I am a big fan of persevering and persisting through tough times. There also comes a time where you need to quit. I’m not saying to give up. I’m saying to quit doing what is no longer working for you.
As a new business owner I have a lot to learn. Whenever you venture out and try something new there is a lot of uncertainty and unknown. This is both terrifying and exciting.
We are encouraged to stay consistent and to persist at what we are doing for a while before we can tell if it is working or not. There is wisdom to that. But how do we know when it is time to quit something that really is not working for us?
We don’t want to quit too early. At the same time, we don’t want to hold on too long and burn ourselves out trying to make something work that just isn’t.
Here are 5 ways to know it’s time to quit.
Are you dreading a certain task every time you do it? Is it the entire project or just aspects of it? For example, I love recording my podcast. The interviews are a blast. However, I dreaded recording them because the editing and publishing became a drag.
So I quit editing. I outsourced it. The joy of podcasting has returned. If I kept forcing myself to do all the editing I would have burned out and stopped podcasting all together.
I quit what wasn’t working for me right on time.
2. Losing Patience.
What are you doing where you find yourself irritable and having very little patience with? If the task doesn’t energize you than it probably is time to delegate it or stop it.
Do you lose patience with all the emails, follow up, and phone calls? These are necessary in growing a business and maintaining contact with clients, prospects, and JV partners.
You may love meeting people but then lose patience with the follow up, keeping track of who you spoke to and when, and what was even said, etc.
If you can’t keep up with it than once again, it’s time to automate and outsource. Hiring an assistant to work for you even 3 hours a week to do all the follow up, booking, organizing of who you need to call and meet with will significantly take a load off.
You can breath a sigh of relief and you will find that you have patience once again.
3. It’s Not Giving You a ROI (Return on Investment).
This is where we need to be careful. Businesses take a while to grow and prosper. ROI should not always be measured in financial return initially.
When I decided I needed to quit doing it all and outsource, I did not see a whole lot of financial return immediatley.
What I did receive was a whole lot of was peace, creative space, patience, balance, and margin in my schedule to get out and do the things that would make me money in the long run.
In all honesty, the revenue was not coming in to justify the expense of an assistant. But I knew it was time to quit trying to do it solo.
How? I knew that the revenue would take even longer to come in (if at all) as long as I was going at it solo. The details were too great. I would spend an entire day just managing social media- something that truly, I have no business doing.
When I couldn’t afford to pay for an assistant in a low revenue month, I would just not do all the details and leave it alone.
I had to quit the details.
4. When no one seems interested.
In the early stages of growing an online business it is crickets. No one is paying attention and no one seems interested. It takes a good year (at least) for you to be able to measure if people are benefiting from you hard work.
It’s important to stay consistent here but also try new strategies (only work on 2-3 TOPS at a time)
If no one seems interested in a certain workshop or product, than try getting in front of a different audience. Timing is also important.
For example, Graduation season is proving to reap an abundant harvest for me. College students are graduating and now I’m getting a lot of interest in my job search strategy workshop.
I spent a long time coming up with different ideas and workshops that people would be interested in. I either promoted to the wrong people or at the wrong time.
Don’t hold on too tightly to one idea and one method. You have to keep moving.
If you are turned down, dust the sand off your feet and keep moving.
5. You no longer enjoy it.
When I first started blogging, I enjoyed it. Then I started doing a podcast and videos and learned that I by far enjoy those more.
Writing is not a passion of mine. Although a podcast is more money and work, it’s way more fun for me. So I’m going to slow down on the blogs I write.
The content will still be here….just in a different form.
I have to stay true to my strengths and wiring. So should you.
Think about what you are doing that you know longer enjoy. Did you once enjoy one on one coaching but now like teaching workshops instead? Then take permission and focus your efforts on teaching more workshops.
Did you once enjoy speaking and traveling but find yourself getting burnt out from being on the road and away from home all the time? Take permission and focus on limiting the amount of time you are away and create new ways to bring in revenue.
What do you think you need to quit?
Visit my iTunes podcast.