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by trcollinson 4029 days ago
A number of folks have given you advise on what to do to keep the business going. But I would suggest sending out an email to your current customers, giving them a shut down date, and then shutting it down. It might sound harsh, but here's why:

You have learned a lot! You made a product, you launched it, you made a little money. That is a fantastic education. But remember not every "business" actually takes off and becomes a business. I have started and given up on a number of great ideas. It's ok to move on to the next idea.

In fact, sometimes it's best to move to the next idea right now. You are in a lull on this idea. It's not working out. It's not sustainable. It will take a significant amount of time to make it sustainable and honestly, will it make you happy? Do you love it? Are you passionate about it? If you are waffling on these at all, then move on and make something great.

I am reminded of a rather well known Angel investor that often tells a story of when she was young having an idea for a particular business. She worked on it night and day for 2 years and didn't make a dime. She was so disappointed as she had to take a part time job selling apartments in New York to make ends meet. Then she realized that this was her real business and passion. She killed off the first business, and made a killing in the second one.
1 comments
jtfairbank 4029 days ago
Wouldn't hurt to just leave it as is, in maintenance mode. Especially since he built it for his sister.

Or implement a 'pay for features' model where its kind of like contracting work- anyone can request a feature and they are publicly displayed and sponsored, once the set value is reached then he implements it.

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trcollinson 4029 days ago
Certainly, that is an option. Both of those are. And of course with a sister who uses it you might want to keep it going somehow for her.

However, let's look at it like an investor. (I tend to think all entrepreneurs should stand back and look at their own business as an investor would). Is this a business? No not even close. This is a hobby. Would giving it $100,000 make it a business? Not without a substantial amount of work. Would the risk and reward play out correctly? No, the market is too small and there is no play there. Does the founder seem like he has learned something and would do well in another business? Yes! Absolutely.

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