Making the choice to close your small business is never easy. Along with the mixed and confusing emotions, you may also wonder how to financially recover from the closure of your business. Or, you may wonder how to go about setting up a new business in the future. Well, no matter what your needs are right now, we’ve compiled a list of tips and resources that can help see you through this difficult time and lead you to a brighter future.
Grieving a Major Business Loss
Because closing a business can be such a blow to your confidence, taking care of your mental health should take precedence over any other tasks. Recognize that processing the loss of your small business is like grieving any major loss; you are bound to feel like you’re on a roller coaster of emotions in the coming days, weeks, and months. If you feel like you’re overwhelmed or depressed, talking to a counselor may be a smart move for your mental health. You can search for local counselors or you can also look for free or low-cost counseling options instead. While many people may see talking with a counselor as unnecessary, having a trained professional to help you work through feelings of grief, guilt, and shame can be beneficial.
Starting a New Business or Side Gig
Just like any major loss, it’s important to take some time off to regroup and refresh, but you may also find it helpful to start planning for your next career. Whether you think you may want to start a new business or just want to switch careers altogether, freelance sites like Upwork make it simple to get started. For example, if you’re skilled at creating websites, you could find work as a professional website designer. Upwork can also make it easier to find a side gig while you are trying to figure out your next business move. Side gigs are so flexible and these fluid positions can be really helpful for filling in any income gaps or even providing some added income.
Learning from Major Business Failures
For some people, getting back up and getting back into business is the best path forward. Others may need more time to process the loss of their small business and figure out the lessons meant to be learned. If you are feeling more like the latter, know that the process of learning from your failures can be a lifelong journey but it’s one that can bring more contentment and happiness to your life. We all make mistakes and mistakes in business are common, but it’s how we choose to handle the fallout of those mistakes that can determine whether we succeed or fail in the future. So, by spending some time working out what went wrong, you could find ways to boost your next business, as well as your personal growth. The important thing is to stay productive when thinking about missteps, rather than dwelling on them.
Moving on After a Small Business Closes
If you have to close your small business, you shouldn’t let that stop you from opening another business in the future. Using some of the tips and resources above can make it easier to get a future business up and running, but it’s also okay if you would prefer to take a completely different path for your life and career. Transitioning away from owning a small business can also be a complicated process but there are some things you can do to make such a major change less stressful. Updating your profiles on social media and job search sites can also be helpful for connecting with potential employers. Knowing how to reframe your business experience for resumes and interviews can also come in handy when you are reentering the regular workforce.
Closing your small business is like closing a major chapter of your life. So, acknowledge the gravity of this loss. Also, know that you will move onto bigger and better things eventually.
Photo Credit: Pexels
Blog Guest Writer, Carla Lopez, Boomerbiz.org
