Unless you were born into a thriving family business, there comes a time in every business owner’s life, where we all consider the dreaded question, “Should I close my business?”
Running a business is tough going. As the boss, you need to be on top of everything all at once and are instrumental in the success or failure, as the case may be. But with so much weight on your shoulders, it can feel like you’re drowning from time to time, and for some, this might push them to feel like they want to throw in the towel and close the business. After all, being your own boss isn’t for everyone.
But is that really what you want?
How can you determine if you need to close the business for your health and well-being or if you simply need to take a step back and look at what changes you need to make to help you bring back the love for what you do?
Should I Close My Business?
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4 Things to Consider First
1. Take A Break
It’s not always as easy to do, but if you can take some time away from your business, even if it means closing up shop and losing sales for one day or a weekend. If you feel you are burning out, taking some time away from work can help you see things clearly and assess if you need to address how you are working rather than closing up completely.
2. Talk To Peers
If you’re feeling frustrated or have lost your passion for what you do, talk to others in your industry and get their perspective. Talking to people who have been doing this longer than you can help you determine if this is a normal part of running your own business or if you’ve reached the end of the road. Their insight or experiences can help you to weigh up your options and see if you want to ride this out or start afresh doing something else.
3. Look At Your Options
Let’s say you have decided to close the business or hand it over to someone else using a business broker. What now?
Before you make any rash decisions, you need to consider what your journey will be next. Do you want to return to being an employee, not an entrepreneur or employer?
Are you eyeing up another new venture that has you chomping at the bit, or do you want to take your time to enjoy life before figuring things out (and can you afford to do so)?
What your plans are should you close the business can help you to decide if you need a break or vacation or if ceasing trading is the right option.
4. Go Back To The Beginning
Take it right back to basics and why you started doing what you’re doing. Ask yourself questions like these:
- Where did things change from how you thought it would go?
- Are you achieving what you set out, and if not, why not?
- Do you still have the passion you once did, and can you regain this?
- If the answer is yes, what can you change within the business to help you get back to the part about it that you love?
- Do you need more employees or to bring your first employees on board?
- Do you need to innovate to take things to the next level, or are you just stuck in a rut and need help to get out of it?
Look at what you can reasonably do to get back on track. And if you can’t, you might be right; it’s time to bring this chapter to a close.
Should I Close My Business?
There will always be times in business when you have had enough and want to stop what you’re doing and walk away. But knowing the difference between losing your passion for something and not being able to do anymore with what you have and simply needing to change how you work is vital to avoid making the wrong decision.
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