We’ve all been there – you get swept up in an exciting new idea, you pour your heart and soul into bringing it to life. Late nights, weekends consumed, an all-consuming passion that just won’t quit. This is the euphoria of a pet project – something you fully own and control, a creative outlet entirely of your own making.
But as with any pet, at a certain point you have to consider whether it’s time to let your precious creation go. As exciting as the journey has been, pet projects aren’t meant to last forever. There comes a time when objectivity is needed to assess whether it’s truly thriving…or if it’s time to put it out of its misery.
Understanding the Concept of a Pet Project
A pet project isn’t your day job, it’s a side endeavor undertaken solely for the joy, learning experience, or hoped-for impact. You call the shots, you operate without the strictures of investors or managers. The freedom is exhilarating, but it also means there’s no safety net if things go wrong.
Pet projects allow us to unleash creative energy without constraints. They’re a laboratory where we can learn, stretch, and possibly discover something great. But their informal nature also means there are no set milestones or checks to determine if it’s time to let go. That responsibility falls squarely on you as owner and caretaker.
Identifying Your Pet Project
The first step is honestly identifying if something qualifies as a true pet project or just a hobby. Pet projects generally require a meaningful time investment over an extended period. They may not be generating income yet, but you’ve defined goals and milestones around building an audience, product, service or brand.
There should also be a level of passion and emotional connection to qualify it as a pet. It lights a fire under you in a way that feels almost primal. Your attachment may even cloud your ability to see its flaws or failures objectively. This is where bringing in outside perspectives becomes so important.
The Importance of Objectivity in Decision-Making
It’s tough to be objective about something you’ve poured your heart and soul into for so long. You want so badly for it to succeed that you may overlook glaring problems. This is why gathering feedback from trusted advisors is critical for pet projects.
Look for people experienced in your particular field or adjacent arenas. Explain where you hoped to be by certain stages and get their honest take on whether expectations were realistic or progressed as planned. Don’t argue or get defensive – listen with an open mind to see through their eyes rather than your rose-colored glasses.
Data can also bring much-needed objectivity. Track metrics like user/customer growth or retention, sales conversions or other Lead/Lag indicators to get a factual pulse rather than relying on subjective ‘gut feelings.’ Look for clearly defined north star KPIs to assess progress against original goals and timelines. If momentum has stalled or reversed course, objective signs may point to the end.
Signs Your Pet Project May be Failing
Some telltale signs that it’s possibly time to say goodbye:
- You’ve lost the passion and excitement that drove you in the beginning. The flame has dimmed to a flicker.
- Growth has plateaued despite further marketing/development efforts. Customer/user activity or conversions aren’t increasing as hoped.
- It’s becoming a chore each day/week rather than a labor of love. The fun has vanished and work feels like work rather than play.
- Your personal and professional opportunities are being held back by focusing energy here rather than redirecting it.
- Financial losses have grown substantial with no clear path to profitability or sustainability on horizon.
- Feedback indicates the original vision/market isn’t as viable as first believed, but pivoting feels impossible.
- Competitors have significantly better products, user experience or adoption rates despite early lead.
- Life changes like family/career shifts mean you can no longer dedicate the needed effort.
Considering the Costs and Benefits
If objective signs and input align that it’s no longer thriving, it’s time for hard evaluation of costs versus benefits. What resources – financial, physical, emotional and opportunity – have already been sunk in that can’t be recovered? Weigh honestly against any potential future value or impact it could reasonably achieve with more sacrifices.
Facing facts is crucial here. Admitting defeat doesn’t define you as a failure – it shows wisdom and ability to learn from experience. The knowledge gained in getting this far will always remain, even if the project itself cannot continue. Redirecting energy to new pursuits allows both recovery of sunk costs and moving forward stronger.
How to Gracefully Let Go
Ending a pet project doesn’t require drama, just clarity and care. Communicate transparently with any supporters about changes, thank them and acknowledge their role in getting this far. Archive important documentation for future lessons learned. Officially retire brands, websites or digital assets. Recycle or donate unused materials when possible.
Finally, take time to grieve the loss. It’s okay to feel sad saying goodbye to something you invested in so deeply. But don’t wallow – use it as fuel and motivation to take those skills and relationships into your next venture. Failure is just another kind of success if we let it strengthen our resolve instead of breaking our spirit. Where one journey ends, another awaits.
Conclusion: Embracing Failure as Part of Success
The beauty of a pet project is that we completely control its fate. So when it’s time to let one go, we have full power to do so gracefully and use failure to foster future wins. As Seth Godin said, “The barrier to any success is fear of failure, so every single success requires getting past that fear.” Facing facts with courage allows us to quickly learn and redirect energy – a key asset in any pursuit.
While saying goodbye is never easy, having the clarity and courage to do so turns a potential failure into an invaluable learning experience. In killing our pet projects when they’ve truly run their course, we emerge wiser and better equipped to nurture even bigger ideas to come. May the lessons of this one help guide us moving forward.