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The fact that you don't have enough time to do both could be a red flag indicating that the business is going to be hard to scale up to the level you need. Are
by irvingprime 5y ago
The fact that you don't have enough time to do both could be a red flag indicating that the business is going to be hard to scale up to the level you need.
Are there aspects of the work that can or should be automated?
Are there aspects of the work that should be offloaded to third party services to free you up to concentrate on the bits that bring in the money?
Are you charging enough? I ask because not charging enough to cover your needs is a common mistake. Increasing your rates might reduce the amount you need to scale.
Do you have enough saved up to endure a year or so of reduced income while you work out the problems of scaling?
Figure out the tactics. Plan for the transition. Don't just fling yourself into it. I don't say any of this to discourage you. I hope that, after some planning, you make the leap and I hope you do very well from it.
- gwbrooks 5y agoRe: Charging enough. New solo practices should establish an hourly rate that allows them to spend 50% of their time on business development. Nearly everyone thinks they can get by with less, and they can -- for a while. You don't develop sales muscle without exercising it a lot. A related point: Figure out your keep-the-lights-on-and-rent-paid number. Then? Maintain: * Billings of at least 125% of that; and * No single client accounting for more than 20% of your book of work.