October 23, 2020
When your small business closes it can take a while to pick up the pieces. However, while you may be inclined to feel hopeless about the future, you are the only one with the power to recover and rebuild. If you’re mourning a business loss and looking for support to rebuild, then this guide is for you. Below, we cover the basic steps you need to take to get your mind refocused on the goal. From prioritizing self-care to staying open for your next great idea, we’ve broken the big, abstract topics down into four easy steps.
Grieve your loss
Your business closed. Just like millions of small business owners in the U.S. every year, your great idea did not pan out. This is, in every real way, like mourning a death. You put your heart, your reputation, and your financial livelihood on the line. It is okay— recommended even— to spend some time allowing you to feel the anger, denial, and sadness that accompany the grieving process. It’s important you honestly feel all these feelings so you can move through them and not risk getting stuck in your own emotional feedback loop. You can write in a grief journal, join a support group, or speak with a grief counselor; these are all good ways to work through any potential emotional barriers.
You are going to be drawing from your deepest wells as you rebuild — now is not the time to go empty. While you may be tempted to indulge your emotions in comfort foods, try to eat a healthy, balanced diet. By using meal delivery kitslike Blue Apron, Misfit Market, and Hungryroot, you can get organic, vegetarian meals delivered weekly to your door.
Remember that exercise is a universal stress-reducer and a confidence booster. While it’s not necessary to use a smartwatch when you exercise, like using meal delivery kits when you’re on a diet, having one can keep you motivated with some pretty amazing health stats. For example, the Apple Watch SE has an electrocardiogram, fall detection, emergency SOS, answers phone calls, and plays music. Another brand, Fitbit smartwatches run from basic fitness trackers with step counters and heart rate monitors, like the Inspire, to more intricate smartwatch devices like the Ionic, with internal GPS, wallet, text responding, heart rate monitor and more.
Prevent (and even get out of) debt
Taking a debt analyzer assessment from DebtMD can help give you a realistic idea of how your business closing will impact you financially — and how to move forward. Once you get a clear idea of your financial landscape you can work toward eliminating and preventing debt that could hold you back from pursuing your next entrepreneurial venture. Look into debt consolidation options, as well as credit counseling. Just like grief counseling can help you work through the specifics of your emotional stability, credit counseling can help smooth and settle your financial stability. You may even have what it takes to make a simple, low debt settlement agreement that can give you the financial freedom to focus on starting over — rebuilding.
Don’t give up. Stay motivated to rebuild and restore, but to also innovate and imagine. Write out your goals for the next six months, 12 months, three years, and five years. Create categories to achieve these goals and start building out milestones you can accomplish now. Nothing encourages momentum like celebrating small victories. Connect with former business partners and potential investors to build a network of support for your financial future. Apply for government relief programs and debt-reduction grants; there are many options to support your restart. Winning this kind of funding will require you to move forward and adhere to timelines.
There are many, many steps on the path of rebuilding after a small business closes. Explore your emotions. Take care of yourself. Get your financial house in order. And don’t stop moving forward. These are some of the most foundational ones — meaning, if you don’t have these in order, you’re rebuilding on shaky ground.