One of the most difficult challenges of being a maker is knowing where to effectively spend your time.
With so many ideas & opportunities, how do you know which one will yield the best return?
Well, most times, you don't.
Here's how I recently came to a decision of my own 👇
Last week, I made the tough decision to close down my first profitable side-project.
Although I'm content with my decision, it certainly wasn't an easy call to make.
These were the 5 steps I used to help me evaluate my choice...
1️⃣ After building and failing so many projects, the default value I attach to any new product is failure.
Having no expectations helps separate your emotions and think rationally. This is essential if your goal is to build a business - not just a fun side-project.
2️⃣ Is there REALLY a demand?
If your product is genuinely valuable to customers, they'll tell you.
I took a week off from everything - no product development or social content.
I didn't hear a thing from customers...
3️⃣ If your product has existing traction, review your current growth trajectory, then try to extrapolate future forecasts 📈
Not happy with the insights you see? Well, this can help you weigh the opportunity cost of continuing down this path or pursuing a new product.
4️⃣ Just because it's profitable, doesn't mean it needs to live.
Although I had an existing product generating revenue, I also had a new project that was quickly gaining real momentum.
By letting go of my first product, it allows me to double down on what's working best 🚀
5️⃣ Think about yourself, not what others will think about you.
Letting go isn't failing, it's growing.
The chances of succeeding on your first attempt are slim, so learn to embrace your odds and stay persistent.
If you're not sure whether it's time to call it quits on a product, walk yourself through these 4 steps as honestly as you possibly can.
It might be tough now, but your future self will thank you later ✌️
If you enjoyed this post, I'd suggest checking out my Twitter where I publish more insights like this on my indie hacking journey.
Having failed many times myself, I appreciate the process you employed to come to the most difficult decision a founder has to make.
Any interest in partnering together? https://www.indiehackers.com/post/founding-team-member-co-founder-role-at-a-profitable-fast-growing-startup-cfd605b0ff
#2 resonates with me and I think it's the single best reason to call it quits. If there is little to no demand and no feedback coming in - it's probably time to move on.
I called it quits on many of my side projects because of this and it makes sense looking back even now. If the market wants you to keep working - it will let you know!
Absolutely! As the maker of something, it's so easy to be in denial at times, but a test like this is a great way to reveal the true demand for your product.
Thanks for sharing Lachlan!
My pleasure 🙌
This comment was deleted 2 years ago.
A great way to summarize it!
The product I closed was Maker Threads - a clothing label designed for product makers.