In our current climate, many small businesses are struggling. Some have even had to close down permanently. If you were running a small business and recently had to make the difficult decision to shut it down, you may be feeling very discouraged. In addition, you might be wondering what your next steps should be. If you’re struggling to figure out your next entrepreneurial move, these tips can help steer you in the right direction.
Take Stock of Your Finances
Before making any big decisions, you need to attend to your finances. According to Value Penguin, you will have several financial items to take care of when you officially close down your business, like paying off any outstanding debts, paying your final taxes, and closing your accounts. You’ll also need to file a certificate of dissolution with your state’s secretary of state. Finally, you will be responsible for following through on any remaining obligations to your employees, like distributing their final paychecks.
Practice Self-Care
Now is the time to take a step back and process your emotions. Perhaps you feel frustrated, anxious, angry, or sad. No matter what you’re feeling, you need to give yourself the space and time necessary to work through it.
Right now, it’s important for you to prioritize self-care. There are plenty of ways to cope with stress, like spending time outside in nature, doing yoga and meditating, writing in a journal, or simply calling up your friends to vent. You don’t have to rush right back to working on a brand-new business. You have every right to kick back and relax for a little while.
Brainstorming New Business Ideas
Even if you’re feeling the sting of self-doubt, you probably miss handling the day-to-day responsibilities of running your small business. Once you’re ready, you can start brainstorming ideas for new businesses.
As you weigh the pros and cons of different ideas, you might want to consider a more risk-averse approach to doing business. This could mean exploring possibilities for businesses that are more likely to survive a recession. For example, JotForm states that businesses like repair or maintenance services, accounting and financial services, cleaning services, and even childcare are practically recession-proof because they will always be necessary. If you have any skills that would be useful in these industries, it’s certainly worth thinking about starting a related business.
Building Your Business
Once you have your next business idea worked out, you’ll have a lot of work to do to get it off the ground. One of the most important items on your to-do list will be connecting with people who have the skills to help you build your business. And you don’t necessarily have to bring full-time employees on board. Nowadays, it’s easy to hire freelancers who can handle almost any task, and working with freelancers can be a more fiscally responsible choice if you’re starting with a limited budget.
Whether you need a graphic designer, a web developer, a blogger, or an assistant to handle administrative tasks, you can find a freelancer who is motivated to get the job done. You can find plenty of qualified remote workers on freelancing sites, where you can post about openings for contract or part-time work. And if you connect with a few freelancers who understand your mission inside and out and consistently deliver amazing results, you can always choose to hire them as full-time employees in the future.
Building your brand will be critical as you launch yourself into entrepreneurship again. So look to courses or marketing services that can help get your business pointed in the right direction. And remember, this is a necessary step for both your personal and professional brand.
Being a small business owner always involves accepting a certain level of risk. If you’re dealing with the closure of your small business, you may feel disappointed that the risk you took didn’t pay off this time. But when you’re ready to take the leap again, your entrepreneurial skills will serve you well in your future business endeavors.
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