I was inspired to write this post today from what Marie Forleo sent out yesterday.
The topic was ‘How to know if you should close down your business.’
This is a tough topic considering if you are an entrepreneur and all your blood, sweat and tears went into building your company from the ground up. The relationships that we build sometimes keep us from closing up shop too! The realization that we face that our business is not the way we pictured it is a tough reality. Watch her video below.
She touched on some major points that will help someone distinguish between whether or not they should push through or whether to close up shop.
But come on Steph I want the feel good posts you always put up! Well, this one is a hard topic yes… but if you feel any of these following things then I want to help save you from the stress and disappointment of a failing business!
If you feel…..
*Happy at the thought of your business vanishing into thin air
*Tired of getting up everyday to ‘work’ your business
*Your passion just isn’t there anymore for your business
*Stressed because your business is not generating enough income
*Like you are building a business out of desperation instead of a place of passion and excitement
Now lets dig deeper… if you have bills piling up and you are putting your families well-being in danger it is time to close up shop.
I have encountered many people over the years of being an entrepreneur that are up to their ears in credit card debt, not making a profit and building a business out of desperation. It is not a good place to come from! I have seen people acting like they still make an income when they DON’T! They put a brave face on telling the world that everything is ok when its not.
Having a business that you know isn’t working anymore or that your passion is lost it is OK to close up shop.
No one will think you are a failure. Like Dani Johnson always says “What is bigger your ego or your bank account?” If you are at the crossroads of a failing business but a desire to impact the world in a different way, I say just go for it! Your heart will most likely point you in the right direction. Being an entrepreneur sometimes there are hills along the road until you reach your destination.