Thriving After Your Small Business Closes

I’m thrilled to welcome a guest writer to my blog! This article addresses an important part of disaster recovery – economic recovery – which is something we will be hearing about for a long time. We’re seeing many people becoming unemployed and small businesses closing as a result of the pandemic.

This article is written by Carla Lopez. Carla retired a couple 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. You can reach Carla at carla.lopez@boomerbiz.org.

(Please note that by posting this article we aren’t endorsing any products or services, nor do we make any commitments on the accuracy or representation of the subject matter.)

Thriving After Your Small Business Closes

Failure is a common step on the road to success, but that doesn’t make it an easy one. You start your small business knowing all the facts and statistics, well aware that many businesses fail in their first few years. Yet it’s natural to think, deep down, that you will be the exception. If things do go wrong, picking up the pieces can be a serious challenge.

Here are a few tips for moving past a failed venture and embracing your next great idea:

Let Yourself Grieve

A common mistake people make in the face of failure is avoidance. It can be tempting to try and pretend nothing bad has happened, but facing reality is more productive. After all, something bad did happen. Ignoring that doesn’t take it away, or make it any better.

Facing it and grieving, however, can have a number of positive effects. It will make it less painful over time, allowing you to process and move on from the experience. Remember that a major benefit of making mistakes is developing the ability to recognize them. Just as Lifehacker explains, grief is a valuable part of improvement.

Evaluate Your Finances

Once you’ve had a chance to process some of the pain, resolve to figure out your new financial situation. Money is, naturally, one of the most stressful parts of a business not working out. Do not let anxiety keep you from understanding your own means. After all, you have to know where you are to figure out where you’re going.

Look over your financial records and see if there’s anything you can learn from them. You might even consider hiring a small business or sales/marketing consultant who can help you identify any subtle mistakes you may have made along the way. This type of reflection will give you a firm foundation for your next big project. You can find talented consultants through freelancing websites like Upwork. Just select your desired work category and browse through qualified candidates.

Brainstorm Daily

Some people are full of new ideas when one venture falls through, while others are creatively blocked. Regardless of where you fall on the spectrum, daily brainstorming will help generate and clarify a path forward.

Set aside 10 or 15 minutes a day to jot down notes or put an app to work. Don’t put too much pressure on yourself, since the goal is consistency, not daily brilliance. Building regular brainstorming into your schedule will train your mind to consider bigger and better possibilities.

Consider Your Options

Don’t let your first project define your next. Unfortunately, many business owners box themselves in. Though it’s good to foster expertise and know your niche, overdoing it can be limiting. Try to find ways to look at your ideas laterally, and recognize opportunities to take a more innovative approach.

For example, Business News Daily points out that there’s a world of opportunity in the e-commerce market. If you’re not already familiar with running a business online, there are plenty of resources available. Online wikis can help you understand the ins and outs of marketing, resource management, growth hacking, and more.

Start Planning

When you do find the idea that excites and motivates you, make the most of that excitement and start planning. There’s nothing like that initial spark. It’s important to capitalize on that energy and keep your thoughts moving forward.

One way you can take advantage of this momentum is to write your mission statement and craft an elevator pitch. These are valuable marketing tools, but more importantly, the act of working on them will help you understand your ideas even better.

Closing your small business can be a heartbreaking process, but there’s a serious value in it. Don’t let your pain hold you back from a prosperous future. By picking up the pieces and moving forward, you can dive into your next venture with the wisdom and grace that breeds success. 

Photo Credit: Pexels

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