People starting businesses often do so to quit the boredom of their daily jobs; they believe that by being their own masters they can get more freedom in their lives. In reality, running a business usually entails more work, and money is often hard to come by, especially early on.
There will inevitably come a time when you would consider quitting your business, shutting down and either getting back to being an employee or trying your hand at something else entirely. Here we’ve listed 7 instances when quitting is more reasonable than going on despite yourself.
1. You Realize There Is Too Much to Handle
You aren’t supposed to do everything, especially if you expect your business to grow. But if the business is growing, but you are incapable of forcing yourself to entrust some parts of it to other people, you will never grow. Either quit before you run yourself down, or learn how to delegate.
2. You Are behind Your Annual Revenue Projections
Businesses rarely start turning out profits immediately – but if it is a mantra you keep repeating for three years, something isn’t right. After a couple of years, it’s time to take careful measurements of how your business is doing and make a hard decision: take a new loan or cut your losses and quit now.
3. You no Longer Feel Passion for What You Do
Being an entrepreneur is exciting. However, constant overexertion and daily routine may wear this excitement down. If you feel that you have to force yourself to do what you do, that you are no longer genuinely interested in what the new day brings, it may be time to shut down.
4. Your Health Is Seriously Compromised
If you start feeling that your physical and mental health is not what it used to be (from constant stress, weight gain or loss, chronic fatigue etc.), you should ask yourself if your business is worth it and if there is a possibility of a change for the better in future.
5. You Realize You’ve Changed for the Worse
Not everybody is cut out to run a business, and it can have rather unpleasant effects on many people staying in this position. If you start noticing that you’ve become irritable and impatient, that you stopped paying attention to anything outside of your business, you may consider backing out – unless you want to be like this, of course.
6. You’ve Lost Understanding of Where Your Business Is Going
It means that you’ve either lost enthusiasm for what you do or don’t have a clear direction to follow. Either way, it means that your business is in desperate need of change – and if you cannot make your mission statement clearer, it may be time to stop.
7. Your Most Important Team Members Start Leaving
It may feel as if you are a captain of a sinking ship. If crew members scurry for lifeboats, perhaps they, with their weaker personal attachment to the company, have managed to understand the situation better than you? Don’t wait to be the last man standing.
Running a business means making hard decisions – and sometimes the best decision out there is to quit. Just remember, failure in one enterprise is not the end of the world.
Firstly published on Inc.com: http://www.inc.com/melissa-burns/7-timepoints-at-which-you-should-quit-your-business.html