Business is like Marriage. There is relationship, love, then the marriage, the honeymoon then you get to really know the ins and outs of your business. Finally, your business can change on you, it may lose its attraction to you or you to it and if you stay in it for the sake of the money, the clients will know and they will not be getting the best service. End the marriage while things are still going somewhat well and you can both leave the situation happy. Start a new relationship (business) beforehand. Here are a few tips to help along the way with making your decision. Click NEXT below to see the segments. click “NEXT” above or below for next reason
You don’t Enjoy Doing it Anymore
This is the BEST reason. Isn’t this why you started your business in the first place? You were tired of working for someone else when you could do it on your own? Well now that you are on your own why are you waiting to leave? As black entrepreneurs we are doing what we LOVE first then the money comes. When it’s the reverse and we are doing it because we can do it and not because we WANT to do it, it’s time for a change. You are not married to your business like you think you are. Can you sell it? That should be the first option that you look at. Make sure you understand Capital Gains laws and don’t let that deter you from moving on if it gets confusing.
There’s been a major change in your industry
Sometimes there can be a major change in your industry where budgets are not what they once were and you find yourself stable or struggling in your business. Don’t want until you go backwards. You may have also aged-out of your business and you don’t get or command the customers, clients or fees that you once did. The worse thing that we can fear is getting old and hanging on to something that is dead. Once it’s gone it’s gone and it’s best to leave when you are on top instead of when you are broke.
It’s affecting your health
Sometimes we can go from 0 to 60 when it comes to joy in doing our business then back to -60. The stress of doing what you don’t want to do ESPECIALLY when you are in total control of it can take a MAJOR toll on you. Being stuck can be destructive. If you are gaining weight, your blood pressure is high or you are sleeping more than usual and don’t have the joy you once did it will affect your entire life, not just your business. What good is being dead to your business? Know that you can have that same joy again and it’s better to get out while you are still healthy enough to get healthy again.
You’re on top
This is the BEST time to leave. You can get the most money, your contacts are still fresh and you can start something new. PLAN make sure you have someone to back you up. Are you prepared to work a regular job until you do something else? Are you prepared to start a new business? Have you started it before you decide to sell? It’s good to have another source of income in place before you sell.
You want to do something else
What relationships have you developed during your business that can help you start a new one? Time to get out those business cards and start doing a few hobbies and taking a few lunches (your treat) You would be AMAZED at what you can find out over lunch and it’s time to develop as many relationships as possible. Even if you don’t know what you want to do it’s very difficult to focus on it when you are doing a business that you no longer enjoy because it eats up your energy. It’s risky but if you continue to do what you don’t enjoy it will zap you of the energy you need to do something else. Your mind needs to be clear, which is why it’s important to leave when you can sell the business.