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To Close or Not to Close? That is the question!

Having started and closed three home based businesses in my time, there was one main factor that ran through each of my decisions. Finance. Any business person will tell you that they are in business to make money. If the business is not making money, then it is logical to assume that it may not be the right business.

Here is my five point checklist for deciding to close or not to close a business?

1. How long have you been working at trying to make the business a success?
Time is a huge factor in establishing a business. When I started a network marketing business they asked me to give them a commitment of at least 18 months to 2 years to get the business off the ground and to start to see some real income. If you don't have that kind of time frame to support yourself, it may be difficult to build a successful business and you may want to pull the pin sooner rather than later.

2. Is the business making money?
If the business is your only source of income and the lack of income is affecting your family relationships or lifestyle, it may be time to call it quits. In my first business we had very little capital to invest ($5000 in tools) and no other income. For a family of five to be supporting a home maintenance business that was not bringing in enough money to feed us, it was incredibly difficult. I saw more welfare agencies for handouts in the 12 months we ran the business than I have in a lifetime and it is an experience I wouldn't wish on my worst enemy. If you are not comfortable with the outlay of your resources (time, money, physical energy and talents), it may be time to call it quits.

3. Is the business swallowing you whole?
Has it taken over your life where everything revolves around the business and everything else is suffering? Sometimes you have to sit down and take a good look at where you want to be and see if the current pathway is going to lead you to where you want to go. In 2005 I started a women's magazine project with two girlfriends. I worked solidly on the project and we got our first edition out in early 2007. It was a tremendous sacrifice that the whole family were making as I often had to work right through the night to get articles written up, laid out and edited. When the magazine was launched in May 2007, I worked even harder to promote and distribute it. I was out most weekends visiting women's groups promoting it or dropping off boxes to distributors. When I realized that my time frame was

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