A home business becomes an entity unto itself for the business owner. Because every home-based business involves so much hard work, blood, sweat, and tears, it’s easy to see it as having a “life” of its own and a home-based business can be more real to the business owner than anything else. more in their lives.

However, there is also a dark side to a home business, especially one that is failing miserably. Part of being successful in a work-from-home dream also means knowing “when” to quit or “retire.” A home business can be like a game of cards, when “losses” outweigh “profits,” it may be time to quit the business and start another, or seek other forms of outside employment.

It has been said, “that most entrepreneurs fail three to five times” before they actually start a successful business. While it is imperative for entrepreneurs to be persistent, being unable to accept failure, when it has obviously occurred, can be extremely damaging.

So how does an entrepreneur “know” when it’s time to give up or when to continue? Simple, it is necessary to measure the amount of real “suffering”. The following “measure of suffering” should take into account:

1. What type of debt is the entrepreneur accumulating and how many bills and necessary needs are being neglected. No one should live without food, clothing, shelter, or the medical care necessary for a rewarding life. If a home-based business constantly leaves the business owner with no funds to support a life, it’s probably time to quit.

2. What type of emotional pain is the entrepreneur facing? If the business has become so stressful due to increasing debts, or if the entrepreneur’s family is turning against them due to the business, then it is probably time to quit.

3. If there is a possibility of losing a house or other property and properties due to the invoices generated during the business, then it is probably time to resign.

4. If the frustration of owning the business and managing the day-to-day operations that surround it outweigh the pleasure of owning the business, then it is probably time to quit.

Note that I have only mentioned the fact that “it is probably time to quit smoking”. No one but the actual business owner can sufficiently measure when a business should be declared a failure and when he, the business owner, should retire.

Let’s face it, even the oldest companies can face new challenges to their survival. Markets can change dramatically at times, seemingly overnight. Consumer behavior can also change rapidly. Newer companies can face start-up challenges, but older companies can also encounter significant “roadblocks” to business success.

All of the above factors must be carefully weighed before deciding to “quit” or “stay” with the home business.

There are a few methods that can be successful in alleviating some of the financial and emotional stress that accompanies a bankrupt business:

1. An external source of employment can be hired “temporarily” and the company can work “part time” in the spare time of an employer.

2. Loans and grants can be taken to ease financial stress until the business becomes solvent.

3. The entrepreneur can enlist the help of family and friends, allowing them to “buy” the business or forming an LLC (Limited Liability Company), in which the business owner is no longer solely responsible for debts or liabilities. Most new business owners start out with a sole proprietorship model, so switching to the more comprehensive LLC can help the business in its quest for survival.

4. Business owners can “cut” their expenses, both in business and in their personal lives. Reducing expenses can literally save thousands per month and can actually “save” your business from ruin!

In reality, there is no “shame” in failure. Failure at something only teaches valuable lessons, lessons that can be incorporated into success at another time. If you are suffering in your home business, don’t let pride stop you from admitting defeat and moving into another area of ​​life! That’s what being an entrepreneur is really about.