Tips to Cope and Recover if Your Small Business Has Closed
During COVID-19, many businesses that have closed won’t be reopening in the future — with restaurants, retail stores, beauty businesses, and bars being hit the hardest. And while closing a business can be emotionally and financially distressing, there are some things entrepreneurs can do to care for their financial, emotional, and physical health during this challenging time — and start planning their next great business endeavor. These tips from Wealthy Money will provide entrepreneurs with the support they need to bounce back as quickly as possible.
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Take Time to Grieve
Closing a business you’ve worked so hard to build can take a devastating toll on your physical, mental, and financial well-being — and you may even find that you’re passing through the five stages of grief, much like you would if you lost a job or loved one. But allowing yourself to experience the stages of grief is essential to your recovery and future successes. You can do this by:
● Distracting yourself with friends, family, volunteer work, and activities that calm you.
● Exercising as a way of releasing any anger you’re experiencing.
● Maintaining a positive attitude by decluttering and cleaning your home.
● Reflecting on the things you could have done differently.
● Allowing yourself to laugh or cry as much as you need to.
● Using self-friendship to support yourself and eventually plan your next great business venture.
Practice Self-Care
As you grieve the loss of your business, it’s also important to remember to care for your mind and body by getting enough sleep, drinking plenty of water, and obtaining a healthy amount of physical activity. Other ways to care for yourself while grieving include things like practicing yoga, meditation, mindful breathing, and self-compassion.
Moreover, certain vitamins and nutritional supplements — especially those with all-natural ingredients — can help to improve your memory and give your brain the boost it needs as you deal with the stress of closing your business. According to Kendra Cherry, MS of Verywell Mind, stress affects the brain in a variety of ways — impairing your memory, impacting your ability to learn new information, and increasing your risk of developing mental health conditions like anxiety or depression. Before taking any new nutritional supplement, however, be sure to talk to your doctor.
Plan Your Next Business Venture
Once you’ve given yourself a chance to grieve and care for your mind and body, you’ll need to start thinking about your next steps. Do you have some debts you need to pay off before launching your next business? You might consider working as a consultant or freelancer for the time being. Are you anxious to get your next business up and running? Explore low-investment business ideas like dropshipping, selling handcrafted goods, or pet sitting. After planning your next business venture, you can start putting your great new plan into action.
The Bottom Line
Your business may have closed amid COVID-19, but that doesn’t mean you should give up on entrepreneurship altogether. Instead, this unfortunate experience can be used to focus on self-care and plan your next great business adventure!
