Shutting Down Your Start-Up
Ben Carcio
Are you a founding CEO considering shutting down your startup? First, remember that no matter where you are with your business, you’ve gained valuable experience. If you do decide to shut down, know that great opportunities will follow. Your value is clear, and others will see it too.Here are some common traps to avoid:
1. Zombie mode: Don’t keep your business barely alive by maintaining the website or product when you’re no longer truly invested. If it’s over, shut it down and celebrate your achievements. At my previous company, we even held “Irish wakes” for failed projects, using the moment to reflect, learn, and move on.
2. Side hustle trap: Trying to juggle a full-time job while running your startup as a side hustle rarely works. It drains your energy and splits your focus, often limiting the success of both ventures, shutting down shows decisiveness, allowing you to open up to new opportunities fully.
3. Staying silent: Many CEOs avoid talking about shutting down, thinking it reveals weakness. But discussing it helps you process your experience and signals to the market that you’re available. When I posted about closing Trevr, I received numerous "let's chat" messages.
Here are a few paths forward:
1. Shut it down now: If you know your business isn’t moving fast enough, make the decision to close. I can help with a punch list when you’re ready.
2. One last push: If you’re unsure, set a tight deadline for a specific goal (like funding or customer growth). Give yourself 90 days, and go hard. If you don’t hit it, close the business.
3. Pursue consulting: If your business can run on auto-pilot, use your expertise to pursue consulting work. It can provide income and fresh insight without the energy drain of a side hustle.
No matter what you choose, remember that your experience has built valuable skills. From this, new and exciting opportunities will arise.
