When to Close a Business

C'mon over to www.marieforleo.com/blog/clos... where the main discussion happens after the episode!
When to close a business and when to keep working on it - how do you know when it's time to walk away?
In this video, you'll learn how to tell if your gut is telling you it's time to close a business of yours, or if you should up your game and try to make it succeed.
If you're wondering when to close a business, start by asking yourself this question: Is seeing this business succeed your true heart's desire OR does the idea of keeping it going drain you even if it's a raging success?
Also ask yourself which feels better: upping your marketing game and working like crazy to make the business succeed, or that your business magically disappears and you get a fresh start?
Knowing when to close a business is important because "weathering on" if your heart isn't into it anymore is not good for you or your customers.
If trying to decide when to close a business makes you feel like a failure, remember that just because something ends doesn't mean it was a failure. Your experience serves your future endeavors.
If you enjoyed this video, subscribe to our channel and sign up for your free weekly business and life advice at www.marieforleo.com.
And if you're interested in more videos on next level business growth like this one, check out our KZbin playlist on that exact topic here: • Build A Meaningful Bus... .
Thanks for watching!

[@romefox]

Wow, this is exactly how I feel. My business has never done particularly well but I have become completely mentally and emotionally exhausted.

[@alistuzlak]

Hope your business is still doing well while maintaining yourself. I had to reply due the Realisation that my business is going shit from the begin on and i am completely exhausted and destroyed my private life while working my butt off for nothing.

[@romefox]

@@alistuzlak Thats horrible Im sorry to hear that, I wrote this 4 years ago and my business has been closed for 2 years now. Its very hard closing your doors. I work for someone else now, the important thing is to make a living and always focus on starting again. I hope it gets better for you.

[@keittimothy9549]

@@romefox guys I am running a graphics and printing business but for the past two years am operating insufficient resources and no hope capital whatsoever cause the little I get I have sustain my life not the business until the pandemic worsened the matters so am thinking of closing the business and seek for employment in the same business

[@romefox]

@@keittimothy9549 That really sucks, its a terrible situation. Try anything you can, something related to your skills, go to dollar stores or walmart and buy stuff and flip it for a profit. Thats what I do part time aside from my job, if you go all in and since you already have the space, its worth a shot.

[@artiga16]

My business is going well and I see a lot of potential of it growing but I feel mentally and physically exhausted. I also have no life outside of my job because it takes so much of my time.

[@2SupportUTV]

So perfectly timed for me. I've been asking this question for a while & decided yesterday that enough was enough. Thing is, when you tell people they get all sad and say things like, "Aww! That's a shame!" & "But why?" and try to dissuade you from closing. I know they mean well, but I know my heart better than they do!

[@nanguliousopendoorsintomyl1903]

I am walking away from a business with so many lessons learned. I am moved into a next business with so much wisdom.

[@ladyybugg04]

Thank you! I started my small business boutique last year in august , I liked it at first , I was having fun, making profit, enjoying it. But now I’m sooo stressed . The products I make isn’t working anymore, it’s making me have a hard time in school, but I just don’t wanna quit because I don’t want people to think I am a quitter

[@zinhlenzimande-excusemelif5955]

I feel the same way I started my business last year in May but I'm so burnt out I don't want it Anymore and I'm afraid of people saying I've quit too.

[@TamaraNJones]

Me too… did you close down?

[@maryalouette]

I ran a business for 5 years that I created to support my REAL passion, a related but different business. Ultimately, the back burner business ate up most of my time and money that originally was meant to feed the true passion. I've just signed a contract for a full time job that I love and am putting the back burner business to the side. I won't shut it off, but I won't devote full days to it. Fortunately, I love the full time job and now I get to do that with my true passion. Now I'll have more creative energy instead of being in the feast or famine roller coaster of my non-passionate business. I think this honesty is a matter of self love in my case and really letting go of past beliefs about my identity.

[@TeamForleo]

Hi Mary! Way to go! We know how hard it can be to make that decision and we're so glad you found a full-time job you're passionate about so you can do your side business whenever you'd like. Sometimes full-time jobs can be a huge life saver as we pursue our passions. And it's even better when your full-time job can add to your passion. We're sending you lots of abundance for this new stage in your life :) - Monauar, Team Forleo

[@JacquelineSagl]

Can't lose with a little Kenny Rogers. Great advice. Recently made the decision to shut down a business that was draining me spiritually and financially. That next day when I woke up and remembered what I had done the day before, I was filled with gratitude and a sense of relief. Such a relief. Follow your heart.

[@alexrosales3818]

This video came at the right time. After 6 years I’ve decided to close down my Hotdog business, yes it makes me sad. It was a beautiful experience, but this past year was tough and i did my best to make it through, but it’s mentally draining. Decided to close and start a new adventure.

[@TeamForleo]

We're so incredibly proud of you, Alex. From starting your hotdog business to deciding to close its doors, it's not easy to have the courage to go after your dreams. You did it - and now, on to the next adventure. Sending so much love! ❤

[@Natalie_Malin]

So... My name is Natalie, and I own a dance studio. And it is a really rough time in my business due to the covid and finance... Opened that video by chance... What the odds?! 😮 Funny how the universe works!!!

[@MissExel]

the thing is there is there is TOO MANY VOICES telling me what to do... (No, im not crazy, ok maybe a little) but seriously how do you know if its the voice from your gut or the voice that's constantly putting you down all the time saying you cant do it? is there no way to tell them apart?

[@davedaoust1804]

As I am currently in the learning stages of starting my first online business, I have done ALOT of brain picking. The nicest response I have gotten was, " No prob, the first one's free." It let me know that he respected me enough to help me, but I in turn should respect his knowledge in the future.

There is, as explained in Bob Proctor's book It's Not About The Money. In Chapter 6, he explains that you are bound to encounter difficulties in any endeavours and he pretty much says what Marie explained: if you are able to keep your spirits up, that you just know you're gonna make it, those difficulties are temporary. If they drain you, and that you drag your feet to go and solve them, and that they ultimately get on you, may be what you are doing is not what you are meant for.

[@zalsalmi]

What if the 2 options feels the same, what to do then 😩

[@HopeVenetta]

Just made the decision to "fold 'em". I feel lighter already.

[@SalsaColombia]

Omg me too.

[@EmilyOlson]

Great video! You talk a lot about intuition, and I believe in that a lot. Feeling either "expanded" or "contracted" is the way to gauge many things in life. Listen to your gut.

[@GirlOffTheBeatenPath]

Hi Marie! I was in a similar situation a few years ago, and if I hadn't closed the business I was in, I wouldn't have found the business that I currently run AND love. Because of my new(er) business, I've been able to branch out and now offer a network for female entrepreneurs at Girl Off The Beaten Path. You rock Marie. Thank you for all of your inspiration. xo

[@YasmineSander]

As you were saying in the video, Marie, an ending does not need to be a failure. I keep reminding myself about this fact. I lost my job about 10 years ago. I loved it because I could do what I always wanted to do: building a new business. But then all went south. But I never gave up. I got a new job, used this very hard lesson to better myself and 2 years later, I bought a business together with my husband. Now - after running this business for 8 years - I'm ready to start up again.

[@oOVanillaMelOo]

I'm just scared that my heart wants to have all its problems disappear because it is stressed a lot and not because it's the right thing to do.

[@SilkCrystals]

Good for you. Your health is the most important thing, at the end of the day.

[@mitesh881]

I am taking a break, close to shut down on my s/w business, to focus or concentrate more on my cafe and make it a success.. I am not quitting, my passion would not end, I would make it sooner or later. As finance is taking a front seat right now, so multiple startups are not making each other move. I will push one way ahead and I would never quit my dreams for software too, I would do it sooner after a little success with my cafe.

[@MediumDanny]

I have had one of those moments of relief! Im a high school student and I was running for Vice President of my school. I was sure I was going to win, but in the end, I lost. It was much better to leave it behind and forget about it because I knew it would have caused me way too much stress with an already stressful life. This video was a nice closure to my situation! Thanks Marie!

[@JenniferBardall]

I faced a situation where I had to walk away. In my senior year of college, I was literally falling apart and felt as though I was on the verge of a nervous breakdown. I'd spend days on end in bed crying, wouldn't go to class, wouldn't eat. Finally I got up the nerve to tell my parents that I needed to come home, and lucky for me they welcomed me back. It wasn't an easy choice but I know it was best at the time.

[@iDalisMediaTV]

omg my favorite thing is michelle in the back doing the mime with the walking fingers..oh no..so freakin funny.

[@AravahStar]

lol! Love that ending! Funniest thing I've seen all day. Thanks : )

[@sisteryaya24]

I loved this! It helped me soooo much!

[@VitoriaFCastro]

Brilliant Marie! An wow, loved the red dress!!

[@watchthewindblowby]

As simple as this advice seems, I believe it's the best advice on this topic on youtube.

[@StyleWhys]

Ahhh that dress!! love it, and great advice! : )

[@eMeLLeLoVe]

great - heartwork is never wasted! :-) thanks a lot Marie

[@Judylee418]

Thanks for the insights. I completely agree with your philosophy that you need to follow or hearts when it comes to both business and personal decisions. Recently, I had to make a decision that might hurt my relationship with my siblings. I wanted to stay in the family investment, but the money issue is hurting everyone. I think it was a good decision at the end, because it will alleviate everyone from more future pain.

[@jogaserca]

the dance at the end - made my liiiife

[@LetterSignedBy51SpiesWasA-Coup]

the 600 lb gorilla in the room that was not addressed was the personal guarantee she likely signed to lease space for the dance studio. if she leased space, folding may not be so easy and clear cut

[@evangelistsstone]

Thankyou for sharing an amazing word ☀️

[@amelietrudeau5623]

this is exactly what I needed 🙏🏼!

[@dragana_petkovic]

Amazing! Thank you so much!

[@prhasn]

Thanks for the excellent advice.

[@visionarydiva01]

Love the vids!!

[@FredaThomas]

Marie, you're great! Thank you. :-)

[@prakashnautiyal2273]

wow it's amazing Marie

[@Miyankochan]

awesome, Marie!

[@rockxhero]

I've been contemplating this question for a while recently.

[@learngrowinvest]

This was very helpful thanks

[@TeamForleo]

We're so happy to hear it. Thank you for being here and watching with us 🙂

[@AnrupB]

Been in the same place about six months ago - now, things are slowly picking up, but it's only one of my multiple careers I'm working towards. Everything is part time.

[@JaneFranklandTV]

Yes I have. I turned around my own 7-figure business when the dot com bubble burst & left it exposed. It was a mammoth task but I succeeded AND it was without investment. :)

[@MVPriyank]

Thanks for the video! The ending next video section are not linked to the next video.

[@sisteryaya24]

Your Hair looks fabulous!

[@harveyjones1404]

I have a business that I want to close , exactly how do I close it? Do I need to report it to someone? Do I need to contact Social Security? Thanks.

[@InvictasArtPhotography]

btw LOVE that dress!

[@2SupportUTV]

Thank you, by the way! :)

[@davidmathys4005]

epic!

[@Arklowdrummers]

What happens if your business is integral and community based entirely and corona lock down has destroyed that ? What if online is not an option as community drum therapy communities rely on meeting together ?

[@71phifer]

Your stylist is awesome. U always look HOTT!

[@Macomac]

Your bubbly presentation makes me feel terrible considering I’m here for the direct reason 🥺

[@citybake3602]

What do I do with the bridal business I don’t have interest for anymore. Especially the wedding dresses

[@marieforleo]

One option might be to sell your business to another bridal business who's looking to expand. That's just one option among many. -- Team Forleo

[@citybake3602]

Marie Forleo thank you for replying.

[@tommylsu09]

It's like existilism playing out but for business

[@tasepurity6486]

🤭🤭😍

[@Concerned22]

Didn't help...