It is indeed that it is high time to close down despite several attempts to save the business. Besides, it is the last resort to prevent from drowning with debts. It is also the best time to ask the employees to find their new jobs. This the least thing to be done by the business owners.
When should You Quit a Business
- Thread starter Golden9
- Start date
Probably, when you have tried everything you have and the business is not working then you have to try another business line. you can sell that one off to people who may salvage it and make profit.
I think it depends on the person, some peoples struggle much more than others to give up on their business and to quit, but personally if i don't think the business have any future then i will leave it because the more i straggle the more i lose.
Give one year time to do different experiments and changes and improvement. After one year start calculating as how much you are giving rent, what is your electricity bill and other expenses. And what is your per day sale and income. If still you are in minus then immediately close your business as you are not fit for at least this business.
If you have done everything in your power to save your business and still haven't succeeded, it may be time to consider quitting. Accepting this reality can be tough, but continuing to push forward could exhaust your finances and energy. Just conserve your resources and energy and look for new opportunities when you are ready. Consider exploring other business ventures instead.
