ENTREPRENEURSHIP / NOV. 26, 2014
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5 Things to Consider Before Quitting Your Struggling Business

I could not believe the excitement in my face when I realized my water treatment business was up and running. The customers flowed like water down the hill, my team worked hard and smart and everyone was happy.

However, only three years into the business, something went awfully wrong. I got competition. What was worse, the competition was only a few yards away from me. This became too challenging, as most clients opted for my competitor for reasons only known to them, putting a strain on my finances. The financial strain became too much and gradually affected every part of my business.

So I did what anybody else would do during any desperate situation- get a job as fast as possible. I did it to offset some of the outstanding bills from my struggling company as well as to get by. What I was yet to discover was that working for someone is as tiring as having your own company. So if you are in a place where you are willing to give up your business and get a job, you might want to ask yourself a few questions stated below:

1. Are you Passionate about Your Business?

Research has shown that most people open up a business because of financial issues and in most cases this doesn’t turn out well. In order to last long in a business enterprise, you might want to start up something in your line of passion. The passion will motivate you in the face of challenges. Else it is better to stick with employment till you discover a business idea that is what you really love to do.

2. Will the job Give me More Money than the Business?

Before taking on a job after failure to run a business, you should ask yourself whether the salary offer will truly meet your needs. More often than not, this doesn’t happen because it takes quite an amount of time to score a fat paycheck when employed. Instead of sitting still and hoping for that promotion, why don’t you use the time to make money on your enterprise? It might also take a while to pick up but when it does, it is fulfilling and satisfying in every way.

3. Have I Prioritised Well?

As said earlier, both the job and a business require sacrifice and dedication. The decision as to which is higher on the priority list rests entirely on you so decide well.

4. How Closer or Farther away from my Business Goals will the new job take me?

Knowing too well the reason why you started your business translates to a good understanding of factors that make it thrive. A job that pulls you away from it is a no-no as it will kill it completely. Find a job that is flexible and allows you to meet your clients from time to time to discuss business.

5. Do I Have a Good Strategy?

It is crucial to execute a well-laid out plan of how long you anticipate to stay in the new job. Be sure to draw a timetable for the period you are working for someone else and an exit strategy from the job. This is important if you want to keep track of your business.

So there you have it. Quitting a job to start a business sounds easier than the reverse but if you can ask yourself the above five questions and be honest with your answers, you are on the right track in your career.



Image: iStock

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