Are you a business owner who’s been toying with the idea of throwing in the towel and going back to work? You’re not alone. As someone who’s been in the business world for years, I’ve seen countless entrepreneurs face this crossroads. Today, let’s dive into why you might be feeling this way and explore some alternatives before you make that leap back into employment.
Watch the full episode on Youtube: https://youtu.be/1GGgGzBo2Yc
Listen to the full episode on podcast: https://podcasters.spotify.com/pod/show/many-hats-of-business/episodes/003-Tanya-Talks—Throwing-in-the-Towel-and-Going-Back-to-Work-e2mgs7a
Throwing in the Towel and going back to work Podcast Timestamps:
00:00 Introduction
00:30 Mindset and External Pressures
01:22 Financial Pressures
03:20 Importance of Finding Your Tribe
04:18 Leveraging Networking Opportunities
05:38 Encouragement to Take a Step Back
07:55 Considering Part-Time Work
12:18 Reflect on Your ‘Why’
Book Recommendation:
Denise Duffield Thomas – Money Mindset
https://www.denisedt.com/books
Why Entrepreneurs Consider Throwing in the Towel and going back to work
Running your own business can take a real toll on your mindset. There are several reasons why you might be contemplating a return to the workforce:
- Imposter Syndrome: That nagging feeling that you’re not good enough can lead to thoughts of quitting.
- External Pressures: Family and friends who don’t understand your entrepreneurial journey might push you towards a “stable” job.
- Financial Stress: Mounting bills and inconsistent income can make employment seem appealing.
- Feeling Overwhelmed: The sheer amount of work and responsibility can be daunting.
- Perceived Competition: Especially in the online space, it can feel like there’s too much competition to succeed.
Understanding these pressures is the first step in addressing them. Let’s break them down and look at some strategies to help you push through.
Dealing with External Pressures
If you’re surrounded by people who haven’t been in business, everything you’re doing can seem alien to them. They might not understand how to support you and may worry about the financial risks you’re taking. Remember, they usually have your best interests at heart, even if their concern comes across as pressure to quit.
Strategy: Educate your loved ones about your business. Share your successes, no matter how small, and explain your long-term vision. Consider finding a support network of fellow entrepreneurs who understand your journey.
Navigating Financial Pressures
Money worries are often at the heart of thoughts about throwing in the towel and going back to work. A steady paycheck can seem incredibly appealing when you’re facing financial uncertainty.
Strategy: Review your business finances. Are you charging enough? Could you diversify your income streams? Consider speaking with a financial advisor to create a more stable financial plan for your business.
Overcoming the Feeling of Too Much Competition
In the online space especially, it can feel like there’s an overwhelming amount of competition. But remember, there aren’t any new messages, just new messengers. You’re not trying to reinvent the wheel, and that’s okay.
Strategy: Focus on finding your unique voice and connecting with your ideal clients. People buy from people, so concentrate on building genuine relationships rather than trying to outdo your competitors.
The Importance of Finding Your Tribe
One thing I regret is not networking for the first 10 years of my business journey. Finding your tribe of fellow entrepreneurs can provide invaluable support when you’re thinking of throwing in the towel.
Strategy: Explore online networking options. Since COVID, there’s been a surge in virtual networking events. Find groups that meet at times that suit you and connect with people who understand your journey.
Considering a Hybrid Approach
If you’re thinking about going back to work part-time while keeping your business, this can be a genius solution. It can relieve financial pressure and give you more structure. However, be realistic about how it might impact your progress.
Strategy: If you decide to take on part-time work, be strategic about how you use your remaining time for your business. Sometimes, having limited time can spur you on to be more productive.
The Power of Persistence
Before you make the decision to throw in the towel, remember that many successful entrepreneurs have been on the brink of quitting just before their breakthrough. Even well-known figures like Denise Duffield-Thomas have faced this struggle.
Strategy: Give yourself a set period – say, three months – to really push your business before making any decisions. You might be closer to success than you realise.
The Reality of “Insta-Polished” Success Stories
It’s easy to look at successful entrepreneurs and assume they’ve always had it together. But the reality is often very different. Many people don’t share their early struggles or failures.
Strategy: Remember that everyone starts somewhere. Focus on your own progress rather than comparing yourself to others’ highlight reels.
The Benefits of a Part-Time Job
Taking on a part-time job alongside your business isn’t admitting defeat. It can actually provide several benefits:
- Reduced Financial Pressure: A steady income can relieve stress and allow you to make business decisions from a place of strategy rather than desperation.
- Networking Opportunities: A part-time job in your field could provide valuable connections and insights.
- Skill Development: You might learn new skills that benefit your business.
- Structure: Some people find that having external structure helps them be more productive in their business hours.
Strategy: If you decide to take on part-time work, be clear about your goals. Is it purely for financial reasons, or are you looking to gain specific skills or connections? This clarity will help you make the most of the situation.
The Importance of Rest
Sometimes, thoughts of throwing in the towel come from sheer exhaustion. Entrepreneurship can be all-consuming, and burnout is a real risk.
Strategy: Schedule regular breaks and time off. It might seem counterintuitive, but stepping back can give you the fresh perspective and energy you need to push forward.
Reassessing Your ‘Why’
When you’re feeling discouraged, it’s crucial to revisit why you started your business in the first place. What did you set out to achieve? Who were you trying to help?
Strategy: Set aside some time to journal about your business goals and motivations. Are they still aligned with your current situation? If not, how can you realign your business with your ‘why’?
The Value of Patience
Building a successful business takes time. It’s easy to get discouraged when things don’t happen as quickly as we’d like, but patience is key.
Strategy: Set realistic milestones for your business. Celebrate small wins along the way to keep yourself motivated.
Seeking Expert Advice
Before making the decision to throw in the towel, consider seeking advice from someone with extensive business experience. An outside perspective can often provide valuable insights and potential solutions you might have overlooked.
Strategy: Look for a mentor or business coach who can provide objective advice. Sometimes, a few tweaks to your strategy can make all the difference.
Conclusion: Your Entrepreneurial Journey is Unique
Remember, there’s no one-size-fits-all approach to entrepreneurship. What works for one person might not work for another. It’s okay to adapt your business model, take on part-time work, or even pivot entirely if that’s what feels right for you.
The key is to make these decisions from a place of strategy and self-awareness, not fear or burnout. Take the time to really assess your situation, seek support, and consider all your options before throwing in the towel and going back to work.
Your breakthrough might be just around the corner. Are you willing to push a little further to find out?
Did you enjoy Throwing in the Towel and Going Back to Work?
You may enjoy some of my other podcast episodes – Podcast Episodes – Many Hats of Business
Also join me on the next episode of Tanya Talks and I’m going to be on next time talking about the elusive passive income – Out 19th August 2024.
