It is thrilling to know good things are still possible after a business fails. So, if your business goes downhill, you can pick up the pieces and move forward and do great things.
Recent articles in this online magazine have dealt with helping people realize that even after major problems at work, success and good things are still possible. This article will deal with life after a business fails. In the coming weeks, we will look at life after:
a raise is denied
a demotion
public embarrassment
This series of articles was designed to help people be prepared for problems that may come their way. It is now and has always been the case that some businesses fail. There are businesses that exist today and will be gone tomorrow. Sometimes this happens through no fault of the creative, talented, and intelligent entrepreneur who started the business.
Often when a business closes, the entrepreneur is forced to go to employees and tell them they no longer have jobs, income, and other benefits of employment. I have been there. I have done that and I did not like it. It is hard to go to a father and let him know that this is the last paycheck he will be taking home to his family. It is hard to go to a mother and tell her she will not be at work long enough to pick up the clothes she has on lay-a-way for her kids because this is her last day at work.
If you are an entrepreneur and your business has to shut down for some reason, life will go on, believe me. The world revolved before you opened your doors and it will revolve after your doors are closed and the doors of your next opportunity open. After a business fails, the first thing an entrepreneur should do is sit back, relax and take a breath. Before the business closed the door, most entrepreneurs struggled to find an alternative.
It would be therapeutic to sit back and take a breath, then get moving. In other words, take a break from all work activities for a few days. Then as I always say, “put your big girl panties on” and get to work planning what will happen next.
After you have taken the breather and are calm enough to move forward, get to work planning what will happen next. Are you starting another business? Are you going to get a job with someone else? This is the time to either get started writing a business plan or a resume. Write out a detailed to-do list laying out a clear path from where you are to where you want to be.
The final step is to get moving. Pick up that to-do list and start doing things, crossing off items, and actually moving towards something. Do not get stuck in the past, do not be ashamed, move forward.
If you want to read more about creating the confidence you need to succeed, check out:
- Confidence Tip – Keep Track of Your Wins
- Creating Confidence – You Can Do It
- Confidence Tip – Start Your Day with Affirmations
- Take Action Now and Create the Confidence You Want
Also, check out our Confidence Tip of the Day YouTube channel for hundreds of videos on creating the confidence you need to succeed.
I have been there,I have survived after a business fails.
I have been there. I have watched a business die and I have survived to start again. When the doors to my previous business closed, the first thing I did was cry. I cried like a hungry baby waiting for her mama. Then, I cried again. After that, I put on my big girl panties and my fake it till you make it (with work) dress and started planning my next venture.
I figured out what kind of business I wanted to operate. Then I created a business plan and designed operations guidelines. I prepared a plan and a to-do list so detailed that a stranger on the street could have picked it up and given it a try.
The business closing down did not kill me. I survived and so will you. You have the steps:
- Breathe, take a break, a short break and get calm and relaxed again
- Make a plan, decide where you want to go and how you are going to get there
- Work the plan, actually work, complete and cross things off your to do list
- Enjoy the success that your work will bring
After a business fails, it is thrilling to know that life will continue and can get better. So, the question for you this thrilling day is what is your advice for surviving a business failure?
These are really great suggestions to implement when you have a set back at work or when your business has to close.
Great tips!! We always need to learn from past mistakes and hiccups, for sure!! I hope this will help someone that needs it. 🙂