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This post is hard to write. I blog about starting businesses and running and growing businesses. However, I have to be realistic – running a business isn’t for everyone or even every season in life. Today, I’m going to share some signs that it might be time to close your business.
5 Signs That it Might be Time to Close Your Business
- You don’t enjoy running your business. I’m not talking about the occasional bad day here or there. I’m talking about disliking many aspects of your business, not enjoying working with customers, and finding it a chore instead of a joy to create products. The best business owners love what they do.
- You’re at a different time or point in your life. Perhaps you started your craft business before you had a newborn at home, before you had multiple kids, before your husband or wife took on a new job, or before you moved to a different location. Perhaps you are having health issues and can’t deal with your business right now? Whatever the reason, people and seasons of our lives change. If you craft business isn’t right for you right now, it may be time to part ways.
- Customer don’t love your products. If customers are constantly having problems and complaining about the products you make, it may just be time to close your business. Happy customers are good for business, and if every customer is unhappy – it might just not be right for you.
- There’s no market for your products or it’s overly saturated. If there’s no market for the products you make, there’s no reason to keep at it. Either change your product lineup to more desirable products, or close down your business. Similarly, if you’ve been at it for a while and you can’t break into an overly saturated market, ask yourself if it’s really worth it. It might be a sign to close down your business.
- You aren’t making any money. If you’ve been at it a while (more than a year) and you are constantly spending more than you make, it might be time to call it quits. A business that constantly sucks money and doesn’t make any isn’t good for anyone.
If you’ve made the decision that it’s time to close your business, there’s still work to do to properly shut down your business. Check back tomorrow as we go over how to actually close down your business.
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