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We have all seen at least a few empty storefronts in our towns or heard of friends or colleagues who have been forced to close their businesses in the last year or so due to economic conditions. Maybe you've spent more than one morning wondering about your business struggles and pondering, "How do I know whether to persevere or quit?"
I've recently noticed a rash of entrepreneurial colleagues who have moved on to take a job because it was time to close their business' doors. Most of them simply shared that they just couldn't make it financially with the way their business was performing. Others simply grew weary of the nonstop cycle of marketing, finding prospects, and turning them into customers.
I recently read the Entrepreneur Magazine article "Closing Time" and was inspired to take a closer look at the question "When is it time to call it quits?". The article presents several red flags and the first one is one worth taking a close look at:
You find yourself positively spinning--or outright denying--the negative numbers.
Entrepreneurs tend to be optimistic, and in the face of bad results, there's a tendency to think, "Just a bit longer." But Barry Staw, a professor at UC Berkeley's Haas School of Business who has studied how organizations often escalate commitment to failing endeavors, warns: "Don't be the person who needs to be hit over the head with a sledgehammer. The longer you keep going, the harder it will be to withdraw--and the more money you're probably going to lose."
In a world where we're all encouraged to think positive and lean into the Law of Attraction, many people fail to take a look at the hard numbers. While I haven't read it yet, Barbara Ehrenreich explores the perils of positive thinking without positive action in her new book Bright-Sided. Just because you're not in the black for your business and personal life doesn't necessarily mean you should throw yourself back into the workforce, but you also cannot sit back and shrug when asked "are you 100% clear of all the money that comes in to and goes out of your business and personal life?" You need to know what IS and you need to get clear about at what point you need to institute a Plan B.
As I considered and researched this topic I realized that many of the same signs that it is time to quit your job mimic the signs you need to pay attention to when considering whether or not it is time to take down your freelance or business owner shingle. For instance, in "I Quit! 6 Signs It May be Time to Move On" Kathryn talks about emotional leakage. While business owners inevitably have more personal and professional life merging going on, her point is important to consider if your business is on the rocks:
Getting angry at your spouse? Yelling at your kids? Taking your work frustrations out on the dog? If the emotional baggage you are bringing home from work is leaking into your home life on a regular basis, this is a sign that things need to change. Deep seated resentments can take years to form. Cumulative stress compounds and can make your life miserable. There are times in any job where the stress will leak over into other areas of your life. If you are regularly finding yourself stressed out, angry or bitter and it’s consistently leaking into others areas of your life, it’s time to find something else.
If you've been trying to put on a happy face for too long while working long hours trying to "make things happen" you're bound to get bitchy and if you're not careful you could compromise the relationships that mean the most to you.
Employees aren't the only ones who suffer from this gem from "Top 10 Reasons People Quit Their Jobs". Business owners can be even more challenged by this hurdle. It rings true - just substitute "Your Clients/Prospects" for "The Man".
9. You need to do YOU: Did you wake up today and realize that while you’ve been doing all things needed to keep “The Man” happy and making money, that you’ve let your personal goals and dreams fall to the wayside? Has your life changed and you can’t accommodate the workload anymore?
If your business is running you instead of the other way
