How to Get Your Second Wind After Closing the Doors on a Business

Seeing your business come to a permanent close can be devastating on many levels. As an entrepreneur, you put your heart, soul, time, money, and energy into seeing your business succeed. When things go differently, it can be overwhelming, and deter even staunch constitutions. Here’s how to repair both your finances and emotions, so you can get right back in the saddle.

Focus on the Future

There’s no denying that having a business fail is a terrible loss. However, as Psychology Today explains, a big piece of your recovery will come from trusting in yourself to surmount future challenges. It’s important to recognize you have survived difficulties in the past, and develop a solid vision for your next endeavor. Consider practicing some mindfulness techniques to help you heal, and even add some well-chosen apps to your phone to help you regain your focus and energy.

If you aren’t sure what direction to take with your next venture, also do some brainstorming. Think about what companies you admire, how your experiences apply, what issues you want to address, and what sparks your inspiration. Also contemplate your resources, such as through the sharing economy. With whom can you collaborate, and what do you bring to the table? As The Balance explains, the sharing economy is reshaping the business world. Tapping into those resources and staying relevant can be pivotal solutions for prospering in your next venture.

Team Building Exercises

Once you have some ideas, start considering who will share in your journey. More specifically, what players do you need on your team to make things happen? Do you need a web developer for an e-commerce site? An admin assistant for making phone calls and scheduling? What about someone to run a market analysis to narrow down your target audience? You can hire freelance assistance for virtually anything these days.

The key is to go through trustworthy staffing companies. They screen candidates on your behalf so you know you’re getting the kind of help you want and need. From there, you can start building the team that will bring your ideas to life.

Seed Money

There is ample truth in the old saying, “It takes money to make money.” Chances are you will need financial help of some sort getting your next idea off the ground. You can get a small business loan, although depending on how your last business was set up, your credit score might need some attention. You can repair your credit score with a little time, doing things like removing errors, paying down loans, and settling any collections.

Another idea is to find investors for your next venture. If you aren’t sure where to look, Huffington Post suggests tapping into industry friends, angel investor networks, or crowdfunding sites. Sometimes help can come from places you least expect, and now isn’t the time to be shy. With a team in the works and solid business plan, you have the tools you need to talk up your idea.

Waste Not, Want Not

In the course of your recovery, you have much to do, and are likely limited on all your resources. Thankfully, technology can come to the rescue. Tech has changed how we do business, streamlining what small businesses require from their resources. It’s at the heart of the sharing economy, and it drives much of how we exchange ideas, goods, and services these days.

With that in mind, think about what tools you can incorporate into your comeback. Forbes suggests looking at productivity and efficiency through your software choices. You can lighten your customer service duties, ease organizational concerns, and make use of timekeeping tools. Contemplate what will help you do more with less, and put it to use.

When you’ve had a setback, it’s prime time for a comeback. Focus on your future and contemplate who you need on your team. Then gather your resources, and be smart about how you use them. Closing your doors can drag you down, but with a little regrouping, you’ll have your second wind in no time.

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