Your small business has closed. There’s no getting around it: It’s disheartening, and making it through to the other side is challenging. Experiencing business failure is devastating, but it can give you a chance to change direction and redefine what you want. A lot of it comes down to your mindset.
If you are willing to learn from the mistakes you made and reflect on how your strategies could improve, you can reinvent your entrepreneurship to be worlds ahead of what it used to be. And if you resolve that you will maintain a positive outlook and remain flexible in your ideas, you can set yourself up for future success.
To make the most of your business detour, you will need to make some practical decisions along the way. This article will provide advice on how to rethink your business strategy and take care of yourself in the process.
A Fresh Start
Recovering from the disappointment of having your small business closed is a critical part of moving forward. But to do that, it helps to have some ideas for what your next venture could be. Sometimes doing something simple is a great way to get your feet wet again. For instance, Entrepreneur points out in its article 6 Steps to Building a Successful Online Drop Shipping Business that the drop-shipping model is increasing in popularity because of its easy-to-manage platforms and diversity in products. Drop-shipping is an order fulfillment method used by retailers to eliminate inventory and order processing by transferring its customer’s orders and shipment details to either the manufacturer, another retailer, or a wholesaler, which then ships the goods directly to the customer.
While it is not a new idea, this concept has new life in our tech-oriented age. You don’t need the space for a physical inventory, and you can sell anything from cosmetics and home decor to children’s toys and office supplies. All you need are a few tech tools to get started, so if you’re still in need of a starting point for your next business idea, it may be worth your time to consider dropshipping.
When planning your next venture, whether it’s drop shipping business or any other kind of business, give serious thought to your staffing requirements. You likely won’t need full-time employees for every aspect of the business, but you may need help with web development, marketing, accounting, or customer service. Bringing on part-time workers or freelance assistance through online staffing firms like Upwork is a great way to save money while making certain specific tasks are covered.
Hiring part-timers will provide critical time to spend landing new clients or developing your product line. For roles that require a limited number of hours each week, it can be just the ticket while you’re working toward your next success. If you’re looking for full-time workers, you may be best off hiring an experienced recruiting firm that can connect you with reliable and committed candidates.
Recovering from the Fall
Another critical part of moving on after you’ve lost your business is to put yourself in a position to recover—both emotionally and financially. Make sure you have a support system around you, such as friends and family who can help you through the process. You might even visit a therapist to sort out your concerns and help you get back on track.
You might want to consider seeking the services of an experienced local business advisor. Someone with expertise who has been through similar situations will be able to share guidance and encouragement as you set the table for your future endeavors. If you need funds to get your new venture off the ground, also remember there are lenders who help small business owners, even if your credit took a hit.
Caring for Your Body, Mind, and Soul
Finally, practicing self-care is critical during this time because it helps to reduce stress, boost your self-confidence, and improve your overall health and well-being. Along with following a healthy diet and exercising regularly, be sure to prioritize your sleep and schedule time to do activities unrelated to work.
If you embrace the moment and learn from the experience, a business failure can end up making you a better entrepreneur. Brainstorm business concepts with your friends, family, and colleagues to get your next venture started. Make sure you help yourself recover emotionally and financially, and incorporate self-care into your everyday life. Most of all, keep a positive attitude and stay open to new ideas that could lead you to success.
■ Carla Lopez is the founder of BoomerBiz.org. As a recent retiree, Mrs. Lopez knew she was done living the professional life, but also that she wanted to help others enjoy their careers. BoomerBiz is a free resource available to others who want to make the most of their golden years. Contact: firstname.lastname@example.org.