When you decided to open a business, you knew that it was a gamble. There’s a chance of succeeding, but there’s also a chance of failing. Several factors could affect how things turn out. If everything turned out the way you hoped, you’re lucky. If not, it’s okay. Not all business ventures become successful. There’s no shame in admitting it. If it’s time to give up and close the business, accept it.
You won’t bleed money
Remember that if you keep the business running, your expenses also pile up. It’s better to close now if you’re not making profits anymore. Stop hoping that things will turn around if you already waited for several years. You gave your business enough time to catch up, but it failed. If you want to run another business soon, you should stop bleeding money now.
It’s not a reflection of your overall success
Don’t tie your personal success or failure with the business. It’s a venture and you can’t expect things to end well. However, it doesn’t mean you’re a failure as a person. Several elements came to play and it’s not only about your business idea.
You can learn from the mistakes
Another reason to be glad about this failure is you already have a blueprint on what to avoid. Learn from your mistakes and do better next time. Entrepreneurs who are yet to experience this level of failure might have a major shock when they suffer one later.
Be glad it happened now
If there’s anything good that came out of this failure, it’s the timing. You would rather face this problem sooner than later. You have a chance to reorganize and do better. You also prevented things from getting worse. Again, you have a chance to rebuild and run another business. It won’t happen if you already have a tarnished reputation because you didn’t know when to stop.
You didn’t hurt anyone
You ran the business positively. You worked well with clients and partners. You also established a good relationship with the employees. Keep things that way until the end. It’s better to stop the business while you can maintain a good partnership with everyone. Imagine if you allowed yourself to be desperate to make the business work. You might turn into a monster. You will force your employees to do the impossible. The workplace is no longer conducive for everyone.
You have a chance to think about what’s next
When you give up now, it’s okay to feel the pain. You worked hard to make the business work, but it didn’t. If you’re angry at yourself or the circumstances, it’s understandable. However, you can’t stay that way forever. Pick the pieces up and move forward. Look at other business opportunities. You can still start over and be successful this time.
Don’t despair after a failed business. You did your best and you worked hard. You have many reasons to be proud.
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