3 ways to recover after your small business fails

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A major fear of many small business owners, including myself, is the fear of failure.

However, it is this fear of failure that is actually driving me to achieve success.

How does fear of failure drive me to success?

Think about the times you are most comfortable. For example, imagine chillaxing on your favorite spot on the couch after a long day of work.

If you had no reason to move from that spot on the couch, then would you?

The same goes for running a small business.

When you’re scared, you make moves. And when you make moves, you either make progress or you don’t.

Here are three ways to recover after your small business fails:

3. Repeat the exact same process again

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You can replicate the steps you took in order to get you to back to the point just before your business failed.

Then you can try to not fail again.

Warning: There are VERY FEW circumstances where re-tracing the SAME steps you previously took to failure will result in success.

Sure, there is always a small chance for success in a lot of things.

But before you make these limited chances even MORE limited, you need to think through ALL of your options to ensure that repeating the SAME process as before will lead to a different result.

Remember, the definition of insanity is doing the same thing over and over again and expecting a different result.

In other words, it’s crazy.

But sometimes crazy will crank it out of the park and you can have a successful business!

Or it could just be a long flyball out:

 

Look at the situation, and act accordingly in order to get you the best results that align with your goals.

Only YOU know how to act.

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2. Attempt the same business again, only do it a different way

This is another popular method for getting back on your feet after your small business fails.

The reason why this particular strategy is so effective is actually quite simple.

You already have the blueprint for success.

You did it once before.

You just did it the WRONG way.

Now you know how to do things the RIGHT way in order to achieve success.

As long as you now know the RIGHT way to do things, then the second time around shouldn’t be any problem…but you won’t know for sure unless you try, right?

1. Do something else

This is an option you can pursue if you are completely done with your previous industry and would like to pursue new interests.

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Depending on your newest ideas and the experience and knowledge gained, you may either find success in your new venture or you may fail again.

But like my good friend Chokdee Rutirasiri, CEO and founder of Story + Structure, a design agency in Boston, MA likes to say, “It’s fertilizer, not failure.”

In other words, you can bury your failures in the ground and you will generate something new and possibly better.

Conclusion

If you start another small business and THAT fails, then…feel free to re-visit these three options again!

And getting back on that grizzy is what a TRUE Hustler is all about!

That’s the beauty of being a small business owner.

If it fails, then you are free to learn from the experience and try something new.

Even if you do not know the right way to do things, the important part is that you try, learn, and repeat until it fails or succeeds.

Have you ever failed at anything in your life? 

Let’s hear all about it in the Comments!

That way, we can learn from YOUR failures and not make the SAME mistakes!

 

 

James K. Kim About James K. Kim
James "Jim" Kim is a commercial real estate agent with Cushman & Wakefield / Pyramid Brokerage Company in the Capital Region of New York, specializing in retail, office, and industrial tenant and landlord representation.