Updated: Oct 28
Coping with the closure of your small business elicits many emotions, and none of them will feel manageable. Plus, you need a plan for moving forward in your career while tending to your mental health.
Mentoring and coaching with Sophie Wild Robin is one way to start your emotional and professional recovery. Coupled with the ideas below, you’ll be well on your way to a more fruitful future.
Care for Yourself First
Self-care isn’t just a fad: it’s a coping mechanism and a means of making progress in personal and professional areas. There’s a reason mental health apps are so popular – and these resources can help you self-manage all manner of symptoms at home.
But if you find you’re losing motivation, think about using a fitness tracker to keep tabs on your activity and health metrics. The Apple Watch SE, for example, can encourage motivation and report electrocardiogram results, play music, and even notify loved ones in case of an accident.
If a trimmer fitness watch is more your style, the Fitbit Charge 4 with GPS functionality can streamline your user experience while tracking your heart rate and keeping charged up for up to seven days.
Navigate Finances Next
Worrying over finances might be one of your biggest barriers to recovery post-business closure. Fortunately, many avenues offer funding for your company, though not all are conventional.
Funding a new business could be as simple as charging startup expenses to a credit card. But you can also pursue both private and government funding programs. The Small Business Administration even offers guaranteed loan programs to startups that qualify as “high risk.”
An alternative to taking out loans or applying for grants is crowdfunding. With a crowdfunding model, you ask for donations or offer perks for investors. One benefit of crowdfunding is that your promotional efforts can also drum up interest in your new company – ensuring a strong start once you have the funds necessary to open your doors. A range of websites support crowdfunding and make it easy to find the right target audience for your new business model.
Brainstorm Big Ideas
A bright idea could turn your professional trajectory around – and give you renewed passion in life, too. From seeking new opportunities through networking connections to becoming an entrepreneur anew, consider your next steps.
For example, starting a new home-based business could be the next “big thing” in your path. Now is the perfect time to build a home office, settle into a comfortable chair, and get serious about building a company.
While working at home can feel cozy, you should still take your organization seriously. Among your responsibilities are advertising, maintaining productivity, and purchasing the necessary equipment to ensure your office setup is functional.
Managing your own company – especially for the second time – can restore your confidence in your professional abilities. It’s also an opportunity to change the trajectory of your career, whether you want to try something new or re-examine an idea that almost worked the first time around. Any opportunity for growth is worth pursuing – especially if it could lead to long-term success.
Having an actionable plan can help you maintain the drive to rebuild following a business closure. But there’s nothing wrong with seeking support to help you recover. If you’re ready to reach out for professional advice moving forward with your life and business, contact Sophie Wild Robin today.
Written by Guest Contributor, Carla Lopez: Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love.