So it’s been a few months, maybe a year, since you invested
in a new business opportunity and you don’t seem to be getting the anticipated
results. Consequently, you are getting discouraged thinking you have made the
wrong decision. The only logical thing to do now would be to accept you have
wasted all your savings and go back to your day job. Sounds familiar? You are
not alone.
More than 80% of new entrepreneurs give up on their business
within the first 18 months. This is just heart-breaking. I’m not going to argue
that nobody should ever give up on their business. Clearly there are cases when
one needs to have the courage to admit defeat and move on as most successful
entrepreneurs have done at some point in their careers and rightly so. What I
am going to talk about today, however, is a few key things to consider before
making the decision to pull the plug on your business.
Let’s dive right in! 1.
Why are you giving up?
Is your business
really failing and if so, why? Are you giving up because you are not enjoying
this as much as you thought you would? Is it because you are not making enough
money? Is there anything you can do to change things? Taking some time to
really think these questions through is essential. Next, I recommend discussing
your decision with friends, family and other entrepreneurs who are able to give
you honest advice. Make sure you listen to what people have to say and
critically evaluate everyone’s opinion before you make an impulsive decision. 2.
Have you really been in touch with the business?
Do you genuinely believe you have done everything that you should and could have
done to make your business successful? It is not uncommon for young
entrepreneurs, especially those who enter a partnership or buy into a
franchise, to sit back and relax after investing their money in a business
opportunity. If this is you, it is time to step out of your bubble and realise
that even though you are not alone in this, and yes there are people who
support you, as a business owner you are the number one person responsible for
the success of your company, so start acting like it! Waiting for a new
business to magically start generating money, even if it’s a proven model that
works for other people, is reckless at best. 3.
Have you communicated your unique selling
proposition clearly?
You will be surprised how many people have started a
business having an incredible idea or the most innovative product, yet failed
to communicate their usp to their audience. In reality, using proper business
communication can be harder than you think and inexperienced individuals tend
to overcomplicate things and confuse the audience. It’s never too late to hire
a marketing professional to get the job done properly for you, though. 4.
Have you
realised it is your baby?
You’re the
owner, the leader, the boss! Whichever title you prefer; one thing is clear –
you’re the one responsible for that business. As most things in life, success
is also a matter of perception. The sooner you start seeing the company as your
own little creation, the sooner you will commit to it in terms of time and
effort. 5.
Have you ever thought that it still might
be too early?
Entrepreneurship is by default an unpredictable route. Give
it some time. Every business is unique, but in most cases I’d allow at least a
year for things to start stabilising and for you to realise what exactly you
are up against. 6.
What if this is all just too much for you?
I’m sure when you first started your own business, you loved the idea of being
your own boss. However, with what seems to be total independence comes great
commitment. Being an entrepreneur means
you need to be ready to accept pressing calls and emails at all times or run to
the office whenever you are needed, even if you have planned to take the day off,
simply because you’re the boss. The reality is that you can never be completely
‘off’ as work will always be on your mind whether you want it or not. If you
feel that all this responsibility is too much for you to handle, just know that
this will soon change. I know that this sense of responsibility can be
intimidating at first, but I can guarantee that as soon as you make your first
real sale or hit your first target you will want to be in the office and work
will soon stop feeling like work – and let’s be honest, isn’t that what
everybody wants?
I hope these points give you some food for
thought and ultimately help you reach a conclusion. Whatever your decision
might be, I’m confident it will be the right one. After all, nobody knows your business better than you do.
I would love to hear your thoughts on giving up on a business, so please feel free to comment below and
share your experiences!
