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Helpful Tips for Recovering from losing your Small Business

Dec 23, 2020
Helpful Tips for Recovering from losing your Small Business

Losing your small business can be a big blow both financially and emotionally, but it’s important to learn ways to cope and recover so you can start fresh. Before jumping into your next venture, give yourself some time for self-care and evaluation. Your next great idea is just around the corner—once you’re ready for it.

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Coping with change

Change can be a tough pill to swallow, especially when it’s out of your control. If you’ve lost your small business, allow yourself to move through the grieving process. You’ll need time to recover from the disappointment, and it’s vital to practice self-care to help you get there. There are several methods of self-care, many of which allow you to unwind and lower your stress levels. Some of the best options are good nutrition, regular exercise, and fun distractions.

Types of self-care

It’s pretty common to crave comfort food during periods of stress. While a bag of crisps, a bar of chocolate, or chips can help distract you from emotional distress in the short-term, it’s important to incorporate healthy foods to help you truly feel better. Some foods have actually shown to have stress-relieving effects, including sweet potatoes, swiss chard, and kimchi. Many people have found that adding a greens powder to their diet can ensure that they get their daily nutritional requirements, and it can support weight loss and give you an energy boost as well.

Along with eating well, a regular exercise routine will help boost your mood and energy. If possible, try to pick exercises you can do outside: running, walking, hiking, and cycling are great activities that can help you get soothing fresh air and essential vitamin D to aid in your healing process.

One of the best ways to cope with stress is by immersing yourself in enjoyable activities. Adults these days tend to have trouble having fun, but it’s one of the best antidotes to stress. Carve out time at least once a week during which you can get together with friends for a meal, play a game with your family, or play a sport that you enjoy.

Recovering financially

Your finances may also need some time to recover. While this may be a frustrating process, the sooner you can accept your situation, the sooner you’ll come out on the other side. You’ll likely have to adjust your personal spending to help your finances recuperate, so consider drafting a new budget for your family that will allow you to meet your financial obligations and recover from your loss.

What’s next?

When you feel that you’ve recovered financially and emotionally from your business loss, take time to also reassess your career goals. Are you still interested in working in the same industry, or is it time for a change? If your closed business was heavily affected by pandemic restrictions, you may want to consider going in a different direction for your new venture.

One option for people who have lost their business is freelance work. Not only will it allow you to earn money again, but it will also help you regain your professional footing. Set up a profile on an online job board so you can connect with potential employers.

If you’re struggling with losing your business, be patient with yourself. Recognize that you may need time to recover from the emotional blow, as well as to practice self-care tactics such as eating well, exercising, and having fun to help you cope. Recovering financially may require some stringent budgeting, but you’ll get there within time. And when you’re ready to jump back into the workforce, you can start by dipping your toes into the freelancing world to help you get back on your feet.

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