Updated: Oct 7, 2021
If you’re facing a business closure right now, you’re far from alone. Most small businesses fail
within a year — and even more are throwing in the towel as a result of the corona virus
pandemic. Most successful entrepreneurs have overcome their fair share of business setbacks. But deciding to pull the plug on your small business is never easy! Check out the following tips and strategies to help you get back on your feet from Sexy Brilliant.
Take Care of Yourself
First and foremost, check in with yourself. How are you handling things? Taking some time to tend to your personal needs and practicing self-care is essential for overcoming serious
setbacks in your professional life. Instead of trying to forget what happened, acknowledge and accept your failures without judgment. Allow yourself to feel sad instead of trying to bury how you feel. While it’s natural to try to fight our bad feelings, mindful acceptance is the best way to move on from negative emotions and thoughts.
While it may be extremely difficult to get out of bed in the morning, getting up and charging
through a refreshing morning routine can do wonders for your emotional wellbeing. Do what you can to stay active, eat a healthy diet, and get enough sleep. Cleaning and decluttering your home is another great way to inject more positive energy into
your life. As Redfin explains, it’s important to address issues with household conflict and tension now so you can create a healthy and healing atmosphere at home.
Tackle Your Legal and Financial Obligations
Once you’re in the right mindset, take care of any lingering responsibilities regarding the
shutdown of your business. To settle your legal and financial obligations, you will have to file all of your outstanding tax returns, cancel your business registration, close your tax accounts
correctly, and — if you’re incorporated — dissolve your corporation. Taking care of these
obligations now will help you avoid issues in the future.
Protect Your Financial Health
The financial implications of closing a small business can be quite serious. If you took on debt to launch your business, you will have to find ways to pay off these debts. Start by contacting your creditors to see if you can negotiate what you owe. If you lack the funds to settle your debts, look to your business assets for valuable items that you can sell for cash, like office equipment, website domains, social media accounts, and email lists. If necessary, consider filing for bankruptcy.
Besides covering your business debts, you’ll also have to think about how you’re going to pay
for your ongoing living expenses until you can get your next business up and running. Get a
part-time job, join the gig economy, or sell your skills as an online freelancer. There are so many great ways to make money these days — and you never know, your side hustle might just turn into your next full-time gig!
Adjust Your Budget
While you work on getting back on your feet, you may need to adjust your household budget
temporarily. Cut out nonessential expenses that are eating up your savings and prioritize your most important bills, like rent, utilities, and groceries. You can even pare down your grocery bill by sticking to a shopping list, buying essential items in bulk, comparing prices, and shopping in-season.
There are several other ways to save money on everyday spending. Cut your cable, avoid
ordering takeout, make coffee at home, and carry a granola bar with you when you go out so
you can avoid buying snacks on the go. You may even be able to reduce your insurance
premiums by shopping around for more affordable policies.
Revisit What Went Wrong
Once you get your financial health under control, you can finally start thinking about your next big project. Take what you learned from your business setback to make your upcoming venture even better.
Businesses close for a variety of reasons. Revisit what went wrong with your business —
whether it was cash flow problems, a lack of demand for your product or service, issues finding the right talent, or a lack of research into your competition — and find ways to avoid these issues in the future.
If you had to close your business due to the pandemic, it may be worthwhile to launch a
business in a sector that is predicted to grow in upcoming years, like online education,
healthcare, e-commerce, or cybersecurity.
Launch Your Next Venture
Ready to jump into your next project? The ultimate way to move on from a business setback is to try again. This time around, however, you have a lot more experience to draw from. Set
yourself up for success by planning out your business idea carefully. Research your industry,
look into your competition, and choose a niche you can target with your products and services.
Find a gap that you can fill!
Getting another business up and running may require you to make a few sacrifices. If you’re
short on time, find ways to outsource some of your everyday responsibilities. You could hire
someone to walk your dog, have your groceries delivered, or take advantage of a meal planning service to free up your mental energy for more important things. Getting up early is another great way to carve out time for your business. Just make sure you go to bed early as well — sleep deprivation is not conducive to productivity.
After closing the doors on your business, it’s normal to face a period of grief. Give yourself some time to heal and recover before jumping back into the business world again. After some financial tweaks and plenty of self-care, you’ll be ready to take on your next business venture before you know it!
Are you ready to take back your power and shine? Then it’s time to join the Sexy Brilliant movement today!