So, your business failed. Big deal. Did you know that the majority of people fail at new business ventures? Most fail multiple times before succeeding. The key is not to quit and give up your dream of having a successful business.
The first thing to do is analyse why your business failed. Really dig deep and list everything you consider to have caused your business to fail. Treat this as a learning experience, not as a failure. You have discovered what does not work and what not to do again.
Now, take each of the points you listed and think about what could have been done differently that would have led to success instead. Did you devote too much time to inventory control and not enough time on advertising? Did you concentrate on doing just the fun stuff and avoiding the mundane but necessary tasks? You can always hire someone to do the boring things, if you just can’t tackle them.
Now, start asking yourself “what if” questions? Really go deep with this exercise. What if you spent more on advertising? What if you spent more time researching products to sell? The first “what if” questions will lead you to even more specific questions. Don’t be afraid to go off on tangents and way out on limb with these “what if” questions. You will be surprised at what you learn from this exercise.
Once you have learned why your business failed, you will have to decide whether to make another go of the same business or possibly start a completely new business. You may have to accept that the business that failed was just not for you. There is nothing wrong with being honest with yourself.
For a business to succeed, it must be a good fit with you. Or you could end up working a business you hate with a passion. A business is never a true failure. It’s always a great learning experience of what works and what does not. Treat it as that and never take a business failure personally.
After you have really looked at the old business and new business possibilities, take several weeks off and let yourself recharge. Then come back and look at all your notes with fresh eyes and a renewed sense of purpose. You will find that perfect business for you, but only if you accept failure for what it truly is, a learning experience.