I’m unable to understand if I’m being successful enough to dedicate 100% to my startup

I founded an open source focused IT Consulting startup 7 years ago without any business knowledge and had to learn by doing over the years.

But during all this time I was never able to really understand if I’m on the right path or if I should just stop investing my time since I don’t feel it’s really growing fast enough.

Over the 7 year span the employee count averaged 5 people, and our revenue was 1000USD on the first year and will be around 190k USD this year with 32kUSD in net income.

I try to keep earnings high and costs low, and until this point almost zero marketing was done (which I think is the most likely reason for lack of high revenue)

Am I on the right track here?

I run my startup as a side business since it can’t yet support my living expenses due to high taxes in my country.

Any hints? Would you quit your job and focus 100% to attempt increasing the revenue/profit?

Should I wait more?

It’s been 7 years. You’re clearly not passionate about this. Take your experience and start a different business (or pivot your current business) towards something you actually give a damn about. You probably can turn your IT shop into a profitable one, but if you’re not motivated to do so what’s the point? You’ll just continue to wait for things to get better at some abstract point in the future.

Yep IT services is a very competitive field. Lower $ bids will always fly unless you are offereing something new that your competitors are not.

Online marketing is doubtful to help here, as you need to entrench yourself in a big customer with recurring revenue.

Since it is part time, it has stabilized around 190k. Either you or someone on your team neee to do ful time one one customer acquisition. I am sure all big companies must already have preferred vendors

From here, 3 paths I see

1. Sell the company or keep it status quo as long as you are making profit

2. Be a channel partner for products

3. Dedicate full time to grow

Good luck

OP here.

Thanks for the feedback guys, I’ll take your recommendations and introspect about the future.

I will return with news.

3hundredweight

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