If a small business owner is struggling, how should one decide on when to call it a day?

Answer 1

Are you able to give any more specifics? Is this a brick and morter small business or cyber? When you say struggling are you talking about not making as much money as you need or are you losing money, and if so how major is the bleed? And of course you need to consider how much you have invested in it, both financial and workwise, and if that can be recouped either by selling or sticking with it.

Then there are some other key questions,such as have you looked at other ways to increase business? And of course to me the number one question is, ignoring all these and other important realities, in your heart is this small business what you want to be doing with your life? If so then I would suggest really looking at all realistic options to keep it going.

Anyway it's really hard to give an intelligent reply without knowing more. At times like this making a good pro's and con's list might be helpful. Also carefully looking at what your options would be if you did call it a day. I can't see making any decision without serious consideration of all of the above, with the biggest being what your heart says. If something is truly your heart's desire and what you want to be doing, then I feel it's worth more effort to make it a viable reality than just something you wanted to give a shot to. I think everyone who works for themselves eventually questions if it's the right thing to do, especially in an economy like it currently is. Only you know if it can still be viable, if you can afford to wait, how serious the current situation is, etc. It's smart to consider your options....just try your best to figure out what really makes the most sense for the big picture.

Best of luck with it!

Answer 2

My husband is a part owner in a small pizza place in town and we have been struggleing for almost two years. We are seeing an increase though so we still have hope. I think as long as you believe and are having slight increase and you have a steady base of regular customers keep going a long as you can. Good luck I know how hard it can be but i hope it takes off for you and does great!!!

Answer 3

When you know that it's not going to work. Don't hang on waiting for a miracle to walk through the door. Leave while you still have something and can take what you have learned and move on to the next venture.

Most successful business people fail more than once before they make it big. Try to make it more like changing jobs as opposed to a life altering event.

Answer 4

You call it a day when you have exhausted all avenues for building sales or profits. You should never dip into personal funds to try and save the business. I believe part of being a smart business person is to realize it is not a failure to close a business however it is a failure to never learn the reasons why!
Just pick up and try another Business!

Answer 5

The answer is in your accounts - break down what you are doing profitably and what you are not - concentrate on the lines that are making money. Retrench your business -

If you genuinely don't want to continue in the venture then get the business in shape to sell and get out as painlessly as you can.

Good Luck

Answer 6

It is true that the business may go bankrupt in less than 5 years due to various factors that may encounter along the way. But, there are still ways to save it, depending on the cause of failure. You may ask the business experts from Mind Strategics Learning Consultancy and rest assure that your problem will be solved.

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Answer 7

You Should call it a day when your goals for the day have been accomplished. At the end of the day you have to use your discretion. No one can tell you what may or may not happen in the next hour. You'll have to live with that decision.

Answer 8

are you still enjoying your self ,can you pull your wage out of your business ,sometimes its a real struggle ,but then sometimes it can be something you can be proud of .is it the type of business ,that the longer you stay the more you lose?can you see light at the end of the tunnel ,can you see your business paid down at some point.

Answer 9

When you don't even like it anymore.
The purpose of working for yourself is financial independence and time freedom. Sometimes you have to struggle past the days when your profits are low, but never when your spirits are low!

Answer 10

When the only thing that is coming to your shop are the files then that means its time to let it go. Do you want to end up in so much debt because your not selling much to keep you afloat. It is better to get out before you become bankrupt that's my opinion anyway.