If you spent years growing your small business, but recently concluded that you would have to close your doors, you may be wondering what to do next. From taking good care of yourself to organizing your finances, being proactive can help you get back on your feet. Here are a few steps on how to recover from your small business closure and fix your eyes on the future.
Take Time to Process
Don’t feel pressured to make any other major decisions just yet. You may feel upset, disappointed, frustrated, or insecure, and it’s important to acknowledge that your feelings are valid. Feel free to write in a journal, vent to a friend, and go easy on yourself – it can be tough to say goodbye to a business.
Managing Your Finances
After taking some time to yourself, it’s important to tackle any remaining financial tasks related to your former business. The Balance states that you’ll need to notify and pay any creditors or employees, submit required wage reports for employees and independent contractors, and close your business accounts with the bank and the IRS. It’s best to take care of these items in a timely fashion. Due to your loss in income, you will also need to revise your own personal budget and cut back on unnecessary expenses.
Once you’ve made sure that you’ve settled your finances, it’s time to create a self-care routine. When you feel like you’re in a rut, it helps to consciously practice self-love daily. Rather than indulging in comfort foods or binge-watching TV shows, try cooking your favorite meals, reading good books, giving your home a refresh, taking walks outside, practicing yoga and meditation, and repeating loving affirmations. Many of us tie our sense of self-worth to our careers, so this is the time to focus on building ourselves back up.
Make Exercise a Priority
If you don’t already have a routine, making an appointment with yourself to exercise every day will benefit you both mentally and physically. Walking, running, hiking, biking, any of these activities will allow you to work off frustrations and sleep better at night. Exercise is also shown to reduce stress and anxiety. To give yourself a boost of motivation, consider investing in a fitness watch to help you monitor your progress and your health data. Seeing the results of your efforts in real-time can even provide a mood boost!
Secure a Source of Income
Perhaps you know that you want to run a business again someday, but in the meantime, you’ll need to start bringing in income so that you can pay your bills. Even if you have a substantial emergency fund, working part-time is a great way to stay busy and rebuild your finances while brainstorming ideas for future businesses. Ask your family and friends if they know of anyone hiring for part-time work, or offer your services on a freelance basis so that you can create your own schedule and do some networking.
Your Next Big Idea
You still have years of entrepreneurial experience behind you, and if you have another business idea, there’s no reason you can’t pick yourself back up and start over again. Once you’ve stabilized your financial situation, you can think about launching a new venture.
If you’re starting a new business on a tight budget, you may want to turn to freelancers for help. No matter which tasks you need to delegate, you can find the right freelancer through an online job board. You’ll be able to hire web developers, bloggers, sales associates, administrative assistants, graphic designers, and more! It’s great to have connections with qualified freelancers for ongoing assignments or to fill future openings for full-time positions.
Dealing with a small business closure when you worked hard to build it, is not easy. But sometimes, it’s simply the smartest choice to make. With these small business closure tips, you’ll be able to hit reset, navigate your new circumstances and decide on your next big move.
Chelsea Lamb of businesspop.net