I have lost count of the times I have asked myself if I should give up my business.
I have come to the conclusion that the “should I quit my business” question is a normal part of the entrepreneurial journey.
Because I am such an “expert” in dealing with this question (wink, wink), I have come up with a process to help me determine if I’m just in a funk – or is it really time to hang up my hat.
This process is what I talk about in this week’s marketing strategy.
I can’t tell you if you should quit your business. Only you can answer that. But I can tell you that it’s not a decision to take lightly. Check out these three activities, spelled out in my video below, and see where they take you.
Remember, I am always rooting for you. ♥
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Hi, everyone. It’s Jill Celeste from The Celestial Marketing Academy and JillCeleste.com, where I teach purpose-driven entrepreneurs all they need to know about marketing so they can become the directors of marketing for their business.
I have often asked myself, and I have been asked by my clients and students, this question: “Should I quit my business?”
To be honest with you, I don’t have that answer for you. It’s an individual decision, it’s a unique decision. But I want to go through some activities that you can do to help you make a sound and educated decision about whether it’s time to hang up the hat. I have asked myself this question numerous times, and I’m still in business and still growing and being successful. So I like to think that what I’m going to teach you today will help you as well. But at the end of the day, as I mentioned, it’s completely up to you. It’s a personal decision. It’s a difficult decision. But I think for a lot of us it’s something we have to answer from time to time in our entrepreneurial journey.
So how do you know when it’s time to quit the business or if you’re just sort of in a temporary funk. The first thing I want you to do is to think about why you started your business to begin with. I actually would love for you to pull out a sheet of paper, set your timer on your phone for 10 or 15 minutes, and write down the why, the why you are in business, the why for your healing, or for your craft, or for your trade. Talk about, write about, all the reasons why you are an entrepreneur and the healer or practitioner that you are.
When you’re done with that, read it over, and maybe even record it into a video or into an audio, and really listen to your words. If you can still feel that excitement, if you can still get back to that core excitement that you felt when you started your business, that’s a good sign, that’s a sign to me that you’re not really wanting to quit your business, but you need to reconnect with your why. So that’s the first activity I want you to do.
The second activity I want you to do is look at your cash flow. Because what often happens, or the reason why entrepreneurs ask themselves if they should quit their business is because they’re not making enough money from it, or maybe not making any money from it at all. So look at your cash flow, look at your expenses. Are there expenses you can cut? You know, do you need that very sophisticated email system? Can you do something that’s on MailChimp for free? Do you really need your VA for 20 hours a week, or 10 hours a week? Can you cut those services down? Do you really need to go to this particular networking meeting? Especially if it’s not working out for you. Could you allocate those funds to something that’s more profitable or more fortuitous for you? Look at your expenses and make decisions on what to cut and what to reduce, so that you have increased cash flow from your business.
Another thing I want you to look at is your revenue, what’s coming in. Think about, can you raise your prices? Can you offer different packages that are lower cost to get more people into your funnel? Then also consider if you really want to stay in business but you need more cash flow, are there other places where you can get cash flow? Can you take a part time job? Can you do contract work, temporary work? Can you market a skill that is sort of a B-level skill for you, something you don’t mind doing, but don’t want to do forever? Can you do that as a temporary measure just to get some cash flow in? Because when you get cash flow, often it alleviates this question of, should you quit your business? So look at cash flow opportunities and look at your expenses and do a real careful analysis. Hire someone to help you or have someone in your family help you look at this with a hard look, and see where you could make some improvements.
My third tip for you is, ask yourself, where are you on your faith journey? Now, here’s what I mean by that. Entrepreneurship is an act of faith. So are you just having a crisis of faith right now? I think doing these two exercises both with the journaling and with looking at your expenses and your revenue will help you answer this question. But get down to it, meditate, pray, talk to somebody, whether a mentor or somebody who is a fellow entrepreneur, and ask yourself, “Is this just a crisis of faith right now? And why am I having it?” Because often those crises of faith are signals that something needs to change in our business, and these are good changes, it’s like a wake-up call. If you can get through those emotions and do this analysis work, your business will be better on the other end of it.
So I hope these exercises will help you during these moments, when you’re like, “Should I quit? Should I hang up my hat?” And really get down to the basics of your emotions and your mindset and your money, to help you make the best decision for you in your business.
If you ever need help with your marketing or with your business, I would be honored to help you. Come on over to my website at JillCeleste.com, where you can learn more about my coaching programs, The Celestial Marketing Academy, and also check out my blog for lots of other free tips and information. So until next time, know that I’m rooting for you. Here’s to your marketing success. Have a great day.
Jill Celeste, MA is a bestselling author, marketing teacher and founder of the Celestial Marketing Academy. Jill teaches purpose-driven entrepreneurs everything they need to know about marketing so they can become the Directors of Marketing for their businesses.
Jill is the author of the Amazon Top 25 Bestselling Marketing Book, That First Client, as well as the co-author of the bestseller, Cultivating Joy, and international bestseller, Gratitude and Grace.
Jill graduated with a B.A. in English from Wesleyan College in Macon, Georgia. She obtained her master’s degree in history from the State University of Georgia in Carrollton. Prior to becoming a marketing coach, Jill worked for 14 years in the private sector, and has experience in marketing and public relations in healthcare, IT and small business.
Jill lives near Tampa, Florida, with her husband, two sons, two guinea pigs and a basset hound named Emma.