Written by: Wendy Crabbe, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Being an entrepreneur is not for the faint of heart. There are many ups and downs, fears, doubts, and often a long road before generating income. When is it time to quit if you don’t generate the income you wanted or expected? Fall and the holidays are a time of reflection and a time to plan for the new year. This year I am deciding either to close my business or pivot with a new niche.
Quitting has a negative connotation in our society, and we are taught “don’t ever quit”, especially if it means giving up on ourselves. But quitting may just mean the end of something. You have given it your all, the income is not what you need, and your time, money, and energy would be better spent on something else.
On the other hand, pivoting is the buzzword of the pandemic and means you are changing the direction of your business.
I have been thinking about this a lot lately as I have been evaluating my business as a life and weight loss coach. I have not generated the income I wanted after 4 years in business. I could either make the decision to quit because of that or pivot and pick another niche.
When I think of quitting, I feel a sense of relief. When I think of picking another niche, I initially feel excited and then overwhelmed because I realize I will have to create new contacts, and referral partners plus establish a new client base.
How do you decide whether to quit or pivot? I have found it helpful to think about the 3 P’s: Passion, profit, and purpose.
Am I passionate about this new niche?
Am I willing to do the work required to create new contacts, referral partners, and a new client base?
Can I make a profit and what are the projections for quarterly and annually?
What are the costs involved quarterly and annually?
Does it fit my purpose in life of serving others?
Does it fit my lifestyle and the hours I want to work?
The last question to ask when considering quitting is do you like your reasons for quitting? Make sure quitting is not coming from a bad day or week or from emotions like doubt, fear, shame, or even excitement. Make the decision from a place of love and acceptance for yourself and the business.
I haven’t fully made my decision whether to quit or pivot; however, my favorite way to think about my business is that it has served its purpose. If I quit, my business will be complete.
Connect with Wendy on Facebook, Instagram, LinkedIn, and visit her website for more information on obesity, gut health, mindset and hormones. Read more from Wendy!
Wendy Crabbe, Executive Contributor Brainz Magazine
Wendy Crabbe, an oncology nurse practitioner and now expert in helping health professionals and women over 50 lose weight, struggled all her life with her weight. She wondered if she was so smart, why couldn’t she lose weight? The causes of obesity are about more than excess food intake and not enough movement. It’s also related to altered hormones and alterations in the gut microbiome. She was finally able to lose the weight with mindset coaching and adopting a science-based approach that she uses with her clients today. She is now on a mission to help hundreds and thousands of women over 50 get healthier; because when women get healthier, their families get healthier.
