Regret Starting a Small Business? 3 Options to Consider

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It's easy to see why the idea of owning a small business holds so much appeal. When you own a business, you get to call the shots -- and you get to benefit financially if your venture does well. When you work for an employer, you can hustle your hardest and produce great results, but you might still wind up with the same monthly paycheck regardless of how hard you try.

A 2023 Incfile survey reveals that 90% of respondents prefer to be their own boss than work for an employer. And if you felt similarly, you may have gone out and started your own business not so long ago.

But what if you're now regretting that decision? First of all, don't beat yourself up for that, because it's totally understandable. Running a business is a lot of work, and there can be a lot of stress, heartache, and financial upheaval involved. But if you're not feeling good about your business, here are some options to consider.

1. Rethink your approach to running your business

If you're bemoaning your decision to start a business because you're suffering from serious burnout, then it may be time to make changes to the way you run things. First, if you've taken on too many tasks, see if it's possible to get help. For example, if you decided you'd invest in some accounting software and do your own bookkeeping but it's not working out, try hiring a professional with experience in that area and see if it helps.

Similarly, you may need to outsource other tasks to not only free up some of your time, but help ensure that they're being done correctly and effectively. For instance, if you're not great with social media marketing, hiring a consultant to maintain your business's page could not only free up some of your time, but drive more customers to your website.

2. Reset your expectations

It takes the average business two to three years to become profitable, according to FreshBooks. So if you regret starting your own business because you've been at it for 12 months and are still in the red, don't panic or assume you're doing a poor job running it. It may just take time for the numbers to start working out in your favor.

That said, if you're running out of cash in your personal savings account and are on the verge of taking on costly debt to pay your bills while your business grapples with growing pains, then you may need to consider shutting down or seeing if it's possible to take on work on the side to cover your expenses. Waiting things out another year or so really only works if you can cover your personal expenses during that time without racking up thousands upon thousands of dollars in credit card debt.

3. Sell it and move on

Maybe you really aren't enjoying being a business owner and the math isn't working out in your favor. If so, it's OK to walk away and do something else. So don't feel bad if winding down operations is your best route.

Of course, you'll need to do so methodically. This includes:

• Giving your employees notice and figuring out if you owe them any separation pay

• Reviewing your books and settling all accounts receivables and payable

• Working with a tax or legal professional to formally terminate your business

• Informing your customers that you'll be closing down and tying up loose ends

It's easy to see why you might get to a place where you regret going into business on your own. In some cases, it pays to power through. But if not, there's nothing wrong with determining that being a small business owner just isn't right for you.

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