So, as I touched on earlier and as most people know we opened our own business a year ago. We of course thought that we were investing in a winner and that there was no way we could lose! Well, even so we always had a back up plan aka an exit strategy.
Please everyone, never, never, never, enter into business without an exit strategy!
We knew that we had a breaking point, but we were willing to give it everything we had up to that point. We really did give it our all! But, we hit our breaking point so we then had re-evaluate where we were in the business, if we should keep going, double down or call it quits. This is where Kenny Rogers enters the picture. Sometime in early July I started to get the Kenny Rogers "The Gambler" song stuck in my head. I was constantly singing to myself and the baby:
"You've got to know when to hold 'em
Know when to fold 'em
Know when to walk away
And know when to run
You never count your money
When you're sittin' at the table
There'll be time enough for countin'
When the dealin's done"
It's just hard to know when you have hit that point. But through prayer, meditation and just some straight out realistic thinking and talking we decided that it was best to fold our hand, cut our loses and move onto the next great adventure!
Why get our sooner than later?
Because each and every month, week, day that you continue working on a failing business you are losing income potential! For example, instead of devoting my time to the business I could focus on translating or data entry or other contract work that would put dollar bills into my pocket!
I'll write more on the process of getting out of business later, it's an adventure that I'm in the middle of right now and it's complicated!
Yoga on the Rocks
3 weeks ago