August 26

Bouncing Back After Business Failure: What to Do Next

Starting a business is tough; sometimes, despite all your best efforts, things don’t go as planned. When your business fails, it can feel like the end of the road. But here’s the good news: failure isn’t the end. It’s an opportunity to learn, grow, and come back stronger. Many successful entrepreneurs have failed before finding their winning formula. If your last business didn’t work out, don’t lose hope. Here are 5 essential strategies to bounce back and set yourself up for success.

Strategy 1: Reflect and Learn From Your Mistakes

Understanding what went wrong is the first step to getting back on your feet. It’s easy to get caught up in the blame game, but this is the time to take a hard, honest look at your business. What mistakes did you make? Were there signs you ignored? Maybe the market wasn’t right, the timing wasn’t right, or perhaps you overspent on things that didn’t matter. Whatever the case, reflecting on what happened can help you avoid making the same mistakes in the future.

What we see most often is that business owners fail because they do not understand how to best manage their time, energy, attention and money. With the right offer to the right people at the right time, you can always make more money. So inventory your failure now: did you have the right offer? Were you making it to the right people? And, if not, how can you solve that before your next business venture?

Strategy 2: Rebuild Your Confidence and Mindset

After a failure, your confidence might take a hit. You might start doubting your abilities, wondering if you’re cut out for business at all. Feeling this way is normal, but you can’t let it hold you back. Rebuilding your confidence is crucial for your next steps.

Confidence comes from systems and structure. Do you need to learn to use your calendar to focus you on what’s most important? Do you need to learn sales? Cash flow management? Marketing? Dial-in the clarity around the foundations of great business, and commit to understanding what you can do differently next time to generate what you need, when you need it, in alignment with your values.

Your mindset is key. Instead of seeing failure as an end, view it as a stepping stone. It’s also not a reflection of who you are. Failure is just a thing; it’s neutral. It doesn’t say anything about you as a person or necessarily means you don’t have the temperament or the skills required to be successful. So stay optimistic and believe that success is possible with the right approach. Reading books or listening to podcasts by successful entrepreneurs who’ve bounced back from failure can be a great focuser.

Strategy 3: Plan Your Next Move Carefully

With lessons learned and confidence restored, it’s time to plan your next move. This isn’t about jumping into another business immediately. It’s about taking the time to think things through and set yourself up for success.

If you don’t already know what business you want to create next, start by researching different business ideas. What’s in demand? What are people willing to pay for? Consider your passions and strengths—what do you enjoy doing, and how can that be turned into a business? Look for gaps in the market where you can offer something unique.

Once you have a solid idea, create a detailed business plan. This should include your target market, pricing strategy, marketing plan, and financial projections. A well-thought-out plan can help you avoid the pitfalls of your last venture and give you a clear roadmap to follow. If you need help with this, read to the end of this article, and I’ll show you how to book a call with me for support.

Strategy 4: Secure the Right Support and Resources

No one succeeds in business alone. One of the biggest lessons from a failed venture is realizing the importance of support and resources. This time around, make sure you have the right people and tools in place.

Start by building a strong network of advisors, mentors, and fellow entrepreneurs. These connections can provide guidance, open doors to new opportunities, and offer emotional support when things get tough. Don’t be afraid to ask for help—successful people do it all the time.

As a LIFTed Business Advisor, I can be a trusted advisor through all stages of your business. When you work with me, I will be available to support you, whether it’s with your legal, insurance, financial or tax related systems. I’m also here for counseling and advice. And if I don’t know the answer to your question, I will guide you to the right people who can.

Speaking of financial systems, it’s important to evaluate which financial resources you need. Do you need to secure outside funding? If so, explore different options, such as loans, grants, or investors. Be realistic about how much money you need and have a clear plan for how you’ll use it. Remember, having the right support and resources can make all the difference in whether your next business thrives or struggles.

Strategy 5: Stay Resilient and Keep Moving Forward

Success doesn’t happen overnight, and there will be challenges along the way. This is completely normal. The key is to stay resilient and keep moving forward, even when things get tough.

Setbacks are a normal part of business, but how you respond to them will determine your success. If something isn’t working, don’t be afraid to pivot or try a new approach. Stay flexible and open-minded, and always be willing to learn and adapt.

It’s also important to celebrate small wins along the way. Acknowledge your progress, no matter how small, and use it as motivation to keep going. Remember why you started in the first place and keep your eyes on the prize.

Finally, take care of yourself. Running a business can be stressful, and it’s easy to burn out if you’re not careful. Make sure you’re taking time to rest, recharge, and maintain a healthy work-life balance.

Bouncing back after a business failure isn’t easy, but it’s possible. By reflecting on your mistakes, rebuilding your confidence, planning carefully, securing the right support with my help, and staying resilient, you can set yourself up for success. Remember, failure isn’t the end—it’s just the beginning of a new chapter. With the right mindset and approach, your next business venture could be the one that takes off. Keep moving forward, and don’t give up on your dreams.

Your Trusted Advisor For All Business Ups and Downs

As your LIFTed Business Advisor, I understand the negative impact setbacks can have on you and your business. That's why I offer a comprehensive LIFT Business Breakthrough Session where we'll analyze your business foundations - including ensuring your business has the right foundations to succeed.

Remember, bouncing back from failure is not just about avoiding past mistakes; it's about building a stronger, more resilient business that can thrive in the face of challenges. By working together, we can turn your setbacks into valuable lessons and create a roadmap for long-term success.

Book a call here to learn more and get started today.

This article is a service of a Personal Family Lawyer®. We offer a complete spectrum of legal services for businesses and can help you make the wisest choices with your business throughout life and in the event of your death. We also offer a LIFT Business Breakthrough Session™, which includes a review of all the legal, financial, and tax systems you need for your business. Call us today to schedule.

The content is sourced from Personal Family Lawyer® for use by Personal Family Lawyer® firms, a source believed to be providing accurate information. This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you are seeking legal advice specific to your needs, such advice services must be obtained on your own separate from this educational material.

We offer a complete spectrum of legal services for business owners and can help you make the wisest choices on how to deal with your business throughout life and in the event of your death. We also offer you a LIFT Your Life And Business Planning Session, which includes a review of all the legal, insurance, financial, and tax systems you need for your business. Schedule online today.


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