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TIME TO QUIT, AND CALL IT A DAY

You have tried to start a business but things have not worked out, now you think it's time to pack it in, cut your losses and get back to a day time job.

You started a business and it was fine for a while, but now things are tough and you are disillusioned with the business and lost interest.

Annoyed?

Bet you are, with customers for not doing business with you, enough or at all. With yourself, for the mistakes you made along the way. Lots of soul searching and " I should have.... " and " why did I not .... " recriminations. For sure you have learnt a lot about yourself and what being in business really means. Self employment and trying to be a business tycoon does not suit everyone, they may lack commitment, knowledge and experience as well as determination and flexibility.

Frustrated?

Bet you are, probably lost some money along the way, and maybe saddled with a debt for money you borrowed to start the business venture.

Why not turn that frustration into determination, first not to make the same mistakes again, but learn from them. Then to move on and and do something to ease that ill feeling, of being a fool, or stupid. You tried and that is more than a lot do. You were more than just a dreamer and had a go, did your best. You now have a lot of valuable experience and knowledge about how business works, and about yourself, your likes, abilities and talents.

Analyse it all and try and work out a new plan for the future.

Back to work?

Maybe you can go back to your old firm, or are forced to find a new job, perhaps with a fresh slant on life. Many, so called "failed" business people go on and carve great new careers stimulated and encouraged by their business experiences.

Maybe you found you have new interests, talents and abilities you enjoyed which you would like to incorporate in your new role.

Time to revise your CV, try and write up your business experience in a positive manner rather than " started own business, failed!". Better to write that your business experience was POSITIVE. Note write in the 3rd person, as an independent report rather than "I".

" following redundancy <name> worked self employed as a <title> for 18 months before deciding to return to traditional employment. During this period he worked for companies around <area> installing and repairing <details> which required flexibility in hours, much travelling and creativity in workmanship."

Want to try again?

Maybe your experiences have given you a thirst for the independent life and it was not your fault the business failed, maybe it was the wrong product or service for both you and the potential market.

Why not review the options, could you re-invent yourself and the business? Do you have some capital left, premises, tools etc which could be useful for a new business along similar lines with all the good bits from your old activity but with new methods and techniques honed and learned from your experiences.

Failure is a good incentive to pick yourself up and move on to another business or back to a "day job."

Useful web sites

Starting a Business: Top 7 Reasons Why Small Businesses Fail The Seven Pitfalls of Business Failure and How to Avoid Them. by Patricia Schaefer. The latest statistics from the Small Business Administration (SBA)

Please feel free to Contact Us with questions or to give us information to add to our knowledge base.