Regret Starting Your Small Business? 3 Steps to Take

Don't just resign yourself to being stuck in a bad situation.

The Chamber of Commerce reports that 18% of small businesses fail within their first year of opening, while 50% fail after five years. But what if your small business is thriving, only you're not happy at all?

Maybe the stress of owning a small business is getting to you after years of plugging away and giving your venture your all. Maybe you're no longer passionate about the product or service you offer. Or maybe your industry is changing for the worse, and you just plain want out.

If you've come to regret your decision to start a business, you're not necessarily stuck overseeing that venture. It pays to take these key steps if you've decided that starting a business was not the right choice for you.

1. Figure out your primary pain points

Maybe the reason you regret starting your business is that you feel you're constantly involved in it and have zero work-life balance. Or maybe you don't like having to be responsible for so many different details. If that's the case, before calling it quits, it could pay to hire more staff and/or start delegating more responsibilities to other people and see if that helps. You may find that if you have more support, running your business becomes more manageable -- and desirable.

Another option? Look for a partner. That way, you'll have someone to share the responsibility with, which might take some of the pressure off.

2. See if you can find a buyer

Maybe you're tired of running your business. But another entrepreneur may be more than excited at the idea of taking it over. Before you close down your business, see if someone else wants to buy you out. That could end up putting more cash in your pocket as you embark on a new path.

3. Wind down operations

You may reach the point where you have no choice but to close down your business. But there are different steps you'll need to take to make a clean break.

First, review your banking records. Are you owed money from anyone? Do you owe anyone money?

Next, contact an accountant or attorney to figure out what needs to happen legally to dissolve your business. You may need to file certain paperwork with a state agency or with the IRS. You might also need to file a final tax return.

Finally, figure out when you'll be wrapping things up officially and loop your staff in. And be prepared to encounter a range of emotions -- especially if you have people who have worked for you for quite some time and now have to go out and find new jobs.

It's okay to walk away

Walking away from a small business doesn't make you a quitter or a failure. Rather, it makes you someone who's brave enough to recognize when a situation just isn't working for one reason or another.

You may be able to make adjustments to your staff that allow you to continue running your company with less pressure. But if that's not possible, selling or shuttering your business are routes you can certainly take.