Author Topic: Self employed and starting to suck  (Read 3815 times)

gavint

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Self employed and starting to suck
« on: June 08, 2022, 08:55:13 AM »
MMM's latest article had a passage in it that totally resonated with me:

Imagine that you’re running a company. Your customers keep buying your stuff no matter what you do, investors bid your stock price up to the moon regardless of your financial performance, and there is no competition on the horizon. What do you think will happen to your monopoly?

There’s no need to speculate on this, because it has happened to varying degrees since the beginning of economic time. The answer is that you start to suck


That's me!  I certainly don't have a monopoly and I don't have investors but I do have an unreasonably loyal customer base.  Which is nice, BUT:  I just don't like the work any more and have been cutting corners lately.  I feel shitty about it because I should be delivering a better service.  I've become the Volkswagen of my branch - providing an overpriced, meh quality product based on past reputation.  I don't like being that guy, but the passion for the work is gone and it has just become a chore.   

Who else has hit this point in their self-employment journey?  How did you deal with it?  Did you find a way to get motivated again, or was it just time to do something new?



Michael in ABQ

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Re: Self employed and starting to suck
« Reply #1 on: June 08, 2022, 06:55:51 PM »
Maybe it's time to consider selling the business? Or is it something where you are the business? If so, you potentially still have a saleable asset, but it might be tens of thousands vs. hundreds of thousands.

BlueHouse

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Re: Self employed and starting to suck
« Reply #2 on: June 08, 2022, 07:17:24 PM »
You just described me. 

I retired.  It was just me, with a consulting service, so there was no product to support. 

Smokystache

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Re: Self employed and starting to suck
« Reply #3 on: June 09, 2022, 10:05:20 AM »
I can see a bit of me in your post. A couple of thoughts (perhaps these are actually directed at myself and it helps to type them out??):
- have you had conversations with your customers about the value of your service/product lately? I provide a service that is very, very easy to deliver and sometimes wonder if it is worth what I charge. But my rare conversations with my customers continually reinforce that this is a service they value and they would likely pay 25-50-100% more for it. It is also a service that they would invest more time/money if they tried to do it on their own. So I try to remind myself that this is really valuable even if I wouldn't buy my own service if I was in their shoes.

- Is there a new feature or related service that you could add on as an option or deliver alongside it? Perhaps you are reinforced by the chase of getting new clients or new sources of income and that could scratch that itch?

-  Is it a service that could be further automated or refined so that you're spending even less time on it?

valaraukar

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Re: Self employed and starting to suck
« Reply #4 on: June 11, 2022, 08:49:52 PM »
  I just don't like the work any more and have been cutting corners lately.  ... I don't like being that guy, but the passion for the work is gone and it has just become a chore.   

I looked into several options for leaving what I do (appellate litigation for veterans), but realized they were more work than just doing what I was doing.

I decided to investigate WHY I didn't like the work any more.

I realized I actually did like the work, I just didn't like the constant worry about getting enough clients. So, to remedy that, I revamped my marketing plan to get more clients from referrals from other veterans law attorneys who don't want to do the appellate litigation piece.  I also worked with a marketing company to revamp my website and revise my direct marketing letter, to boost the response rate to my direct marketing letters. 

So, my advice would be to explore why you don't like the work anymore, identify the issues that led to that feeling of dissatisfaction, and see if you can remedy those issues -- but without feeling like a sellout or a drone.

Hope this helps.

gavint

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Re: Self employed and starting to suck
« Reply #5 on: June 13, 2022, 03:18:48 AM »
Thanks for your comments, I appreciate them.  I'm currently on a three-week vacation, a good time to do some deeper thinking on the subject. 

As to the specifics mentioned in your replies:  I'm the business, and where I live there isn't a tradition of buying small businesses like mine, so the only saleable assets I have are my (depreciated) vehicles and equipment.  I'm in my early forties, in good financial shape but nowhere near enough to retire early MMM style.  And I have indeed looked at how valuable I am to my customers, albeit indirectly by jacking my rates this year by 30%.  Because of that I lost... no customers.  So, I do provide a service that is highly valuable to my customers (I am one of the most expensive in my city, but arguably also one of the best) even if I perceive that my standards have fallen.  It would be very difficult to replace the income I'm generating elsewhere in my field, especially by taking a job for someone else. 

I'm going to stew on your comments the next couple of weeks and look at this from different angles.  Perhaps it's mental health, perhaps there's a trick to keep my interest and quality up, perhaps it's time to delegate, maybe all of the above.        #

@valaraukar had a good point - find out WHY I don't like the job... I don't have a precise answer for that, other than 'it's starting to bore me'.  Very good suggestion, I'll do some digging in that direction.

Cheers!




daverobev

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Re: Self employed and starting to suck
« Reply #6 on: June 13, 2022, 04:33:37 AM »
Can you either take on an apprentice, and/or reduce your client numbers?

Taking on an apprentice will I assume be more hassle than gain for a while but...

hankscorpio84

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Re: Self employed and starting to suck
« Reply #7 on: June 13, 2022, 10:32:25 AM »
Can you afford to downshift?

You could reduce commute times and increase margins by cutting clients who are unlucky enough to be located farthest from your home base. 

Is there a competitor in the area who you trust to provide similar quality?  I've heard of people selling client lists for a fee/kickback, so not selling the business but still getting something in return from the relationships you've built.

Ultimately this comes down to your happiness vs. theirs.  To have built this business, your personality type must value service and doing the work right.  Those traits are now creating this conflict.  Do you need more of a challenge to make the work less sucky?  Pivoting to provide different services might be the answer?

gavint

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Re: Self employed and starting to suck
« Reply #8 on: June 19, 2022, 09:26:17 AM »
@hankscorpio84 : yes, I can afford to and have actually attempted to downshift this year, I'm essentially working part-time right now.  It has had the opposite effect to what I was expecting - working less has made me even less inclined than before to get out there and get the work done while at the same time amplifying my feelings of guilt-from-perceived-laziness. 

And no, there are no competitors out there that I trust to take on work to my standards.  There are larger companies that offer a quality service similar to mine, but they don't take subcontract work or buy other people's client lists.

And I think you've got a valid point in that I may need the next challenge.     

@daverobev I've thought about this a lot, and it would address one of the parts of the job that is slowly getting to me - that of working alone.  I'm going to take steps in this direction by first getting in contact with the regulating body for apprenticeships in my area to see if it's even a possibility.  I keep alluding to 'Where I Live' - here bureaucracy is an f-ing nightmare, the process for taking on an apprentice is outrageously complicated.  Like a 50 page application process with multiple level reviews complicated.  Perhaps that's an unfair exaggeration, but not by much. 

I have been thinking about all of your comments the last while, and they've given me some ideas to work with.  Thanks random internet strangers!  I'll post again with more concrete thoughts in a couple of weeks.




   

LightStache

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Re: Self employed and starting to suck
« Reply #9 on: June 23, 2022, 12:41:06 PM »
Yup! I have a five-year exit plan where I'll be barebones FI at the end. If there was something else that made decent money and appealed to me I'd shift sooner. But I can't think of anything so I just keep chugging along looking forward to that end zone.

gavint

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Re: Self employed and starting to suck
« Reply #10 on: August 22, 2022, 08:53:26 AM »
Alright, new thoughts and some progress.  Back to work today after two weeks of vacation, and I could manage about four and a half hours before I had enough of the heat and thorns and went home.

I have thought about what it is that bothers me about the job, and there isn't much I can do about it.  The major part of what I do is what I have begun to actually hate doing - garden maintenance.  Thorns, heat, physical exhaustion, rain and f-ing roses.  And working alone while doing it.  There are other parts of what I do that are way, way more fun - woodworking projects, tree climbing, plantings, risk assessments on trees and that kind of thing.  More competition or low demand or both in those areas, and so they have remained minor parts of my repertoire the seven seasons since I went self-employed, despite repeated attempts to expand them.  There is loads of demand in hardscaping (patios and the like), but that is a no-go, way too physically demanding, I gave it up as of last year. 

But, as I am now officially as of last week in my mid-forties, the physical aspect of things needs to get turned down a few notches anyway.  Enter the new development:  Apparently there is a huge demand for competent project coordinators in my area of expertise on a freelance basis, primarily working for landscape architects, but also for larger landscaping companies and private individuals.  That looks like a pretty good challenge, and one that I'm qualified and experienced enough for.  An acquaintance of mine is a landscape architect himself, and we're going to discuss a strategy over beers soon.  On to the next thing, should be exciting!

I did look into taking an apprentice on, and I don't meet requirements.  Although I'm a trades master (the definition of being qualified to have an apprentice), my company is too small according to regulations.  Oh well, not surprised, Ordnung muss sein.







 

lutorm

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Re: Self employed and starting to suck
« Reply #11 on: August 23, 2022, 02:31:57 PM »
I did look into taking an apprentice on, and I don't meet requirements.  Although I'm a trades master (the definition of being qualified to have an apprentice), my company is too small according to regulations.  Oh well, not surprised, Ordnung muss sein.
I'm curious about this, there are regulations for who can do yard work??

gavint

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Re: Self employed and starting to suck
« Reply #12 on: August 25, 2022, 01:46:17 AM »
@lutorm : 'I'm curious about this, there are regulations for who can do yard work??'


To work in landscaping here there are no special regulations or minimum qualifications, although just being an employer is an enormous hassle.  I could hire an unskilled person to help out if I wanted to, I just wouldn't be allowed to train that person up to journeyperson level, where they can then qualify to take the exams to become a skilled worker in the eyes of the state (and my customer base).  I live in a country that is insanely over-bureaucratised, it is one of the major reasons I haven't expanded. 

« Last Edit: August 25, 2022, 01:49:06 AM by gavint »

Michael in ABQ

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Re: Self employed and starting to suck
« Reply #13 on: August 25, 2022, 08:58:33 AM »
@lutorm : 'I'm curious about this, there are regulations for who can do yard work??'


To work in landscaping here there are no special regulations or minimum qualifications, although just being an employer is an enormous hassle.  I could hire an unskilled person to help out if I wanted to, I just wouldn't be allowed to train that person up to journeyperson level, where they can then qualify to take the exams to become a skilled worker in the eyes of the state (and my customer base).  I live in a country that is insanely over-bureaucratised, it is one of the major reasons I haven't expanded.

I'm just picturing some teenager going door-to-door with a lawnmower or a pair of shears in his neighborhood getting arrested for not having the proper license/permit/training/insurance.


There was a teenager trimming some bushes and small trees in our neighbor's front yard last year and I asked if he could trim a couple of bushes in our yard when he was finished. I think I paid him $30-40 in cash and that was it.

gavint

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Re: Self employed and starting to suck
« Reply #14 on: August 25, 2022, 12:31:11 PM »
@Michael in ABQ - it's a funny image!  Whereas back home we would consider that kind of thing part of the 'grey economy' and buyer beware and no big deal, with the locals here it's flat out black market and definitely illegal.  Like illegal to the point people are very careful about who they do it for or who they tell about it.  It happens all the time though and people rarely get caught at it, but some occasionally do and it doesn't go well for them.   


 


 

Wow, a phone plan for fifteen bucks!