Picking Yourself Up After A Business Failure: Top Strategies

Tuesday, June 06, 2017


Sadly, not all businesses are successful. Despite your best efforts, things can go wrong in the world of business and perhaps you have had to wind your enterprise up. This can be a dark and depressing time but it does not have to be the end of your entrepreneurial adventure. It's also important to remember you are not not alone. Around half of all new start-ups have folded within five years, and many of these have gone on to run successful businesses later on. Here are some top tips for picking yourself up after a business failure.

Take a Break From Business
Throwing yourself straight into a new venture might not be the best idea Running a business is grueling and you deserve some time out. Finances may be a problem so perhaps a very expensive holiday is out of the question but try to get away if you can. It is often easier to see things in perspective from another location. Get your personal life sorted out as well. Organize your debts into easy monthly payments so that you can budget through the hard times. If you are struggling to find a company that will extend you credit it is worth hunting around. Try zaggor.com mobile phones for bad credit scores if you have had to give up your business phone. 

Get a Regular Job Instead
You need an income to pay the bills so this may be the time to get a regular job. It will give you the financial breathing space that you need whilst you decide what to do next. However, it is not always easy to re-enter the workforce when you have been a business owner for a few years. Your employer may not be convinced that you have the skills that he or she needs. They may think that you will have problems settling back into paid employment.Start by revamping your CV and really emphasize the skills that you have gained by running your own business. Your networking and troubleshooting skills will be highly developed after running your own enterprise! If necessary, attend a course to top-up and refresh your skills before you re-enter a profession. For some careers, you may need to re-take competency exams.

Start Again
If you are a born entrepreneur who thrives on the excitement of establishing a new enterprise and enjoys the risks and the thrills then it the best option for you. However, you should still wait until you have the financial stability to allow you to lead a comfortable life whilst you are setting up your new venture. It can be years before a new business makes a decent profit. There is nothing to be gained by rushing into this. You must sit down, possibly with a financial or business expert, and evaluate where things went wrong. Put a plan in place to stop the same things from happening again. If you built up a good network of support whilst running your old business, they can help with ideas and suggestions.

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