How to Know When to Let it Go

Letting go of a business is an act that requires plenty of courage from the owner himself. There is no point in crying over spilled milk when you know that you’ve done all you can. Remember that even the most successful businessmen have experienced financial hardships in the past.

Look where they are right now. Be advised that letting go of a business is a stage of loss and regret, and you as the owner must be aware of the signs that tell you to raise the white flag and bid goodbye to your venture.

  • One of the main factors you need to consider is the passage of time. If you have been running your business for almost five years and there are still plenty of room to cover in terms of finances and customer count, let it go. Know the difference between a pastime and a business—the latter involves making more than what you create.
  • Being burdened by huge amounts of debt is another sign that you need to wave goodbye to your business. When in doubt, sit back and look at your finances. Be honest to yourself. If you admit to yourself that there is no way for you to pay back your debts, it’s time to let go.
  • Are you still being forced to do all the work by yourself? Do you still wake up every morning expecting to work the usual twelve hours per day? If it has taken so long before your actually workload decreases despite the increase of resources, it means you do not know your priorities. Remember that there will come a time when you will get sick because of stress. You do not want that to happen, so be sure that you know the right time for you to take a rest.
  • Simply put, if you feel unhappy with the way things are going, quit. Unhappiness is the number one factor to consider. Remember that you start a business because you want to earn money, but it doesn’t mean that you have to sacrifice your happiness in the process. There are plenty of businesses that have shut down because its owner don’t feel too satisfied anymore, so don’t hesitate to do the same.

As an entrepreneur, you will surely have a hard time letting go of your business. Weigh down the pros and cons before doing any major decisions, though, or else you might be regretting your move once you realize you’ve made a serious mistake.

 

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