Our current economic conditions have ushered in tough times for entrepreneurs, and many small businesses have shut down because of economic hardship.
Even if you were already working remotely as a business owner, a dramatic drop in sales may have forced you to close your business.
These five tips will help you pick yourself back up and guide you on how to get back to your entrepreneurial goals.
Take Care of Yourself
Admitting that it is time to close the business you worked so hard to build isn’t easy, and after making this difficult decision, you need to take some time for self-care.
Don’t rush into your next remote work venture right away.
VeryWellMind recommends creating a self-care plan that accounts for your physical, mental, emotional, and spiritual well-being. You could also try yoga, meditation, or journaling.
Organize Your Finances
This is a good time to cut any unnecessary expenses from your household budget and emphasize frugality in your lifestyle.
You’ll also have to take care of some financial responsibilities related to your business.
According to BizFilings, you will need to certify your business’s dissolution with your state and formalize the business closure with the IRS.
Once you’ve processed your emotions and gotten a handle on your financial situation, it’s time to start brainstorming new business ideas that will allow you to continue working remotely. After all, as an entrepreneur at heart, starting your own business again is the logical next step for you!
To come up with your next great idea, try talking to other entrepreneurs or finding out what services are needed in your community.
If you want to test the waters with a new online business, you’ve got plenty of options, and now is the perfect opportunity to start an ecommerce business, which could provide some extra income.
For example, you could sell homemade products or explore the dropshipping model. Before starting your online shop, research different ecommerce platforms. Certain platforms are great for entrepreneurs selling single products, while others are better suited for dropshipping. Make sure to find a platform that suits your business needs.
Other Things to Consider
Starting a remote business, like offering virtual consulting, marketing, or social media management services, is another great way to gain more control over your work-life balance and enjoy the perks of entrepreneurship.
But business owners who work out of their homes don’t get to kick back and relax all day – it’s a job that you’ll need to take very seriously!
If you’re intent on starting a home-based business, it’s important to keep these things in mind:
- You’ll need tools and equipment for a functional home office
- Plan to spend upfront for digital advertising to get the word out about your new business
- You’ll also have to come up with a schedule that helps you stay productive while working from home
Hiring Your New Team
To get your business off the ground, you’ll need to create a budget that accounts for hiring a team.
No matter which business idea you decide to move forward with, you should consider hiring freelancers to grow your team, as most freelancers already have extensive remote work experience. Whether you’re looking for a web designer, web developer, content writer, administrative assistant, or salesperson, you can find a freelancer to take on almost any job these days.
To find qualified freelancers, check out freelancing sites and online job boards, where you can find independent contractors offering a variety of professional services. In the future, you might want to promote them to a permanent contract or full-time position.
Closing a business means closing a chapter in your professional life. But just because you’ve had to shut down one business doesn’t mean that your journey as an entrepreneur is over. It’s entirely possible to use the skills you’ve already mastered to build a new business from the ground up. With a little grit and creative thinking, you can rebuild your remote career as an entrepreneur.
Carla Lopez retired a couple of years ago, but she didn’t lose her entrepreneurial spirit. She created Boomer Biz for retirees like herself who still have a desire to work and achieve. The site is a resource for people in their golden years who want to start their own business or go back to work doing what they love.