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Published Feb 28, 2020

319: Should We Shut Down Our Business? | Feedback Friday

Jordan Harbinger and Jason DeFillippo navigate the tough decision of closing a business, tackle resume and networking challenges, and offer insights on overcoming social anxiety, all while emphasizing practical strategies and empathy.
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  • Airbnb Challenges

    Running an Airbnb as a side hustle presents unique challenges, especially when balancing family responsibilities. shares his experience of managing an Airbnb while dealing with financial strain and family obligations. He highlights the difficulties of hosting, such as guests overstaying their welcome and disrupting daily life 1. suggests a potential solution by targeting long-term renters who are more likely to integrate smoothly into the household without causing disruptions 2.

    You want somebody that's got a job in the city where you live, that might just be looking for essentially roommates in their own room.

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    This approach could alleviate some of the stress associated with frequent guest turnover.

       

    Side Hustle Viability

    Evaluating the viability of side hustles is crucial, especially when financial stability is at stake. emphasizes the importance of maintaining income-generating activities, even if they are less than ideal, like running an Airbnb 3. He advises against continuing a business that is not profitable, highlighting the need for realistic projections and financial planning.

    Unless the business is projected to be profitable or even just break even in the coming months, and it's a real projection, not just wishful thinking, shutter or pause the business.

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    This pragmatic approach ensures that resources are not wasted on ventures that drain finances without offering returns.

       

    Prioritizing Opportunities

    Balancing multiple entrepreneurial opportunities requires strategic prioritization. discusses the challenge of choosing which opportunities to pursue when time and energy are limited 4. shares his framework for decision-making, focusing on the three Ps: people, place, and price. This method helps in evaluating the potential benefits of attending events or engaging in new ventures.

    If I got two out of three, I'm down.

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    Such a structured approach aids in making informed decisions that align with personal and professional goals.

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