Sometimes every home business venture hits a slump – you might run out of motivation, the market might run temporarily dry, seasonal fluctuations in prospects might affect your profits. Any number of things could cause your satisfaction with your business to decrease. Before you call it quits, though, consider if a time-out would be a better solution for your long term wealth and happiness.
A time-out in the business world is a period during which you might do the bare minimum to keep your business alive, but otherwise walk away and take a breather. The idea behind a time-out is to help you find renewed motivation and energy to fight for the success of your business. Too many disappointment and setbacks piled on to each other can pile up and skew your outlook on your business and its future. A time-out can allow you to walk away and gain some perspective.
During a time out, you should ask yourself several questions. First, you should analyze what it was you liked most about your business in the first place. If you are an article writer with a bad case of writer’s block, maybe what you liked the most initially was the energy of creating. If you operate a turnkey web page, perhaps you enjoyed the quick influx of customers until they trickled down. Before you can truly decide to throw in the towel, it is essential to determine if that which you liked the most can be regained.
Next, it is important during a time-out to evaluate your business for financial readiness. What kind of investment would it take to get your business geared up again? Do you have the capital to make such an investment? The willingness?
If you can remember what energized you about your business, and if you are willing to throw yourself into rebuilding your business to surpass its former glory, a time-out is all you need to rest up for the next wave of profitability. If, however, you no longer find yourself interested in the market, a time-out if as perfect way to ease into another job, leaving your home business venture behind forever.