Despite a few economic bright spots, entrepreneurs still face many challenges in the age of COVID-19. According to Yelp, nearly 100,000 small businesses have permanently shut their doors amidst the pandemic, and recent data suggests that hundreds of thousands of businesses could have collapsed due to coronavirus restrictions and shelter-in-place orders.
If your small business has closed, your entrepreneurial journey doesn’t necessarily need to end here. With these tips from Profit Matters, you’ll learn how to pick yourself up, dust yourself off, stay healthy, and pursue your next great business idea!
According to the Brookings Institution, coping with the loss of your own business is even harder than losing a salaried job. And if you’ve recently closed your small business, you probably know this to be true.
Fortunately, there are some immediate steps you can take to speed up the recovery process. Start by allowing yourself to grieve the loss, and take some time off to pursue other projects before planning your next steps. You’ll also need to work on getting your personal finances in order, but keep in mind you may be able to file for unemployment benefits in some cases. Typically, your eligibility for unemployment will depend on where you live and several other factors.
As you recover from the loss of your small business, it’s also important to pay close attention to your physical, mental, and emotional health. Here are a few self-care practices to help you recover from your business closure:
It’s easier said than done, but try to enjoy your free time as best as possible. You’ll be back to work before you know it!
Your small business may have closed its doors, but your time as an entrepreneur doesn’t need to come to an end. One of the many things entrepreneurs are great at is coming up with successful business ideas, and you are no exception!
As you set off to start a new business, there are a few steps you’ll need to take to get things moving:
Losing a business you’ve worked so hard to build is emotionally and financially devastating. But after you’ve given yourself some time to recover from this loss, there’s no reason why you shouldn’t move onto a new business idea. After all, women don’t give up that easily!
Credit: Lance Cody-Valdez