Sunday December 1, 2024
Have you ever felt like giving up on your small business? Does it ever seem like building your business is too much work for too little reward? If so, you're not alone. Even the greatest, most successful entrepreneurs share stories of failure, discouragement, and sometimes hopelessness. And it's no wonder when 8 out of 10 small business owners fail and give up in the first 18 months, according to an article by Forbes. So if you are in that place today and feel ready to give up, here are a few things to consider before throwing in the towel.
1) What really matters to you?
Take some time to think back to the day you started your business. What was your primary motivation? Did you want to break free from having to work for someone else? Was your idea so grand that you just had to see it through? Did you really have a passion for helping others and knew you had the secret they needed? Over time, it's easy to lose sight of why you started your business, especially when things don't go as planned. So think about your initial motivation and see if those reasons still exist. If you end up despising the hard work it takes to build something from scratch much more than you dislike making money for someone else, then maybe running a small business isn't for you. However, if you truly believe that your service or product makes a difference in people's lives, that you are happier owning your time and success, or that you like the freedom being a small business owner grants you, then you know that giving up isn't in line with your vision!
Remember, being a small business owner isn't for everyone - and it's okay to quit - but would that really make you happy? Try to be truly honest with yourself and if you decide to stay in the game, give it all you've got! As one of our favorite clients likes to say: You're either all in or get out!
2) Your success is dependent on your determination
There are people all around you working jobs that aren't conducive to demonstrating and fulfilling their talents. You have chosen to stand out because you took the leap to change that future for yourself - you saw something different. If you could believe in yourself enough to make that jump; enough to start something, then you sure can see it through to the end. The question is: are you willing to? Success must be earned through hard work and determination no matter how many failures you suffer. What sets apart successful small business owners from everyone else is the drive to get up and keep going when you fall. You're already one of the few who were brave enough to take the leap into entrepreneurship, so be one of the even fewer who find true success.
3) Dreams don't come with an expiration date
While you may feel discouraged today, ask yourself if you have really allowed yourself the time necessary to see the success you desire. What reason do you have for expecting something different from your business at this point and can you allow yourself more time to achieve your goals? While it is good to set SMART goals, make sure you are not putting unrealistic expectations on yourself. Time is a human construct. We have created time to keep ourselves on track, but be careful not to box yourself in as a result. Sometimes, going with the flow and not setting a time limited goal will be more conducive to your success. Stay vigilant enough to know when you are working against yourself by using time as a key factor in your dreams.
4) Celebrate yourself
Look at you! Not many people take the plunge and start a small business, but you did. If you've failed at something, take note of the knowledge you've gained as a result. That's progress, and just because it didn't work out exactly as planned doesn't mean it's any less significant. Take note of your small victories as well. Have you hired your first employee? Achieved your first $1,000 in sales? Celebrate the small things along the way and it will make reaching the larger victories easier to achieve.
Need some help finding the success you seek? We have Experts who can help guide you along the way. Talk to one of our experts today.