Top Things To Consider Before Giving Up On Your Business

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!