EP369: Do I fight for it? Or close my jewelry business?
If you’re feeling unsure about your jewelry business, this one’s for you.
A lovely designer recently sent me a DM asking, “Do I fight for my jewelry business, or do I close it?”
I wanted to talk about it, because it’s something I really struggled with many years ago.
For those of you who don’t know, I lost my first jewelry business during the 2008 recession. And it was extra difficult, because I had already been struggling with burnout for years by that point.
Still, I kept fighting for it til the bitter end, because I didn’t want to admit “failure.”
In reality, there were so many problems in that business and so many things that were not aligned with my vision, that I wish I would have embraced change sooner.
When I was finally faced with the tough decision of, “Do I fight for my business, or do I let it go?” I didn’t know what to do.
I came up with a series of eight questions that helped me gain clairty and ultimately decide what was right for me.
Today, I’d like to share them with you.
Does your business align with what success looks like to you?
Here's the thing. You started your business at a certain point in time, for specific reasons that were probably aligned with what success looked like to you at that time.
But things change, people change, and your vision of success changes.
If your business is no longer aligned with what success looks like to you now, then you’re running something that was built for an older version of you.
That means you need to do one of two things:
- Assess if the business is no longer what you want to be doing.
- Get your business back in alignment with your vision of success.
There’s no wrong answer, it all depends on what your want out of your business.
Are you willing to fight for your business?
If you choose to turn your business around from the point it’s at now, where you’re thinking about shutting it down, it’s going to take a lot of dedicated time and energy.
Are you willing to fight for it?
Because if you’re feeling bored and uninspired, that might mean it’s time to take your life in a new direction.
But if you’re still dedicated to your business, and you want to put in the work, then it is possible, m’dear.
Are you spending time doing what you actually love?
Near the end of my first business journey, my consultant, Phil, sat me down and asked, “What do you love to do?”
I didn’t know what to say at first, because it was hard to admit the truth.
I loved designing, but I didn’t really love the production process required to run the wholesale jewelry business I had at the time.
This was a clear signal that it was time for me to shift into private design, but it took time for me to come to terms with it, because letting go of the business I had felt like a failure.
Even though I did have to shut down my first business, my next one thrived, and still does today, because it’s built around doing what I actually love.
Can you invest in consultants to help you turn things around?
It wasn’t until I got to a really bad place in my first business that I realized just how important coaching and consulting is.
It’s one of the main reasons I started Flourish & Thrive Academy.
As entrepreneurs, we can't see our own blind spots. And if you don’t get someone else who can be objective about what’s going on, then you’ll consistently be stuck.
Listen to the full episode above to hear the other four questions to ask yourself when you’re not sure if you should fight for your business or move on.