This article is presented in partnership with Linda Chase, the Founder of AbleHire.org, whose mission is to help people with disabilities build rewarding, successful careers. AbleHire.org offers great resources for those with disabilities looking to advance their career and work life.
Few entrepreneurs achieve success in their first go-round. Most thriving businesses are run by people who have suffered several financial failures along the way. Though they can be devastating at the time, such setbacks can be opportunities to develop the grit, determination, and wisdom required to run a successful business long-term.
Here are a few practical tips courtesy of Mark Botros about how to recover from a financial setback and move your current or next business venture forward.
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Embrace and Analyze the Setback
One of the best things you can do for your career after a setback is to accept your mistakes. Sure, some of your circumstances can be drawn up to bad luck and other factors out of your control. But more than likely, you could have made better decisions somewhere along the way.
Embrace the failure. Then, thoroughly go through it and figure out how you could have done things differently. That way, you can truly learn from your mistakes and put yourself in a better position down the road.
Take Control of Your Finances
You also need to take whatever steps necessary to gain back control of your finances. This might mean coming up with a plan for tackling debt, revisiting your tax planning strategies, meeting with a financial advisor, and/or doing anything else that helps improve your current and future standing. This is critical, whether you’re trying to mend your current business or set the stage for a new one.
Look into Forming an LLC
Another part of bouncing back from failure is revisiting your business structure (or carefully deciding which one to go with for your next business). Though there are several options, many small business owners find that an LLC makes the most sense for them. Not only does forming an LLC require less paperwork and provide more flexibility than a corporation, but it offers many things that a sole proprietorship does not, such as personal asset protection and certain tax advantages. If you choose to go with an LLC, click here to learn more about the process.
Brainstorm
All successful businesses are started from an idea. If you’re looking to start a new business, and you’ve come to terms with and have analyzed your past setbacks, it’s time to start thinking up ideas for your next venture. Set aside some time where you can focus and get inspired, and jot down any thoughts or ideas that come to mind, even if they seem small and incomplete.
Research the Market
When you have a few (or one or two) ideas that you think could have potential, start researching. Look into the market to see if there is a demand for the product or service you’re considering — locally, nationally, and worldwide. See if any other companies are offering a similar product/service. Find out what other companies are doing to experience success. This will not only help you discern whether or not your business idea is viable; it will also help you to come up with a cohesive, comprehensive strategy for moving forward.
Failure is part of the entrepreneurial journey, and it’s where you’ll get much of the tenacity and maturity to help you in the long term. Embrace your setbacks, and analyze them so that you can learn from your mistakes. Take back control of your finances, and consider forming an LLC so that you will have a strong foundation moving forward. When you’re on solid footing again, start preparing for the future of your current business or next venture.
Are you interested in launching your own business? Consult Mark Botros and learn how to strike the balance between success and personal fulfillment. Start here.
Linda Chase created Able Hire to help people with disabilities build rewarding, successful careers. She hopes Able Hire will be a resource for people with disabilities seeking jobs and for hiring managers seeking a better understanding of what people with disabilities have to offer.