7 Signs It’s Time to Sell Your Business 103

7 Signs It’s Time to Sell Your Business

This article was written by Rachel, a mother of 2 beautiful boys. She loves to hike and write about traveling, education, and business. She is a Senior Content Manager at NYBizDb – an online resource for relevant business information.

There are always signs it’s time to sell your business. You’re just ignoring them. Start being honest with yourself before it’s too late.

All business owners wonder what life would be like without the stress and hassle of business ownership. You may need more time for your personal life, want to try something new or move your life to another city, anything can sway your mindset.

Whatever the reason, the sale of your business is a process which you should prepare for. To start this preparation, you first need to the recognize warning signs and pre-empt the deal. You must plan your exit.

1. Life circumstances.

It’s not easy running a successful business. The added stress of unforeseen life events only adds to the pressure.

Feeling overwhelmed and depleted is common for business owners, especially those who are focused on something else. Not having the majority of your focus on the business will be detrimental.

Digital Exits can assist you with the sale of your business, allowing you to focus on other aspects of your life.

2. A good offer comes along.

10 Humanities You Should Learn to Become an Outstanding Entrepreneur

Chances are, you will start to get offers if your business is profitable. Somebody is looking to enter the market or grow their existing business. If an offer is made, over the current valuation of your company, it’s wise to take it. There is only a small percentage of circumstances where you should not sell.

3. Lower interest rates.

What are interest rates doing? When interest rates are ultra-low, it’s time to leverage other people’s money.

Investors want to borrow and start gaining assets when interest rates are low. A business that generates profit is the type of asset an investor may want.  

4. Other opportunity presents itself.

Most business owners, even those who are marginally successful, will be approached with a new opportunity. This can be in the form of a new business, a role at a large organization or something with little promise.

Whatever the opportunity is, there will come a time when you are actively considering going forward with it. When it comes to this point, it’s a good sign its time to sell your business. Additionally, you would unwise to pass up something special.

5. No more ideas.

Creativity was flowing the day the established your business, one idea after another. You could think on your feet and ideas spewed out of your head. You knew what customers wanted and you knew how to differentiate your business from the competition.

That is no longer the case.

If you struggle to maintain this creativity, or worse, it’s gone, that’s a red flag. Without continued improvement and innovation, growth will grind to a holt.

6. Thinking about retirement over your business.

Many of us do this; there is no shame in it. We look forward to the day we wake up and don’t have to go to work. However, spending hours watching the travel channel and searching for great flight deals might be a sign. Your desire is no longer with your business; it’s with the future and the rest of your life.  

7. It’s a money pit.

Are you still feeding money into your business? If you’re in a highly competitive space, continuously evolving is critical. Without progression, your business will fall behind and potentially need an expensive overhaul to maintain profitability.

Always be wary of these signs. Anytime you are facing burnout or a lack of enthusiasm, look at your situation and reassess. Don’t wait till it’s too late.

Get The Lifestyle Designer's Digest
Directly into your inbox every Monday.
Previous ArticleNext Article

One Guy’s Journey from a Work-at-Home Transcriptionist to Starting an Educational Institute 5

One Guy's Journey from a Work-at-Home Transcriptionist to Starting an Educational Institute

This is an interview-style post with Mahesh Kumar.

Hey Mahesh. What do you do?

I’m the Spokesperson of the Transcription Certification Institute, an Ellensburg-WA based educational institution that provides an in-depth online transcription training and certification course.

The online course, which is created by industry leaders, enables transcriptionists to gain a well-rounded understanding of the field and become a professional transcriptionist for better job prospects and higher wages.

How did you start your career?

I’ve started my career as a home-based transcriptionist and have experience of 8+ years in transcription industry. I’m currently on a mission to help work from home moms and make them aware of one of the straightforward and lucrative way of earning money from home, i.e., transcription.

I love writing and so I regularly share my words through my blog. At present, I am working as the spokesperson of Transcription Certification Institute.

What inspired your journey?

I was not cut out for regular jobs because of health and family issues. But, I wanted to earn decent money.

Most work from jobs required me to be online during fixed hours. That did not work for me.

A friend referred me to a copywriter who needed transcription services in an extended time frame. This was my first assignment and exposure to the industry. I had issues with grammar and lots of difficulty in understanding accents. My transcriptionist friend gave me the very first lesson in punctuation. It was a great lesson.

That was the aha moment!

I wanted to share it online with all other new transcriptionists. My expertise in transcription was still limited but my interaction with other transcriptionists. And other work from home professionals found that there was no organized information in this industry.

That’s when with the help of the team we created an ebook as would serve as a handbook to transcriptionists. It was called Everything You Need To Know About Work From Home: General Transcription Business Opportunities.’ It’s available on our website for free.

What is the transcription business about?

It’s a dream that allows parents, caregivers and those with disabilities to stay at home and earn.

We call ourselves Team TCI. None of us has complete skills but together we have made a dream into a business that is sustainable, profitable and manages to help others earn more.

We like to think of ourselves as not just one single successful business owner but a team of accomplished transcriptionists and hedonists who have come together to share their expertise on a platform that is globally accessible to all.

Our objective is to make you a better transcriber so that you can earn more at the same time. 

Through our internship program, we ensure that new wannabe transcribers get a foothold in the industry. Our job board aims to bring transcribers and employers together on one platform to make hiring and finding jobs easier.

We are 9+ years old but the journey has only just begun.

What were your biggest challenges when setting up the institute?

How to Write a Successful Business Plan

Together, we had 2,459 dollars to spare!  This was just enough to put up a website and host it for a year.

We had no budget, no marketing plan and no strategy.

More than money we invested our skills, time and above all intent. When we launched, making money was not the objective. The objective was to share information, educate and in the process recover the costs.

We were totally bootstrapped. In fact, we all transcribed extra hours to generate money.

Each year we invested the money earned in the course, it’s upgrade, website upgrade and more. All exams are manually graded and that is expensive.

What do you offer on the website and who can benefit from it?

We offer a course in general transcription.

Our course is for anyone who wants to work from the comfort of their home, enjoy flexible timings and the ability to choose workload. The course is very popular with parents of young children who want to be around when they grow up, ex-serviceman with disabilities, single moms and others who want to work from home.

Some would say that there is nothing to be learned in general transcription but that would not be true. I did start out without training and if it not had been for the help I received my career would not have been successful.

In fact, as the popularity of transcription as a career option grows getting a foothold in the industry is becoming tough. That is why we came up with an internship program that gives hand on experience to new transcriptionists and exposure to the industry.

The job board benefits them by bringing employers and transcriptionists on the same platform.

What’s one thing you do to unwind?

We were introduced to meditation a few years back and to unwind we like to meditate.

What’s your favorite book?

It keeps on changing but time and again for inspiration, I find myself reaching out to The Alchemist by Paul Coelho. Never stop dreaming! Give context to your dreams!

Check out the story of how one guy went from a work at home transcriptionist to setting up a transcription institute and help others start working from home.