Getting Back into Business After Your Previous Company Closes Down

The Small Business Administration reports that 34 percent of small businesses will fail in their first two years. Furthermore, according to the same source, as much as 50 percent of businesses fail during their first year. There’s no hiding the fact that the business landscape is cutthroat and unforgiving. Nevertheless, starting and running a business is both lucrative and personally gratifying. If you closed shop in the past and are still reluctant to get back on track, here are three things you can do to shake off the fears and doubts.

Learn From Your Experience

The most successful business people adapt to shifting environments and make the most of what they can from it. Set any emotional baggage aside and reflect on your previous business loss from a logical perspective. Why did your company fail? How could you have salvaged the situation? Which areas worked and which didn’t? Take all this experience and information and use it as foundation for your new company. This is where you get the competitive edge against first-time business owners. The value of firsthand experience is immeasurable, especially in the business setting.

Talk to People You’ve Worked With

Who says you have to start from scratch? While it’s a good option for some cases, most business owners can make use of the connections they’ve built from their previous entrepreneurial venture. Contact your previous business partners, suppliers, and customers about your new plans to open shop. They may be interested to invest in your company or work for you again. Be sure to bring back only people who can contribute to your company through their expertise and resources.

Get Proper Education

Consider finishing your degree or investing in higher education prior starting your second business. This will expand your knowledge base and improve your ability to handle business situations better. A degree under your belt is also an invaluable asset that gives your potential investors and business partners peace of mind in your ability to command the ship and make critical decisions that will support future growth and success. If you’re not sure what skills you lack in education, take a major aptitude test. While brilliant entrepreneurs like Bill Gates or Mark Zuckerberg were prodigious enough to not need higher education, they tend to be the exemption rather than the rule.

Getting back on your feet after failing a business venture can be tough. Work on rebuilding both your confidence and your financial resources one day at a time. When you’re ready, don’t be afraid to dive at it again, stronger than ever before.

Author: Dixie Somers is a freelance writer and blogger for business, home, and family niches. Dixie lives in Phoenix, Arizona, and is the proud mother of three beautiful girls and wife to a wonderful husband. Dixie recommends looking into FindYourContext.Education if you’re looking for a major aptitude test.