How can you bounce back in entrepreneurship after closing down your business?
I've been in the wedding / event planning industry for a few years until very recently when we closed down our business. I'm not sure I want to be out of the hospitality and event planning industry forever or if I am ready for a career change. Either way, how can I bounce back from shutting down a business and begin to start over?
You need to confidently apply your experience in this area to an open field. Consider leaving the wedding industry behind a new start and use it to organize events in a business you are familiar with or you are keen on.
Look at differentiation. Look at competitive forces. Pricing. Have you thought about sales, trade show and corporate meetings? You can start smaller and you don't have all of the "entities" (decision makers--as in bride/groom/mothers/fathers/aunts/uncles/grandparents) you would have in wedding business? Here to help...
Work on your strength and make stronger relationship with your clients.
Remember, you really can't bounce back until you are passionately certain that is what you want. Make a decision and go for it, "Damn the torpedoes."
Once you have Closed the buiseness after that time you have to think reason of failures and why you failed in the market.which step you have take and client is not satisfied.Now Change this factor and Bounce back to this buiseness.it has such a great market waiting for your success...
Richard Stern- It is always difficult to close a business; however, suggest do not dwell on the past. Give youself a short time to grieve then stand up brush yourself off and prepare to move on to your next adventure.
Suggest you do an internal investigation to see what you did wrong. Then make the personal corrections.
Look around to see what you would like to do next.
Study your choice and do an in depth survey and if the industry looks good develop a solid Business Plan
Just do it.
You have a blank canvas in front of you. You can choose to stress about it or choose to see it as a new beginning with endless opportunity.
Start by figuring out your WHY.
Why do you want to start a business? Why do you want to be in industry X?
Check out this great video from Simon Sinek as a good start to your new journey and good luck!
People don't buy WHAT you do, they buy WHY you do it
I think Chad hits it square on. There is no real "bounce", just get up and get going again.
For me it was a passion to help others succeed that was greater than working for someone else
Everything depends on planing so please learn case study on web,and redesign your business plan,...STEPS:
(0) Market re-search………………………….why?
(1) Market re-search……………………………what?
(2) Market re-search…………………………..How?
(3) Title or name …with respect to name, with respect to business, with respect to location, with respect to era.
(4) Motto…with respect to business.
(7) Mission Statement.
(8) Vision Statement.
(9) Location……with respect to positive and negative aspects.
(11)Finance……..Fix and Running.
(12)Finance Management……with feasibility report in the form of chart.
(14)Business Flow…with the help of flow chart.
(15)Mathematical Model of Production…with cost estimation method.
(16)Promotion Strategy ……..with Probability or regression model.
(17)Risk factor…with your weak points (S (strengths) W (weaknesses) O (opportunities) T (threats) Analysis).
(18)Role of Technology.
There is a proverb that says basically that as an entrepreneur, you are allowed to fail three times before succeeding.
I've been there and what I learned from it was richer than a doctoral degree.
So what to do? basically the same as you did with your last business but being wiser!
You might try to take a deep breath, fail forward quickly, and try working again for a wedding/event planning industry and keep listening to your belly...I do suggest you take a breather from being an entrepreneur, until you've identified what happened in your post mortem...Get to know yourself your strengths and weaknesses, and work through your strengths and passion...
Morgan, take the time to explore what is most important to you and where your passion is. Volunteer, Intern or take a job in the industries you may be interested in. Once you are re-energized by the opportunity to make a difference, determine best fit as employee or owner. Plenty of great books to read about finding your passion. Networking with like minded people helps. Find "Networking After Work" in closes major city and visit a few events. Their low cost, fun and attendees name badge highlights what industry they are in. Best, rap
Hi Morgan, you shouldn't be worry about that.
Today many business closing and reopen again and again, and for me that doesn't mean you are not good enough.
Science change all the time, everyday exist innovation, what you should be prepared before launch your business again, is about "How you going to Marketing".
If you are a honest person and be willing to help your audience, all the way, with the needs they have from your industry, you'll be fine.
So, get on with those contacts with complimentary companies to yours, so you can strategic alliances with them, where give you the consistency, reliable and sustain profit results to your business and to your life.
And all the best!
The secret to business success is to find a need, provide a solution-at a fair price with good service. So, 1st, did you do that well in your previous endeavor? Examine that to start with; if you think the answer is yes, WHY did you close? If the answer is no, WHAT didn't you-or the business-do right? You said you're not sure. I have a friend who owns his own and yet barely survives, but he LOVES what he's doing and would rather do that than something earning him millions. So, what do YOU love, what skills & talents do you have in THAT field and what problems can you provide solutions for?
Answer all that as honestly and critically as you can and your solution will be in front of you.
In my experience as a fine print designer and letterpress operator, combining forces with wedding/event planning businesses amplifies profits exponentially for all concerned.
The value of starting and running a business, even one that doesn't succeed is that it is a learning experience that prepares you for your next venture. The reason why most businesses fail is because of the lack of a well done business plan, or even a fundamental break-even analysis. Hopefully, your experience has prepared you to develop a better plan for your next business than your last. Good luck.
Great question Morgan. Congrats for getting "back on the horse." It's never easy to bounce back after closing don your business. I am a serial entrepreneur and have done this a fe times myself. As a business consultant and coach, at least 30% of my clients have gone through the same process.
I have put together a program for bouncing back, but here are the top 3 things I have found to start your journey back to entrepreneurship.
1. Take control of your mindset. Your past does not equal your future unless you let it! Focus on what's to come and your new vision. Learn from the past but do not dwell on it. where focus goes energy flows. Make sure your focus and attention are on the new business and its opportunities. Visualize exactly what you want for the new venture. Down to the last detail. Have faith in yourself and your abilities. Find whichever tools work best for you (meditation, music, nature, affirmations, etc) I have a "daily rituals and habits" exercise for all of my entrepreneurs and peak performer clients.)
2. Get clear on your "why" with your new business. It doesn't matter if this is your first business or your 10th, your why is the driving force behind your success or failure. You need to make sure that it is compelling to YOU! That's what will get you out of bed everyday and continue to work hard and stay the course when challenges arise. Get clear on your mission, values and goals. This will also inspire your clients, employees and others and get them behind your new business to grow it and make it successful as well. I love that I do and "get" to go to work everyday. It's my passion and calling and that's hat keeps me going. It makes it easy and enjoyable.
3. Get a clear, concise and proven strategy. Model those in your industry that have gone before you. Do what works. Unless you have invented something completely new and different, someone has come before you and been successful. Books, programs, seminars and mentors are great. A good business coach to guide you will also be invaluable along the way. Your coach will help you tap into your strengths, measure what's working and point out lessons from your first business. For the same reason all professional athletes have a coach, I have a coach to help me get from where I am to where I want to be.
For a complimentary 30 minute business breakthrough strategy session, send me an email to david at davidbrownlee dot com or call my office at eight five eight, three six seven, zero two eight nine.
I hope this helps!
Business and Peak Performance Coach
The Brownlee Group
I'm a Franchise Consultants and I work with lots of people that want to be in business but have no idea what business to be in. I show people franchise business ideas after finding out what makes them tick and match their skills and needs to potential franchise businesses. Sometimes it's about finding a business that you can be passionate about and have support with that will make it work. Most of us have failed in business, like the comments below you simply keep moving forward.
Good luck, let me know if you want to talk.
Well, as other said before me, you should try to write down what went wrong last time, in order to avoid those mistakes this time.
But you should not only write down the "bad" things, but also the "good" things, so you know what people liked about your service and try to put more emphasis on that.