Should I keep struggling with a slow business that was once successful or move on?
The business is retail and has been in business for more than 21 years. It has slowly been declining for the past seven years. I have $30,000 in open invoices that I cannot pay right now and I've been struggling for the past year.Before you "hang it up," you may want to get an outside perspective from a coach or consultant. I’ve found that long-time business owners sometimes "don’t know what they don’t know," and that a few tweaks in an existing model can turn things around.
I say that because 21 years is a long time for any business--especially a retail business. I also have found that there are more opportunities in a down economy than in a booming one, and it would be worth your while to explore some options.
Owning your own business is still the best way I know to get wealthy, and I would do everything I could to find a new or better way to do business in your existing industry before starting over in a new and unknown one.
All the best. Brad Sugars.