Saturday, 15 October 2011

Deciding to close your business

Giving up is a hard thing to make especially when it involves a 6-year old progressing business.

My internet cafe did well during the course of its operations despite the emergence of a saturated market we had a triumphant run on our one source of income.

Retiring my business made it more difficult when my frequent customers shared their insight on my decision. Yet I have to make firm my actions.

I came up with a list of things that will make my decisions easier before I finally said goodbye to the internet cafe business.
  1. Market saturation. The continous growth of similar business establishments threatened my once stable operation. A saturated market will eventually kill all existing businesses due to the imbalance in the market demand.
  2. Decreased income. The diminishing market value of services offered in I-Cafes will sure bring everyone else to their own bankcruptcy. There is no existing price regulation for the Internet Cafe business making it hard to compete with others in the same field.
  3. Lack of support from the local government (LGUs). In spite of getting a business permit, I wasn't able to get any protection or support to run my business against unregistered rivals. I can't say that all LGUs are the same but based on my experience, our city government does not show any concern to their tax payers especially to business operators like me.
  4. Abundance in resources. The abundance of internet service providers (ISP) plus their very low-priced deal has opened up opportunities for Filipino households to have their own Internet connection at home and in turn diminishing the number of possible clients and even brought up additional business rivals.
Raising the white flag is not a sign of weakness but to give chance for opportunity to show up and it's up to you to decide whether or not to take that chance. What matters most is that you made a choice.


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