What to do if my startup is about to fail? I'm running out of cash and finding investors might be difficult (I'm in the service based business). I might be able to make this idea happen but I need more cash and time. I also need to hire more people. If I decide to close my business, would it be easy to find a job?
Maybe the business doesn't need to be "a business". If it's not earning you a full-time living, then that may be disastrous or it may be ok.
Revenue may be insufficient in comparison with a salary; but if you can generate that revenue part-time and think of your business as a side project, an "income stream" alongside others rather than your full-time gig ... then you may be able to scale down that business to its most efficient level and retain it.
Later on, once you have balanced multiple income streams in a way that optimizes your time invested and generates a salary-equivalent income, then you may find a way to adjust the balance and grow that single income stream into a full-sized business. By then, maybe your reputation and clientele will have grown naturally on their own. Or you may have access to more funding or better marketing tools.
It doesn't necessarily need to be "all or nothing".
Answered 10 years ago
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