Let’s start with the fact that it’s normal to want to quit your business. I often laugh and tell people that if you don’t think about quitting at least once a week, you’re doing something wrong – especially in the first few years.
But I want to talk about what happens when you really, truly are done with your business. When you’re over it. When you want to hang it up and cut your losses. When you think anything would be better than this.
What do you do?
I heard this question twice in a 24-hour span from women who have built really solid businesses. And guess what? The answer is actually pretty straightforward.
Sometimes you just quit. You choose a date, close shop and cut your losses.
But that’s not what I would recommend.
Assuming the business is not losing money month over month and that there’s no plan to recover financially, I would never tell anyone to just cut their losses.
Instead, I would recommend that you come up with a plan.
It’s OK to be done with your business, but remember that there’s value in what you’ve built. Sometimes that value is in the client list you can sell, sometimes it’s in the brand that someone wants to buy. Either way, there’s value in the time, energy, and money that you spent building the business.
So if you’re thinking about hanging it up, I would say, “My friend, you’re going to have to suck it up for a little longer while you create a transition plan.” There’s rarely a good enough reason to leave money on the table – which is exactly what you’d be doing.
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