I started a service-based business three years ago, and we just hit six figures in revenue (only about 10-20% is profit). I know exactly what I need to do to expand the business and grow in profitability; however, I hate this industry.
I struggle to find qualified candidates to offer the service. The clients are extremely demanding and high-maintenance. I hate offering the service myself due to the clients.
Has anyone else started a business they hate? I don’t want to just “give up” when the company could be successful, but I can’t stand this industry…
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My 15-yr old solo business hit record revenue in 2023 over $500K with 90% margin. I want to do something else but can’t replicate the income
I’m in exact same position, I could have wrote this post myself. I’m 5 years in and trying to sell. I’ve destroyed my mental and physical health. My employees I’ve had were immensely overpaid (me hoping they would care about doing a good job) and ended up being dishonest and adjusting their pays by adding hours and cashing out services dishonestly. Once I took a deeper look at things it broke my heart. I’m not an authoritative person … people walked all over me in ways I never could have imagined. I will never trust anyone to work for me again. I’m doing all the services and running the business until it sells. Everyday I wake up that I have to work, I have to force myself out of the house I’m often sobbing in despair.
I’m 30+ years into my business (i started at 12). It used to be niche and cool. Now it’s mass-market and filled with absolute shitty people. I’ve experienced it all, but I keep at it because I’m making great money.
I only kept at it this long because I thought I might pass this down to my kids, but I realized I don’t want them to feel the way I’m feeling now.
I’m planning a five year exit to transition into my other business.
I feel for you mate, had similar and it’s heart breaking.
A true entrepreneur would reflect and say “how can I do things differently to account for my (insert trait here) so (insert out one of trait here) doesn’t occur again or is minimized”.
Friends, unless you build systems and processes to scale, you’ll always have a job. It will typically never be fulfilling to work a job as the owner, you want to run a business as an owner. If you are doing it like a job, you are better getting a job to have free-time at the least. You need to scale ASAP to the point you can start delegation and halve your workload. Then keep scaling until you get to pick only what you want to do (such as business dev, or in my case, other ventures)
I like you way of thinking
Normal is whatever you believe normal to be
I also emphasize with OP and can relate and hopefully your words are taken in good spirit
I do as well. I’ve been there.
Get a business partner. One who doesn’t take any shit, put them on a profit share and let them loose on implementing standards and discipline amongst your employees. You meanwhile, take your lovely demeanour and be the customer facing side of the company. Me and my brother have run like this for years and it works. He’s the nice guy, I’m the arse kicker. Play to your strengths. Believe it or not, being a nice guy can be a major strength if you play it right.
This is great advice, I tried to get a partner last year… a few people were interested but couldn’t get them to follow through. I’m so far past the point of burn out, I pray every day for it to be over. I would make a terrible partner at this point. Need to sell and cash out asap, get what I can and be 100% done. I have people interested to buy 🤞
I think you can say you gave it a good shot but if it’s making you unhappy, it’s never going to be worth it. You need to at least like the majority of the time you spend working. Cash out if you can mate, life’s too short. Good luck with everything 👍🏻
You are 3 years in and only hitting $10-20k in annual profit. Does this include your salary? I hope not. I am not sure that this is worth continuing.
This needs an answer. If you’re not getting paid I imagine that is most of the frustration.
A friend of mine started a service business 10 years ago, and he hates it too. Every year he says it’s the last year, he will sell and move on, but the money is good, and it’s the only thing that he knows, so every year he comes back to do it again.
Whatever you do, I would plan for the long-term. If you hate it now, you will hate it five years from now, and if that’s the case, what do you want to do with your life?
I completely understand. There is no shame in selling and cashing out and starting something new or buying some thing. Do you need a broker? 😊
I know that this isn’t exactly the same thing, but I inherited by in-laws’ dry cleaning store in 2018. I hated doing it, but dry cleaning is enormously profitable if run the right way. I quit my job and made $350,000 per year, but the work was grueling, the hours were incredibly long and many of the customers were crazy.
I gave it up in 2021 for the sake of my own sanity. I got a job in my original career path in which I make way less, but it’s definitely worth it. I am a lot happier now.
If you truly hate what you’re doing, it’s not worth staying.
I started a restaurant business back in 2008 and built it into a multi-million dollar business. I was in it for the wrong reasons and as many folx know, running a food business is not for the faint of heart. Because my husband was my business partner and food was his passion I hung in there until I had enough. When I decided to leave my husband followed. We did not sell, we just shut down with barely a 30 day notice. That was over 7 years ago and I have no regrets.
If you have the runway to do so, let it go. If you can’t sell it see if you can license the process to some of those demanding moms so they can start their own business. They can pay you to train them and then send you monthly royalties.
What is the service you provide to your clients?
It’s not uncommon for entrepreneurs to find themselves in a similar situation as you. Building a successful business takes a lot of hard work, dedication, and sacrifice. And while it’s great to see your company grow and hit six figures in revenue, it’s understandable that you’re feeling burnt out and unfulfilled if you’re no longer passionate about the industry you’re in.
Three years to hit six figures in revenue for a service business and you make less than $20k?
Close it tomorrow.
If you’ve gotten this far, it makes sense to hire a top executive to do everything that you do. Delegate 95% of your responsibilities, and maybe only keep the financial decisions in your hand. That will free up your time to do something that you love, or find a new business altogether. If I were you, I’d still continue with the business, except keep myself out of it for the most part. Pay your executive well, and keep performance incentives, so he or she will almost feel like the business owner itself.
If there is a good business and you can tolerate it, of course. If not, just leave it
1 you need to know your numbers. Saying 10-20% tells me you don’t know for sure. There’s a huge difference in that -
2 10-20k in profit isn’t worth doing anything unless you’re already a millionaire and doing this for the fun of it.
I had a very successful client that was unhappy. His business was voted best of many times. And yet he told me he would never do it again.
Why did he hang on? Trophy wife, ego, I don’t know.
Over last 20 years, there have been times when my phone didn’t ring for months. I didn’t give up because I like what I do.
Send me a message if you are interested in chatting with me about this. I’m (27M) in the same position, 4 years into my service based business and just hit seven figures revenue, same profit as last year though (scaling is hungry but I was able to step out completely).