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.