So I've had a side business for 10 years now: Almost all online sales making custom protective gear for motorcyclists.
I've always had a reasonably good paying full-time job aside from my business, and having a requirement for good health insurance due to some issues, I have never really had the time to put into the business to really make it grow. . . and so it hasn't.
I know what I would have to do to grow my business. . . things like putting my phone # back on my website and taking phone calls, social media campaigns, outside sales to branch out into retail stores, be present at motorcycle gatherings, etc.
But I dont have time for those things, and at this point, time with my family is more important to me than $. I would much rather have my own business than work for someone else
As it is, it makes me a little money, but not much. It has reasonably good margins, and brings in probably 10k profit / year. The only bright side to the small profit is the small amount of time I put into it. I would estimate Im making $100-$200/ man hour, which is pretty great. There is a lot of competition in the market, some is very good quality competition as well, which is another challenge. And finally, it takes up a significant amount of room for inventory.
Im struggling whether to:
A) Keep it and implement additional ways of automating (ie. call center, and virtual assistants)
B) Try to sell it (when it seems nobody has any $ to buy what Im selling). And if I do sell it, how much time should I put into trying to build up my sales/profit before doing so?
C) Just take 'er out back and shoot 'er. This is the least desirable to me as I feel the business (and inventory) has significant value.
I know this is not a "tell me what to do" forum. And I dont expect you guys to. I would be interested in getting some thoughts on when you guys feel a side hustle is worth continuing, or when you decide to cut ties?
My gut says this is a good side business, but for someone who has the time to build it, or just make a little extra income, but probably not me.
Any thoughts?
I've always had a reasonably good paying full-time job aside from my business, and having a requirement for good health insurance due to some issues, I have never really had the time to put into the business to really make it grow. . . and so it hasn't.
I know what I would have to do to grow my business. . . things like putting my phone # back on my website and taking phone calls, social media campaigns, outside sales to branch out into retail stores, be present at motorcycle gatherings, etc.
But I dont have time for those things, and at this point, time with my family is more important to me than $. I would much rather have my own business than work for someone else
As it is, it makes me a little money, but not much. It has reasonably good margins, and brings in probably 10k profit / year. The only bright side to the small profit is the small amount of time I put into it. I would estimate Im making $100-$200/ man hour, which is pretty great. There is a lot of competition in the market, some is very good quality competition as well, which is another challenge. And finally, it takes up a significant amount of room for inventory.
Im struggling whether to:
A) Keep it and implement additional ways of automating (ie. call center, and virtual assistants)
B) Try to sell it (when it seems nobody has any $ to buy what Im selling). And if I do sell it, how much time should I put into trying to build up my sales/profit before doing so?
C) Just take 'er out back and shoot 'er. This is the least desirable to me as I feel the business (and inventory) has significant value.
I know this is not a "tell me what to do" forum. And I dont expect you guys to. I would be interested in getting some thoughts on when you guys feel a side hustle is worth continuing, or when you decide to cut ties?
My gut says this is a good side business, but for someone who has the time to build it, or just make a little extra income, but probably not me.
Any thoughts?
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