10 crucial things to consider when you’re thinking about quitting your business

in Tips / Freelancing

You’ve been freelancing or running a small business for quite some time now. Things are going pretty well, but everything has become a little challenging lately, and you’re starting to dream of a simpler life.

But before you do anything drastic, take some time out to consider your options. Because if business is looking good, and the money is coming in, then it would be such a shame to give up now. Especially when you have so much potential to grow.

If you’re thinking about quitting your business and getting a job instead, read the following 10 crucial things to consider, before you do something you might regret…

1. You’ve come too far to quit now

From getting started and finding your first customer to employing your first member of staff and getting office space – every stage of running a business has its challenges. And it only seems to get tougher. Which is exactly the reason why you shouldn't give up now.

Before you quit, remember how far you’ve come. Consider the problems you’ve successfully tackled along the way. Think of the sacrifices you’ve made. And everything you’ve worked so hard to achieve, which has given you confidence and skills you never thought possible. It would be crazy to throw it all away. Particularly when you have so much potential.

2. There’s always a way you can change things

If you’re thinking of quitting because you’re not enjoying certain aspects of your business, embrace change! Easier said than done, I know. But actually, you have the power to make things work the way you want them to. You just have to be prepared to make an extra effort.

For example, are you working long hours and struggling to switch off at weekends? Start to gradually raise your prices, so you get more money for less work. Or consider boosting your productivity by removing any time-wasting tasks or outsourcing admin work to someone else. What if a particular client is getting you down? Work hard on your own marketing to find a replacement.

No matter what challenge you face, have comfort in the knowledge that there is always a solution and a way to move forward.

3. Success is just around the corner

They say the first couple of years of running a business are the most difficult. It’s all about winning those first clients, so you can pay your bills and start to show off what you’re capable of, attracting even more business.

You might feel like you’re on an endless treadmill, as you take on any work you can. You’ll think ‘when will it get easier?’. Trust me, it will. One day you’ll be struggling to find your next project, the next – you’re so busy, you’re wondering how you’ll cope. And that’s when you might employ someone to help out. Believe me, success is just around the corner.

4. Your earning potential will never be as much with a job

When you’re employed by someone else, no matter how hard you work you’ll get paid the same salary. Unless you can get a promotion and pay rise. When you freelance, you can determine how much you get paid and the sky’s the limit. It’s all down to you. You’re in control. And the harder you work, the more you earn. Plus why line someone else’s pocket, when you could be enjoying the fruits of your own labour?

5. You’ll miss out on learning skills that you’d never get elsewhere

In a lot of jobs, it’s easy to stagnate and become bored. When you work for yourself, you’re more driven to learn new skills because your business relies on you being the best you can be. You also pick up skills from simply dealing with clients, tackling common issues and having to handle all aspects of running a business. It’s amazing how much you can grow as a person.

6. You’ll never get the same job satisfaction working for someone else

Well, you might. But you’ll always be limited by your employer and their own ambitions. Which might not align with where you want to be. Running a business offers endless job satisfaction because you're constantly overcoming challenges, all on your own. Nothing beats the feeling of being your own boss and determining your own future.

7. If you change your mindset, you’ll thrive

When business is tough, it’s easy to get bogged down in problems and become negative about everything. We all suffer from a little burnout now and again, when problems can seem overwhelming. It comes with the territory.

But instead of being negative, change your mindset. Turn everything into a positive. So a client isn’t happy about some aspect of your work? Don’t get down about it. Figure out how you can solve things, and go above and beyond to wow them. So you're feeling overwhelmed by a deadline? Treat yourself to takeout pizza, put on some nice background music, roll your sleeves up and work into the early hours if you have to. You’ll be amazed how a little positive thinking goes a long way.

8. You should remember why you went solo

It’s easy to forget the reasons why you went freelance in the first place. And start romanticising about getting a job and how your life will be easier when you work for someone else. But actually, you didn’t enjoy working for someone else – so why turn back now?

When we feel stuck, the grass always appears greener on the other side. When in actual fact, it has its own weeds growing through. We all have to make a living in this life. No job or business is perfect. And a job won't solve all your problems either.

If it helps, write down the advantages and disadvantages of both scenarios and sleep on it. Really think about which type of working life appeals to you the most. If you're still swinging towards freelancing, then stick at it!

9. You are in control of your own destiny

Being a business owner gives you the power to control your own life. You can choose your own working hours. You can take holidays when you want. You can determine how much you earn. You can decide how far your business goes. It's a wonderful place to be.

10. It isn’t always tough going…

Finally, it’s not all doom and gloom. When things are going well, being a business owner is fantastic fun! Nothing beats the thrill of winning a new client or making a difference to someone else’s company. And when you start to grow and employ staff, it’s so satisfying watching them learn and grow with you.

Not everyone can run a business. You should be proud of yourself and celebrate how far you’ve come. But if you’re still not convinced and you still want to quit, give yourself six months. Promise yourself that you’ll review how you feel, but that you’ll do your best to make it work within that timeframe. That way, if you do still choose to close down your business, you’ll always be satisfied that you tried your very best. With absolutely no regrets.

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