We often read articles about how to tell when it’s time to quit your job, but there is less material or attention to leaving your business. Closing a shop is a tough life decision, but if you’re reading this, chances are you’re considering it.
To avoid making a huge mistake, it’s best to carefully analyze your current situation, think hard about your long-term goals, and be honest with what you really want to achieve in life.
Here are signs that it’s time to close your business for good:
You’re losing more than you’re gaining
In an article for Inc.com, Adam Robinson of Hireology shared how his previous business struggled to make a profit even at full capacity. The main culprit, according to him, was the economic slump after the recession.
Although Salt Lake City has a business-friendly environment, not all businesses are built to last. If you’re getting so much business that you even had to turn away some clients but can’t get to a stable level of profit, it might be time to close up shop and move on to the next venture.
Your health is continuously sacrificed
Entrepreneurs are exposed to a myriad of threats to their health. One of these is the danger of sitting for extended periods. Entrepreneurs work longer than an employee, sometimes 60 hours or more per week. And sitting too long has been found to increase risks to heart disease, diabetes, and more life-threatening complications.
If you find yourself suffering from significant health complications no matter what lifestyle adjustments you do or if the nature of your business does not allow you to live a healthier lifestyle, it’s time to rethink if it’s worth the payoff. Your health should always be a priority, and if you find that your business is negatively affecting your health in ways that cannot be remedied, it’s time to consider how to sell a business in Salt Lake City.
You no longer find joy in running your business
Most entrepreneurs start with a mission in mind. You likely have one, and it’s the one thing that drives you on stressful days. Not every day can be a good day, but if your business is continually stressing and wearing you out, it might be time to stop. Too many entrepreneurs suffer from anxiety, low self-esteem, and even depression because of the unique pressures of running a business.
When you find yourself in a bad mental and emotional shape, it’s important to get help. You might find that you just need to pause for a while or you need to stop your business for good, and either of these is okay.
Quitting is tough for most people, but it’s harder for entrepreneurs who have poured so much passion into their venture. But running a business doesn’t need to cost you your peace of mind and a good quality of life. One of the primary attributes of successful entrepreneurs is the ability to walk away, accept and learn from failures, and start all over again.