When it can be good to bow out of your business
Knowing when to bow out is just as important as knowing when to stay in, when it comes to business and life situations. Both choices can have an impact on your business and life, and yet its harder for people to bow out, than stay in. We all want security and staying in can give us security. But how much does it cost you to stay in, when it would be better to bow out? The emotional misery and unhappiness you feel is just part of the problem that is experienced. The doubt and fears that arise can plague you for quite a while as you try to make something work that just may not work.
There’s also the impact on your finances. When you stay in a business where you are unhappy you will find ways to sabotage yourself, and at the same time you will find yourself sinking money into a pit that won’t produce results you need.
Recently I had to make a decision to bow out of the social media end of my business. I didn’t feel the passion for social media and I was unhappy because I really wasn’t getting what I wanted from it, in terms of happiness or in terms of wealth. I’d clung on to it for so long because it was familiar. But bowing out forced me to make a choice and decide what was truly important. Since choosing to end that part of my business I’ve experienced more happiness and more financial compensation than I had with the social media services. Business is more steady, more focused, and much better in terms of how it contributes to the value of my life.
Bowing out isn’t failure. It’s your recognition that something needs to change in your business in order for you to succeed. Staying the course can be valuable, but not at the expense of your happiness and sense of purpose. Giving yourself permission to quit can help you succeed because it forces you to look at other options that can reveal a way to succeed that you’d ignore if you stayed the course.