Before you start a business, you ask yourself some questions and you create a plan. “What do I want to do?” “Why do I want to do it?” “How will I get it done?” “Who will help me? And who will hurt me?” You plan for the worst and hope for the best, but everything is always a lot easier said than done.
You worked hard for a year, two years, three years. And then out of nowhere, everything just collapsed in front of you. You’ve used up all of your resources and everyone split. Now what?
Ask yourself the same questions you asked when you started out the first time.
Of course you want to be successful. But what does being successful really mean to you? Do you want a get rich quick business? Do you want a sustainable business? What is more important to you – the size or quality of your company? Think about your values as a business owner and the reputation you want for your business.
The second time around is going to be harder because you’re coming back from a loss, but it’s important to understand what you are working towards. Set goals and principles and stick to them.
As an entrepreneur and business owner, it’s understandable that you would treat your company like it’s your child. You gave it life. You nurtured it. You watched it grow. When it starts to fail, you want to do everything you can to help save it from defeat. But there is a difference between being strong-minded and stubborn. Stay away from the latter.
Take a step back and evaluate the situation. Clear your mind from biases, ask yourself if you really want to get your business back up and running, and understand your reasons why. Is it because you want to prove yourself to other people? Are you just tired of working under someone else? Or do you want to work for a better life?
Remember that your decision will impact those you care about. Whether it’s a positive or a negative impact is up to you.
You’ve lost everything. All the time and money that you’ve invested into your business is gone. There is no getting it back so you’ll need to find a new way to get up on your feet. But financing a broken business is not going to be easy.
Figure out what you need the most and prioritize your needs. Do you need new equipment? A small office renovation? There are different options depending on your business needs. You can look to a one-time cash infusion or business funding that will last for a longer period of time.
Maybe you had people in your life that never believed in your ideas. Maybe you had partners that left when the going got tough. Maybe now the ones who supported you are trying to hold you back.
Know that you are the only one who can get in your way. As difficult as it may be and as much as it may hurt, you have to remove the people who are negative and unsupportive from your life. Surround yourself with like-minded people who have similar goals to yours. The environment you put yourself in will greatly impact the success or demise of your company.
Starting a business is difficult, but rebuilding it can be even more challenging. If you have the opportunity to try again and you are willing to take your chances, you have to give it everything you can. Remember what you are working towards and the reasons why you started.