How to Keep a Failed Business from Getting int he Way of Your Future Success

How to Keep a Failed Business from Getting in the Way of Your Future Success

Dealing with the aftermath of a failed business can be stressful. Not only do entrepreneurs in this situation have to worry about the financial impact of failure, but they also have to process the emotional fallout of experiencing such a major setback. If your small business has recently gone under, it’s only natural to feel overwhelmed by it all. With a few simple steps, like the ones below, you can pick up the pieces and start moving on sooner.

Make Self-Compassion a Focus to Move Forward

There are many people who would suggest extra self-care and pampering after such a tremendous loss, and self-care can help soothe some of the emotions you may be feeling right now. Practicing self-compassion, however, is the true key back to feeling content and at ease with failure. Unlike self-care, which is a series of actions, self-compassion is more of a state of mind, where you aim to treat yourself with kindness. So, instead of beating yourself up about what went wrong with your business, focus on building yourself up so that you can someday start again. As you cultivate more self-compassion, you will begin to recognize the differences between making poor choices and being a bad person, and maintaining this mindset can be a wonderful way to boost your career while also improving your satisfaction with life.

Know That Failure Is a Necessary Step Toward Success

Right now, you may be comparing yourself to more successful business owners. Before you begin thinking of all of the ways those entrepreneurs are different from you, know that there is one thing that connects you: failure. Because some of the most successful people in the world today have only achieved greatly by failing beforehand. From Walt Disney to JK Rowling, each of these incredibly well-known and successful people found their calling by failing at something else. What sets these successful artists and business owners apart from others who have not overcome similar setbacks is that they learned from their failures. So, those intense feelings you are experiencing right now can turn into powerful insights that can fuel your future success.

Understand That Setbacks Do Not Have to Equal Total Defeat

Once you’ve cultivated some compassion and processed your business loss, it’s time to dust yourself off and move onto your next career venture. If you want a simple way to achieve some success with your next business, you can always consider opening an e-commerce site. There are countless e-commerce guides available online that can walk you through the steps involved in establishing a thriving e-commerce business, and you can use these online resources to develop advertising strategies, navigate public relations, and improve your customer service skills. Utilizing these tips as you set up your new business can really help distinguish your site from other online competitors, but if you really want an edge, you should think about hiring freelancers. You can find freelancers on freelance sites who can help write content, design websites, and even help with administrative duties. If you’re not sure what your next steps should be, you can also invest in business coaching services.

Search for Side Gigs That Will Help Make Up for Lost Income

Even with all of this advice, it still may take time for you to feel up to starting a new business, and that’s completely okay. All of that extra time can be a drain on your finances, especially without an emergency savings fund. So if you are not ready to start working on establishing a new business, think about looking for side gigs that will sustain your income until that time comes. Depending on your background and experience, freelance jobs can actually provide a decent source of income.

Don’t let one setback keep you from achieving success. Allow yourself time to process the emotions and fallout, but also know when it’s time to move on and try again. Because learning from failure is the key to attaining true success!

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Article: Carla Lopez