Having personally spoken to two seperate small business owners that have closed the doors and gone into FT employment, initially there was that gut instinct they had 'failed', but once the stress left, and the regularity of Mon to Fri, 8-5 kicked in, no mounting bills, regular weekly paycheck, they are loving it.
One was in our industry, another in different industries.
I heard about two more local businesses closing up this week. One a $2 shop, the other a supplier to the joinery/cabinetry industry.
Things are definitely tough, three of these four have been in business ownership for well over 10 years each excluding the $2 shop, I don't know their specifics. These are not new start ups that couldn't make the grade. These are in teh minority of start ups that made it past the legendary 10 year mark.
One guy was in building... they majored in sheds, they couldn't sell enough to keep all contractors on.
One in carpet cleaning... once a strong brand locally, slowly dwindled away.
The $2 shop can't compete with the illegal nonsense of Chinese fly-by-nighter type companies. They open up, flood the market with cheap junk, illegal brand named knockoffs etc and the close up before the authorities catch up with them. Then their brother opens three doors down and does the same thing. Different business name, the authorities can't do what they need to do. They need 50 complaints before they can move in.
The joinery supplier, had a strenght in products that have dated with trends. All his venture and capital is no longer in demand. Sure, he has tried to keep abreast of trends, but the volume that he made the basis of his business is now history.
Just goes to show that none of us are immune to the economic storms that are around. It's easy for us to sit back (sometimes judgmentally) and critique anothers closure, but it's not always easy to critique our own businesses as is so often needed.
Waldo, if you have moved on, all the best as many here have wished you. I really hope you can achieve your goals through a different set of circumstances.
John