I know many persons who owned businesses around 2009 when the economy first crashed. I also had a business around that time that really felt the pinch. Many rallied it out for a few years, until they could not handle the negative cash flow any more. I decided to give up my business in 2013 after quite a few years of denial. I did not want to let it go! It was my baby. I did not want to feel the shame when people would ask how my business was going. I did not want to say that I closed it.
It took me over two years to get over that failed business. And that was not a good thing at all. I have worked alot on myself and my mindset since then. If I had to go back in time, I would have made much better decisions. I would have let go of the business sooner, and I would not have taken so long to get back on my feet. When I do research on successful people, one thing always stands out to me. They ALL have FAILED! But it does not stop there. They ALL have FAILED again and again, and ALWAYS get up again. Most times, their rebound is ten times more successful than what they had lost before.
I now know what I had gone through was preparing me for where I am now in my business. My story was being built through the many sleepless nights and through my tears and losses. I was able to rebound. So now I can share with you how you too can come back from a failed business.
- Remember your passion and your purpose. Most times when you experience failure, you tend to forget why you got into business in the first place. You wanted to share your talent, gift and skill with the world. When that is away, you feel like you have no purpose. What you should do is remember why you started your business. What you have is unique and needs to be shared with the world. Remember that. If it did not work out in one way, then think about other ways it can work. Sometimes the way we market or present our product or service looses its its relevance. So you have to brainstorm and think of another way your business can work.
- Find a mentor. This is critical to your rebound. You need to find someone who is where you want to be. They have been through it all. So, they are in the best position to tell you the direction you should take. A mentor helps you avoid pitfalls. They open your eyes to ideas that you would not even have considered.
- Evolve. The business world is growing rapidly online. Think about ways of increasing your visibility. There are thousands of business ideas that are flourishing online. Being in a different country is no longer a barrier to business. There are so many avenues to be come very wealthy online. Find those ways.
- Keep increasing your skills. This is another critical point. I have to stress again about a rapidly changing business environment. That means that you have to be on top of your game in your field, so you can stand out as an expert. There are thousands of courses online that teach you just about any skill. Most are for free!
- Grow your list. This is a foundation tip. You need to have fans, followers and customers on your email list. Give them value weekly. Show them that you mean business. Let your business be the first one that comes to mind when they think of buying anything that relates to your field.
- Research. Are you stuck about your next business venture? There are many paid and free tools online that show trending products and services. New businesses pop up every day, because persons are researching what is trending. So they create businesses within a day to satisfy a need. You need to find what is needed, and satisfy the market.
You can do this! Take a few hours and get your business-mojo back. There is money to be made. Go get it.