“I’m just going to throw in the towel on my business!”

How many times have you thrown your hands in the air looking at your business and considered burning it all down?

WAIT! Before you do, give me a second to talk you off the ledge. You’re not the first business owner to have this thought.

I’ll also share some practical tips to help you make or not make that decision.

First, some hope…

90% of new American billionaires are self-made.

A 2019 study showed that nearly 68% of the world’s richest people are ‘self-made.’

According to Freshbooks, 54% of self-employed entrepreneurs say they make more money now.

I don’t know about you, but those numbers sure get me excited about the business I’m building. 

Now, as a serial solopreneur, I get it. Many times throughout my entrepreneurial journey, the cash flow hasn’t been there, or instead of consults and sales popping up in my inbox — I hear crickets. 

While some money coaches might tell you to ‘just embrace love and light,’ ‘think some positive thoughts,’ or ‘meditate harder,’ — that’s not the kind of advice you’ll hear from me. Yes, there are some simple energetic practices you can do. But you can also count on me to blend the spiritual and the practical in your finances. When you have to use your credit to pay your people or your estimated tax bill, we need proven, time-tested strategies, not a vision board.

Is your business situation really that bad?

I can relate to the thoughts about throwing in the towel. Since I’m in the financial business, sometimes you just need someone to show you how and what to do when the money well has run dry (and do it without judgment). I do this for my clients all the time. It’s why they trust me with their finances.

If you’re thinking, “Business is bad, I should just quit,” here are the first questions I’ll ask you; “Is it true? Are things REALLY that bad, or is it only a temporary setback?” 

A major block for business owners is the belief that struggle and suffering must be involved merely by having your own business. Do you believe that’s true? Is that belief serving you or your business?

You’re a creator. You started your business from scratch. A passion ignited within you to serve your clients and community so that you could create a greater impact. But there’s also a secret nagging worry that if you’re successful with your business, that could change your relationships. 

If you’ve seen other struggling business owners, do you feel you need to struggle to help and relate to your clients?

If you’ve read my story, you know I come from a family of entrepreneurs. What you don’t see: how growing up with entrepreneurs planted seeds about constant money struggles. Sure, we had food to eat, a roof over our heads, and clothes to wear, but the foundational belief I was taught was that being a business owner is hard. 

What’s hard is being unable to live and work in your natural happy state. You know that place — where things feel good, they’re flowing, clients fill your calendar, and you get to do what your soul calls you to do. 

So what’s holding you back?

Here are three simple steps to help you decide if you really should quit your business:

Step #1 – Step Out of the Struggle Cycle

Let’s start with this first step to get you out of the struggle cycle. Imagine that every single need and bill is covered. What’s now standing in your way? What other resistance is coming up for you? Whatever else is coming up for you, accept it for now and allow it to be here. 

You’re naturally a maker and visionary. What happens if your resistance and obstacles are no longer there? What would you do? What could you create? Who would you become? Stepping out from the struggle story is the first step to getting out of this unsupportive mentality and opening up the flow of ideas to help create better cash flow.

You might have some new ideas now. Make sure you’re capturing everything that popped up for you. 

Step #2 – Get Visible

Ask yourself if you’ve done EVERYTHING in your control to put yourself out there. Are you really doing everything you can to improve the state of your business? Are you showing up fully and engaging with actual humans? Or are you hiding behind your screen? Are you telling people how they can hire you? If not, start listing some ways to put yourself out there. 

Here are some business-boosting suggestions that have helped me get in front of more aligned potential clients:

• Being a guest on podcasts
• Reach out to COIs (Centers of Influence in your industry)
• Asking for referrals from previous clients
• Hosting a workshop in person or online
• Partnering with other like-minded business owners
• Networking groups — either online or in person
• Connecting with others through one of your favorite hobbies. For me, it’s been joining a pickleball league, a gardening group, and some spiritual classes. You never know where you’ll meet your dream clients.

Step #3 – Consider a Bridge Job

What? Wait, I have my own business — shouldn’t I just focus on that? YES! And if you’ve completed the above steps and are still going into debt to run your business, it may be time to find something to cover the gap as you build consistent revenue. Remember Step # 1 when you visualize that all your bills are paid? The foundation is there, the root of your business is covered, and you can breathe a sigh of relief. 

Imagine if your basic needs aren’t covered. How do you show up when you finally get on a consultation call? Your brain goes to yes, finally! And then, do you show up to the consult with that icky desperate energy or a calm and peaceful vibe?

Find something that can give you the freedom and flexibility to run your business and use your gifts and talents. So many more options exist for working remotely or even in a hybrid scenario. You can visit an office daily or just twice a week and interact with humans in person. It can be a win-win!

Still ready to throw in the towel? 

Maybe all you need to do is take a hard look at what money is coming in and what’s going out. Do you have a financial foundation with your business in place? Is it working? It may be time to hire an outside expert to take an honest look. In 30 days, you can walk away with a foundational financial plan, streamline your finances, and get expert advice from a business owner who has been there! 

Have you ever lost something and were too close or stressed to find it? That’s what it’s like when we work together. It’s about so much more than the numbers — there may be something else standing in your way to freedom that I can find.

Book a chat.

If you found this article helpful, read these next:

• Money and Stress in Business: How To Create a Feel-Good Plan
• 5 Ways to Build Your Confidence as an Entrepreneur AND Boost Your Money Savvy
• 3 Tips to Stop Constant Worrying So You Can Manifest the Money You Want