While we are the first to encourage you to grow and build up your own business, there are some times when calling it quits is actually the smarter option. There is absolutely no shame in deciding that your business isn’t working and that its time to close the doors and focus on something else, and sometimes this can actually pay off.
If you’re floundering in a sea of uncertainty and not sure whether you should close your doors, keep reading. We’ve outlined the times when you need to say enough is enough.
Debt is an issue
If you are heavily in debt and staying open simply means that you are racking up more debt with no end in sight, its time to close. Running up huge amounts of debt that you may take years to pay off is a very bad idea, and it is a clear sign that your business simply isn’t coping.
Even if you win big playing at a online casino Singapore, the chances are, if you are running up debts, paying them off once with a windfall won’t stop them coming all over again.
Your health is suffering
If your physical or mental health is suffering as a result of your business, it’s time to kiss it goodbye. No one should suffer ill health simply because they are trying to make a living, and if you are you need to reassess the situation. In time you simply wont be able to cope with the stresses and demands that your business puts on you, and this could lead to a complete collapse, and costly medical bills!
You are unhappy
At some stage or another in our lives our jobs will make us unhappy. It’s a fact of life and it’s very rare that we are happy at work, all the time. But if your business is making you miserable and it doesn’t look like that will change, it is time to look for something else. Being an entrepreneur is hard work and it is not for everyone and if your heart and soul are not in it, you will be unhappy until you seek new employment.
Being the boss is bad
Some people are born to lead, and others born to follow. If you are the former you will find running a business easy, but if you are a follower, it may be very taxing. If you find that your employees are simply running roughshod all over you, don’t listen and don’t perform or respect you, you need to reconsider your position.
Sometimes employing or appointing a manager works, but if you are a start up or small company, it could be better to cut the cord.
A better opportunity comes along
If you’ve started your business and it’s limping a long and all of a sudden an amazing employment opportunity arises, don’t turn it down. Not everyone is cut out to be self-employed or an entrepreneur, and admitting to yourself that it’s not working and there is something better available can be a very smart move.