Considering my options

Tuesday 11/12/19...

So, yesterday went exactly as I thought it would. It was a struggle to stay motivated, but I pushed through anyway and it helped pick me up a bit.

There was one part in particular where I procrastinated for quite a while, but it gave me some time to reflect and consider my options. I need some more time to unpack it all, but I think my problem, at its core, is my business model.

I'm struggling to do the work and it's very time-consuming. I mean, I had to hire someone part-time just to handle the workload for one client. It scales when I have dedicated employees, but that's only an assumption and there has to be a better way.

Then, I look at how many conversations I've had versus how many clients I've signed. I've booked 22 calls but only have one client. So essentially my close ratio is trash.

Most of the people I've spoken with love what I have to say and are really excited about the approach I take, but it seems to fall apart when it comes to pricing. Sure, there are people who won't have the budget, but I've certainly talked to enough people who have the budget and they seem to be exploring different options.

That could mean a number of things. I'm not positioning the full benefits of the solution which means people are breaking everything down to simply how many meetings I'll book for them. That inherently decreases the perceived value of the service.

I'm not willing to compromise on the approach because I wouldn't do so for myself. I can't decrease the price without destroying my margins. I've considered a compensation-based model but that's a whole other can of worms to unpack.

So my gut tells me, for now, to stop pitching this service. I have another offering that I can sell in the meantime, but I need to figure out how I plan to move forward from here. It sucks, and it certainly sets me back, but I need to adapt to the needs of the market.

I'd rather make the adjustments now when it's easier to pivot than to fight an uphill battle. Plus, the whole point of working for myself is to enjoy what I do. If I try something and don't like it, then it's time for a change. It's as simple as that!

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This is an entry from my personal daily journal and a snapshot of my journey in building a marketing agency. I started publishing this daily journal to hone my writing skills, reflect on my progress, and help others along the way.

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Thanks for reading, see ya tomorrow : )

- Dan