Is It Time to Close Your Home-Based Business?

Do You Need to Close Your Home-based Business?

Home-business

In recent decades, and now more than ever, the number of home-based businesses launched in the United States has increased annually. Sadly, not every new business will succeed. The reasons behind the failures are plentiful. Although there are times when closing a home-based business is necessary, many entrepreneurs fold their businesses because of issues that could possibly be addressed. Before you decide that you have no other choice and close your business, consider whether any of the following issues are driving your decision, then consider whether you can overcome them.

The Revenue From My Home Business Is Unacceptably Low 

The desired revenue varies widely between people. Some home-based business owners are happy to just break even for the first few years, but others are dissatisfied unless the revenue exceeds six figures. If your business is severely impacting your personal finances, you may have no choice except to close down. However, you should first examine whether your financial goals are realistic. If not, determine whether your business could survive if you revised your expectations. You might also want to determine the steps you might take to acquire new customers, lower expenses, or adjust your prices.

My Business Prevents Me From Having a Personal Life 

It is not unusual to be so enthusiastic about getting your business off the ground that you neglect your personal life. You never seem to have time to get together with your friends, you have not attended your child’s games or special events since launching your business, and you feel guilty if you try to enjoy a movie or read a novel. You do not remember the last time you and your spouse scheduled a date night or had a weekend getaway. If such things are important to you, you may begin to resent the time that your business requires. You may feel that you are being forced to choose between your business and your family. Before you make your decision, see if you can find ways to free up more of your time. Could you restrict your work hours so that you could free up blocks of time to devote to your personal activities? Is there room in your budget to hire an employee to fill in for you for a few hours a day or even one day every two weeks or so? Can you afford to turn down new business or lengthen your processing times? Evaluate all possibilities before you close your business.

I Have Achieved My Goal 

Some people start businesses that they hope will be so successful that they endure for generations. However, other businesses are founded with a specific goal. Perhaps you only wanted to earn enough to buy a new house, pay for a child’s education, or take a dream vacation, and now that you have met your financial goal, you are thinking about closing your business. However, you might want to think twice before closing a successful business. Are there additional goals that you would like to achieve? Perhaps you think it would be nice to increase your retirement savings, pay down your debts, or increase your charitable donations. Can your business help you do those things? If so, setting a new goal might rekindle your passion for your business.

My Business Is Negatively Impacting My Health 

It is one thing to close a business due to a life-threatening illness. However, it is a different matter to close your business because you have gained a few pounds, cannot find time to exercise, or feel anxious or stressed. There are ways to take care of both your business and your health. For example, many people find aromatherapy, practicing yoga, or taking short meditation breaks every few hours can help reduce anxiety and stress. Other people find that altering the work environment by adding pleasing artwork, live plants, or splashes of bright colors can lower stress. If finding time to exercise is an issue, you might try revising your schedule to allow you to set aside blocks of time devoted exclusively to exercise. Exercise can also help you shed pounds and reduce your stress levels. Whether you are concerned about gaining weight or just want to eat a balanced diet, taking an afternoon to prepare a week’s worth of healthy meals that only need to be reheated might be a good way to better meet your nutritional goals. The point to remember is that small changes maybe eliminate some of the problems that are causing you to consider closing your business.

The Fun Is Gone From Running My Home Business 

In the early days of running your business, you found great joy in virtually every task you performed. You started each day with enthusiasm, and you seemed to have limitless energy. Over time, however, the thrill you once felt has waned. Your work has begun to feel tiring and burdensome, sapping your energy levels and making you regret that you ever started a business. Before you pull the plug on your business, look for ways to return the excitement you once felt and make running your own business fun again. Are you bored with the products you sell? If so, can you launch a new product line that you might enjoy promoting? Are you feeling overwhelmed by the work required? If so, could you streamline your business or hire additional help? Have you forgotten your reasons for choosing a home-based business? If so, you might want to revisit your reasons and your goals to see whether they are still valid or need to be modified. 

I Simply Cannot Cope With the Diverse Demands on My Time 

It is often hard to balance your work and personal commitments when you run a home-based business. Even if they do not vocalize their demands, your spouse and children have expectations that you know you should meet. You may have elderly parents or other family members who need your help occasionally. You receive invitations to gatherings or events that you feel you do not have time to attend, but you regret missing them. In addition to your business duties, you may be responsible for most of the home maintenance, child care, or shopping tasks. Sometimes, you feel that you are being pulled in several directions at once. You may have decided that, if a sacrifice is required, your home business is the only acceptable candidate. Putting in a little time to seek other solutions could potentially save your business. For example, how reasonable is your work schedule? Many home-based business owners tend to start work as soon as they arise and continue working until exhaustion forces them to stop for sleep. Without a clearly defined work schedule, it will be difficult to find time for other activities or responsibilities. Are you trying to do more than your share? You might want to see whether you can delegate work-related tasks to an employee or home-related tasks to a family member. You might even consider hiring someone to handle some of your most time-consuming personal tasks that require little training or experience. For example, could you hire someone to take your pets to the veterinarian or mow your lawn? Can you have your groceries delivered instead of making a weekly trip to the store? You could also hire a virtual business address company to manage your business mail. If you evaluate your schedule carefully, you might find a number of ways to reduce the various demands on your time. 

Closing Thoughts 

Just as you were the only person who could decide whether to launch your business, you are the only person who can decide whether to close it. Before you make a final decision, however, you owe it to yourself to make sure that you are closing it for the right reason rather than an issue that you could correct. 

Previous:

Next: