Should I expand, close or what to my exhausting Side Business?

Question

I have a full-time job and computer repair side business. I'm considering stopping my side business and I would like some outside suggestions/opinions. Locally I'm a one-person shop known for high customer service computer repairs. My clients love our service and go out of there way in recommending. I have a very high rating on other review sites compared to competition. Issue is that I'm exhausted with the up and down work but I'm not making enough money (that I can see) to hire someone or expand. I think due to my exhaustion I've been having more problems correcting the computer issues (brain's not working the same). I'm in a lot of debt and thus used the side money to help. So I would like suggestions. What are some options in expanding if applicable? What would you do? Should I stop all of this to keep my sanity?

Income Breakdown (profit)

Average ~$$2,000 profit

Current Month (July - up to 26): Gross 5K, Profit $1,200.

My day job hours: 5AM-1:30PM

My side hours (really any time)

Answer 1

Hi, I would like to comment, make a suggestion, and help you out but not allowed to post anything here so you can email me if interested.

Answer 2

Consider selling your business (customer lists, assets, etc) to another computer repair business or hire someone to do the work on commission from your profits. You may have to raise your prices but if you've established yourself, your customers will understand. It is often value that sells your products and services... not pricing!!!

Answer 3

Doc has a pretty good idea. You would start out with a bit less money, but by being able to take on more work-It would end up being more money in the long run.

Sounds like your debt load may not wait while you do these changes. May I suggest having a Financial Needs Analysis done? It gives you a clear snapshot of your financial status and a print out page of the best way you can fix it yourself. You can pay to have one done or get a Free on at http://www.primerica.com/kathyreilly

Answer 4

Consider takeing on a partner and share the work-load and the profit 50/50 that way you could take some extra time off and we know there are outher talented people out-there hopeing to find any means to gain some extra cash.

Answer 5

It sounds like you are great at fixing computers but don't have the energy and patience to be an entrepreneur.  You would be better off working for others and taking side jobs like you are now, but not as many so that you can maintain the quality of your work.

You need to make sacrifices to get rid of that debt as fast as you can to reach a point where you are only paying for your current living and not for the past and then you can better handle the ups and downs of a business.  Then you should start saving during the up times to allow more spending during the down times.

Later, when the opportunity arises and you can better handle the ups and downs, you can consider working with a partner where one of you will work in a computer store for a low wage and the other will fix computers on a per job basis, also for low pay, then after the business is going, make decisions on using extra profits for reinvesting in the business and increasing the salaries paid to each of you.