Image via Pexels
A guest post by Carla Lopez
It may not feel like it at the moment, but failure can be the best thing that ever happened for your career. In fact, most of the world’s most successful entrepreneurs suffered setbacks after setbacks on their journey to success. To make the most of the situation, however, you must accept the failure, process it, and keep moving forward. Along with working with attorneys like Andrew to resolve any pressing legal problems, here are some tips to keep in mind as you make your big comeback from business failure.
Get Your Home in Order
Your home should be a comfortable, peaceful place where you can retreat amid the stresses of everyday life, particularly in difficult times. When your living environment is messy and dirty, it can exacerbate any stress and negativity you’re already dealing with. Make time to declutter and deep clean your home, and find a practical cleaning schedule that helps you keep it that way from day to day. Doing so can create an atmosphere that fosters health and positivity.
Make Self-Care a Priority
Along with bringing some order to your home, make sure you are taking steps to promote your overall health and well-being. Focus your diet on foods that can reduce stress, such as avocados, whole grains, fatty fish, lean meats, and fruits and vegetables. Find exercise activities that can be incorporated into your everyday routine. Develop a bedtime routine that makes it easier to fall asleep faster and stay asleep longer. And reach out to close friends and family members who can provide the emotional support you need in this difficult time.
It’s also important to figure out methods for relaxing, whether it be yoga, meditation, reading a book, or anything else that reduces stress and helps you to recenter your thoughts. Caring for your physical, mental, and emotional health will go further than the health benefits; it will help you recover from your disappointment and put you in a better position to succeed in the future.
Look at Where Your Business Failed
The only way that your business failure can work in your favor is if you learn from your mistakes. Evaluate the decisions you made and how they landed you in your current situation. Whether it was money management, operational mishaps, or misinterpreting your target audience, brainstorm how you could have made better decisions.
Sort Out Your Finances
Chances are your financial circumstances have changed significantly since you lost your business. In order to live and prepare for your next business idea, you will need to figure out your finances. If you have a lot of debt, start tackling it immediately.
Also, determine ways that you can bring in an income, even if it’s small. Pick up some freelance gigs in your field, ask around your professional and personal network for part-time job opportunities — do whatever you need to improve your financial standing. And who knows, maybe you’ll land a side hustle that turns into a business venture down the road.
Get Back to the Drawing Board
Once you have reestablished your footing a little bit, it’s time to start planning for your next business. As an entrepreneur, you may have many ideas that you have considered over the years. Take these ideas, brainstorm some new ones, and put them all on paper (even the ones that don’t show much promise).
When you have all of your ideas written out, choose a few that you can see yourself pursuing. Then, consider whether anything sparks inspiration, and perform market research to determine what your new venture will be.
Business failure is hard to swallow, and it’s not easy to bounce back from. But as long as you allow yourself to process it and take proactive steps like the ones mentioned above, you can learn from your mistakes and move forward with confidence. And don’t be surprised if you’re a sharper and wiser entrepreneur than ever before!
Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love.