Very few entrepreneurs want to close their business. Sell, yes. Merge, maybe. Shut it down, I doubt it. The reality is that more than 50% of all new companies opened in the U.S. and Canada close within the first three years. That means you need to know when, in fact, it may be best to cut your losses and get out.
Yes, it might happen to you. Its happened to me so Im speaking from a lot of experience here. Perhaps the single biggest obstacle to overcome is to accept the reality that when you start a business, you need to be prepared to close it. You should have included in your initial business plan a formula or timeline with a set of criteria to determine if the goals you feel are necessary to survive are being met.
In many ways, knowing when it may be time to close down a business is a particularly tough call for a small businessperson. Not only do large corporations have significantly greater resources to address potentially fatal problems, but the lone wolf mentality that allows an entrepreneur to flourish can also blind him/her to reality. A business owner has to go into operating a company with an attitude that says I am excited and I will succeed but...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
