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By Vishal P. Rao
A home-based business becomes
for the business owner, an entity in and of itself. Because
so much hard work, blood, sweat and tears goes into every
home-based business, it is easy to view it as having a
"life" of its own and a home-based business can be more real
to the business owner than anything 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 "fold". A home-based business can be like
a game of cards, when the "losses" exceed the "wins", it may
be time to give up on the business and either start another
one, or look into other forms of outside employment.
It has been said, "that most entrepreneurs fail three to
five times" before they actually start a business that
succeeds. Although it is imperative that entrepreneurs be
persistent, not being able to accept failure, when it is
obvious that failure has occurred, can be extremely
detrimental.
So, how does an entrepreneur "know" when it is time to give
up or when they should continue? Simple, the amount of
actual "suffering" needs to be measured. The following
"suffering measurement" should take into account:
1. What type of debt the entrepreneur is accruing, and how
many bills and necessary needs are being neglected. No one
should live without food, clothing, shelter or the necessary
medical care needed for a gratifying life. If a home-based
business is constantly leaving the business owner without
funds with which to sustain life, then it is probably time
to quit.
2. What type of emotional pain is the entrepreneur facing?
If the business has become so stressful because of mounting
debt, or the entrepreneur's family is turning against them
because of the business, then it is probably time to quit.
3. If there is a chance of losing a home or other holdings
and property because of the bills engendered during the
business, then it is probably time to quit.
4. If the frustration of having the business and handling
the day to day operations surrounding the business is
greater than the pleasure of owning the business, then it is
probably time to quit.
Notice I have only mentioned the fact that it is "probably
time to quit". No one but the actual business owner can
sufficiently measure when a business should be declared a
failure and when they, the business owner, should walk away.
Let's face it, even older businesses can face renewed
challenges to their survival. Markets can change drastically
sometimes, seemingly overnight. Consumer behavior also can
change quickly. Newer businesses can face start-up
challenges, but older businesses can encounter significant
"bumps in the road" to business success as well.
All the above factors need to be weighed carefully before
deciding either to "quit" or "stay" with the home-based
business.
There are some methods that can be successful for
alleviating some of the financial and emotional stress that
accompanies a failing business:
1. An outside source of employment can be taken
"temporarily", and the business can be worked on "part-time"
in an entrepreneur's free time.
2. Loans and grants can be taken to alleviate financial
strains until the business becomes solvent.
3. The entrepreneur can enlist the aid of family and
friends, by allowing them to "buy into" the business, or by
forming an LLC (Limited Liability Corporation), wherein the
business owner is no longer solely responsible for debts or
liabilities. Most new business owners start with a Sole
Proprietorship model, so switching to the more encompassing
LLC may indeed aid the business in its quest for survival.
4. Business owners can "downsize" their expenditures, both
in the business, and in their personal lives. Downsizing of
expenditures can literally save thousands per month and may
indeed "save" the business from ruin!
In reality, there is no "shame" in failure. Failure at
anything only teaches valuable lessons, lessons that may be
incorporated into success at another time! If you're
suffering in your home-based business, don't allow pride to
stop you from admitting defeat and moving forward in another
area of life! That's what being an entrepreneur is really
all about.
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Vishal P. Rao is the owner of
Home Based Business Opportunities
- One of Internet's leading website dedicated to starting,
managing and marketing a home based business.
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