The decision to push forward or quit your business is never quite as easy as you might think. For one, a business is typically your baby. You have a passion for it, and personal reasons why it’s become a business. Next, there is the matter of quitting. I don’t know about you, but I don’t like to quite anything. But quitting, I’ve learned, isn’t always a bad thing. It might be a smart thing to do when it comes to business.
So, let’s look at a few reasons why it might be time to quit your business
Reasons it Might be Time to Quit a Small Business
1. Your Relationships are Impacted
Nothing is worth sacrificing your family or relationship with God. I don’t care how much money your business makes! As a Christian, I’ve come to learn that there are many things in life that we can have a passion for doing, but our priorities get out of balance. As soon as family time starts suffering, you’re not around for your wife and kids, or you’re not spending time with the Lord, it’s time to really consider whether nor not it make sense to move forward.
2. You Can’t Make a Business Out of It
There are a lot of hobbies turned business that we like to pretend are businesses, but they really aren’t. Sure it generates some revenue or spending money, but can you make a good enough profit that the business will grow and move forward, pay yourself for some of the work, or perhaps transition out of your day job? Why would you work at something for 10 years and not get anything out of it from a business standpoint? It doesn’t mean you have to quit all together, but don’t call it a business.
Let me explain further. Blogging is probably a good example and obviously one that I can closely relate to with my work here. Why invest in your blog, writers, hosting, and many more costs if you can’t ever really turn a profit. I know blogging is a long-term business venture, but at some point, blogging as a business has to really be a business, otherwise you might just blog once in a while and not worry about everything that comes with operating blogging as a small business.
3. You’re Digging Yourself into a Deep Hole
A business can’t be profitable if it carries a lot of debt. A lot of businesses get started with debt and I think I’m okay with that to a certain extent. But I think you have to make money before you take out a loan to grow the business. If it’s not growing and you’re accumulating debt via a small business loan or credit card that you can’t cover, well, your business is probably going to go down quick. At some point, you have to make a decision as to whether or not owning your business is really worth the financial stress.
4. You’re In the Business
One thing I’ve been learning more about recently is being in the business versus managing the business. It’s easy to be in the business. You do most of the work and the survival of the business depends on you. This is not the type of business I want to be in. As with blogging, or online media, I’d much rather be writing once a week or every few weeks and publishing content from great writers. I enjoy writing but it’s not probably my strongest point. I’d much rather manage a financial media company, the marketing, partnerships and product creation versus writing on the blog all the time. I’ve got some work to do to get out of the middle of my business. What about you?
In summary, quitting is tough decision and not one that would ever come easy for me and I’m sure for you. I honestly like the idea of taking a pause or time to refocus versus quitting all together. If you’re encountering any of these issues, perhaps it’s time to talk with a trusted mentor, pray about a possible resolution and spend some time refocussing your efforts. And quitting might not be a bad thing. You’ve obviously learned a lot that can be applied to your next endeavor that could make it even better or much more profitable.
What do you think of these reasons to quit your business?