This one sounds depressing. Cut and run? You mean everything I’ve worked so hard for is just for nothing? I’m here to tell you…maybe? Ultimately deciding whether or not to keep your business going is almost always going to be up to you. This whole blog is about how to succeed during and after failure and the truth is, knowing when to cut your losses is one of the smartest things you can do. There is no way this is not going to suck. Even if your business is relatively successful and you’ll be paid well for it, handing it over to someone else is painful and bittersweet at best. YOU made it. YOU grew it. Now it’s not yours. Whether someone makes you an offer you can’t refuse or you just simply aren’t able to run it anymore (maybe your health is failing, family has gotten too big, whatever) letting go of the thing you built is going to sting.
The harder side though, is when the business isn’t succeeding. Hope can be almost addictive. Knowing that you’re just one big client away from making it is tantalizing and hard to resist but if that big client has been your goal for the last X number of years and you still haven’t hit it, is it time to say goodbye? No one can answer this question for you. You can (and should) talk to consultants who have your best interests in mind. Get input from other people in the industry. Ultimately though, it’s your business and just like that stupid broken printer is on you so is this. There’s not a lot of advice I can give here but there are a few things that always keep me going. If these things don’t exist for you, it might be time to rethink your situation.
First, do you love what you do? I do. It can be frustrating and stressful and I love my vacations too but I don’t want to do anything else right now (except maybe be suddenly independently wealthy). This work works for me and I don’t think I want to do it for the next 40 years but I’m happy now and I’m always aware of my options. If owning a business brings you no passion, it’s not for you. I absolutely love solving problems and making things run more smoothly. I get so excited when I make a change that I think will be for the better. If your business doesn’t excite you, it might be time to exit.
Second, are you making a living? This metric can vary for people so I encourage you not to put a hard number on it but think about where you’re at. Are you using credit cards to pay bills? Do you personally have more debt than assets (this isn’t a deal breaker, some people don’t want to be home owners and that’s a huge asset)? Do you have a little extra to save or spend as you see fit? Despite being about numbers this question really is subjective. My idea of a good living could be radically different than the next person’s or the next but overall, are you OK financially. If you’re having nightmares about bills every other night or your partner is asking you to pitch in, it might be time to rethink things.
Finally, are you happy? Work/life balance gets thrown around a lot and there are definitely going to be times when you do a whole lot of work and not much life. That’s OK but not sustainable. If the only way to make number two a yes is to work 80 hours a week, that’s not practical long term. If you can’t take some time to yourself or with your friends or family, you won’t last very long. I know there are busy seasons and the first year is always tough but I’m not talking about that. Really think about it. Do you have any balance in your life?
Those three things are what keep me here. Overall, I’m happy doing what I do, I make a decent living, and I have time to unwind or spend with friends. I’m living a good life right now. Like I said before, I can’t make this choice for you. It’s yours to make and yours alone. You may have different criteria but I’d bet that if the answer to every one of those three questions is “no”, it might be time to close shop and move on. There is no shame in knowing when to fold em.