Bouncing Back After Closing Your Small Business

Bouncing Back After Closing Your Small Business

If your business was forced to close due to the pandemic, remember that there are ways to get back on your feet, both emotionally and financially. First, practice self-care in order to boost your wellbeing. When you feel emotionally ready, remember that your entrepreneurial roots can still serve you, and consider what you might do next. If you need help or coaching to turn your ideas into reality, turn to resources such as Human Capital Department for support.

Focus on your wellbeing 

While losing your small business can be hard financially, it can also be a blow to your confidence. Avoid attaching the closure to your sense of self-worth, and recognize that the pandemic is having similar effects on businesses worldwide. 

Self-care is vital during this time: think about ways you might pay attention and care for your emotional self. Many people find relief through exercise and meditation, both of which allow your mind to settle. 

One aspect of self-care is paying attention to your surroundings. A clean, organized, and decluttered home will help you clear your mind and regain a sense of control and motivation. By cleaning and airing out your space, Redfin explains you’ll create a more healing and healthy atmosphere.

Starting fresh

Starting a business for the second time is far easier than the first go, so consider harnessing your entrepreneurial talents by establishing a home-based business. As you think about what your home-based business might be, use your previous business as a starting point in determining your skills and interests. You might find success in starting a spinoff of your previous business; it’s worth thinking about how to carry over your existing skills into a new company.

Once you decide what your company will be, establish a work schedule and routine for yourself. Working from home can be hard: stave off distractions by setting boundaries for your family members. You’ll be more productive if you also allow for downtime, so schedule breaks throughout your day to help you rest your mind.

Working from home can be hard without a dedicated workspace, so carve out a section of your home for your office. If you don’t have a bedroom you can convert into an office, consider renovating your attic or basement. If this isn’t an option, Apartment Therapy notes you can creatively transform a section of your living room into a home office space.

Remember that advertising and marketing are important for success, so develop your online presence and begin connecting with potential customers through social media. Consider running some specials to find new customers, and be sure to network to help broaden your customer base. 

While losing your business was likely very difficult, you’ll eventually find ways to move on and thrive. Pay close attention to self-care, because you’ll need to be in a strong emotional place to tackle your next venture. Since you already have business skills, consider starting a home-based business when you’re ready to jump back into the workforce.


Contact us

Please contact us if you have any questions about people management & development and see how we can help you.