Anyone who has had to go through a failing business will tell you how tough it was for them. A failed business does not only mean the loss of money, but, it also means loss of self-esteem and questioning your worth as an individual. You also have to deal with employees who have lost their means of livelihood thus giving you the extra burden of guilt.
Yet, you are not alone, talk to any HST Lawyer and they will tell you about the number of businesses that have gone down the drain, only for the same business owners to bounce back and thrive.
So how can you ensure that you do not become a statistic of failed business’s, but instead become a statistic of someone, who was able to rise up from the ashes and build a thriving business or means of livelihood once again?
The reality of the situation is that a new business will often not make money in the first two years of operation. However, if you are in your 3rd or 4th year and you’re still not making money then you may need to consider shutting down your business and restrategizing. You need to embrace the fact that you are failing at the current business and take a step back and rethink everything.
Start a New Business
If you have managed to get yourself together again, and your entrepreneurship candle is still burning bright, you can consider starting a new business. You already have experience of what can make a business fail; you will, therefore, be more vigilant and take necessary steps to ensure that it does not happen again. Call upon your networks to support you in your new business.
Go back to Employment
If you find that you cannot go back into entrepreneurship, you can consider going back into paid employment. This can be very difficult for an entrepreneur because you have been making your own decisions and managing your hours. However, the reality is that you need to pay your bills and put food on the table at the end of the day. Be ready to deal with skepticism from potential employers who view people who have been entrepreneurship as difficult to handle.
You need to get your mind right because you will now be someone’s employee. Do not go into the workforce thinking you are a boss, because you no longer are. If you are struggling with this, get some counseling to help you deal with the loss of your autonomy as you enter the workforce.
Let the employer see that you will add value to the organization because you understand the value of hard work. Consider a career path that is totally different from what you were previously doing. This will give you time to recover as well as give you an opportunity to learn a new trade. It is possible to get back on your feet after a failed business; you just need the right mindset and the passion to succeed.