As a result of the spread of COVID-19, the company has lost key clients who accounted for most of its revenue. Existing turnovers do not fully cover fixed costs, nor do acquisitions provide better prospects for the future. You can only finance the running of the company out of your own pocket up to a certain point and that has now come. So it's time to make a final decision and bring this episode to a close ...
Maybe this is your case, too. Closing a business you yourself have worked hard to build is not easy for anyone. It is probably not much comfort to be told you're not alone at this time. For those who have ceased to do business - or are considering this step - psychologists offer three tips on how to deal with the situation.
1. Take a break
Entrepreneurs are inherently resilient people but they need breaks. If you have recently quit, give yourself some space to close the previous chapter of your professional life before implementing new ideas. Don't be afraid to mourn: on the contrary, it is important you break free and move on. After processing the grief, you can begin to consider new steps. Talk to people in the field you want to enter and start studying the market. A systematic approach to your next business - not impulsive - will provide you with a solid foundation in new beginnings.
2. It is not your fault
Although you may feel a sense of personal failure, most other people do not see you in that light. On the contrary, you would be amazed at what the demand for you may be in the market. Many companies want to hire former entrepreneurs because of their courage, expertise and ability to build something out of nothing. You might also consider working for someone as a consultant, at least until you get another business idea of your own.
3. Share your story
Your experience is not unique. It can be very enriching for you and the surroundings to share your experience. Share your observations from practice on professional social networks and participate in meetings with the professional community. The last thing that would offer you any value in this situation is self-closure.
Chin up! Not everything is as gloomy as it may appear at first glance.
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