Ask Leo: Is it advisable to start a new business if the old one doesn't yield desired profit after 3years

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Hi everyone,

Most of the topics I post here are things that relates to me or people around me. I tend to study the environment around me and notice what is going on in particular and then discuss them. The reason I asked this question is because majority of people stay on one business for years with no difference from when they started. Their standard is still the same, their profit level is still the same. Though it's possible that their income increases but due to inflation that's happening daily, the rate of the rise in their income is the same compared to when they started.

During a discussion with my friend few days ago, he made mentioned of the fact that one can actually change business if the one you're doing isn't yielding desired profits after three years. This got me thinking that probably he is right. In everything we do in life, we always aspire to improve and increase more. What now happens when your business isn't doing the same? Will you keep on waiting and putting in hardwork hoping things will change? In some cases yes is correct and in some cases its No. You see, a lot of things can make a business fail but I won't be going there now (will be discussed in my next blog post), not paying attention to these things can sometimes cause permanent failure in ab usiness and if you decide to keep on hoping things will change for the better, you might wait forever.

I've heard of a saying somewhere that no matter what you do(type of business), if you put in the hardwork for a couple of years it will grow. This saying is applied when the rules of starting a business is being followed. If you don't follow them, my dear you're bound to fail no matter how much the hardwork you put into it might
be. This is why one need to make proper research and planning before starting a business.

I grow up in an environment whereby our parents only seek for capital before starting a business without putting proper planning in place. Some work out well but most of them maintain almost same standard with when they started the business. It's high time we start learning and doing things differently.

The reason I asked this question is because I see lot of people still making same mistakes. People are too contented. It's very bad to be too contented with the position you are in. One need to aspire for more and work towards it. Enough of the mentality of "as long as I have food, roof and clothing, I am OK". There is more to life than that. If you start a business and there is no visible growth within the next three years, it's advisable to review where you missed it. If it's possible to plan and make some new changes on how to improve then do it. But in some cases, it's not possible as the business is not in the right environment. In such case, it's advisable to start a new business. There is absolutely nothing wrong in starting a new business as long as it's planned well and it's in the right environment. This also applies to jobs most especially teaching. People take same classes for years and earning same rate of salary. This is a very bad lifestyle but if the school itself is growing and the salaries are growing with it then it's fine. If its not, find a better school. Acquire skills, take courses, better yourself so you will have more to offer. The more you have on the table, the higher your demand will be and the higher the income will be also.

It's a new week, make new plans to better yourself.

THANK YOU FOR READING MY BLOG POST TODAY, DO HAVE AN AMAZING WEEK.

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