How To Know When It's Time To Move On From Your Business

When you first start a business it’s something you do with the best of intentions and you really have big plans for the future - none of which probably involve closing the business down. However, these things do happen and there’s absolutely nothing wrong with taking the decision to close your business down and admitting that it’s time to move on.

In fact it’s actually a very mature decision that can free you up to work on things that are more suited to you and that you’re more passionate about instead, so it’s never something you should feel bad about or feel like you’ve failed because knowing when to walk away from something is quite the opposite of failure.

How To Know When It's Time To Move On From Your Business

If you’re already sure that closing your business is the right decision, then there are lots of ways you can go about this and even make money by selling your business through industry-specific online marketplaces for buying and selling businesses such as

It’s just not working out

Sometimes things just aren’t meant to work and that’s fine, but if you keep trying to make a success of something that’s not meant to then it’s just going to get frustrating and stressful. Whether it’s that your business isn’t making any money, your team are leaving at rapid rates or you seem to be more in love with your products and services than anyone else is, if your business just isn’t working and you’ve exhausted every avenue to make it work, then it’s a good sign that it’s just time to walk away.

Your health is taking a back seat

Health should always come first and although it’s great to be passionate about your business and put the hours in to get it off the ground - especially in the beginning, but if your health is starting to suffer or you’re feeling like you’re dealing with any kind of burnout or anything, then it could be time to think if it’s worth it and move on. You can always make more money or build another business, but if you lose your health, then it’s something that will be hard to get back

The passion is gone

When you first start your business you’re full of passion and enthusiasm for it, and whilst this may grow as your business does, it’s not alway going to be the case. The whole point of starting your own business is that you get to make a difference by doing something you’re truly passionate about, so if the passion is no longer there, then your business is going to suffer and your reputation could also be at stake because you only really do your best work when it’s something you’re genuinely passionate about, so if you feel like the passion is gone, then this could be a good indicator that it’s time to move on from your business.

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How To Know When It's Time To Move On From Your Business