June 19, 2021
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Have you suffered a setback on your entrepreneurial journey? While there’s no getting around the fact that it’s a difficult experience, it’s important to remember that most business owners and dreamers have gone through a hard time over the last year. The requirement to make major adjustments, significant financial setbacks, and even loss of business have plagued the business climate everywhere.
That said, if you have dreams of starting another business, then you must process your failure so that you can recover, learn from your mistakes, and get back on the horse. Shareium provides some practical tips for how you can do just that.
Make Space and Take Time
First of all, it’s essential to separate your business failure — and success, for that matter — from your identity. You are your own person; you are not your business. Remember that as you process the grief of your setbacks. It may even help to take some time away from business altogether to recharge and regain a healthy perspective on life, which will likely enable you to get the most out of your failure. Sit down and evaluate the mistakes you made. Go through every detail, and figure out how you can avoid similar mishaps next time around. If possible, ThriveHive suggests going through this process with a business mentor by your side.
Along with spending time with a business mentor, look for financial influencers on social media who provide sound advice through their posts. Make sure you can relate to them, and dedicate yourself to checking their posts periodically to see how you can apply their principles to your situation. Also tap into the deep resources of trade associations related to your industry. Discussing strategies others are taking to rebound can go a long way in your future success.
Of course, it’s important to surround yourself with emotional support as well. Spend time with friends and family as much as possible so that you can feel grounded in the times you need it most.
Get Practicalities in Order
You will need to handle some practical matters, such as recovering financially and laying a stable foundation for your next business venture. Start tackling your debt today. Whether it means cutting expenses, applying for a consolidation loan, or meeting with a financial advisor on what steps to take next, just get the ball rolling.
Moreover, it’s never too early to start thinking about the legal structure of your next venture. Do your research about forming a limited liability company (LLC). Not only can that type of structure protect your assets, but it can also provide tax benefits, flexibility and more. Rather than pay exorbitant attorney fees, consider working with an online service on your LLC formation.
Also evaluate your current business assets to determine what will need to be purchased and how much to budget for startup. Do you have any remaining physical assets, such as computers and office furniture that you can use? If your software is out of date or not applicable to your next venture’s operating needs, you’ll need to factor that in as well. One of the critical areas is payroll, so be sure you have adequate software for payroll and mobile time tracking, not only to pay your employees accurately and on time, but to streamline scheduling and track the progress of projects.
Brainstorm and Research
You may already have an idea of what you want your next business to be. If you don’t, The Story Exchange advises to start brainstorming as soon as you feel ready. Consider your past business experiences, interests, skills, knowledge and any other relevant factors that can lead to a profitable idea.
Next, conduct market research to find gaps where you could provide an unmet need for consumers. For any business, the key is finding customers. Answer these questions to get a good feel for your market:
- Demand: Is there a desire for your product or service?
- Market size: How many people would be interested in your offering?
- Economic indicators: What is the income range and employment rate?
- Location: Where do your customers live and where can your business reach?
- Market saturation: How many similar options are already available to consumers?
- Pricing: What do potential customers pay for these alternatives?
There are a number of ways to find the answers to these questions, one of which is direct research. This involves using surveys and questionnaires, as well as conducting interviews and focus groups. Keep your competition in mind as well during this process. A competitive analysis is the preferred tool for finding a market advantage.
Begin Creating Your Brand
Finally, begin the branding process early on. You don’t need a product or service that’s ready to go before you start promoting your company. Create a unique and engaging logo, get your fonts and phrasing in order, build a website, and start posting on social media. In other words, pave the way for your business so that when you’re ready to launch, you can hit the ground running.
If your business involves producing and selling products or services, a good way to gauge interest is to post your products or services on online marketplaces. For one, Shareium is an online marketplace that makes posting easy and, best of all, for free. It’s a type of web-based advertising, the most common of which are Facebook and Google ads. These ads are cost-friendly, and, by tracking click-throughs and visits to your website, they allow you to see how much interest there is for your product or service range.
Experiencing business loss or a similar setback can be devastating, and you may wonder how you will ever bounce back. Remember to take time to reclaim your identity and analyze your mistakes, and surround yourself with people who can offer you support. Also, handle the practical stages of forming your next venture, and start promoting your brand as soon as you can. Most of all, constantly remind yourself that you will come back stronger than ever.