When your first attempt at a business doesn’t go quite how you’d hoped, it can be hard to throw your hat back in the ring. However, one business failure is hardly enough to prevent you from enjoying future success. In fact, many of the most successful entrepreneurs in the world have a business failure or two in their past.
Being perfect is an impossible goal: Instead you should focus on learning from your failures to make future attempts better. Rajaa Belle shares some tips to get you started.
Consider an Assistant
One of the biggest mistakes business owners make is trying to do everything on their own. Business owners have to wear many different hats, but you should still focus on delegating the tasks that you can, especially when it comes to the nitty-gritty details. Many business owners struggle with juggling the everyday organizational tasks and the big, sweeping creative work that drew them to starting a business in the first place.
Hiring a personal assistant, however, can make a big difference. They can take on simple phone calls, scheduling, data entry — all the tedious little tasks that need to happen to keep your business rolling. No office space? Consider a virtual assistant. These pros work from home, so you can work together to figure out the workload and investment that makes sense for your business.
Find Opportunities to Learn
Look for ways you can improve your business acumen. For instance, earning an MBA can improve your management and leadership skills, and you’ll gain knowledge in marketing, accounting, communication, data-driven decision making, and much more. Not only can earning your master’s maximize your performance, but online programs let you complete the coursework when your schedule permits.
Evaluate Your Past Mistakes
The one big advantage of having a failed business in your past is that you have a lot to learn from. Evaluating what went wrong with a business is one of the most effective tools you can use to create a stronger business in the future. Take time to pinpoint any errors in your process.
If you’re having trouble finding specific mistakes, consider reaching out to a business coach or financial advisor for advice. Yes, some businesses are simply victims of the market, but even in those instances, you may be able to identify moments you could have made different choices. Even in a scenario where your business was truly doomed, you might be able to note signs that could have allowed you to get out sooner and cut your losses.
Remember, the point of this activity isn’t to bring about guilt or shame; after all, what’s done is done. Instead, use this as an opportunity to think of alternative solutions. When you face that obstacle again while building your next business, you’ll have a toolkit you can use to defeat it.
Take Reasonable Risks
Finally, business failure can make entrepreneurs a little bit risk-averse. Although recklessness can bring a business down, it’s important to stay open to reasonable risks. After all, it’s nearly impossible to bring an idea to life without taking a few risks. However, you can honor your caution without letting your business stagnate by finding ways to reduce the risks you do take.
For example, you can look into incorporating your business. This designation legally separates your business’s money from your personal money. This means if you wind up needing to pay down debts, you can only lose the value of your business — and not, for example, your personal car. This can make risks more tolerable and allow you to stay strong.
Don’t let the challenges in your past stop you from embracing your future. If you’ve got a new idea and you’re ready to take the leap, give it your best shot. The lessons you learned in your first go can only make your second stronger!