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There are more people out of business than you’d imagine. Coronavirus has ravaged many businesses across the world, both large and small. The economic fallout has led other businesses to struggle too. You’re not alone. Even if your business fails for different reasons, there are always steps you can take to get back on your feet. Everyone is different. What affects some, may not necessarily affect others. You need different tools to get back where you need to be. That’s why you can’t benchmark how others react in the same situation. Here are some points to consider, which could help you get back to where you belong.

Why Did You Go Out Of Business?

It’s important to confront what happened. You need to know what went wrong and why, so that it doesn’t happen again. Maybe you went out of business because you got injured doing something meaning you can’t do it anymore. Consider checking out chaffin luhana if that’s the case. It might be pretty hard to put your finger on exactly what went wrong, but thinking about it can only help. Perhaps it was nothing to do with what you did. Maybe you did nothing wrong and it was just a crazy amalgamation of circumstances. But knowing means you can hedge yourself against the same or a similar thing happening again.

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Get Financially Stable

If you’re looking to start up again, you need to try your best to get financially stable before doing so. No point running back into it if you can’t afford the expense, you’ll just end up wasting money. Of course you can look into getting one of the best business grants to help you out. If you went bankrupt the first time around, you might find it harder to secure lended funding this time. It might be better to try and save up a little first, or to approach your business in a way which allows you to get up on your feet without spending a huge amount of cash. You can ask family and friends too, but you need to be careful with that because you’ll end up ruining relationships if things go sour as they so often do in the business game.   

Start Up With Something New

Wading back into the same mire which spat you out last time might not be the best thing for you. Instead, consider getting set up with something new. A new business venture entirely, perhaps. If not new, approach it from a different angle. Perhaps you want to utilise a new selling platform for the same products. Maybe you need to shift your demographic. Ask yourself what skills you learnt before which could lend themselves to starting a business in a new field. What contacts do you have, ones which can help you make the new one a success. It’ll be infinitely better because it’ll be informed by the failings of your previous venture. Experience counts for a lot in business, even if you’re going from one industry to another. 

By Erica Buteau

Change Agent. Daydream Believer. Maker. Creative. Likes love, peace and Jeeping. Dislikes winter, paper cuts and war. She/Her/Hers.

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