December 21, 2020 Jo

How Do I Bounce Back After Going Bankrupt?

It’s the dreaded B-word no business owner wants to be associated with. Yet only one-third of small businesses make it to 10 years. Bankruptcy sucks, there’s no other way to say it. And if you’ve been faced with this, then I’m sorry.

But let’s look then at the bounce-back. How do you do that? Let’s take a look at these three steps:

  1. You have to acknowledge your feelings

    You’re going to get the feelings out first. You cannot just put a bandaid on and ignore the wound. It will get infected – you’ve got to clean that out. So: feelings first. Make sure you get all the things out about that; feelings of unworthiness, feelings of failure, feelings of trepidation towards the future. I’ve written about over-communication before. It can really help relieve feelings of stress and anxiety. Read more about it here.

  2. What lessons have you learned?

    Once that’s purged out of you, you can move on to taking stock of the lessons. Because hopefully, you learned something and they’re things that you won’t do again and then there are things that you would do differently. Once you’re not so raw emotionally, you can actually look at the lessons more objectively. Write your mistakes down and write how you will do it differently next time. Do your research and make sure you have a better understanding of how you can deal with the issues that brought you down the first time.

  3. Dig where you stand

    Not it’s time to dig where you stand. You have learned your lesson and you know what to do. Now you ask yourself: “What are my strengths? What can I build on now?”
    And then you look at immediate surrounding opportunities for that.
    It’s important to follow these steps. You don’t want to try to skip ahead and drag your unprocessed emotions with you as you try to create something new.

    Get up again. That’s probably the biggest way to bounce back. You stand up, and if you can’t stand – you crawl. That’s what there is to do.

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