How long should you hold on to your home-based business dream?

A home-based business becomes an entity unto itself for the business owner. Because every home-based business involves so much hard work, blood, sweat, and tears, it’s easy to see it as having a “life” of its own, and a home-based business can be more real to the business owner than any other. stuff. something 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 “quit.” A home business can be like a card game, when the “losses” outweigh the “gains” it may be time to leave the business and start another, or seek other forms of outside employment.

It has been said, “that most entrepreneurs fail three to five times” before they actually start a successful business. Although it is imperative for entrepreneurs to be persistent, not being able to accept failure when it is obvious that it has occurred can be extremely detrimental.

So how does an entrepreneur “know” when it’s time to give up or when to move on? Simple, the amount of actual “suffering” must be measured. The following “measure of suffering” must be taken into account:

1. What kind of debt is the entrepreneur accumulating and how many bills and necessary necessities are being neglected. No one should live without food, clothing, shelter, or the medical care necessary for a rewarding life. If a home-based business consistently leaves the business owner with no life-sustaining funds, then it’s probably time to call it quits.

2. What kind of emotional pain is the entrepreneur facing? If the business has become so stressful due to mounting debt, or if the entrepreneur’s family is turning on them because of the business, then it’s probably time to quit.

3. If there is a possibility of losing a house or other possessions and property due to the bills generated during the business, then it is probably time to quit.

4. If the frustration of owning the business and running the day-to-day operations surrounding the business outweighs the joy of owning the business, then it’s probably time to quit.

Note that I’ve only mentioned the fact that “it’s probably time to quit.” No one but the actual owner of the business can sufficiently gauge when a business should file for bankruptcy and when they, the business owner, should go out of business.

Let’s face it, even the oldest companies can face new challenges to their survival. Markets can change drastically at times, seemingly overnight. Consumer behavior can also change rapidly. Newer businesses can face start-up challenges, but older businesses can also encounter significant “bumps in the road” to business success.

All of the above factors must be carefully weighed before deciding to “quit” or “stay” in the home-based business.

There are a few methods that can be successful in relieving some of the financial and emotional stress that accompanies a failing business:

1. You can take an outside source of employment “temporarily”, and you can work in the business “part-time” in the spare time of an entrepreneur.

2. Loans and grants can be taken to ease financial stress until the business is solvent.

3. The entrepreneur can enlist the help of family and friends, allowing them to “buy” the business, or by forming an LLC (Limited Liability Company), in which the business owner is no longer solely responsible for debts or liabilities. Most new business owners start out with a sole proprietorship model, so switching to the broader LLC can help the business in its quest for survival.

4. Business owners can “reduce” their expenses, both in business and in their personal lives. Reducing expenses can literally save thousands of dollars a month and can actually “save” a business from ruin!

Actually, there is no “shame” in failure. Failing at anything only teaches valuable lessons, lessons that can be incorporated into success another time! If you’re struggling in your home business, don’t let pride keep you from admitting defeat and moving on in another area of ​​life! That’s what being an entrepreneur is really about.