Business Tips

Think Before You Quit: A Guide for a Dying Business

Entering the world of business is a challenge. You may be thinking that you could be successful someday, seeing your business on different zines and newspapers around the globe. In your vision, you see yourself as a successful person with a blooming business because you poured your heart and soul into it.

Now let’s snap back to reality. Does that vision of yours became true? Or is it just all inside your head? Is your current business right now working well for you? Or you’re just working just for the sake of it because you have no other choice.

Failure is normal in the business world. We’ve all been there. Those days where you just want to snuggle up in your bed and cry, thinking why you’ve started something that just turned out as a failure in the end. It’s okay to quit if that’s your final choice, but there are other ways to resolve that problem. Here are 3 options you can do.

Just Quit

  • If you feel like losing hope already, you can just finally quit and put it to rest. But before doing so, take a look of your life and ask yourself on how would it be without your business.
  • Are there any bills to pay?
  • What changes do you think will happen?
  • What would you do without it?
  • But if you already decided that you should really quit because everything is not going well, or you’ve genuinely grown to resent your business, then let it go. Some businesses are meant to die especially when it already outlived its usefulness. The more you push it harder to keep it alive, the more damage will be done on your health, wealth, and spirit.

It’s Time to Sell It

  • If you don’t feel like quitting, then it’s time to sell your business and put it into good hands. Selling a business is hard to look at. It’s like giving up something you love because you know they will be better without you.
  • So what happens when we put our business for sale? It’s like looking it from the perspective of an outsider, thinking of ways how to improve it and see what changes needs to be done. So what are we waiting for? Let’s get it on by following these important steps.
  • Prepare the books – and I mean all of them! From vendor invoices to balance sheets, all of these needs to be reconciled into one place. Next, look for the detailed expenses on the income statement. Cross out those expenses that aren’t beneficial for the business so that there won’t be any unimportant clutter left behind.
  • Look for your “To do” lists – and gather them all into one place. See which of these “tasks” can provide the most impact on the business with the least amount of work. Make use of the important ones and create a plan for the buyer so that everything is laid out and ready to go.
  • Document your processes – every single one of them. If you don’t have any, then this might be the reason why your business is going downhill. The reason behind this is so that you can find more opportunities for improvement.
  • Get a valuation – and don’t ever do it before you get all your books, paperworks and documents. Doing so will make brokers more eager to talk to you and raise your valuation if you happen to have any ideas for supporting the next owner of your business.

Keep Going

  • If the first two options didn’t suit your taste, then it’s time to stop crying and step out of your bed and keep going even though it’s hard. Well, it won’t be hard as long as you know how to do it well.
  • Look at the second option and complete steps 1-3. Instead of going to step number 4 where your business is ready for selling, get a coach or mentor instead that can help you improve your business. It’s going to be costly to be honest, but the return on investment is worth it.
  • Having a coach can help you reach your goals. Not just goals like earning a 100 grand a year, they’ll help you dig deeper than that. Coaches can help you to take action to things that matter the most for your business. And at the end of the day, you’ll see your business rising back up again and ready to compete in the market. As long as you’re consistent on pursuing your goals, your vision will eventually come to reality.

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