This is a guest post written by Carla Lopez, owner & CEO of Boomer Biz.
When a business venture doesn’t go quite the way you planned, you may be left feeling as though you’ve failed, which can be difficult emotionally.
You may even feel the onset of depression or anxiety, and many entrepreneurs have found that their self-esteem took a hit once they were forced to admit to themselves that they couldn’t make things work.
Moving forward after a setback can be tricky, so it’s important to create a plan. Financially, losing a business can be a game-changer, so you’ll want to think about your budget and plan for any major expenses right away. Once that’s taken care of, you can focus on yourself and any ideas you may have for your next venture. It’s a good idea to keep a journal during this time so you can make notes on things that could be helpful in the coming months.
The important thing to remember is that while you may be suffering a setback, it doesn’t have to be a major one. There are plenty of ways to turn things around if you know how to get started.
Here are a few tips on how to bounce back after your business closes.
Line up some help
Once you’re ready to start thinking about your next business idea, think about how much help you’ll need. Hiring freelancers is a very cost-efficient way to get some assistance with things like web design, sales, and daily tasks that don’t need your stamp of approval.
Delegating certain jobs will help you find the time to focus on bigger things, and you don’t have to spend a ton of money. Check out remote staffing sites that can help recruit freelancers, keeping in mind that you may eventually decide to hire the individual full-time.
Tighten up your finances
One of the most difficult adjustments you have to face after a business closes is the decision-making process that comes with the financial end of things. Take an in-depth look at your funds and think about how best to move forward. Some entrepreneurs find that they need to set aside some money for taxes, so it might be a good idea to consult an accountant. Taking care of any loose ends now will prevent issues that could come back to haunt you later.
Take care of yourself
After experiencing a setback in your career, it’s essential to take some time to focus on yourself. It can be a very stressful and emotional process, especially if you’re a solo entrepreneur who feels like everything is on your shoulders.
Give yourself time to heal before moving on to your next project, and if possible, take a mini vacation or a day trip just to get away and clear your mind. Pamper yourself with small pick-me-ups or tap into your creative side. The more you can take care of your mental health now, the easier it will be for you to move forward.
Learn and grow
You may be feeling low about having to close up shop, but take this as a learning opportunity. Examine your moves over the last year to see what might be improved the next time around, so that when you’re ready to start your next venture, you’ll have that much more experience under your belt. Don’t be afraid to try a few new things; look to fellow entrepreneurs around you for guidance and network when possible.
Bouncing back after closing a business can take some time, so be easy on yourself as you navigate this transition. There are several ways to make changes that will ease you into your next project, so don’t feel that you’re painted into a corner. With some creativity and planning ahead, you can recover smoothly.
About the Author
Carla Lopez retired a few 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.
For ideas on how to start a business later in life, check out this article in Boomer Biz.
Cover image photo via Pixabay