Honestly, I've become a bit scared of growth, as that just means more work, more responsibility, more hiring. Whatever happened to my nice little lifestyle business!!?!?
This is what I struggle with. We did well this year and I think I can possibly hit my life goal of hitting my first 7 figures sales next year, but I'm not sure if I just want to stand pat and lifestyle the business or try to go for it.
My reasons for going for it are 1) parents are aging and I want to help them with retirement 2) ride the wave b/c you never know when it will stop and 3) yolo.
My reasons for not doing it are 1) it's a bunch of extra stress and work I don't want to do. Lol.
The problem is, if you don't grow, eventually your business will dry up and be out competed by competitors that do grow.
The problem with growing, is that the more you grow, the more attention you'll attract from established big players, who will eventually jump into your game and likely destroy you.
It seems to me that running a small business can never really be a sustainable, long term venture, unless you get very lucky with a niche that no one else notices. You either have to plan to eventually be destroyed, or grow into a giant.
Even big businesses don't last forever. Eventually they get gobbled up by a competitor or a new leaner arrival disrupts their business or the market changes.
>You either have to plan to eventually be destroyed
I suspect letting go is difficult for a lot of people.