Should I give up being solo and expand?

[suz]

Thank you so much everyone for your replies - they are so diverse and informative and have given me a lot to think about. One that hit home was that maybe I never expected to be as successful as quickly so always presumed it would be just a "solo" business for the long term.

I going on a short break to Tassie at the end of the week (much anticipated) and will print off all your comments and have a good read through each and every one - I have already gleaned something from each comment and will contemplate while I am sipping cocktails (hopefully) where it is I want to go with my business.

Many thanks and will keep you posted!

Kind regards

Suz

[Fingerfood]

Sue,

Good luck with everything and please do let us know how you decide!

Enjoy your trip to Tassie!

Regards,
Mel

[websitedesigner]

Hi Sue, great to hear business is booming.

I think the answer to this question is pretty easy. If you are happy running a solo business and you don't have ambitions outside that then I would keep it solo. Happily turn down work it will make people appreciate you more and put your prices up, continue to put them up until you can take one day a week off! Whatever your clients are prepared to pay is what you are worth to them it could be quite a bit more than you are currently charging.

Growing a business is very very difficult. I went through the same thing with my business however I was never happy running a solo business and always intended to grow it so for me I've always known I could make more money on my own but that didn't align with my goals. But it's been incredibly difficult. Don't underestimate how complicated things get when you start growing - having an abundance of customers is not a good reason to do it in my view.

Good luck and see you around on the coast.

[suz]

Good point, Dan, certainly something to think about. I guess after working for other people for 30 years when you finally have the freedom to do what you want, including saying "no" it is a little surreal and scary sometimes too.

Cheers!

[bridiej]

Hi Sue, I'm in a similar position to you, I love being a solo operator but my workload has got to a point where I really need to be working full-time, but can't yet due to my husband's work! I've actually got two ladies that help me out with overflow work when I need it, one in the UK and one locally (literally down the road) and it's working out really well.

I actually spoke to a business coach (I'm happy to give you his name if you like, drop me a PM) as I was having trouble finding transcriptionists that were up to the same standard as myself. He came up with some really great suggestions, things I hadn't considered - I really think having someone from outside the business look into it was just what I needed as I was too close to it, if you see what I mean?

Anyway, it's working out well with my freelancers. I send them work then I check it against the original audio - it's far quicker than typing it myself but still gives me control over the quality of the transcripts.

I am hoping to go full-time with my business this year.

[CondorCreative]

When you have more business than you can handle and you don't want to expand then increase your prices.

If you want to expand but are worried about the quality of work, you could always check the first job they do for you and then randomly check others to see they are maintaining a good level of quality.

[MargaretO]

Your situation reminds me of this joke...

An international businessman was standing at the pier of a small coastal village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The businessman complimented the fisherman on the quality of his fish.

“How long it took you to catch them?” the businessman asked.

“Only a little while.” the fisherman replied.

“Why don’t you stay out longer and catch more fish?” the businessman then asked.

“I have enough to support my family’s immediate needs.” The fisherman said.

“But,” the businessman asked, “What do you do with the rest of your time?”

The fisherman said, “I sleep late, fish a little, play with my children, take a nap with my wife, stroll into the village each evening where I sip wine and play guitar with my friends. I have a full and busy life, senor.”

The businessman scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds you buy a bigger boat, and with the proceeds from the bigger boat you could buy several boats, eventually you would have a fleet of fishing boats.”

“Instead of selling your catch to a middleman you would sell directly to the consumers, eventually opening your own can factory. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to the big city, where you will run your expanding enterprise.”

The fisherman asked, “But how long will this all take?”

To which the businessman replied, “15-20 years.”

“But what then?”

The businessman laughed and said, “That’s the best part. When the time is right you would announce an IPO (Initial Public Offering) and sell your company stock to the public and become very rich, you would make millions.”

“Millions? Then what?”

The businessman said slowly, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take a nap with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your friends…”