I feel like giving up on my business
According to research, the 19 January was the day that people are most likely to quit any new year’s resolutions or commitments that they set. But that doesn’t just apply to going to the gym, the start of a new year can have small business owners also thinking about giving up. Here are 5 things you can do if you feel like quitting in business.
Rediscover your ‘why’
Stop for a moment and think about why you went into business. What is your motivation for this enterprise? Is it to make a positive impact on people’s lives, is it to be able to see your kids more?
Obviously, to survive a business needs to make a profit but that can’t be your overriding reason for being a business owner.
Get really clear on why you are pursuing this dream and whether your ‘why’ really connects with your soul. You must believe in it.
If your why is no longer relevant, then brainstorm what has changed and do you have a new motivation for this business, or does your current enterprise need to change to remain in alignment with your new perspective.
Review your stats
There is a saying that ‘the definition of insanity is doing the same thing over and over again but expecting different results.’
Review your stats to see what did well in 2019 and what did not connect with your customer base. Look at everything from product sales, to website page visits and social media engagement.
If 2019 has not gone the way you would have liked, then you need to make a change somewhere.
If you audience really loved a particular social media campaign or raved about one of your products more than anything else, then look at how to make more of the type of content and promote those products more assertively.
Find other entrepreneurs
Being a business owner can be a lonely place when things aren’t going in the right direction. Look at ways to connect with like-minded entrepreneurs who can offer support. Even if it’s just to know that others experience the same challenges as you and that it’s all par for the course.
You may wish to join a networking group in real life or be part of an online community. Perhaps a business mastermind group where people come together to support each other in their own development would be useful.
Find something that suits you and your business and leverage that feeling of community to motivate yourself forward.
Rest and recover
Be truthful, are you maintaining a good work-life balance or are you burning the midnight oil trying to hustle 24/7?
All business owners have a tendency to work more hours than your average employee; however, you do need to allow time for rest and recovery.
It will help give you some perspective on any issues you are facing and also remind you of why you are working so hard.
As humans, we need downtime and fun just as much as we need to feel productive. If you never allow yourself some time away from the business, you can quickly become burnt out and not able to make clear and conscious decisions.
Get professional support
If you feel like quitting and can’t seem to clearly see how to continue or what the right decision is, then consider seeking professional advice.
A business consultant can help you take an objective view of your situation and work with you to identify the most appropriate action to move forward.
We offer a free 30-minute consultation to anyone who would like to have a chat about their business. Contact us on 01424 776 214 or via email on firstname.lastname@example.org to make an appointment today.
If you found this information useful, you may also want to check out the following:
- Don’t forget to file your self-assessment tax return
- How to prepare for IR35
- Don’t wait until the last minute to use your tax allowances
MRA specialise in business solutions and are Life Centred Business Consultants based in East Sussex we service clients across the South East, Sussex and Kent, including smaller towns such as Ashford, Battle, Bexhill, Bodiam, Brighton & Hove, Cranbrook, Crowborough, Eastbourne, Hailsham, Hastings, Heathfield, Herstmonceux, Lewes, Mayfield, Newhaven, Rye, Seaford, Sevenoaks, Tenterden, Tonbridge and Tunbridge Wells.