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

EPS – Celebrating Five Years!

Aside from a brief mention at the end of some posts, I don’t often promote our company on this blog.  While the intent of the blog has never been to directly promote our services, we have gained and maintained a number of professional relationships through it, including those with clients.  I do want to take advantage of the platform on this occasion to express gratitude and hope that you will join us in celebrating an important benchmark.

Emergency Preparedness Solutions (EPS) is excited to be celebrating five years of helping clients to enhance capabilities and improve performance in the areas of emergency management and homeland security.  We have worked with clients across the nation on assessments, planning, training, and exercises on a variety of unique projects.  More specifically, over the past five years we have taken on projects such as exercise design, conduct, and evaluation – including staff support to a state-wide Vigilant Guard exercise, and conduct of airport exercises around the nation.  We have developed, conducted, and evaluated training programs – including those on functional needs sheltering, hazardous materials response for EMS, and continuity of operations.  We have also conducted state-wide training needs assessments, plan evaluations, and have created multi-hazard plans.

EPS New logo

To help mark our five years, we are proud to release a new logo for EPS and an updated website.  The URL is still the same, but the look is totally different.  Please visit us at WWW.EPSLLC.BIZ and take a look around.  Our look is sharper, more contemporary, and mobile friendly.  We also have pictures from a variety of our projects featured throughout the site as well as a live feed of this blog.  Many thanks to Mohawk Valley GIS for their work on the website.  MVGIS is a small business local to us that provides outstanding Geographic Information Systems services and other work locally and afar.  Please be sure to check them out.

On our new website we are also happy to announce our support of Team Rubicon.  Team Rubicon is an outstanding organization that provides hands-on disaster relief services to communities struck by disaster across the nation and around the globe.  Team Rubicon accomplishes great things through the people that make up their organization, mostly military veterans.  You can show them support by direct financial contributions as well as purchasing items through their online store.

We certainly want to acknowledge the contributions of the people who have and continue to work for us on projects.  We often leverage talented people from around the country based on the skills required to meet the needs of clients.  These include active and retired public safety professionals and military veterans.

Like most small businesses, the support of friends and family, especially in the early years, are extremely important.  There are far too many to name, and I’d be likely to forget someone, but each of you have been so important to our success!

Lastly, we wouldn’t be in business if not for our clients.  There are a number of testimonials on our website from several of our clients and we are grateful for the opportunity to work with each of them.  We continue to take on new clients as well as engaging in new contracts with previous clients.  We look forward to continuing on with current clients and working with new ones far into the future!

Thanks for your continued support of this blog and of EPS!

Be safe!

Tim Riecker, CEDP