I've been working on refining my business plan as this year winds down. It seems to me each year goes faster and faster! I jettisoned my skin care line in June, as it was apparent it was not profitable. This is forever the challenge of the entrepreneur....we follow our dreams and passions, create some way to serve the public and run good business practice, but sometimes you must be able to discern when to throw in the towel, without throwing away your dreams. Here is how I did it:
When I did careful bookeeping and could see that the time and money spent on ingredients, formulation, packaging, labeling, FDA changing requirements and landscape the math just did not add up. I felt a mixture of both a little sadness, and also relief. It was my opportunity to re-define what I wanted PureBliss Essentials to be about.
The first step I took was to clearly define the parts of the business that really excited me. For me, it was clear, the artful/creative development was the "buzz" I was seeking. As I looked at this carefully, I could see that doing innovative soap desgin, that could change season by season was where the satisfaction was. So it was clear: I had to drastically cut my line, and specialize in what I loved the most.
One thing I'm still grappling with, is that I have a number of absolutely dedicated customers who are really upset that I discontinued the skin care line. I've reached out to them and communicated, and have tried to see how else I could help or direct them. At the end of the day, a successful business has to be profitable, satisfying and it must serve customers well.
What process have you used to establish, or re-define your personal or business goals? What process works for you?