Friday, July 10, 2015

Should I Close My Business Doors?

July 10, 2015

Dear Cathy:

I have had my business for 2 years and it is not doing well.  I am thinking about closing it down.  Can you give me anymore options?  On My Way Out of Business, Georgia

Dear On My Way Out of Business:

Without telling me what type of business it is -- I can’t give you direct advice but what you need to understand is that most businesses do go out of business within 2 to 5 years and there might be many reasons for this.

One of the main reasons for this is not conducting enough research.  Remember the research stage is the most important stage of starting a business and the more research you conduct on the front end of opening a business, the better chance you will have being successful at the back end.

Also every business owner whether they are young or old, should have a business mentor, coach or consultant to work with them so they can avoid mistakes -- especially financial mistakes.

Sometimes you have to step back and reevaluate your business to make sure you started the right business in the first place so if your business is not your passion, then chances are – you will go out of business.

You can read more about business ownership in my book “How To Take Control of Your Own Life: A Self-Help Guide To Starting Your Own Business” – available as an e-book and paperback.

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