of itself. Because so much hard work, blood, sweat and tears goes into
every home-based business, it is easy to view it as having a "life" of
its own and a home-based business can be more real to the business
owner than anything else in their lives.
However, there is also a dark side to a home-based business,
especially one that is failing miserably. Part of being successful
within a work-at-home dream also means knowing "when" to quit, or
"fold". A home-based business can be like a game of cards, when the
"losses" exceed the "wins", it may be time to give up on the business
and either start another one, or look into other forms of outside
employment.
It has been said, "that most entrepreneurs fail three to five times"
before they actually start a business that succeeds. Although it is
imperative that entrepreneurs be persistent, not being able to accept
failure, when it is obvious that failure has occurred, can be
extremely detrimental.
So, how does an entrepreneur "know" when it is time to give up or when
they should continue? Simple, the amount of actual "suffering" needs
to be measured. The following "suffering measurement" should take into
account:
1. What type of debt the entrepreneur is accruing, and how many bills
and necessary needs are being neglected. No one should live without
food, clothing, shelter or the necessary medical care needed for a
gratifying life. If a home-based business is constantly leaving the
business owner without funds with which to sustain life, then it is
probably time to quit.
2. What type of emotional pain is the entrepreneur facing? If the
business has become so stressful because of mounting debt, or the
entrepreneur's family is turning against them because of the business,
then it is probably time to quit.
3. If there is a chance of losing a home or other holdings and
property because of the bills engendered during the business, then it
is probably time to quit.
4. If the frustration of having the business and handling the day to
day operations surrounding the business is greater than the pleasure
of owning the business, then it is probably time to quit.
Notice I have only mentioned the fact that it is "probably time to
quit". No one but the actual business owner can sufficiently measure
when a business should be declared a failure and when they, the
business owner, should walk away.
Let's face it, even older businesses can face renewed challenges to
their survival. Markets can change drastically sometimes, seemingly
overnight. Consumer behavior also can change quickly. Newer businesses
can face start-up challenges, but older businesses can encounter
significant "bumps in the road" to business success as well.
All the above factors need to be weighed carefully before deciding
either to "quit" or "stay" with the home-based business.
There are some methods that can be successful for alleviating some of
the financial and emotional stress that accompanies a failing
business:
1. An outside source of employment can be taken "temporarily", and the
business can be worked on "part-time" in an entrepreneur's free time.
2. Loans and grants can be taken to alleviate financial strains until
the business becomes solvent.
3. The entrepreneur can enlist the aid of family and friends, by
allowing them to "buy into" the business, or by forming an LLC
(Limited Liability Corporation), wherein the business owner is no
longer solely responsible for debts or liabilities. Most new business
owners start with a Sole Proprietorship model, so switching to the
more encompassing LLC may indeed aid the business in its quest for
survival.
4. Business owners can "downsize" their expenditures, both in the
business, and in their personal lives. Downsizing of expenditures can
literally save thousands per month and may indeed "save" the business
from ruin!
In reality, there is no "shame" in failure. Failure at anything only
teaches valuable lessons, lessons that may be incorporated into
success at another time! If you're suffering in your home-based
business, don't allow pride to stop you from admitting defeat and
moving forward in another area of life! That's what being an
entrepreneur is really all about.
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