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Categories: Entrepreneur

What is Possible After a Business Fails

Thrilling Thursday – it is thrilling to know that  good things are still possible after a business fails.

Each Thrilling Thursday throughout the month of October will deal with helping people realize that even after major problems at work, success and good things are still possible. This week’s article will deal with life after a business fails. In the coming weeks, we will look at life after:
a raise is denied
a demotion
public embarrassment
It is my hope that by talking about real life, major life altering, business re-defining changes and how to survive after they occur, we will all be better prepared to deal with the blows when they come.
It is now, and has always been the case that some businesses fail. There are businesses that exist today and will be gone tomorrow through no fault of the creative, talented and intelligent entrepreneur who started the business. Often when a business closes, the entrepreneur is forced to go to employees and tell them they no longer have jobs, income and other benefits of employment. I have been there, I have done that and I did not like it. It is hard to go to a father and let him know that this is the last paycheck he will be taking home to his family. It is hard to go to a mother and tell her she will not be at work long enough to pick up the the clothes she has on lay-a-way for her kids because this is her last day at work.

If you are an entrepreneur and your business has to shut down for some reason, life will go on, believe me. The world revolved before you opened your doors and it will revolve after your doors are closed and the doors of your next opportunity open.  After a business fails, the first thing an entrepreneur should do is sit back, relax and take a breath. Before the business closed the door, I am confident that the entrepreneur spent many days running around holding her breath and trying to come up with anything rather than having to get rid of employees and shut the business doors. So it would be therapeutic to sit back and take a breather, then get moving. In other words, take a break from all work activities for a few days then as I always say, “put your big girl panties on” and get to work planning what will happen next.
After you have taken the breather and are calm enough to move forward, get out your pen and paper or tablet and fingers or keyboard and computer and get to work planning what will happen next. Are you starting another business or are you going to get a job with someone else. This is the time to either get started writing a business plan or a resume.   Write out a detailed to do list laying out a clear path from where you are to where you want to be. The final step is to get moving. Pick up that to do list and start doing things, crossing off items and actually moving towards something. Do not get stuck in the past, do not be ashamed, move forward.

I have been there, I have done that and I have survived to start again. When the doors to my previous business closed, the first thing I did was cry. I cried like a hungry baby waiting for her mama. Then, I cried again. After that, I put on my big girl panties and my fake it till you make it dress and started planning my next venture. I figured out what kind of business I wanted to operate. I created a business plan and designed operations guidelines.  I prepared a plan and a to do list so detailed that a stranger on the street could have picked it up and given it a try. 

I survived a business closing down and so will you. You have the steps:
1.     Breathe, take a break, a short break and get calm and relaxed again
2.     Make a plan, decide where you want to go and how you are going to get there
3.     Work the plan, actually work, complete and cross things off your to do list
4.     Enjoy the success that your work will bring
After a business fails, it is thrilling to know that life will continue and can get better. So, the question for you this Thrilling Thursday what is your advice for surviving a business failure?
Janeane Davis

View Comments

  • These are very encouraging words to uplift an entrepreneur whose business has failed. You've learned from experience and are now passing down your expertise. Thank you.

    • I like the each one, teach one philosophy. Somehow, failing seems not so bad if you can learn from it and help someone else.

  • I love this. People don't talk enough about what to do after failure. Maybe If we did it would not seem so bad. More like a part of life. We won't always succeed at everything.
    Thank you for sharing how you got back up after falling down.

    I'd love to see some post like this about personal life set backs. That is the area I have sturggled in more than in business.

    • Thanks for the suggestion about writing about personal life set backs. Lord knows I have had plenty. I will have to look into writing some posts about that. Perhaps you can guest post since you know how to find the joy in every situation.

  • My advice for surviving a business failure is to write down everything you learned from the experience. Keep a record of those nuggets to share with other businesses in the future.

    • Thanks for the idea Kendra. You are right, little things we learn could be big help to others later.

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