Making the decision to close your small business doesn’t come easy, but sometimes it’s the only option. Whether it’s insufficient funds, a lack of consumer interest, or a global pandemic, there are several reasons why business owners may have to shut down. How do you move on from such a major setback?
Fortunately, the internet is full of great resources that can help you recover financially and emotionally. For example, Surreal Self-Care is an excellent source of self-care information and support for people in marginalized communities. Keep reading to learn more tips for recovering and moving on after closing the doors on your small business.
Make Self-Care a Priority
Life is full of ups and downs, and when things aren’t going your way, your health is of utmost importance. Engaging in healthy habits will help you maintain the energy and motivation you need to move past this setback and onto better things.
Regular exercise, for example, can have a surprising effect on how you feel mentally. Even one workout session is enough to boost your mood for the rest of the day! If you just can’t get motivated to exercise, consider buying a smartwatch that can help you monitor your progress and stay safe while exercising. For example, the Apple Watch SE is a popular choice among joggers because it includes safety features like heart rate monitoring, fall detection, and emergency SOS. However, you don’t have to spend a lot of money to boost your wellness efforts. Some other fitness products that can enhance your workouts and are affordable for just about everyone include pedometers (which counts your steps), comfortable workout mats, and some foam rollers to iron out those sore muscles.
Besides exercising, be sure to fuel your body with clean, whole foods and get enough sleep every night. It’s easy to let these healthy habits slip when you’re feeling discouraged by a business closure, but try your best. As EatThis.com explains, even small steps in the right direction can help you maintain your health during this difficult time.
Protect Your Finances
Self-care is also important for your financial wellness, especially if your finances are in trouble following a business closure. The Balance recommends creating a debt-repayment strategy so you can stop wasting your money on interest payments. Setting up and following a debt payment plan can help you manage your debts quickly and watch as they disappear, one by one.
This is also the time to build a budget. You may discover that you need to cut out certain luxuries—like cable TV or morning lattes—while you get back on your feet. Remember, you can always adjust your spending categories again later when your finances are secure! If you haven’t already, start putting some money into an emergency fund so you have quick access to cash in the event of an emergency.
Launch a New Business (if You’re Ready)
Once your emotional and financial well-being is under control, consider starting your next big project! Jumping into another venture is a great way to leave the past behind and enjoy a fresh start. And this time around, you have plenty of experience that can help you overcome business challenges and avoid setbacks.
As you get your business ready to launch, consider forming an LLC. Structuring your business as an LLC is the easiest way to protect your personal assets and gain tax advantages without a lot of complicated paperwork. The formation process differs between states, so you’ll have to research the specific steps involved in forming an LLC in your area.
As you get your new business going, try to let go of perfectionism. Striving for perfection can paralyze you and lead you down a path of all-or-nothing thinking. If you can’t create the perfect business, why bother at all? As many entrepreneurs have found, overcoming this attitude is vital to the success of your business. Embrace failures, roadblocks, and mistakes, and use what you learn to move forward!
Take Time to Reconnect with Yourself
Of course, everyone’s journey is unique, and you may not be ready to jump into your next business venture. It may take you months or even longer to feel ready to re-start your entrepreneurial dreams, and that’s OK! Your time may be better spent on focusing on your journey outside of work.
Use this time to reconnect with yourself and better understand your goals for the present time and the future. Besides creating a new company, what are some of your other commitments? For example, maybe you want to spend some time volunteering for a cause that’s meaningful to you, foster stronger relationships with your loved ones, or learn a new skill you haven’t been able to make time for in the past. Recognize that your path is unique, and pursuing smaller goals is just as meaningful as going for larger ones.
Few things are harder than closing the doors on a business you built with your own sweat and tears. While you’re not expected to recover overnight, taking steps to get your life back on track will help you move on to your next project. If you could use some self-care support as you navigate a business closure, Surreal Self-Care can help! Contact us today to learn about our services and workshops.