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Should You Close Your Business, Tips For College Students
We know that it is exciting to run a business. But reality check, not all business ideas will survive. And at times, you might need to close it down. What are the signs that you might need to shut down your venture?
You Don’t Have The Drive
If you don’t have the passion to continue the business, then why are you still working for it? Truth be told, life is too short to keep on doing the things that don’t make us happy. But of course, you can’t just quit right away. You also have to consider if you have employees who rely on your business. They are your responsibility as well.
You’ve Exhausted All Your Resources
If you have already used all the methods that could save your business, but it still doesn’t work, then perhaps it’s time to accept fate. Talk to your friends, look for investors, exhaust your sales and marketing techniques.
This is the reason why business people are recommended to be patient. It’s never going to be easy running a business and there will be ups and downs.
You Just Want To Make Money
If your core goal in establishing a company is just to make money, then it wouldn’t last. And quite frankly, you should stop as early as now. If you want your business to grow, you need a real mission and purpose.
Your Health Is In Jeopardy
Now, if your health is suffering because of your business, then that’s a clear indication that you have to cut down some of your stressors. If there is no one to take over your place, this could be your best solution. Yes, you might have a lot of money because of your venture. But if it’s going to be used for your hospital bills, then that’s just useless. You should be able to eventually enjoy your profit, not die from it.
Your Grades Are Failing
At the end of the day, you are still a college student and you have to pass your subjects. Now, if you are failing most of your courses, then you have to sit down and think about the path you want to take. We have nothing against people who decided to drop their college degree and to focus on their business. This depends on your priority. If your goal is to finish your degree and your business is keeping you away from it, then it’s time to make a hard decision.
If You Don’t Have A Market For Your Business
This seems like a no-brainer, but you have to say goodbye to your business if it doesn’t have customers. Think of video rentals. Or if you still have the energy to redesign your products and services for an existing market, then go ahead. You see, a lot of entrepreneurs had a number of failed businesses. But the good thing is they keep on working on new ones.
Don’t Be Too Emotional
We understand that sometimes, it’s hard to close a business because you are too emotionally attached to it. If that happens, you tend to be less logical. And before you know it, you would be losing a lot of money. As a college student, you can’t afford that. Be logical and see if your business needs to close.
If you can’t go back on track in the next 6 months of 1 year, plus if your debt is getting bigger, it is probably best to sell the assets or declare bankruptcy.
Remember, this doesn’t mean that you are a failure. Make sure to assess what are the things that you could have done better. That way, you can avoid the same things as you start a new business.
Follow The Right Process When Closing Down The Business
You can’t just shut down your business like you are bursting a bubble. There is a proper process in doing so. Otherwise, you might face legal issues. Make sure that you do your research or even ask a professional how you can close your business. It’s going to be painful, but again, the learning and the experience is worthwhile. The most important thing is that you bounce back.
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