Business Stress and COVID-19
3 Steps for Success After a Business Closure
Article Written by: Carla Lopez
Her Website, BoomerBiz can be found here.
Closing your business may have felt like the end of the road for your entrepreneurship dreams. But running into a wall on one professional path doesn’t mean there aren’t countless others to explore. Here are all the ways you can adapt, overcome, and start moving on to other great ideas.
Start Self-Care ASAP
Facing a business shutdown – and financial strain – can be highly emotional and draining in so many ways. In fact, a Gallup poll found that at least half of small-business owners experience “daily worry and stress.” No matter how busy you are or what obstacles lie ahead, self-care is the secret to maintaining your sanity.
The good news is that caring for your body can lead to stressing less in the first place. There’s a reason bubble baths and scented candles are popular – there’s something soothing about your favorite scent or a comfortable place to rest your aching muscles.
But self-care can also extend to your mentality surrounding business, home, and family responsibilities. Learning when to say no – even to well-meaning friends and family – is one way to protect your mental wellbeing (and experience less stress). Carving out time for yourself is also essential for letting your creative juices flow so you can find your next big idea.
Address Financial Fears
One of the most significant side effects of a business closure is money troubles. If your company drained your financial resources on its way down, you might find yourself in a tough position afterward. Your first priority is likely making ends meet, even if your long-term goal is to get out of the red and into high profits.
For now, consider taking on short-term gig work to help pay the bills. The beauty of independent contractor roles is that you can often make your own schedule, whether you’re working from home or operating as a rideshare driver or food delivery person. Still, you’ll need to set aside cash for taxes and other expenses the same way you would as a business owner.
While you should be cautious of fraudulent hiring schemes, says Fraud.org, reliable and honest work can be found online, too. Sprucing up your resume and applying to reliable job sites can help you cast a wide net when it comes to sourcing gigs. Then, you can accept the roles that help boost your finances while allowing you time to pursue other opportunities.
Revive Your Business Dreams
After a business closure, you might feel a bit disheartened about the way things turned out. But the good news is that there’s always a need that forward-thinking entrepreneurs can meet. What that means is your next big idea could be your money-maker – or at least a decent source of income for the next few years.
If you’re restarting your entrepreneurial dreams by establishing a new business, make sure to do it right. Follow your local laws and legislation for business formation and check all the boxes. That may include forming an LLC for tax advantages, liability protection, and enhanced flexibility. Instead of draining your savings on a lawyer, consult a formation service or file on your own.
When it comes to business finances, keeping your accounts separate from your company is a must – another good reason for an LLC. If you need funding for your new venture, look into small business loans and other programs that support small-scale enterprises.
A business closure doesn’t mean you must abandon your dreams of running a company or growing a brand. All it means is that you need to take time to pause, reflect, and reinvigorate before moving forward. These three steps can help you refresh and restart your entrepreneurship journey, no matter how tough things seem at the moment.
Need a bit more pick-me-up before you can face a job hunt or financial hurdle? Check out ASAP IVs’ therapies to get your head clear and your body back to 100 percent.