Choosing whether to close your business or not is an important and quite saddening decision that has to be made. When an entrepreneur starts his or her business they have a dream that they want to make into reality.Business owners usually hold onto their business for way too long until they accept defeat. Before taking out a second mortgage on your home or taking another loan from your father you should take a step back and look at the big picture realistically.
Look at the list below and see if any of the following reasons are concerns of yours. If yes, reflect whether you can do something about them to get yourself and your business out of the current situation. If not, you might want to consider canceling your businesses sooner than later.
Out of Money/Not Meeting Annual Goals:
This is perhaps one of the most important motives on this list.Not reaching the annual requirements is a big sign that the business is not doing well. Starting a business requires investment and not being to make ends meet for a while after the launch can make things troublesome. In case the owner does not have any other source of income and considering a loan has already been taken out it is perhaps for the better to call it quits.
The Thrill is Gone:
When the entrepreneur has the initial idea in their mind they feel very excited about the whole thing and want to tell the world about it. However, if you no longer feel proud of your work, or don’t enjoy doing these things anymore, you might want to stop.
It is Too Much to Handle:
As the business owner you need to focus on the overall management of the company, setting goals for it and making sure it is going in the direction you see is best. It is too much to work on developing the product itself, day-to-day projects, marketing the service/product and handle the finances. You would need a team to help you, however, if your team is asking you for a leave, you should know things are going south.
It is getting in the Way of your Relationships:
If you sense that your relationships with friends and family are starting to suffer and/or the people themselves are telling you so you should definitely examine the situation. Sometimes it is as simple as asking those closest to you “Should I quit?” and then listen to what they have to say.
You Do Not Find the Work Rewarding:
Rewarding does not always indicate money. As mentioned in the previous point, it can be the relationships with the people around you. It can also be the free time you have, the ability to work with people you like and taking pleasure in doing the work itself.
You Aren’t Growing:
Do you feel stuck in a gray daily cycle that you are tired of: the same thing over and over again, every day? You might want to consider some training or talking with a mentor. Even taking a break could be the solution you were looking for.
Deteriorated Personal Health:
Personal health is no joke. Most work is stressful but if you notice things are getting out of control you should consider changing your daily schedule a bit and giving yourself more time to rest. Work is really worth risking your health for.
Why it is a Great Idea to Meet With a Bankruptcy Attorney? – Bonus Tip
In case you have arrived to the conclusion you want to close your business, one way to do it is to file for bankruptcy. Meeting with a bankruptcy attorney is great because they are extremely well informed on the matter and will walk you thru the process making the whole thing extremely easy.
Closing a business is a painful thing. The owner is overwhelmed with the feeling of failure. The people on the team that have worked so hard also see their efforts turning out to be fruitless. However, in the end of the day it could be a blessing in disguise. It could lead to more chances in the future; new and exciting beginnings.