Anyone who has opened a business knows just how much work is put towards keeping the doors open. Figuring out when it’s time to close those doors is an extremely difficult task. Devoting so much time, effort, money, and emotions into your business makes it that much tougher.
“To understand that although this wasn’t in your plans, shutting the business down is going to end the best for you; and better sooner than later,” said Issa Asad Florida businessman and entrepreneur. Mr. Asad is the CEO of Quadrant Holdings and Q Link Wireless–located in South Florida.
Closing your business is emotional and requires a lot of thought. To know what to look for when facing this situation is not always clear. So here are 3 signs that it’s time to close your business.
1. You Aren’t Making a Profit
The first sign that you need to shut the doors is when you are no longer making a profit. This may be the hardest thing to understand because you want to keep striving for success and may think that you can take another loan out and try something new. If you are still not making a profit after a couple years of attempts to try new things, that’s a sure sign it is time to move on. Many of times business owners take personal loans out in order to compensate their losses, making it both a personal and business problem; in the end incorporating all aspects of their life into this failing business. Before the personal loans come in to play, understand that it is okay to throw in the towel and walk away so that you aren’t putting your entire life on the line.
2. You Aren’t Focusing On Why You Opened
To lose focus on what your goal was when you were dreaming of beginning your own business is the second sign that it’s time to close those doors. Having that one focus and aim is what brought you to work so hard at building a successful business, so losing that initial desire is an obvious sign. The beauty of having your own business is that you are passionate and excited to go into work each day. If you feel that you are no longer interested in fulfilling that goal and are working solely to keep the bills paid, that’s a sure way to determine the business is most likely not going to work out.
3. You’re More Into Your Product Than Consumers
In order to have a successful business, it needs to provide a solution to consumers. Not all ideas are good ones even if you are extremely passionate about it—a good business has to center around the interest of the public, ultimately. Thinking that you have the best product but you aren’t actually meeting your business’ profit goals and are struggling financially is a the third sign to look for when it’s probably not catching the interest of anybody but yourself. The bottom line is that if you are more into your product than consumers are,and you are not profiting, it is probably a sure sign that your business is doomed because it doesn’t provide a solution to meet their needs.
