Deciding to shutter a business is one of the hardest choices entrepreneurs are faced with. Starting a business was probably a lifelong dream for you, so giving it all up can feel absolutely devastating. But if your company isn’t making any money, sadly it may be time to move on to greener pastures. Here are 7 signs that you have to let go of your business and find a new, more lucrative opportunity.
7 Signs That You Have To Let Go of Your Business
You’re Using Your Own Money to Keep the Company Afloat
Although many founders dip into their savings to launch their startup, you may want to pause and reevaluate if you’re using your emergency fund to keep your company afloat. If your sales have been lagging for months on end, it may make more sense to close your business than prop it up with your personal funds. After all, you’ll need some savings to live on while you figure out the next stage of your career.
Sales Have Been Down For a While
Every business goes through slow periods. But if your sales have been down for several quarters and your cash reserves are so low you’re running on fumes, you’re probably dealing with more than a temporary cash flow issue. If you’ve tried everything you can think of to boost sales and nothing is working, it may be time to think about shuttering the business before your personal finances are affected.
Your Employees Are Leaving
Sometimes employees see the writing on the wall before founders do. If several of your employees have decided to leave, it may be a sign your business is less stable than you think. Paired with lackluster sales numbers, poor employee retention can be a sign that your business is beginning to fail and it’s time to consider moving on.
You’ve Completely Lost Your Passion
Running a business can be extremely stressful at times. Being a CEO is demanding and often requires you to put in long hours, but it’s a labor of love. If you’ve lost the passion you once had for your business and have felt that way for years, it may be worth looking into other career opportunities.
If your company feels like a burden or ball and chain, it may not be worth sticking with this venture even if you’re turning a decent profit. Happiness is important, and money isn’t everything.
Your Health Is Failing
One of the signs that you have to let go of your business is ill health. If the stress of trying to save your business is starting to break your body down, it may be time to call it quits. At the end of the day, nothing is more important than your health.
Likewise, if your relationships are suffering because of how much pressure you’re under, you may need to reevaluate things.
Customer Complaints Are Pouring In
If your heart isn’t in your business anymore, your lack of passion could decrease the quality of your product or service. If you’re getting lots of complaints, your customer experience may be suffering because you aren’t on your game. Customers are the lifeblood of any business, so if you can’t muster enough motivation to keep them happy, it’s possible your company won’t make it.
Letting go of a business you’ve poured your blood, sweat, and tears into is hard. But sometimes moving on is the best decision for your mental, physical, and financial health.
Have you ever had to make the tough decision to shutter a business? What were some signs it was time to let go? Share your thoughts in the comments below.
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Vicky Monroe is a freelance personal finance and lifestyle writer. When she’s not busy writing about her favorite money saving hacks or tinkering with her budget spreadsheets, she likes to travel, garden, and cook healthy vegetarian meals.