It’s an unfortunate truth that most entrepreneurs have to face: not every business idea will work out. Sometimes, no matter how well you plan or how much hard work you put into your dream, it just doesn’t pan out the way you’d imagined.
This is a common occurrence for most entrepreneurs, and it doesn’t make you a failure; it only means that you need to rethink some things and take a break before moving on to the next idea. Many entrepreneurs feel defeated when they’re forced to shutter their business, and it can take an emotional and mental toll pretty easily. This can put a damper on moving forward, so it’s important to take care of yourself.
When you’re ready to start planning your next move, think about what might benefit your business the most. If one of the issues you faced with your former venture was that you didn’t have enough time to get everything done, consider outsourcing to free up your time. Freelancers are an invaluable resource for small business owners, and they can be highly cost-efficient.
Here is a brief guide to bouncing back after closing a business.
Take Some Time
It’s essential to take some time for yourself just after closing your business, as you’ll need to get your emotions and goals in check before moving on to your next venture. It can be a challenging process to see your idea ultimately not work out, but if you take care of yourself during this time, it will be much easier to think about your next move.
Take a road trip, or have a staycation at home and allow yourself to rest. If at all possible, pamper yourself a little. This is the time for you to decide where you want to go and how you’re going to get there, but if you learn self-care practices, you can utilize them after you’ve moved on as well.
Get Some Help
When you’re ready to consider moving forward, it’s important to think about how you can improve upon the things that didn’t work well with your former business. One way to do this is to hire out certain jobs so you can free up time and energy for more pressing matters.
Taking advantage of staffing firms like Upwork who can connect you with a freelancer to help with projects like developing a website, sales, or administrative tasks. Once you find the right person for the job, you can consider keeping them full-time if they’re interested.
Establish Your Online Presence
All business ventures these days need a great website and an active social media presence. You can take steps now to ensure that your next endeavor has that by working with Goldlilys Media and investing in a professional website that’s ready to launch when you are. Your website should have useful content and information relating to your business, but it also needs functionality. For example, a mobile version for users searching on their phones.
Take Care of Your Finances
Financial situations will differ for everyone, but in many cases, closing down a business requires a lot of maneuvering when it comes to money. There may be unpaid taxes to think about or vendors who are still expecting payment for past orders. The last thing you want to do is go into a new venture with those worries hanging over your head, so get your finances in order before you consider moving on.
If possible, talk to an accountant who can help you straighten out any issues so you won’t be left with loose ends or lingering debt.
Find a Mentor
If you haven’t already, it can be helpful to look for a mentor to help you through the beginning stages of your next venture. Look for an established entrepreneur in your area who can guide you as you start the decision-making process.
You can get started by attending trade shows, conventions, and conferences, as well as making an effort to network. Talk to people who work in the same field as you and exchange information so you can stay in touch, and set up social media accounts across the board so you can utilize the internet for networking, as well.
Bouncing back after closing down a business is never easy, and it may take some time. Be patient with yourself as you figure out how to move ahead with a new idea, and plan ahead as far in advance as possible. The more time you can put into it, the better it will be in the long run.
Guest Post by: Carla Lopez
Carla Lopez kept her entrepreneurial spirit even after retiring a couple of years ago. She created Boomerbig.org for retirees who still desire to work and achieve - a site that offers business resources for people in their golden years.