Closing a Business
From time to time I like to include guest posts about relevant topics. Following is an insightful article which is certainly relevant for the times.
Tips for Starting Over After Closing Your Business
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It’s tough to let go of a business when you’ve put so much time, energy, and money into it, but sometimes there’s just no other option. There’s nothing wrong with admitting defeat and deciding to move on. In fact, some of the world’s biggest entrepreneurs failed many times before achieving success. The key is to accept it and use what you learned to build an even better business the next time around! Here are some tips to help you do just that.
Start Planning Your Next Venture
Many entrepreneurs find that the best way to move on from a setback is to jump right into their next big project. If you want to bounce back quickly, start thinking about a new business idea. Look for ways in which you could improve on your last business model or branch off and explore a whole new industry—it’s up to you!
Building a strong foundation for your new business will maximize your chance of success, so try not to rush things. Give your full attention to each step in the process. This means spending time on market research, writing up a basic business plan, securing the appropriate amount of funding, and choosing a business structure carefully. ZenBusiness suggests forming an LLC if you want to protect your personal assets from liability but keep your administrative obligations as simple as possible. You can do this online as long as you follow the specific requirements in your state.
Give Yourself Time to Heal
Of course, you may have to spend some time tending to your emotional and financial needs before launching a new business. Closing a business can really disrupt your life! Take some time to practice self-care and allow yourself to heal. It’s completely normal to experience a period of grief after closing a business, so try to accept how you feel and embrace the grieving process.
It can help to distract yourself with self-care activities like exercise, cooking healthy meals, and spending time with loved ones. This is also a great opportunity to relax and reset after all the hard work you’ve been doing. Take a hot bath, go for a drive and blast your favorite music, or find a quiet spot outside to sit and read a book. Before you know it, you’ll feel recharged and ready to take on your next venture!
Recover Your Financial Health
Next, get your financial health back on track. Recovering from a financial setback can be challenging, but with the right plan, you should be able to rebuild your personal finances and get back to where you started.
Clever Girl Finance suggests adjusting your budget first and foremost. Make sure you will be able to cover your bills and pay for essentials like groceries and personal care items. If you’ve lost your only source of income and you plan on leveraging debt to get by for a while, a ruthless budget will help you minimize the amount of debt you take on. You may even want to get a part-time job or an online side-gig while you get back on your feet and build your new business.
Closing a business is an incredibly stressful and emotionally challenging process. Try not to let your recent setback discourage you from the entrepreneurial path. There’s a lot to be gained from embracing failure and using your experience to drive you forward!
Are you ready to start a new business? Check out The Hilltop Group website to access business services like virtual assisting, consulting, and video production that can help you get up and running!
Carla Lopez retired a couple of 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.