketing factors, etc. but paralysis from analysis doesn't make sense (whether a firm is large or small).
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