In today’s economy, making it as a small business owner can be very challenging. It’s no surprise to learn that over 90% on new business ventures end up failing within the first year of operations. Being in business is not for the faint-hearted, especially when things start to go wrong. If you have found yourself at the wrong end of a business liquidation and have been forced to sell your business and its assets, then this article is for you.
Starting again after failing requires an almost superhuman effort. Some entrepreneurs just never return to trying a second or third business. Instead, they end up entering the workforce where their entrepreneurial vision is lost as they work for someone else.
Here are a few tips you can use to get your act together and venture back into the entrepreneurial environment after failing at your first business idea.
Become Unstuck
Don’t wallow in self-pity after your first business goes under. The most important thing you can do right now is become unstuck from your previous company and the baggage that you carry from it. Cast aside your old feelings and focus on a new project as quickly as you can.
You are not Your Failures
You are not your failures; you are a culmination of your past experiences. Cast aside your shortcomings and believe in your abilities.
Finding New Opportunities
After your business has failed, it’s essential to begin to analyze new opportunities wherever you can. Call all of your contacts and ask them what they have going on in their lives. The more you network, the more likely you are to discover a new opportunity that could be potentially profitable.
Finding New Investment
Finding new investment for another business venture can be challenging if you have failed in your previous business. However, if you just need a small loan to get started, then there are credit providers that issue bad credit loans. Just because you made a mistake in the past does not mean that you do not deserve to apply for funding in a new business. Certain financial service providers realize this and are willing to take that risk on you.
Gaining Momentum
Once your new business is up and running, do everything you can to keep the momentum going. Focus all of your time on your new project and forget the fears of the past. The effort and time you put in during the exponential phase of your company’s growth will lay the foundation for the years to come.
Managing Growth and Expectations
Every company wants as much growth as possible. However, it’s possible to outgrow yourself at the beginning of your new business venture. Keep an eye on your business in the early stages and be prepared to handle new exponential growth when it occurs.
While every entrepreneur has expectations for a new business and its potential, don’t become attached to them. Weighting all of your success on your expectations will more often than not leave you disappointed. Stay focused on managing the business and dealing with growth while planning for the future ahead.
In Closing
Losing your first business does not have to be a tragedy. If you learn from your mistakes and apply them to a new business venture, you may avoid the pitfalls of your first company. Never give up and keep persisting. Eventually, your discipline and commitment will pay off.