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Forget about the embarrassment. Irrelevant. Forget about the people you work with. There are great (and awful) people everywhere. But also forget about grit and
by nickelcitymario 3y ago
Forget about the embarrassment. Irrelevant. Forget about the people you work with. There are great (and awful) people everywhere. But also forget about grit and persistence; that's just more ego talk, completely unrelated to whether your customers will buy from you.
Instead, ask yourself if you even want to be in business anymore. It's ok to pivot if not. You could always work a regular job for a few years, get out of debt, and build up some capital for your next venture.
Before you pivot, though, ask yourself: If this business was even slightly profitable, would I be happy to keep working on it?
If the answer is no, pivot. But if the answer is yes, you need to dig into what's not working.
You mention having $200k in debt. If you didn't have to service that debt, would the company be profitable? If so, there are many potential solutions. You could sell some stock. You could refinance the debt on better terms, telling your lenders it would be better to be able to pay them back in 5 years than to declare bankruptcy and pay them nothing.
How are you customers? Does anyone LOVE you? If not, why not? What would it take for them to love you, and thus attract others to your service? If you have at least a few customers who love you, ask them what they love about you, and considering giving your product/service a greater focus on those aspects where you're knocking it out of the park. Winning over your first 10 diehard customers is infinitely harder than the subsequent 100+ diehards.
If you have a product people love and can be sold profitably, but it simply needs more scale, look to marketing. But beware: Marketing is a results multiplier, not a results creator. You need to have something good to market. Great marketing will help a successful product succeed faster. It will also help a failing product to fail faster.
Finally, you have people on your payroll. Could you conceivably keep running the business without a few of them? Depending on how much you're paying them, that $200k of debt could be handled by simply eliminating some overhead. I know it sounds cold, but they'll be just as unemployed if you have to shutter your business. Better to chop off a limb than let the whole enterprise fail. And as much as you might like your staff, they won't be there for you if/when the business fails. They'll find other jobs and you'll be left holding the bag.
These are just a few ideas. But based on the information provided, I don't think anyone can give you good advice on whether it's time to close up shop and give up on your entrepreneurial dreams.
- ChrisCinelli 3y agoSolid advice. I think you are at a point that require deep introspection. It does not matter what others think. You need to take a day with your destiny.