“The Business Failed. You Didn’t.” When It’s Time to Shut Down Your Side Hustle
How do you know when it’s time to stop pushing and shut your side hustle down?
Every guru online says keep going, success is right around the corner. But sometimes the right move is to quit, and nobody wants to talk about that. So let’s face it head-on.
I’ll walk you through four tests that tell you whether it’s really time to let a side hustle go: you hit your goal, you hit your stop-loss number, you gave it a full 90 days with no traction, or you wouldn’t start it again today. Then we get honest about what keeps us hanging on: sunk costs, our identity, the fear of letting clients down, and worrying about what our kids will think when Dad stops.
I’ll also share the story of the funny engineering T-shirt business my wife and I started, and why we shut it down. The business failed. We didn’t. And if you’re there, neither did you.
Finally, I’ll lay out how to close a business cleanly, from the client note to the last bank account, and what you get to keep long after the doors are shut.
HIGHLIGHTS
- If your side hustle met the goal you started it for, it’s okay to wind it down and get your balance back.
- Four tests: success, the stop-loss limit, the 90-day traction test, and “Would I start this business today?”
- Sunk cost is a gambler’s trap. Don’t keep throwing time and money at something just because you already have.
- Your business isn’t your identity, and nobody is thinking about you as much as you fear.
- Stopping isn’t teaching your kids to quit. It takes courage to start, and it takes courage to stop.
- The business failed. You didn’t. It has no bearing on your worth or your value.
- Shut it down cleanly: talk to your family, finish commitments, refund deposits, refer clients to someone you trust, and don’t ghost.
- Close the money: final invoices, pay vendors, cancel subscriptions, set aside the tax bucket, then close the account.
- Save your data: CRM export, testimonials, photos, and your evidence folder.
- Pick a last day and don’t keep “just one client” on the side.
- You keep the skills, the proof people paid you, your network, and a clearer sense of your why.
- You didn’t lose two years. You got an education in being a business owner.
CHAPTERS
00:00 Maybe it’s time to quit
01:13 Test 1: You hit your goal
02:35 Test 2: The stop-loss limit
02:53 Test 3: The 90-day traction test
04:06 Test 4: Would I start it today?
04:43 Why we hang on: sunk cost
05:36 Why we hang on: identity
06:23 Why we hang on: letting people down
07:00 What will my kids see?
07:57 Our funny T-shirt business
10:08 The business failed. You didn’t.
11:06 How to shut it down cleanly
12:33 Closing the money
13:11 Keep your receipts and data
14:05 Mark the last day and let it go
15:13 What you get to keep
17:09 Give yourself space to reflect
18:01 Your call to action
00:00 Maybe it’s time to quit
01:13 Test 1: You hit your goal
02:35 Test 2: The stop-loss limit
02:53 Test 3: The 90-day traction test
04:06 Test 4: Would I start it today?
04:43 Why we hang on: sunk cost
05:36 Why we hang on: identity
06:23 Why we hang on: letting people down
07:00 What will my kids see?
07:57 Our funny T-shirt business
10:08 The business failed. You didn’t.
11:06 How to shut it down cleanly
12:33 Closing the money
13:11 Keep your receipts and data
14:05 Mark the last day and let it go
15:13 What you get to keep
17:09 Give yourself space to reflect
18:01 Your call to action
RESOURCES MENTIONED
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For more information about The Side-Hustle Dad, visit our website at https://thesidehustle.dad
Remember, build the business, but be the dad!
This show is part of the ICT Podcast Network, for more information, visit ictpod.net.
