Should You Quit a Failing Business?
I'm all about the Zen quit.
It can be energizing to let go.
Here are some key questions for you to ask yourself if you’re considering quitting.
1) Has the business run its course?
Sometimes you start a business for a reason or a season. You might outgrow a business. With my practice businesses I lost steam pretty quickly.
It’s okay to graduate from a business and move on. However, you could just shift and change what you talk about.
2) Are you feeling burnt out, overwhelmed and irritated?
Try experimenting - doing things in a way that works better for you.
If you're going to chuck it in anyway, what would feel better for you? You might need better boundaries. What would make this a more pleasurable business for you?
3) What’s your preferred business model?
I love talking about money, but one-to-one coaching isn't my preferred method. I'm not a great one-to-one coach. I like group stuff. You might hate group stuff and really get your vibe on with one-on-one stuff.
4) Is it the right environment for you?
A lot of people become entrepreneurs and realize that they miss human interaction. Would you feel better about your business if you were in a co-working space? You might just need a little tweak.
I love working by myself. It's always just been my preferred way. I can be by myself all day. I love just hanging out with me, but for more extroverted people, it could really pull them down. Join programs where you can do zoom co-working sessions!
5) Do you have the right business but wrong clients? Maybe you need to upgrade to clients that work better for you.
When it comes to people joining Money Bootcamp, I don't care what they do or how much money they make but I want members who realize that their transformation is their responsibility. They want some coaching and the framework from me, but they'll do the work.
6) Is it the right business but the wrong price? This is a common one! Would you feel better if you earnt more? If you're probably going to chuck the business in anyway, why not try and increase your prices?
7) Is it really a bad business or about bad boundaries? I've seen so many people quit because they’re scared of setting boundaries. But, your ideal client changes after you set boundaries.
What boundaries do you need to put into place so you have more energy?
8) Have you had at least 20 customers? If you’re selling something, if you've had at least 20 experiences of that, you know if it's for you. If you’ve had one client it’s a bit more difficult to make that decision.
I dive deep into this in my latest podcast episode - listen in for more about my practice businesses and how I learned to set better boundaries.
In this episode, you'll learn:
- The 8 questions to ask yourself to know when it’s time to quit
- How to revive a failing business
- Tweaks and changes you can make to bring the spark and enjoyment back to your business
- What to do about burn out and how to stop it from killing your business
- How to attract your ideal clients so you don’t feel like quitting
CLICK HERE TO READ ↓
About the Show
Chill & Prosper is your weekly dose of money mindset, marketing and humour from best-selling author and entrepreneur Denise Duffield-Thomas.
Denise's philosophy is that there is ALWAYS an easier way to make money and that's what she's here to help you do. Each week, you'll get actionable advice to help you make more money, with less work. There's no need to hustle - let Denise show you how to embrace the Chillpreneur way.
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