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When you first started your business, everything was a thrill. You delighted in the feel of achieving your entrepreneurial ambitions, and even the most time-consuming of tasks were able to bring a smile to your face. You were so excited, so full of energy, and so determined to ensure that your business idea became a reality.
Fast forward a few years, and you’ve done it. You’ve made it. Your business is a success; your ideas have become a reality; and you’ve managed to find a niche for yourself. You’ve managed to achieve everything that you wanted to achieve… and you’re beginning to lose interest.
If you find yourself going through the above scenario, it may be helpful to know that you’re not alone. Many business owners delight in every step of the process of creation, the heady days of life as a start-up, but find themselves faltering when the business settles into a repetitive, stable pattern. If you experience this yourself, then here’s a few options you may want to consider.
Some people aren’t built for life as a business owner, doing the same thing everyday and working through the same solutions. Some people are serial entrepreneurs; they’re the go-getters who want to start a business, see it become functional, and then move on. There’s every chance you’re one of these people.
If you suspect this is the case, it’s worth exploring your options with a business valuation and discussions regarding the sale of the company. You can take the profit you make from this and plow it into your next great venture.
Do something different
That “something different” can be anything– move offices, launch a new product, offer a new service, or change the entire direction of your company. Provided your “something different” is beneficial to the business, a sudden change isn’t necessarily a bad thing, and may open up new avenues for business growth and revenue.
Many people find that the old saying “a change is as good as a rest” is absolutely accurate, and an alteration of the course of a business is enough to get them feeling engaged and passionate again.
Start another business (and keep the existing one)
If your business has largely reached the point where, thanks to an able staff, it largely runs itself, then you could explore other business activities without having to sell your existing company. You may actually find it easier to find angel and startup investors if you are willing to put your existing business up as collateral for a loan; this is obviously a risk, but it’s a risk that many business owners feel is worth taking, and can be lucrative if done correctly.
If you are no longer feeling the thrill of business ownership, then taking a chance and trying something different could be the best decision for you. Research through the options above and see which appeals, then explore a new direction that should hopefully reignite your interest for good.