Closing shop

[tulip]

Has anyone of you had to close down a business that started out promisingly but crumbled due to a shift in market conditions and/or competition? I once started an online store that crumbled before reaching the 6-month mark but this taught me so much about perseverance and resilience.

 

[ritchie]

Successful business people have had their fair share of such stories. Whereas I haven't experienced this first hand, choosing to close down a business that isn't doing well is brave and at times worth it. People go on to start other ventures that eventually make them successful.

 

[JackD]

I have closed several businesses that started out promising but later became a struggle to make money. Key is to set your amount to lose then close when that happens. Do not try to convince yourself "it will come back". Do this with businesses as well as the stock market. Limit your loss and move on to the next project. Maybe the next project will make you millions!

 

[marsh]

I have closed several businesses that started out promising but later became a struggle to make money. Key is to set your amount to lose then close when that happens. Do not try to convince yourself "it will come back". Do this with businesses as well as the stock market. Limit your loss and move on to the next project. Maybe the next project will make you millions!

This is very true. I see a lot of people stuck in the same business for years while trying to salvage it. At some point, it is important to take stock and weigh expectations against reality. It is possible to have many failures then succeed at the very end.