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How Long Should You Hang Onto Your Home-Based Business Dream?
By
Vishal P. Rao
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A home-based business becomes
for the business owner, an entity in and 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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