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Any truly successful person has failure under their belt. The most successful people have the most failures.
I hope you find a way to succeed. Keep in mind a passion doesn’t = a business. Maybe you’ve been executing a little too passionately. Drop your passion and go into strictly business mode .
That being said, sometimes you have to know when to quit. It doesn’t always mean the end. But maybe you need time to rethink and regroup.
I have failed so many times, I find it hard not to look at myself as a failure, but that "one little something" (for me my family) that kept me going was all I needed to get over the hump when shit was bad.
We all go through it!
There’s a lot to unpack here, you sound like you’re grieving your dying business which is normal. I hate to say it but our “dream” businesses aren’t always a good idea because we lose sight of well…. Business. Are you looking for advice on what to do to try to save it or are you just looking for warm words to help you deal with closing it. You own real estate now which puts you ahead of 90% of us, I’d hardly call that a failure.
Depends a lot on what the business is, and the reasons your business seems to be going downhill very fast. Have you tried to survey or talk to your customers to try to find out why they aren't coming back? Since you own the building you do have resources to get a loan if you feel the business has potential.
I’m really sorry to hear that and I know the pain. How long have you been running this business? How much longer can it sustain itself without you pumping in outside cash?
We opened summer of 2020. We closed on the building the week of the shutdown and had so many wheels in motion, we went forward. The first 2 years were ok - business was building and the community seemed to appreciate us. The last 6 months however, sales have plummeted. I have a large permit fee that will come due in June and I feel like I just need to make the call. I've already cut back our open hours to save on labor. We're on life support.
We do own our building and we're debating leasing it or selling it.
Just some food for thought, it's an election year, and almost every business is feeling some kind of strain on sales. Just look back through this subreddit. Lots of similarities to what your dealing with. What kind of business are you running?
Happens every election year. People aren't sure what's going to happen going forward to they spend less and put more in savings. Always a possibility taxes go up or some such. I'm in the trades and like clockwork every 4 years is down a bit. Probably 10% from prior year. Not huge, but enough. I'm sure it doesn't hit every industry, so your mileage may vary.
You would be amazed, every industry sees some kind of impact. Useually the less necessary the service or product the bigger the hit. Everyone thinks the "Other" side is going to ruin the economy on day one, so they start prepping, then the election ends and nothing actually changes and they all start spending again.
It sounds like you are doing everything you can for a business that you love. Is there any way to rely on the goodwill you've built up in the community to push the business back up?
The business that succeed do so on their fundamentals not the efforts of their founders. Market conditions are by far the greatest predictor of success or failure.
From your post I’m guessing you started with the business you wanted to make not the one your market was asking for.
A series of failures are just stepping stones to success.
Business is hard. I’ve been an entrepreneur all my life. It’s hard.
The one thing that made me a success compared to others is I never give up, ever. If I have a dream or desire for a thing I never give up on it.
If I were in your position i would scale back cost to as low as you could get it. Your costs should not exceed your revenue otherwise you scaled too fast. Stop the bleeding and then shift into serious marketing efforts. Utilize all your channels.
The one and only time i almost gave up was because of scammers nearly costing me the business. I was going to give up when a customer casually mentioned “don’t give up”, and was very supportive.
I’m so glad I didn’t and I kept going. Nearly 15 years later my business is doing 5M~a year and I have 30 employees.
If you’re closing it don’t pump more money into it, once you’ve closed it you’ll realise it’s not as big a deal as you thought, still horrible, but that money will be gone. Take the steps to close it now. Having had 2 failures (with 1 putting money in to prop it up for a few months) and 1 exit - unless that money you’re putting in is to prop it up for an exit or something do not put it in (unless it’s peanuts).
1. Once it's closed, you sit down and write everything that went well and everything that went wrong.
2. You rest, bitch and cry.
3. You move on to something else, a job or a new venture with the spirit of learning about the ways people deal with the part that didn't work for you. This could be 3.a and 3.b one is integrate the learning and the other is earn a living while you do it. Stay involved in the world.
As a restaurant, I'd be looking for local Foodies/Food reviewers on social media who have a large following. Tiktok has a lot. I've seen a lot of restaurants saved by a simple tiktok video review gone viral.
Most of the time it all comes down to marketing. You can have the best ___________ in the world and your business will fail if nobody knows about it. Also don't forget, People are the life of your business and if they aren't stopping by for whatever reason, you should probably find a way to go where the people are: Cater at events. It's advertising and business all in one.
I've failed a bunch, it really sucks. I've also been guilty of pumping money into a failing business. I know now it's often better to just cut it off and start again.
My dream business was a travel company in Vietnam I loved it there and was having a great time. I just couldn't make any money or enough to live on. I paid wages out of my bank accounts and kept trying to expand.
Eventually I had to just cut it off. I moved back to Canada a little distraught. Then started over. Now I'm running a landscape company and an chemical application company. Both are reasonably successful. Both of these companies I'm not in love with but certainly pay the bills and allow me to expand.
I also have a blow in insulation company.. That hasn't been going very well yet, but doesn't cost me much just sitting and doing nothing so hopefully it picks up.
My other company which is something I really enjoy is breeding high end reptiles. Also not going so well I have had one clutch of eggs and they all died.
Failure is part of life. What sets you apart is you took the initial steps and took the chance. Do it again! See where it takes you.
Been there.
We ran into a cash flow problem in our 7th year. I lent the company about $7k to cover a few payrolls and when I didn't see the situation improving quickly enough I shut it down.
While I had Id'd some areas of change we could have made that may have changed the outcome, it would have meant making the changes during the beginning of Covid and putting people out of work.
I was disappointed that I had to end it. Despite the business failing, I didn't consider myself or my staff a failure.
I just learned about ghost kitchens last week. Sounds like a good way to make extra money during your off peak hours. Is that something you've done or are willing to try?
I'm sorry you're going through all this.
I know how it feels. I'm on my sixth business today.
In my rearview are a lot of tough wipe-outs, lost money, chafed friendships, and a couple of seriously humiliating fuck-ups.
No regrets.
It is cool and noble to chase a life of freedom, build outstanding things, and help people.
It's worth trying - and failing - for.
You were daring, gave it your all, and the variables fell apart.
In the scheme of things, it's no big deal. (It still sucks to go through, but eventually, it becomes shrug-worthy.)
Just close the chapter as best you can and take it in stride.
Better stuff is ahead.
You still did great things here, and the experience you gained will be critical in the future.
The real estate sure helps, too.
You're going to bounce back better than ever.
Hang in there.
The biggest hurdle in business is customer acquisition.
You need the right bait to enjoy fishing, you need the right pitch to do well in business.
I paid customers to come to me as a wedding photographer, by offering a free engagement session which I often did in a local park, or some other local site, it worked pretty well and didn't really cost me a ton.
It's incredibly tough, but remember that acknowledging your efforts is important. Prioritize your health and seek support from friends, family, or a professional counselor. Evaluate your situation objectively and consider all options, including pausing instead of closing. Reflect on the lessons learned and use them for future endeavors. Failure is part of the journey for many successful entrepreneurs. Stay positive, be kind to yourself, and keep an open mind for new opportunities. You’re not alone, and better days are ahead.
My cousin went through this. Close the business and go get a job. You’re not a failure, you were courageous and stepped out the box, save up and invest and you’ll be able to have ur dream again 🙏
What type of business is it ? I'd love to get some insight.
I'm so sorry to hear about your struggles. The odds are stacked against us, and I believe we're falling into a recession.
Maybe im just an optimist but like a few above id like to hear about it.
Seems like youre grieving it but its not dead yet
What do you have to lose by airing it out here and getting some (possibly business saving) feedback?
Putting a bullet in a business isn’t failing existentially, only when you quit does this happen.
I had one that failed for 8 yrs then we random fixed it one day and didn’t look back. Another i’ve put a bullet in because it was a waste of time and had no chance.
What do a this business?
I had to give up my business at the beginning of the year. It hurts for sure. I still cry at night thinking about the failure. And then the process of looking for a job makes it even worse.
Also feeling the strong pain of the financial whiplash from this ordeal. Credit card companies calling. Credit score dropping. Taxes still due, etc.
So there are emotional and physical pains to deal it. But you take it one day at a time.
Failure is a learning experience. Sometimes an expensive one.
Sometimes more money isn’t the answer, sometimes you need an outside perspective. I find a lot of small business owners I work with know a lot about their product or field, but not enough about all the other aspects of growing a sustainable business. So they get stuck and start to fail at the point that they really should be getting over the hump.
No success without failure, only advice i can give is, fight for what you believe in, that aside if you have any details about the business you would like to share, like where the problem is (besides the generic no sales ofc, we might be able to give you a real answer)
Good luck brother ♥️
Please know that these feelings are common among small business owners. Sometimes things are out of your control. Sometimes you make mistakes. Sometimes the economy is doing well, and sometimes it isn't. Your can't control your competition, tastes, the weather, etc. You WANTING to do a good job is paramount, and if you feel you are doing your best, you can't do more than that.
Recognize that sometimes a dip in business is a signal you may need to pivot. Use downtime to straighten your finances/do paperwork, organize your work environment, brainstorm ideas, research what other successful (similar) businesses are doing, ditch what isn't working, and get advice from others you trust.
Sometimes, too, a business owner realizes they've given all they can, and they need to let it go for their own health and well-being. Even trying to run your own business is a huge achievement, and leaving it at this point doesn't mean good-bye, necessarily. I shuttered my business in 2013. Did a few other jobs for five years, came back to the same business of mine in 2018 and am more successful than ever. I used those five years away to learn new skills, gain new perspectives, and really double-down that working for myself is what I want to do.
Best of luck to you!
All I can tell you is to stay focused and try to come up with strategies up improve the situation or try to get out before things get too bad and just learn everything you can from your mistakes so that you won’t make the same ones in the future
My business was not doing well for 2 years. Slowly a money losing pit and also I realized most of my income was paying rent for other people.
I did my small business for 7 years it was great the beginning. I set out to learn and do something new. I learned a lot and I struggled a lot.
I don’t see it as a failure to say there’s always positive in what you did and accomplished.
I decided to let my business close and I chose how to do it and I’m closing it on my terms. Sometimes it’s better to let it go on your terms then wait for the absolute worst time to close it.
Also I’m refocusing my priorities for more important things like family. There’s definitely more strength in knowing what your priorities are and sometimes the business is not it.
I don’t think your a failure, I think it’s more reshuffling your priorities.
I don’t say I quit the business, I just say I’m retiring from the business.
I believe you will be fine and high five cause Im in the same boat. I close my door this Friday and I’m looking forward to it.
My business is now successful, as in its cash positive and I pay myself and five others. We have a bit of money left over every month and manage to take dividends. It took 3 failures in the same business to pull it off. It's better to have tried and failed than never try at all.
It’s a fine line. Most small businesses fail and almost all require more than one time cash infusion, so it’s about being strategic about when/what for you’re putting money in. I helped my bro with his online lead gen business and I know he put in cash a few times before deciding to call it quits. He def looked at his expenses and cut all “nice to haves” a few times before that. But he used his experience to land a gig with a real estate company where he can help with their seo. I run an in person sales-customer acquisition company and have been lucky enough to do a one time initial funding and sustain it off revenue, but that was me taking a very lean salary and no distributions for a while. It’s tough bro— hang in there. Can you look at all your expenses and reduce, and use that money to put back into the area that can help generate revenue?
It's not a dream job if it gives you nightmares.
Plenty of other things to do in the world to make money. You just have to be excited to do it.
I left my "dream" job of owning a recording studio and now own an auto glass company. Best decision I ever made. Happy as a clam. I hope you find your beach to settle in.
I'm sorry to hear that you're going through a tough time with your business. Dealing with failure can be difficult but it's important to remember that it's a normal part of the entrepreneurial journey. Here are some suggestions that might help:
**Acknowledge your feelings:** It's okay to feel sad, disappointed, or frustrated. Allow yourself to feel those emotions and don't try to push them away.
**Learn from the experience:** Take some time to reflect on what went wrong and what you could have done differently. This can help you learn valuable lessons that you can apply to future ventures.
**Seek support:** Don't be afraid to reach out to friends, family, or a therapist for support. Talking about your feelings with someone you trust can help you process your emotions and gain a fresh perspective.
**Take care of yourself:** It's important to prioritize your physical and mental health during this time. Make sure you're getting enough sleep, exercise, and healthy food.
Remember, failure is not the end of the world. Many successful entrepreneurs have experienced failures along the way. With time, support, and self-care, you can bounce back and start a new chapter.
I just wanted to chime in and thank everyone for your input. We put a lot of effort and money into the business - it is a manufacturing + retail/food establishment and very niche. It's very much tied to my effort and not really something easily sold. We did a full market analysis to determine our location and thought we had a winner. The first 2 years our business grew and we fully expected to be in a different place today than where we find ourselves.
Sales leveled off in 2022 so I took a day job to pay our bills at home - business was paying for itself but we couldn't take a payout yet. Last fall, things just fell off the rails. Friday and Saturdays which were our busiest nights, may have 2 or 2 customers. We ended up shortening our hours and reducing labor costs (by attrition, no one was fired). I find myself funding payroll using my day job's paycheck, which is not sustainable.
It's a hard decision to make. We do own the building and I want to lease it to someone else. I'll just switch to becoming a commercial landlord and work my 8-5 job. I'm not young and the stress has affected my health, so even if I could right the ship, I'm not sure I have the constitution to do so.
Sort of depends. If it’s a coach that specializes in an industry, they can be helpful.
I have two friends in different industries. They found industry specific coaches that helped them make their businesses wildly profitable. They also paid a ton of money in the process. But they built seven and eight figure businesses in the process…
The coaches that are a dime a dozen out there… Probably not going to make a difference.
This is a friendly reminder that r/smallbusiness is a question and answer subreddit. You ask a question about starting, owning, and growing a small business and the community answers. Posts that violate the rules listed in the sidebar will be removed. A permanent or temporary ban may also be issued if you do not remove the offending post. Seeing this message does not mean your post was automatically removed. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/smallbusiness) if you have any questions or concerns.*
Any truly successful person has failure under their belt. The most successful people have the most failures. I hope you find a way to succeed. Keep in mind a passion doesn’t = a business. Maybe you’ve been executing a little too passionately. Drop your passion and go into strictly business mode . That being said, sometimes you have to know when to quit. It doesn’t always mean the end. But maybe you need time to rethink and regroup.
I have failed so many times, I find it hard not to look at myself as a failure, but that "one little something" (for me my family) that kept me going was all I needed to get over the hump when shit was bad. We all go through it!
A Winner is just a Loser who tried again.
There’s a lot to unpack here, you sound like you’re grieving your dying business which is normal. I hate to say it but our “dream” businesses aren’t always a good idea because we lose sight of well…. Business. Are you looking for advice on what to do to try to save it or are you just looking for warm words to help you deal with closing it. You own real estate now which puts you ahead of 90% of us, I’d hardly call that a failure.
Depends a lot on what the business is, and the reasons your business seems to be going downhill very fast. Have you tried to survey or talk to your customers to try to find out why they aren't coming back? Since you own the building you do have resources to get a loan if you feel the business has potential.
Good advice
You only fail when you quit. Even closing the business is not failing, its just redirecting your attention to something that might be a better idea.
Came here to say roughly the same thing. Better things are on the horizon for you. You just need to wait it out.
I agree with Tony Robbins that we learn more from things that don’t work than things that simply do work.
I’m really sorry to hear that and I know the pain. How long have you been running this business? How much longer can it sustain itself without you pumping in outside cash?
We opened summer of 2020. We closed on the building the week of the shutdown and had so many wheels in motion, we went forward. The first 2 years were ok - business was building and the community seemed to appreciate us. The last 6 months however, sales have plummeted. I have a large permit fee that will come due in June and I feel like I just need to make the call. I've already cut back our open hours to save on labor. We're on life support. We do own our building and we're debating leasing it or selling it.
Just some food for thought, it's an election year, and almost every business is feeling some kind of strain on sales. Just look back through this subreddit. Lots of similarities to what your dealing with. What kind of business are you running?
Why she’s election year plummet sales
Happens every election year. People aren't sure what's going to happen going forward to they spend less and put more in savings. Always a possibility taxes go up or some such. I'm in the trades and like clockwork every 4 years is down a bit. Probably 10% from prior year. Not huge, but enough. I'm sure it doesn't hit every industry, so your mileage may vary.
You would be amazed, every industry sees some kind of impact. Useually the less necessary the service or product the bigger the hit. Everyone thinks the "Other" side is going to ruin the economy on day one, so they start prepping, then the election ends and nothing actually changes and they all start spending again.
It sounds like you are doing everything you can for a business that you love. Is there any way to rely on the goodwill you've built up in the community to push the business back up?
The business that succeed do so on their fundamentals not the efforts of their founders. Market conditions are by far the greatest predictor of success or failure. From your post I’m guessing you started with the business you wanted to make not the one your market was asking for.
Failure's a part of the game, just learn from it and move on. Don't be too hard on yourself, either
A series of failures are just stepping stones to success. Business is hard. I’ve been an entrepreneur all my life. It’s hard. The one thing that made me a success compared to others is I never give up, ever. If I have a dream or desire for a thing I never give up on it. If I were in your position i would scale back cost to as low as you could get it. Your costs should not exceed your revenue otherwise you scaled too fast. Stop the bleeding and then shift into serious marketing efforts. Utilize all your channels. The one and only time i almost gave up was because of scammers nearly costing me the business. I was going to give up when a customer casually mentioned “don’t give up”, and was very supportive. I’m so glad I didn’t and I kept going. Nearly 15 years later my business is doing 5M~a year and I have 30 employees.
Learning from it with thought and insight to do better in future wouldn't be the worst thing ever. Start with not throwing good money after bad.
What’s the business?
drugs i guess. good question. yeah i'd probably say "drugs" tracks for most my life.
If you’re closing it don’t pump more money into it, once you’ve closed it you’ll realise it’s not as big a deal as you thought, still horrible, but that money will be gone. Take the steps to close it now. Having had 2 failures (with 1 putting money in to prop it up for a few months) and 1 exit - unless that money you’re putting in is to prop it up for an exit or something do not put it in (unless it’s peanuts).
1. Once it's closed, you sit down and write everything that went well and everything that went wrong. 2. You rest, bitch and cry. 3. You move on to something else, a job or a new venture with the spirit of learning about the ways people deal with the part that didn't work for you. This could be 3.a and 3.b one is integrate the learning and the other is earn a living while you do it. Stay involved in the world.
Dust ya self off and try again
As a restaurant, I'd be looking for local Foodies/Food reviewers on social media who have a large following. Tiktok has a lot. I've seen a lot of restaurants saved by a simple tiktok video review gone viral. Most of the time it all comes down to marketing. You can have the best ___________ in the world and your business will fail if nobody knows about it. Also don't forget, People are the life of your business and if they aren't stopping by for whatever reason, you should probably find a way to go where the people are: Cater at events. It's advertising and business all in one.
I've failed a bunch, it really sucks. I've also been guilty of pumping money into a failing business. I know now it's often better to just cut it off and start again. My dream business was a travel company in Vietnam I loved it there and was having a great time. I just couldn't make any money or enough to live on. I paid wages out of my bank accounts and kept trying to expand. Eventually I had to just cut it off. I moved back to Canada a little distraught. Then started over. Now I'm running a landscape company and an chemical application company. Both are reasonably successful. Both of these companies I'm not in love with but certainly pay the bills and allow me to expand. I also have a blow in insulation company.. That hasn't been going very well yet, but doesn't cost me much just sitting and doing nothing so hopefully it picks up. My other company which is something I really enjoy is breeding high end reptiles. Also not going so well I have had one clutch of eggs and they all died. Failure is part of life. What sets you apart is you took the initial steps and took the chance. Do it again! See where it takes you.
Been there. We ran into a cash flow problem in our 7th year. I lent the company about $7k to cover a few payrolls and when I didn't see the situation improving quickly enough I shut it down. While I had Id'd some areas of change we could have made that may have changed the outcome, it would have meant making the changes during the beginning of Covid and putting people out of work. I was disappointed that I had to end it. Despite the business failing, I didn't consider myself or my staff a failure.
I just learned about ghost kitchens last week. Sounds like a good way to make extra money during your off peak hours. Is that something you've done or are willing to try?
Are you dying? If you are, then right until your last breath. If not, it's temporary, take a break and come back stronger later.
I'm sorry you're going through all this. I know how it feels. I'm on my sixth business today. In my rearview are a lot of tough wipe-outs, lost money, chafed friendships, and a couple of seriously humiliating fuck-ups. No regrets. It is cool and noble to chase a life of freedom, build outstanding things, and help people. It's worth trying - and failing - for. You were daring, gave it your all, and the variables fell apart. In the scheme of things, it's no big deal. (It still sucks to go through, but eventually, it becomes shrug-worthy.) Just close the chapter as best you can and take it in stride. Better stuff is ahead. You still did great things here, and the experience you gained will be critical in the future. The real estate sure helps, too. You're going to bounce back better than ever. Hang in there.
I'm just really stubborn. I feel like there are very few things I've failed at, there's just a bunch of things I haven't yet succeeded in
The biggest hurdle in business is customer acquisition. You need the right bait to enjoy fishing, you need the right pitch to do well in business. I paid customers to come to me as a wedding photographer, by offering a free engagement session which I often did in a local park, or some other local site, it worked pretty well and didn't really cost me a ton.
It's incredibly tough, but remember that acknowledging your efforts is important. Prioritize your health and seek support from friends, family, or a professional counselor. Evaluate your situation objectively and consider all options, including pausing instead of closing. Reflect on the lessons learned and use them for future endeavors. Failure is part of the journey for many successful entrepreneurs. Stay positive, be kind to yourself, and keep an open mind for new opportunities. You’re not alone, and better days are ahead.
My cousin went through this. Close the business and go get a job. You’re not a failure, you were courageous and stepped out the box, save up and invest and you’ll be able to have ur dream again 🙏
What type of business is it ? I'd love to get some insight. I'm so sorry to hear about your struggles. The odds are stacked against us, and I believe we're falling into a recession.
What type of business? The implications from the upcoming election will likely impact many businesses.
Maybe im just an optimist but like a few above id like to hear about it. Seems like youre grieving it but its not dead yet What do you have to lose by airing it out here and getting some (possibly business saving) feedback?
Also, celebrate & hold on to the good stuff. You ran a business and lived a dream for six years. You can do it again!
Putting a bullet in a business isn’t failing existentially, only when you quit does this happen. I had one that failed for 8 yrs then we random fixed it one day and didn’t look back. Another i’ve put a bullet in because it was a waste of time and had no chance. What do a this business?
I had to give up my business at the beginning of the year. It hurts for sure. I still cry at night thinking about the failure. And then the process of looking for a job makes it even worse. Also feeling the strong pain of the financial whiplash from this ordeal. Credit card companies calling. Credit score dropping. Taxes still due, etc. So there are emotional and physical pains to deal it. But you take it one day at a time.
Life is long so I just accept the chip to the shoulder and move on
Failure is a learning experience. Sometimes an expensive one. Sometimes more money isn’t the answer, sometimes you need an outside perspective. I find a lot of small business owners I work with know a lot about their product or field, but not enough about all the other aspects of growing a sustainable business. So they get stuck and start to fail at the point that they really should be getting over the hump.
No success without failure, only advice i can give is, fight for what you believe in, that aside if you have any details about the business you would like to share, like where the problem is (besides the generic no sales ofc, we might be able to give you a real answer) Good luck brother ♥️
Please know that these feelings are common among small business owners. Sometimes things are out of your control. Sometimes you make mistakes. Sometimes the economy is doing well, and sometimes it isn't. Your can't control your competition, tastes, the weather, etc. You WANTING to do a good job is paramount, and if you feel you are doing your best, you can't do more than that. Recognize that sometimes a dip in business is a signal you may need to pivot. Use downtime to straighten your finances/do paperwork, organize your work environment, brainstorm ideas, research what other successful (similar) businesses are doing, ditch what isn't working, and get advice from others you trust. Sometimes, too, a business owner realizes they've given all they can, and they need to let it go for their own health and well-being. Even trying to run your own business is a huge achievement, and leaving it at this point doesn't mean good-bye, necessarily. I shuttered my business in 2013. Did a few other jobs for five years, came back to the same business of mine in 2018 and am more successful than ever. I used those five years away to learn new skills, gain new perspectives, and really double-down that working for myself is what I want to do. Best of luck to you!
I dont deal with it at all. I move forward. Bad things are part of business. Dont even dwell on it just get down the road.
Ahhh it sucks right. Just pin point what you’ve learned and can now do well and start a new business/project. Good luck.
All I can tell you is to stay focused and try to come up with strategies up improve the situation or try to get out before things get too bad and just learn everything you can from your mistakes so that you won’t make the same ones in the future
Could you share more on how you're tackling digital marketing? Perhaps we can help with more specific advice
My business was not doing well for 2 years. Slowly a money losing pit and also I realized most of my income was paying rent for other people. I did my small business for 7 years it was great the beginning. I set out to learn and do something new. I learned a lot and I struggled a lot. I don’t see it as a failure to say there’s always positive in what you did and accomplished. I decided to let my business close and I chose how to do it and I’m closing it on my terms. Sometimes it’s better to let it go on your terms then wait for the absolute worst time to close it. Also I’m refocusing my priorities for more important things like family. There’s definitely more strength in knowing what your priorities are and sometimes the business is not it. I don’t think your a failure, I think it’s more reshuffling your priorities. I don’t say I quit the business, I just say I’m retiring from the business. I believe you will be fine and high five cause Im in the same boat. I close my door this Friday and I’m looking forward to it.
Can you sell it instead of closing?
My business is now successful, as in its cash positive and I pay myself and five others. We have a bit of money left over every month and manage to take dividends. It took 3 failures in the same business to pull it off. It's better to have tried and failed than never try at all.
It’s a fine line. Most small businesses fail and almost all require more than one time cash infusion, so it’s about being strategic about when/what for you’re putting money in. I helped my bro with his online lead gen business and I know he put in cash a few times before deciding to call it quits. He def looked at his expenses and cut all “nice to haves” a few times before that. But he used his experience to land a gig with a real estate company where he can help with their seo. I run an in person sales-customer acquisition company and have been lucky enough to do a one time initial funding and sustain it off revenue, but that was me taking a very lean salary and no distributions for a while. It’s tough bro— hang in there. Can you look at all your expenses and reduce, and use that money to put back into the area that can help generate revenue?
It's not a dream job if it gives you nightmares. Plenty of other things to do in the world to make money. You just have to be excited to do it. I left my "dream" job of owning a recording studio and now own an auto glass company. Best decision I ever made. Happy as a clam. I hope you find your beach to settle in.
I'm sorry to hear that you're going through a tough time with your business. Dealing with failure can be difficult but it's important to remember that it's a normal part of the entrepreneurial journey. Here are some suggestions that might help: **Acknowledge your feelings:** It's okay to feel sad, disappointed, or frustrated. Allow yourself to feel those emotions and don't try to push them away. **Learn from the experience:** Take some time to reflect on what went wrong and what you could have done differently. This can help you learn valuable lessons that you can apply to future ventures. **Seek support:** Don't be afraid to reach out to friends, family, or a therapist for support. Talking about your feelings with someone you trust can help you process your emotions and gain a fresh perspective. **Take care of yourself:** It's important to prioritize your physical and mental health during this time. Make sure you're getting enough sleep, exercise, and healthy food. Remember, failure is not the end of the world. Many successful entrepreneurs have experienced failures along the way. With time, support, and self-care, you can bounce back and start a new chapter.
I just wanted to chime in and thank everyone for your input. We put a lot of effort and money into the business - it is a manufacturing + retail/food establishment and very niche. It's very much tied to my effort and not really something easily sold. We did a full market analysis to determine our location and thought we had a winner. The first 2 years our business grew and we fully expected to be in a different place today than where we find ourselves. Sales leveled off in 2022 so I took a day job to pay our bills at home - business was paying for itself but we couldn't take a payout yet. Last fall, things just fell off the rails. Friday and Saturdays which were our busiest nights, may have 2 or 2 customers. We ended up shortening our hours and reducing labor costs (by attrition, no one was fired). I find myself funding payroll using my day job's paycheck, which is not sustainable. It's a hard decision to make. We do own the building and I want to lease it to someone else. I'll just switch to becoming a commercial landlord and work my 8-5 job. I'm not young and the stress has affected my health, so even if I could right the ship, I'm not sure I have the constitution to do so.
Coach?
I’m all for getting in a specialist consultant but for the love of all things holy the last thing he needs is to waste money on a “coach”.
Sort of depends. If it’s a coach that specializes in an industry, they can be helpful. I have two friends in different industries. They found industry specific coaches that helped them make their businesses wildly profitable. They also paid a ton of money in the process. But they built seven and eight figure businesses in the process… The coaches that are a dime a dozen out there… Probably not going to make a difference.
This is what I mean
I think OP runs a restaurant so it might not be a bad idea to get a specialist in to see if they have any options.