Rick Case Insurance Agency Blog
A business is a lot like a child or a romantic relationship. We invest a lot of our money, time, and affection for our business. So even entertaining the idea of walking away from our business can be appalling but there are circumstances where this is the only choice left.
It’s Time to Love Yourself
As I said, a business is like a relationship. We give it love and effort, and in return, it gives us fulfillment and, hopefully, profit. But there will come a certain time when you have to love yourself.
I mean there will be a time when the business is not only losing money, but your passion for it has dried up. Rather than commit emotional labor by forcing yourself to stay in a bad situation, you walk away.
Regulations Have Made Your Business Plan Unsustainable
Some regulations are good. Some are plain atrocious. Some regulations can kill a business. For example, imagine if you are in the business of making plastic bags then the city council bans plastic bags. Suddenly your market has been reduced to zero.
If a situation like this occurs, it should be obvious that the business is no longer sustainable and you should give it up.
The Market is No Longer Viable
Consider Blockbuster, once the king of video rentals, Blockbuster is now but a distant memory. Theories abound as to how this giant was felled but suffice to say the market trends changed, and Blockbuster could not compete or stay relevant.
Toys “R” Us is another example; it isn’t solely due to their fault that they are no longer relevant.
The same can happen to your business. Be humble enough to accept that if no one is buying anymore, it is time to move on.
The Profit Margin is Gone
In some cases, the profit margin is razor thin. As a result, even a small increase in the price of inputs or a decrease in the selling price can have seriously bad effects on the business and its ability to turn a profit.
You aren’t in business to lose money. So if you are losing money with no hope of things getting better, walk away.
Competition is too Fierce
Competition is normally a good thing. But sometimes too much competition can be a deal breaker. If the competition is becoming too cut throat for your liking, it might be a good idea to leave the market and find a new idea.
While you are looking for a good idea, then consider insuring yourself from further harm. At Rick Case Insurance Agency, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (405) 722-5556. Get your free quote today by CLICKING HERE.