Seeing the business idea you’ve put into reality suddenly fail can be heartbreaking. The rate of business failure is getting high annually, with most having a 50/50 chance of hitting a five-year mark less than one-third of businesses make it to a decade.
We’ve been weathering Covid-19 for months now. Worldwide, people are grappling with the new normal we’re in. For businesses that started before or during the pandemic, the reality of operating in such a dynamic environment can be tricky. Some start-up businesses end up closing early or not proceeding with the planned opening. No one knows how the current situation will develop or what the outcome for many businesses is.
Treating business failure as a learning experiencecan be your stepping stone to success.FedEx released Zapmail in the mid-80s, offering electronic deliveries. It ended costing the company nearly $350 million after two years. As you know, FedEx didn’t fold and kept going. They had $35 billion in revenue just in 2010.
Here are a couple of ways you can bounce back through the lessons of “failure”.
Use this time to reflect and strategize. What happened? Where’s the issue? Is it your approach? Did you choose the wrong market? Did you choose the cheapest hosting instead of a reliable cloud hosting solution? Did you lack guidance or support from experts? Evaluate your learnings – this might be hard, but extremely necessary if you are to bounce back. Transparency is vital to your customers and sharing an honest account of the issue can paint your business in an authentic light with your customers.
Get feedback/reviews. Many start-ups fail due to a lack of feedback. Entrepreneurs sometimes take their ideas and make them unavailable to others. Reasons include fear of the idea being stolen by a competitor or striving for perfection with the hope of catching an investor’s attention. Now that your business is struggling or lost, it’s high time to ask your providers, partners, employees, and even your audience for feedback. Encourage them to be honest about how the business operated on your products.
Plan your next move into a new business.
After reflecting on what went wrong the first time, now it’s time to avoid the same issues. Consider these. If you run out of money, focus on your ROI. Studies revealed that over half of businesses collapse because they are under-capitalized or lack profit from the start.
If you have ineffective partners, try doing it alone in your next venture. A start-up needs its entire team’s commitment, from employees to partners to set it up for success.
And avoid “get rich quick” schemes. You might be carrying some debt, like a small business loan, and are looking to pay back quickly. However, placing on these schemes can backfire and cause greater pain to your business and goals. Your start-up is a seed that requires a lot of time and energy, so make it something that you’re excited about, and that solves a problem your audience care about too.
Don’t skimp on business essentials.Any business worth its salt requires the right foundation to get started. If you’re currently on the brink of losing your business due to a problematic hosting provider, then it’s a must to consult a reliable business website hosting that offers the combination of reliability, security, and flexibility.
Find a good web development company to help you create the right website and get a consultation. Use modern cloud hosting solutions, apply search engine optimization (SEO), create social media pages, focus on your product’s quality, and relate its value to your audience. All of these are the foundation of any successful business.
In the end, it will be your choice to make – whatever you do, don’t be compelled to rush in blind. Your motivation and passion should propel you forward naturally. Pace yourself, create a strategy, and focus on your calling. As with any worthwhile aspiration, yours may need time. The next business you start may just be the perfect one for you all along!
