Letting go...the difficult decisions

Discussion in 'Growing and Managing a Business' started by Winterybella, Jul 14, 2015.

  1. Winterybella

    Winterybella
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    I feel like there is a difference in letting go and quitting when it comes to business. I believe there are times when you need to let go and there are times when you have to quit. Accurate or not quitting in the mind of many seems to suggest some sort of failure but I somehow think it just means you've had enough.

    After being in the retail business for more than twenty years I am at the cross roads. Have any of you ever had to make the difficult decision to let go of your business of many years? Even if you haven't share your opinion.
     
    #1 Winterybella, Jul 14, 2015
    Last edited: Jul 15, 2015
  2. Corzhens

    Corzhens
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    We had a retail business some years back which was managed by my husband. It ran for 4 years that started with 1 employee and had 4 employees when my husband decided to close shop. When the business was at its peak, he had a disagreement with one of the minor partners that led to back-stabbing. That partner put up his own business and competed with my husband's by stealing the big clients. After a year of operating on a loss, my husband decided to let go.
     
  3. Robert01

    Robert01
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    My brother has a business. I'm not gonna say that it is a long business but I think it's time for him to let it go. It's an online business. And it's been about a year. But still he didn't see any online customers (customers rather than acquaintance). He still has hope that his business will stood up some day but I think he should let it go.
     
  4. Diane Lane

    Diane Lane
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    I'm still in the process of building, but if I don't see some return within a couple more years, I'm considering throwing in the towel. It is difficult to know when, and it's harder still if you're emotionally invested in the business. I don't necessarily look at it as failure. Sometimes the timing and/or market just aren't right for what we're presenting or selling, and if we learn from the process, some good can come of it. We can take the lessons with us to our next venture if this one doesn't work out.
     
  5. Winterybella

    Winterybella
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    Right now in my country the economy is a mess and everywhere you turn people are complaining. Disposable income has been reduced considerably and clothing is not on the list of priorities for many. While I know my clothing business can survive, I don't know I have what it takes to keep it profitable.

    Many businesses like my own have closed their doors. Quite recently one in the mall where I am located was forced out of business. My son expressed an interest in carrying on the business, but if I am completely honest, I don't see the drive and determination that I believe is required to keep the business afloat.

    I feel we are at the stage where we need to use technology to chart a way forward. It's largely the reason why I am here. I feel if I am going to let go of the retail business in it's traditional form, I should be looking to grab hold of some sort of online venture that will be successful.
     
  6. missbishi

    missbishi
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    It would certainly be sensible to determine what your next move could be before deciding to close the shop. Are you currently using scocial media to promote the store at all? If not, have you considered this? The demographic is global and it could even help you to determine what the taget market for an online business should be.
     
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  7. Winterybella

    Winterybella
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    Instagram and Facebook are what we use with some success. Instagram gets my vote for generating the most traffic as the youngster have been targeting a younger niche and loads of young people can be found there. Yet I would say we survived for many years with not so much as a website embarrassing though it seems now that I am delving into the online world. I feel like the 'old lady' who's trying to catch up with the 'technological train' so as not to be completely left behind. As for the youngsters associated with me, I feel they are not using their grasp of technology to the full or even trying sometimes.

    In recent weeks I have been exploring all kinds of things on my own including using drop shippers for an online store. In this neck of the woods, shipping and other logistics have to be carefully researched before proceeding.I have all these ideas and sometimes it feels like I am not prepared to make the decisions or take the risks.
     
  8. Diane Lane

    Diane Lane
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    It's not just your country that is experiencing financial challenges, and many I know who sell a variety of items are having difficulty obtaining sales right now. Are you considering adding an online component to see where that goes, before you make the decision whether or not to close shop? It would be a shame to jump the gun and end what could be a family legacy, when this could simply be a rough patch many of us are experiencing, due to an economic slump.
     
  9. Winterybella

    Winterybella
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    I am aware of the international recessionary reach but I think without being political that the lot we have at the helm are only making a bad situation worse. I had the legacy idea in mind but my son has not shown himself to have what it takes. Then if I am being perfectly honest I don't want to leave him what some might consider a sinking ship. Then there are other variables at work which I'll probably have to leave for the "Dr Phil forum" if you know what I mean. Let's just say everyone has to be on board.

    I had hoped that my niece who's been with me for about ten years might have been interested in carrying on but far it. She's not interested in coming much more carrying on the legacy. Having lost her mom ( my sister-in-law) just over a week ago I sense she might not even want to return the way she's been talking. I have to tell you it's causing me no end of stress. The office has been calling me for weeks about signing my lease for another year. I am thinking I need Mr Wonderful or one of those Shark Tank guys.
     
  10. Danielle Davidson

    Danielle Davidson
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    It can be so hard to have to let go of your business. I don't know from experience, but I can only imagine. I mean something that you put all your hardwork and time into, that would just stink. I also think that sometimes people put too much into their business and then they just keep it going when they can't. I know someone who really should let go of their business, but they aren't. I mean if you aren't making that much or barley breaking even then you should just let it go.
     

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