One of the most painful decisions for any retailer involves deciding whether or not to shut down a business. This is especially true for an entrepreneur who has given his or her all to keep the business running.

According to Nellie Akalp, writing for the American Express Open Forum: “Someone once told me that a sign of a successful entrepreneur is the ability to know when it’s time to throw in the towel and move on. It’s true that one failed business doesn’t define an entrepreneur. The end of one venture often signals the start of something new … the beginning of the next exciting journey. As a result, it’s critical to identify the signs that it’s time to shut the doors on a languishing project. Closing a business doesn’t just mean selling your assets and calling it a day. You’ve got to go through the right steps to ensure your business is legally closed and you’re primed for what’s next. Deciding to pull the plug and move on is one of the hardest decisions to make. After all, the business is probably a product of long nights, personal sacrifice, and determination. While it’s a personal decision with no easy answer, here are some common questions to help you know if the time is right to close your business.”

To read Akalp’s key questions to consider, click the photo.

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