How to Decide Whether to Close, Pivot, or Persevere with Your Business

Hello, this is Elizabeth Potts Weinstein, and today we'll discuss how to determine if you should close your business, pivot to a new direction, or keep pushing forward. Ignoring Sunk Costs First, understand the concept of sunk costs. Sunk costs refer to the time, money, and effort you've already invested in your business. While these investments are significant, they shouldn't influence your decision moving forward. Consider your current situation as a fresh start and focus on what actions you can take now to improve your business. Assessing Personal Needs Next, be realistic about your personal needs. If you have significant personal debt or health issues, it might not be feasible to continue running your business as it is. You may need to consider getting a part-time or full-time job to support yourself while keeping your business as a side gig. Evaluate your circumstances and make decisions that prioritize your well-being and financial stability. Evaluating Ti...