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Few things are more disheartening than facing the forced closure of your small business. While it can be tough to admit defeat and pull the plug on a project you’ve poured your heart and soul into, failure is expected on the path to success. Don’t let this hiccup stop you from pursuing your entrepreneurial dreams! Keep reading for tips on recovering, moving on, and preparing yourself to get back in the game.
Launch Your Next Big Idea
The best way to move on from a business setback is to leave it behind and start something new. Use what you have learned to make your next project even better! For example, you may have discovered that labor costs and employee benefits eat up a lot of your budget. Hiring freelancers could be a great way to save money on labor while gaining access to the specific skills you need to take your business to the top.
When you’re starting a new business, it’s essential to carefully consider which entity will work best for your goals. Many small business owners choose to set themselves up as a limited liability company because of the tax advantages, protection from potential lawsuits, and simplified bookkeeping.
Secure Your Financial Well-being
Part of rebuilding after closing a small business involves securing your personal finances. First and foremost, make sure you have cash on hand to cover essential expenses like your mortgage, utility bills, and groceries. You may have to make some temporary cuts to your household budget to make ends meet. Consider getting a part-time job or joining the gig economy to get money back in your pocket and speed up your financial recovery while you launch your new business on the side.
Learn Something New
Not sure where to go with your next professional venture? Don’t feel like you have to stick to your original path. Consider switching gears and trying something new. Learn the ins and outs of an industry that interests you, whether it’s art, beauty, retail, home improvement, real estate investing, e-commerce, mobile app technology, or something else entirely. There are business ideas and investment opportunities all around you!
Recovering from a business closure involves more than securing your financial health. Facing a major setback can wreak havoc on your mental well being, which is why Psychology Today recommends developing a self-care plan that can help you cope in healthy ways. Maintain your regular exercise routine, stick to clean, healthy foods, and make sure you’re getting enough sleep. Spending time in nature is a great way to keep yourself relaxed and grounded in tough times. Even if you live in a big city, you should be able to find some hidden parks, paths, and ponds where you can enjoy a moment of calm.
Take a Break
An essential element of self-care is acknowledging when you need a break and taking some time for yourself without feeling guilty about it. This can be hard to do, especially if you’ve been grinding at your business for a long time. But give yourself permission to get away from everything for a bit, even if just for a day. Get in the car and explore a nearby place you’ve never visited, book a weekend getaway for one, or stay home and treat yourself to a day of “me” time.
Lean on Your Support System
If you’re having trouble coping with your business setback on your own, seek support from friends and loved ones. Social support can be invaluable during tough times like these. Talking about what went wrong can help you move past your business closure and find the motivation to start something new. Your support system can also serve as an excellent resource for business ideas that can help you get the ball rolling on a new venture.
While it may seem like you have nothing to show for all the time, energy, and money you put into your business, you have learned some very valuable skills that will make your next venture even better. Take some time to reflect on what happened, take care of yourself, and jump right back into your next idea.
Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love.