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I know this is something that many of you would never want to come to terms with, but in all reality it is something that many businesses face.

There will be many times where you think it is not going to happen or you have exhausted all your resources and it is time to throw in the towel, but how do you know that this time it is for sure or are you just giving up out of pure frustration?

I personally would never give up unless I’ve used all my resources and tried every alternative possible and they’ve all failed, because unless you truly took advantage of every waking moment and opportunity your thin line between failure/success could lie between.

The idea for this article came about after finding out about MindTrix Clothing calling it quits after five years in business and are in the process of selling off the last of its inventory. They’ve decided to pull the plug after Mindtrix ran out of money to continue production after a couple of setbacks in 2007. Hopefully this article will help them sell off the last bit and good luck to them in the future. Show your support for a fellow designer-entrepreneur by Shopping Mindtrix clothing.

Here are 5 definite reasons you should pull the plug on your business:

Short of Financing or Capital

You have no back up and your running out of money. Many people know that financing is usually the barrier that most face when trying to start a business, but once you get the ball rolling it can be smooth sailing or a world of trouble if your financial woes never smooth out and you or your business could be facing bankruptcy. Just call it quits before you face bankruptcy and lose more than your business.

Putting your livelihood at Risk

Your livelihood is at risk. Your business is taking up too much time and is not putting out enough income for you to quit your job which pays the majority or all of your expenses. No matter how much a business means to you if your expenses outweigh your income than you must call it quits, before it’s lights out. There is no other way around it unless you prefer homelessness over the privacy of your home…it’s your choice.

No Sign of Progress

You have been in business for years and their is no sign of progress or profit. In the beginning stages of starting a business there will be times where you feel you should be further than you are, but that doesn’t mean you need to quit. At least put in enough time and effort before you expect a profit out of your business, (some take up to 5 years to become profitable) but if your seeing no progress from one month to another (example: increase awareness of your product or service, more store orders, repeat customer/orders) then it may be time to pull the plug on your beloved operation, but that is unless your not in it for the money, which then you’re more of a charity or non-profit.

No Product Demand

There is no demand for your product. No matter how great or groundbreaking you may think your product is that doesn’t mean their are thousands of consumers with the same desires and if there isn’t- there is no room for a sustainable business. Most ideas have been thought of and were either created and the product demand just wasn’t there as expected or not brought to market in the correct way for your sake let’s hope it was the latter reason.

Lost of Passion or Desire

You’ve lost your passion for your business. I think this is very important even though a business can be ran without it, because it doesn’t affect you financially. Starting or running a troubled business with no passion or desire is virtually impossible, because you have nothing to keep you going when the times get tough…reason why many business sell to the first buyer they can find when they have nothing left to give to the business financially or emotionally.

Have you ever faced a time where you felt like pulling the plug on your business? Any of them reminiscent of the above circumstances?

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