Returning to the forum. I think I screwed up.

[DamienP]

Hi everyone,

I joined this forum back in 2015 after reading TML cover to cover a dozen times. The concept of CENTS really resonated with me and I vowed to turn my humble blog into a real business that satisfied these commandments.

My blog served a new, very specific and fast growing industry, so I started by selling advertising listings on the site. This generated income of around £5000 (GBP) p/month.

Those working in this industry suggested I organize the first industry event so in 2017 I did just that, and attracted 80 people from around the world to join us. This grew to 99 people in 2018 and 129 people in 2019 before covid hit.

Then I launched an online store to serve the industry. The store now makes sales of approx £30,000 p/month.

Next, I launched website design and marketing services aimed at the same industry. This has grown to around £25,000 p/month.

Now, we're focusing on online events and online training programs and are hopeful these will be successful.

In total, we turnover about £700,000 p/year and my company employs 9 people.

As I eluded in the thread title, I think I screwed up. Here's why:

• Control - I am in full control of every aspect my business
• Entry - It is super hard for others to copy us because we've built such an immense reputation over time
• Need - Our industry is full of new startups who need our services, and our online store sells products that are critical to the running of their businesses
• Scale - We have diversified slightly and now serve a market with a combined 30,000 businesses. So there is plenty of room to scale.

You might have noticed I missed the "T". And herein lies the problem.

My business is devouring my time. I work 60-80 hour weeks just to keep on top of everything. I have a young team and they're brilliant, but they're needy of my time and means its hard for the business to operate without me. I hired a General Manager to run things day to day, but because I've been the face of the business for so long, its not easy to extract myself from the business.

There's a lot of anxiety around letting go. My industry was battered harder than most by Covid lockdowns and our clients are now skittish and nervous. The customers they serve have never really returned in the same numbers, so financially speaking things are challenging for us at the moment. Stepping away seems a tough call right now.

I'm at the point where the business I love and should be proud of is becoming a burden to me, and is affecting my happiness.

I'm not sure what to do. I could:

• Force my own removal from the day to day running of the business, with a committed timescale, and go launch something new.
• Accept my fate, give myself a mental slap and dive wholeheartedly back into the business.

I really want to launch something new to prove to myself that I can. To be honest I'm weary and tired of this business and I can feel my patience running thin because we're just not making the kind of money I was hoping for.

Can anyone relate to this? What would you do?

 

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[MJ DeMarco]

My business is devouring my time. I work 60-80 hour weeks just to keep on top of everything. I have a young team and they're brilliant, but they're needy of my time and means its hard for the business to operate without me. I hired a General Manager to run things day to day, but because I've been the face of the business for so long, its not easy to extract myself from the business.

The issue seems related to here.

It is cognitive.

You have no problem hiring.

But you have a problem delegating.

How do you turn your general manager, into YOU?

And perhaps give him a slice of the pie for leaving you out of the day-to-day?

 

[Andy Black]

Interesting that you didn't give this option:

Force my own removal from the day to day running of the business, with a committed timescale

Can you ease out of being the face of the business? Or could you remain doing that and delegate everything that doesn't require you? (Mirroring what MJ said.)

 

[DamienP]

The issue seems related to here.

It is cognitive.

You have no problem hiring.

But you have a problem delegating.

How do you turn your general manager, into YOU?

And perhaps give him a slice of the pie for leaving you out of the day-to-day?

MJ, I did not anticipate a reply from you personally. I'm honored, thank you.

I'd hire a thousand people if I could. I'm proud that I've created jobs and I love my team.

I don't know whether I have a problem delegating as you say, or if the issue is the business itself. As the face of the business, it tends to revolve around my personal reputation it would take a long time to change that. But I guess it has to.

My GM is great and could take over entirely, but there are skills gaps and realistically it would probably take 18-24 months to fill those gaps. It's market knowledge and specialist technical knowledge he's missing. I don't doubt his ability to run the business from an operational point of view though.

Do you think I should get out?

 

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[DamienP]

Interesting that you didn't give this option:


Can you ease out of being the face of the business? Or could you remain doing that and delegate everything that doesn't require you? (Mirroring what MJ said.)

There's a familiar face, hi Andy!

Remaining the face of the business but having everything to do with the day to day running of the business delegated to other people is probably the most viable option. I could also hire a VA to handle a lot of my personal stuff like social media DM's, emails etc.

That's a hell of a leap of faith though.

 

[Andy Black]

Hi @DamienP!

I had the impression you were snowed under and maybe trying to do too much yourself.

Remaining the face of the business but having everything to do with the day to day running of the business delegated to other people is probably the most viable option.

That's a good place to start I'd say.

I could also hire a VA to handle a lot of my personal stuff like social media DM's, emails etc.

Can any of this be automated or delegated somehow? Chatbots? Delegated to team members? Etc?

 

[adnanazmi]

Hi everyone,

I joined this forum back in 2015 after reading TML cover to cover a dozen times. The concept of CENTS really resonated with me and I vowed to turn my humble blog into a real business that satisfied these commandments.

My blog served a new, very specific and fast growing industry, so I started by selling advertising listings on the site. This generated income of around £5000 (GBP) p/month.

Those working in this industry suggested I organize the first industry event so in 2017 I did just that, and attracted 80 people from around the world to join us. This grew to 99 people in 2018 and 129 people in 2019 before covid hit.

Then I launched an online store to serve the industry. The store now makes sales of approx £30,000 p/month.

Next, I launched website design and marketing services aimed at the same industry. This has grown to around £25,000 p/month.

Now, we're focusing on online events and online training programs and are hopeful these will be successful.

In total, we turnover about £700,000 p/year and my company employs 9 people.

As I eluded in the thread title, I think I screwed up. Here's why:

• Control - I am in full control of every aspect my business
• Entry - It is super hard for others to copy us because we've built such an immense reputation over time
• Need - Our industry is full of new startups who need our services, and our online store sells products that are critical to the running of their businesses
• Scale - We have diversified slightly and now serve a market with a combined 30,000 businesses. So there is plenty of room to scale.

You might have noticed I missed the "T". And herein lies the problem.

My business is devouring my time. I work 60-80 hour weeks just to keep on top of everything. I have a young team and they're brilliant, but they're needy of my time and means its hard for the business to operate without me. I hired a General Manager to run things day to day, but because I've been the face of the business for so long, its not easy to extract myself from the business.

There's a lot of anxiety around letting go. My industry was battered harder than most by Covid lockdowns and our clients are now skittish and nervous. The customers they serve have never really returned in the same numbers, so financially speaking things are challenging for us at the moment. Stepping away seems a tough call right now.

I'm at the point where the business I love and should be proud of is becoming a burden to me, and is affecting my happiness.

I'm not sure what to do. I could:

• Force my own removal from the day to day running of the business, with a committed timescale, and go launch something new.
• Accept my fate, give myself a mental slap and dive wholeheartedly back into the business.

I really want to launch something new to prove to myself that I can. To be honest I'm weary and tired of this business and I can feel my patience running thin because we're just not making the kind of money I was hoping for.

Can anyone relate to this? What would you do?

Hey @DamienP ,

Everything you need to know is in this YouTube channel. I would seriously advise paying to talk to her as well to get your problem personally looked into. That said everything is free on her YouTube channel. You just need to find the pieces. Leila is amazing. https://www.youtube.com/@leilahormozi She talks about Phantom Equity that maybe applicable for your business. She talks about hiring other high level roles as well.

My business is still in the baby stage but because of her and her husband the foundation I am building is incredibly solid.

I wish you all the best Damien!

 

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[Roli]

Hi everyone,

I joined this forum back in 2015 after reading TML cover to cover a dozen times. The concept of CENTS really resonated with me and I vowed to turn my humble blog into a real business that satisfied these commandments.

My blog served a new, very specific and fast growing industry, so I started by selling advertising listings on the site. This generated income of around £5000 (GBP) p/month.

Those working in this industry suggested I organize the first industry event so in 2017 I did just that, and attracted 80 people from around the world to join us. This grew to 99 people in 2018 and 129 people in 2019 before covid hit.

Then I launched an online store to serve the industry. The store now makes sales of approx £30,000 p/month.

Next, I launched website design and marketing services aimed at the same industry. This has grown to around £25,000 p/month.

Now, we're focusing on online events and online training programs and are hopeful these will be successful.

In total, we turnover about £700,000 p/year and my company employs 9 people.

As I eluded in the thread title, I think I screwed up. Here's why:

• Control - I am in full control of every aspect my business
• Entry - It is super hard for others to copy us because we've built such an immense reputation over time
• Need - Our industry is full of new startups who need our services, and our online store sells products that are critical to the running of their businesses
• Scale - We have diversified slightly and now serve a market with a combined 30,000 businesses. So there is plenty of room to scale.

You might have noticed I missed the "T". And herein lies the problem.

My business is devouring my time. I work 60-80 hour weeks just to keep on top of everything. I have a young team and they're brilliant, but they're needy of my time and means its hard for the business to operate without me. I hired a General Manager to run things day to day, but because I've been the face of the business for so long, its not easy to extract myself from the business.

There's a lot of anxiety around letting go. My industry was battered harder than most by Covid lockdowns and our clients are now skittish and nervous. The customers they serve have never really returned in the same numbers, so financially speaking things are challenging for us at the moment. Stepping away seems a tough call right now.

I'm at the point where the business I love and should be proud of is becoming a burden to me, and is affecting my happiness.

I'm not sure what to do. I could:

• Force my own removal from the day to day running of the business, with a committed timescale, and go launch something new.
• Accept my fate, give myself a mental slap and dive wholeheartedly back into the business.

I really want to launch something new to prove to myself that I can. To be honest I'm weary and tired of this business and I can feel my patience running thin because we're just not making the kind of money I was hoping for.

Can anyone relate to this? What would you do?

Have you read the 4 Hour Work Week by Tim Ferris? He discusses this EXACT problem and gives a bunch of solutions for it. Maybe refresh your memory if you have read it.

Anyway well done on your success, we joined at the same time. I'm still skint, but happy and free. Perhaps we represent the two choices...