Recovering from a failure can be difficult. It’s hard to move forward without constantly doubting ourselves. Our failures stick with us.
If you’ve failed at business, it can cripple your self-confidence. Starting over may seem too intimidating, if not altogether impossible. You can’t help but listen to the nagging voice in your head, asking “What if I fail again?”
The key to moving on and finding success is accepting failure for what it truly is – a valuable lesson that can only be learned through personal experience. The thing is, nearly 50% of small businesses fail within the first five years. However, knowing that statistic and being a failed business owner are two different things.
Now you know. You know what not to do. You know how to avoid failure in the future.
However, it never hurts to have a little help. Keep reading for a guide on how to recover from a business failure and start over.
As noted above, if you’ve failed at business, you’re not alone. The question to answer is why you failed.
Did you start out too big with too much overhead? Perhaps you couldn’t bring in enough revenue to make up for your costs?
Maybe you started off small enough but couldn’t attract customers to make enough sales? Was marketing inexperience your problem?
Alternatively, maybe you weren’t dedicated or committed enough to your business? Perhaps you weren’t willing to put in enough time and energy and your business suffered as a result? Maybe you need to learn how to improve your work ethic?
The reason you must identify where you went wrong is so you can do better when you start a new business. If you started too big last time, learn how to scale back and start slow. Start smaller than you think is necessary and let your business expand as your customer base grows.
If you weren’t getting enough leads, learn more about digital marketing. Maybe you need to invest in a better website this time and focus on perfecting your SEO? Maybe you need to hire a digital marketing agency to help fortify your online presence?
If you’ve failed at business, it can take time to recover financially. I recommend reconciling your debt and any leftover costs before starting over with a new business venture.
It’s natural to be scared of failure after what happened last time. However, this fear will be even more powerful and controlling if the financial repercussions from your failed business are still looming overhead.
Finally, moving on may require outside support. I recommend forming a board of advisors for your new business instead of trying to figure everything out on your own. They can bring a fresh perspective and valuable insight to your business.
Additionally, have you considered investing in a personal and professional coach? A coach can help you regain your self-confidence and give you the tools to carve out a more successful future.
If you’ve failed at business, it’s only natural to be scared of failure in your next venture. However, you must learn how to turn that fear, that failed experience into something positive. Learn from your mistakes to reinvent yourself into a more seasoned, experienced, and successful business owner.
I can help you get there. Contact me today to learn more about my coaching services and what I can do to improve your personal, professional, and spiritual growth.