How to know for sure if it’s time to give up on your small business

When you first start out with your business, you may think that the whole thing is super exciting. You may also feel as though you are going to go on for years, and that eventually your business will become a powerhouse that is able to make money on-demand. Even though this is every business owner’s dream, a lot of the time, things don’t happen that way. If you have gotten to the point where you feel as though the whole thing is worth it or if you are considering selling your business but you’re not quite sure then you can find out whatever you need to know below.

Have You Achieved Anything?

Your venture may have had traction but if that stopped a long time ago then it’s really time to ask yourself if you have made real progress or not. If you have set goals or even benchmarks for your company then this can have a huge impact on your development so you need to focus on the whole thing retroactively. Progress is not measured in terms of profitability at all, so sit down and go through all of the proposals that you have put together and make sure that you are happy with the clients that you have managed to secure. You also need to look at your network as well, before you ask yourself, is the business growing? If the answer is no, then it may be time to sell. When you have an IFA business for sale you can easily make the most out of your investment while also finding someone who is passionate about your industry to take over.

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It’s Time to Think About Money

Business success isn’t all determined by profit. You need to know that you have put time and money into a business and you need to carry on doing this until it is successful, but if you are getting into debt over it, mortgaging your home or generally not having much luck then the last thing that you need is to run your personal life into the ground as a result. If you are close to achieving your goals then this is one thing, but at the end of the day, if you are nowhere near then this can cause you real issues at a later date.

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Are You Excited?

A lot of business owners know that it is time to sell their company when they just aren’t excited about their company anymore. They lose the feeling or buzz that they get when they talk to new clients and they also find it very difficult to carry on with the menial day to day tasks that they have. If this sounds like you then it may be time to move on, and it may also be time for you to really use the money you get from your business to invest in something else. Remember that just because you are leaving one idea behind, that doesn’t mean that you can’t go on to invest in another that interests you more.

*This is a contributed post

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