C'mon over to http://www.marieforleo.com/2013/05/close-a-business/ where the main discussion happens after the episode!
When to close a business and when to keep working on it - how do you know when it's time to walk away?
In this video, you'll learn how to tell if your gut is telling you it's time to close a business of yours, or if you should up your game and try to make it succeed.
If you're wondering when to close a business, start by asking yourself this question: Is seeing this business succeed your true heart's desire OR does the idea of keeping it going drain you even if it's a raging success?
Also ask yourself which feels better: upping your marketing game and working like crazy to make the business succeed, or that your business magically disappears and you get a fresh start?
Knowing when to close a business is important because "weathering on" if your heart isn't into it anymore is not good for you or your customers.
If trying to decide when to close a business makes you feel like a failure, remember that just because something ends doesn't mean it was a failure. Your experience serves your future endeavors.
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And if you're interested in more videos on next level business growth like this one, check out our YouTube playlist on that exact topic here: http://www.youtube.com/playlist?list=PLD87A632CFD5449B5.
Thanks for watching!
My YouTube channel: http://www.youtube.com/marieforleo
When To Close A Business on my website: http://www.marieforleo.com/2013/05/close-a-business/
When To Close A Business on YouTube: http://youtu.be/Eu-hfHSGYrA
I am taking a break, close to shut down on my s/w business, to focus or concentrate more on my cafe and make it a success.. I am not quitting, my passion would not end, I would make it sooner or later. As finance is taking a front seat right now, so multiple startups are not making each other move. I will push one way ahead and I would never quit my dreams for software too, I would do it sooner after a little success with my cafe.
I had to close my business because I totally hated what I was forced to see. Blacks complaining about everything. I thought I would get slammed with beautiful black women BUT I must have been smoking Crack because 98% of the women who came in was NOT attractive at all. I wanted to be around "our people" and when I got that opportunity, I really yearned for other races of people to come in instead. I'm 199% certain I would NEVER open a black inspired business. Just seeing black people in that state depressed me and caused my left arm to have severe joint pain.
I have been running an internet business that I built all by myself for a decade now...
At first I was incredibly excited about it and gave it my all. The business became wildly successful and the orders started pouring in. Soon I was working on my website 14 hours a day 7 days a week and I had more money than I knew what to do with. Of course the predictable happened after a few years in that I became burned out. The wealth was little compensation for giving my entire existence to sitting on a computer day and night doing mind numbing order processing. I lost interest in promoting the site, hated doing the endless orders (even though it meant $$$), and I really looked for any excuse to delay getting on the computer each morning. Years later I have let the business dwindle down from a waterfall to a tiny trickle...or even a slow drip...and even dealing with that little bit seems too difficult these days. I know I will never feel the energy again to do what it takes to build the business back up....I am wondering if it might be time to get off the computer and see what the rest of the world is doing. I feel like I have lost ten years of out of my life with little memory of any of it besides staring into a computer screen. I now daydream about dusting off the fishing gear and heading out to the lake.
As I am currently in the learning stages of starting my first online business, I have done ALOT of brain picking. The nicest response I have gotten was, " No prob, the first one's free." It let me know that he respected me enough to help me, but I in turn should respect his knowledge in the future.
There is, as explained in Bob Proctor's book It's Not About The Money. In Chapter 6, he explains that you are bound to encounter difficulties in any endeavours and he pretty much says what Marie explained: if you are able to keep your spirits up, that you just know you're gonna make it, those difficulties are temporary. If they drain you, and that you drag your feet to go and solve them, and that they ultimately get on you, may be what you are doing is not what you are meant for.
As you were saying in the video, Marie, an ending does not need to be a failure. I keep reminding myself about this fact. I lost my job about 10 years ago. I loved it because I could do what I always wanted to do: building a new business. But then all went south. But I never gave up. I got a new job, used this very hard lesson to better myself and 2 years later, I bought a business together with my husband. Now - after running this business for 8 years - I'm ready to start up again.
I've folded a couple businesses in my life and remember the hesitation surrounding closure as having "wasted all that effort." The hardest learned lessons were the ones that now bring me the most return on investment in infinite ways. I've also chosen to hold 'em - most recently with my current business. Two years ago at a crossroad, I found that passion you mention. Instead of folding, I determined what would I would want in order to continue. The answer shaped the business I now love.
I have had one of those moments of relief! Im a high school student and I was running for Vice President of my school. I was sure I was going to win, but in the end, I lost. It was much better to leave it behind and forget about it because I knew it would have caused me way too much stress with an already stressful life. This video was a nice closure to my situation! Thanks Marie!
So perfectly timed for me. I've been asking this question for a while & decided yesterday that enough was enough. Thing is, when you tell people they get all sad and say things like, "Aww! That's a shame!" & "But why?" and try to dissuade you from closing. I know they mean well, but I know my heart better than they do!
the thing is there is there is TOO MANY VOICES telling me what to do... (No, im not crazy, ok maybe a little) but seriously how do you know if its the voice from your gut or the voice that's constantly putting you down all the time saying you cant do it? is there no way to tell them apart?
Thanks for the insights. I completely agree with your philosophy that you need to follow or hearts when it comes to both business and personal decisions. Recently, I had to make a decision that might hurt my relationship with my siblings. I wanted to stay in the family investment, but the money issue is hurting everyone. I think it was a good decision at the end, because it will alleviate everyone from more future pain.
I was in a similar situation a few years ago, and if I hadn't closed the business I was in, I wouldn't have found the business that I currently run AND love. Because of my new(er) business, I've been able to branch out and now offer a network for female entrepreneurs at Girl Off The Beaten Path.
You rock Marie. Thank you for all of your inspiration. xo
Can't lose with a little Kenny Rogers. Great advice. Recently made the decision to shut down a business that was draining me spiritually and financially. That next day when I woke up and remembered what I had done the day before, I was filled with gratitude and a sense of relief. Such a relief. Follow your heart.
several times, i have had 6 business i have to close I'm currently working on my next business. With that said there a lot going on which I'm hoping to just drop a few things on your s*** sandwich video Marie as for how i feel there is always a mix feeling.
I faced a situation where I had to walk away. In my senior year of college, I was literally falling apart and felt as though I was on the verge of a nervous breakdown. I'd spend days on end in bed crying, wouldn't go to class, wouldn't eat. Finally I got up the nerve to tell my parents that I needed to come home, and lucky for me they welcomed me back. It wasn't an easy choice but I know it was best at the time.
Facilities for business continuity may include alternate workspace equipped for continuation of business operations. Alternate facilities may be owned or contracted including office space, data center, manufacturing and distribution.
Systems for emergency response may include detection, alarm, warning, communications, suppression and pollution control systems. Protection of critical equipment within a data center may include sensors monitoring heat, humidity and attempts to penetrate computer firewalls.
Every building has exit routes so people can evacuate if there is a hazard within the building. These exit routes should be designed and maintained in accordance with applicable regulations.
Business continuity resources may include spare or redundant systems that serve as a backup in case primary systems fail. Systems for crisis communications may include existing voice and data technology for communicating with customers, employees and others.
Equipment includes the means for teams to communicate. Radios, smartphones, wired telephone and pagers may be required to alert team members to respond, to notify public agencies or contractors and to communicate with other team members to manage an incident.
Many tools may be required to prepare a facility for a forecast event such as a hurricane, flooding or severe winter storm.
Materials and Supplies.
Materials and supplies are needed to support members of emergency response, business continuity and crisis communications teams. Food and water are basic provisions.
Systems and equipment needed to support the preparedness program require fuel. Emergency generators and diesel engine driven fire pumps should have a fuel supply that meets national standards or local regulatory requirements. That means not allowing the fuel supply to run low because replenishment may not be possible during an emergency. Spare batteries for portable radios and chargers for smartphones and other communications devices should be available.