Being a business owner is hard work, no doubt. Sometimes it takes awhile before we see any real measure of success. But what if things aren't going as well as you hoped they would? When times are tough, have you ever found yourself wondering if you should quit your business?
I know, you've likely not only poured your heart into your business but some blood, sweat, and tears as well. So why on earth would you consider leaving it all behind?
This can be an overwhelmingly tough decision. And with every hard situation, I always think long and hard before making a permanent change. Do your research, search your heart, and consider all sides of your dilemma before making any adjustments to your business.
These tips on how to know if you should quit your business can help you decide if it's time to dig in your heels or move on.
When it's no longer exciting to you
This isn't saying that all aspects of business are exciting all the time. Of course, there's the day to day tasks that have to be done, and they aren't always glamorous. But you should still have that passion for your business that you had when you first started out, even if it's deep down. Create a vision that makes you want to get out of bed in the morning!
If you dread getting up each day and have no joy at all in anything pertaining to your business, it might be time to move on.
When you're no longer making progress
Don't get me wrong, sometimes in business progress can be slow. But it should be visible. Being at a standstill for too long could be an indicator that you're not getting anywhere in your business. That doesn't mean that you should quit the moment you reach a bump in the road. But things in your business should keep moving at a steady pace. Remember, progress over perfection. If this isn't happening, it might be time to give it up.
When you're not seeing a return on your investment
It's true you have to spend money to make money. But if all you're doing is spending and not making anything, you probably want to give this a second thought. How long before the bank runs dry? Know in your mind ahead of time how much you're willing to invest – and even possibly lose.
This return on investment also includes time. In most businesses, it does take a significant amount of work upfront before you see results. But if you've put in the time, done the work, and aren't seeing any results, quitting might be the way to go. Again, I'm not saying don't fight the good fight and give it all you've got. But if you've worked it for as long as you can and you haven't made any advancement at all, it could be time for a change.
I know quitting your business isn't a popular subject, and most people will probably tell you to keep going and don't give up. While I believe that to an extent, I also feel like many times you have to find what doesn't work before you come across what does. The great Thomas Edison said, “I have not failed. I've just found 10,000 ways that won't work.” Trust me, I'm speaking from experience here. I've started and moved on from a handful (okay maybe a big handful) of businesses and blogs over the last eight years. Every time I left something behind, I felt like it just wasn't the right thing, and I moved on to the next adventure. Quitting doesn't mean failure. If you've learned from your experiences (which most of us do), then it's just another step up on the ladder to success.
And sometimes you're not necessarily quitting at all but pivoting! Switching gears and moving in a different direction can help you stick with your business after all. Even if you take a different course, it's still working your business. Change can be good!
Often just a simple tweak or two can affect the entire course of your business. Don't be afraid to switch things up a bit if they're not working. I've seen people start out doing one thing and make adjustments along the way that in the end let them to something totally different from what they started doing. Don't be afraid to step out and find out; you'll ever know unless you try!
Not everyone finds that perfect business her first time. Often it takes trial and error to discover what works best for you. So think of it this way: Quitting your business is freeing yourself up for finding the work that you are truly meant to do!