How to Start a Business When You’re Used to Failure

googleb9ebb7c531f6b602[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][vc_column_text]

Entrepreneurs fail. Most entrepreneurs fail several times before they see the light of success.
So if you’re wanting to start a business, or if you’ve owned a business before and you got burned, consider these facts: Roughly 20% of small businesses close within their first year, and about half never make it to five years.

We know — it’s not exactly news that makes you want to prance around in a field of daisies. But the good news is that failure can make you stronger, smarter, and more determined than ever before if you approach it the right way. Here are some practical tips on how you can use your history of failures to create a dream business that stands the test of time:

Process your failure.

If you’ve experienced past failures in business, it’s critical that you take the time to process them. Mourn your losses and rebuild your identity away from your business. This will allow you to heal and put you in a position to learn from your mistakes.

Figure out what you can do better.

The most beneficial part of failing as an entrepreneur is that you can learn from mistakes and do things better the next time around. Take a close look at any mistakes and failures you’ve experienced on your entrepreneurial journey, analyze them, and discuss them with a mentor to determine how you can avoid issues in the future.

For instance, were you using the wrong business structure with your last business? Maybe you ran into some liability issues or got into hot water with the IRS? This time around, you may want to form an LLC, which will protect your assets and simplify your taxation process, among other benefits. Just be sure to learn the ins and outs of state regulations, or have a formation service set up the LLC for you.

Surround yourself with support.

When you’re processing your failure — not to mention going through the stresses of planning your next business venture — it’s essential to have people around you who care about your well-being. Stay connected to friends and family members who can provide you with emotional support. And while you’re at it, find a business mentor who can help you navigate current and future challenges.

Recover financially.

Dealing with the emotional side of things is instrumental in recovering from failure and rediscovering your identity. But if you want to lay the groundwork for a new small business, you will also need to handle practical matters such as your personal finances. If you are in a tough financial situation, begin improving it today.
This might mean working for someone else until you can get back on your feet. You also may need to meet with a financial advisor on ways that you can pay down debt and secure funding for your next venture, among other matters. Entrepreneur Funding Experts can connect you with national and local lenders so you can quickly find funding at competitive rates.

Take care of yourself.

Throughout the entire process, make sure you’re taking steps to foster your overall health and well-being. Try to maintain a nutritious diet, and find an exercise routine that you can stick with.
Also, prioritize getting seven to nine hours of sleep each night, and incorporate relaxing activities into your daily life.
What better way to show failure who’s boss than to learn from your mistakes and put yourself in a position to bounce back stronger than ever? Remember to deal with the emotional and practical issues that come with past business failures, and rediscover who you are as a person

before moving onto your next venture. Then, you’ll be ready to start the next chapter of your life with confidence.

credit: Chelsea Lamb

[/vc_column_text][/vc_column][/vc_row][vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” column_border_width=”none” column_border_style=”solid” bg_image_animation=”none”][image_with_animation image_url=”551″ animation=”Fade In” hover_animation=”none” alignment=”” border_radius=”none” box_shadow=”none” image_loading=”default” max_width=”100%” max_width_mobile=”default”][/vc_column][/vc_row]