Recovering From a Lost Business and Planning the Next Entrepreneurial Dream

If you’re an entrepreneur who has lost their small business, it doesn’t mean it’s time to give up on your dreams. It’s time to fight for those dreams. There’s no getting around the fact that such a setback is difficult, and it will take time to recover emotionally and financially. But recover you must — you’re an entrepreneur and that’s what you do. 

From finding support through online communities to analyzing new business ideas, here are some practical tips from Parentpreneur Accelerator to help you on from business failure:

Find Help and Support 

When you’re going through a significant setback, the last thing you want to do is try to walk it alone. Take time to grieve, and surround yourself with close family members and friends who can provide the emotional support you need. Moreover, consider connecting with support groups to feed your energy while you get back on your feet and plan for the future.

Incorporate Self-Care 

The first part of recovering from your disappointment will be to practice self-care. Tending your overall well-being is vital to navigating daily life in tough seasons. Find relaxing activities to incorporate into your routine, whether it’s journaling, meditating, picking up a hobby, or anything else that helps you wind down and be present in the moment. Eat a healthy, balanced diet, and create a bedtime routine that helps you get seven to nine hours of sleep per night. And of course, you’ve heard this before, but include exercise in your self-care routine. 

Set Up Space

Nobody can work effectively without a space established for their personal productivity. If you’ve been trying to revitalize your business from the couch, it’s time to develop a workspace that properly supports your goals. Examine both your work style and habits; do you need privacy, or does some interaction with your family help you thrive? Will you entertain clients there, or do you need room for additional gadgetry? Think everything through and take all your needs—current and future—into consideration.

While you’re in the process of revamping your workspace, turn a critical eye toward the rest of your home as well. Does it promote positivity, or does it bring you down? Redfin notes you can breathe new life into space with a handful of simple measures that will help you feel stronger and happier, like decluttering and staying positive with your kids. A healthy atmosphere can make a world of difference in how you and everyone else feels.  

Evaluate Your Business’s Failure 

As Forbes explains, failure can work to your advantage if you learn from your mistakes. Spend time combing through your business’s history (short as it may be), and research other businesses that have failed in the past. Find the root causes of your failure and any poor decisions that were made. Then, you will be in a better position to help your next business avoid those pitfalls. 

Think Like an Entrepreneur

Yes, you need to take some time off to collect yourself and recharge after your setback. However, you’re an entrepreneur, which means that you also need to get back to the drawing board before too long. When you’re ready, jot down any business ideas you have and start brainstorming new ones. Then, analyze each idea so that you can separate the wheat from the chaff and determine which one to run with next. 

Losing a business is hard. But as an entrepreneur, you must keep going. Be sure to incorporate self-care into your routine, get the help and support you need from other small business owners, and establish a business space that fits your aspirations. Then, you’ll be ready to assess why your business failed and begin planning your next project. Remember that this failure will only make you smarter and stronger from now on!

Carla Lopez
carla.lopez@boomerbiz.org
Boomerbiz.org  

Partner with Parentpreneur Accelerator for more ideas, inspiration, and information that will help you succeed!