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Being a microbusiness owner is hard. Anyone who says otherwise probably needs a fire extinguisher for her pants. There will be times when you want to give up and throw in the towel. And yes, usually giving up on your dream is a very bad idea. But there are some occasions when walking away is your best move. Here are five ways to know when it’s time to give up your business.
#1: You hate it
Being a successful microbusiness owner takes a ridiculous amount of time, particularly in the beginning. You’re going to have a miserable time if you don’t enjoy the business concept on some level. I love food, but I hate cooking. If I decided to start a restaurant, I’d spend more time unhappy and discontented than I ever would peaceful and excited. Hard work can never replace a lack of passion!
#2: It compromises your values
If you are vegan, a business selling leather products is probably not the right one for you. Be aware of your values and ensure that your business endeavor doesn’t violate any of your core values.
#3: You can’t verbalize the problem your business solves
People part with cash for one reason only: to solve a problem. Some businesses are cut and dry: a plumber is in business because pipes leak (pun intended). But what problems do jewelry, clothing, or candles solve? You must be able to verbalize the problem that your business is the solution to.
#3: It doesn’t leverage your strengths
Run with your strengths. If you’re great at sales, use that skill. If you’re creative, use that to your advantage. Put your strengths to good use.
#4: It relies heavily on your weaknesses
Avoid your weaknesses. Nearly all microbusinesses involve some sort of selling, but if the majority of your effort will involve selling to consumers and you’re the worst salesperson you know, consider a different idea.
#5: There is no market for your business
There is no market for pet dolphins. Even if you love dolphins, have amazing animal training skills, and can sell with the best of them, you’re not going to create a successful business selling pet dolphins. Do enough people care about your product or service to be successful?
#6: It’s too hard
Sorry, sucka, that didn’t make it on the list of ways to know when it’s time to give up your business. It’s going to be hard, the sweetest fruit are always the ones you have to stretch to reach.
I know it sucks to think about abandoning a business idea that once seemed so promising. But it sucks more to waste your precious time, while you ignore the warning signs that this may not be the right business for you.
If you’re struggling with your microbusiness, and feeling like it no longer fits, it could be it is no longer in alignment with your mission. Your mission is the center of everything.
Mission -> Goals -> Actions
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