My Business Failed – Now What Do I Do?

January 19th, 2017 Posted by Uncategorized 0 thoughts on “My Business Failed – Now What Do I Do?”

closed for businessSome will say you failed. Don’t accept that.

In a perfect world, every hard-working entrepreneur would succeed in their business ventures. Unfortunately, we do not live in a perfect world. The hard truth is that a majority of startups don’t make it. Just for the moment, we will use the word “failed.”

For those who find themselves in this predicament, it can be hard to know what to do next.

This was your dream. Your end goal. How can you just walk away from that?

It won’t be easy, but it’s important to remember this:

This is Not the End

It might feel like it, but you’re still the smart, talented, ambitious person you were before. You still have the same goals and dreams. And you still have plenty of potential ahead of you.

In the coming months, you’ll need to remind yourself of that daily. Sometimes, hourly. After all….

Closing a Business Can be a Very Cold Experience

When a business dies, there’s no funeral or wake. People from outside of work won’t gather around and share memories of your business. There’s a good chance many your friends and non-immediate family members won’t even know about it.

And you won’t have time or energy to tell them.

A business closure creates a void that needs to be filled and resolved. Contacts need to be sorted and closed. Legal documents need to be signed. Items will be sold or auctioned or possessed. The creditors and bankers will likely come calling for a number of reasons.

They won’t have much in the way of sympathy for you and your business. That’s why it’s important to…

Talk to Someone About It

Like so many hard times in life, business failure will help you learn who your real friends are. Grab onto these friendships. Share what you’re really feeling. Be vulnerable. This will help in the healing process. It will also allow you to process what went wrong.

And it’s very important that you process that.

Analyzing What Went Wrong

After a business closure, the last thing you want probably want to think about are all of the problems your business had. But you need to think about it. You need to be able to see the problems. The cracks in the plans. The strategies that didn’t pan out. The weak links in your chains.

This is how you will learn. This is how you will grow.

That said…

Don’t Dwell on the Negatives

You can get lost in hypotheticals. What if you had made that investment? What if you didn’t hire that position?

There’s no point in focusing on how things may have played out differently, because it’s never going to change what actually happened.

Once you’ve processed the loss and the mistakes, let it go, and decide what you’re going to do next.

Can You have Really Failed?

Yes! When you fail to learn from experience, you have truly failed. Otherwise, there are no failures, just experiences that didn’t work out the way you wanted. Learn from them. Apply that knowledge going forward…and keep going forward.

Getting Another Job isn’t a Sign of Weakness

Chances are, if your business shut down, you’re not in the best financial situation. You may need a job, and for many, that can feel like the final sign of defeat.

But getting a job isn’t an act of weakness.

If anything, it’s a way of showing that you’re ready to move forward. Maybe you’ll find a great job that you love. Maybe you’ll realize you don’t want to run your own business after all. You won’t find out until you start moving forward.

Starting Again

For those who are still set on being entrepreneurs, there will come a time when you’re ready to begin again. Don’t hesitate or be afraid. Instead, remember that you’re stronger than you were before. You’re wiser.

You’ve learned from your previous mistakes so that you won’t make them again. Statistically, the odds of succeeding on a second or third business are higher.

Why not increase those odds even further? Check out my Odds Makers course here. It’s much more than a list of business tips for success.

It’s a video training series that will navigate you through startup strategy that is proven to improve your chances of success, from crafting your initial vision to establishing and measuring KPIs.

Get your next business started off right. Sign up today!

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