How To Cope With Stress From Your Failed Business
A failed business causes incredible stress. How does a person cope with the stress of business failure.
If your business is failing or if you've closed a business before, you understand stress! Your dream is busted... and everything has changed. You're probably broke or in debt and you need help. Failure can happen to anyone, and sometimes through no fault of your own. No one else understands it like someone else that's been there.
Well, I've been there! I joined the "failed business club" only months after my father died. Both loses required a grieving process and a bit of time for me to heal. Here's how I handled my failed-business stress.
9 Ways To Deal With Stress From Your Failed Business
- Surround yourself with positive people to help you heal. Family, friends, whatever! Let them help you feel better about yourself. Notice that I said 'positive' people. There are sure to be some 'toxic people' who may enjoy saying "I told you so!". This isn't the time to stick around and argue with them... just avoid them!
- Spend time with your higher-power. Yes, I know that sentence sounds awkward. That's because I'm trying not to offend anyone with specific deity names. If you don't believe in a 'higher-power', just skip this suggestion. Prayer and meditation may offer solace at a time like this for a person of faith. Your church, temple, synagogue, mosque, forest or other place of worship can be a beacon to guide you to less-troubled waters. If your failed business causes you to renew your relationship with _____ (fill in your own blank), maybe that's a silver lining in the dark cloud people talk about.
- Go outside for a while. Take a walk, go for a run, ride your bike, whatever. Sit in the yard or the park. You get vitamin D from the daylight, which should help boost your mood, and make you feel better. It doesn't take much time, just 15 minutes a day. It worked for me, even in rainy Oregon! I found that just being outside in nature gave me a different perspective on my problems. Take a walk outside, even just a short one. The exercise will relieve the stress and make you feel better.
- Listen to your dog (or cat)! They don't care about your lousy credit score, and don't know that you're sitting at home now because of your failed business. My pets gave me unconditional love in my time of trouble. In fact, I like to say that my chickens saved my life!So take your dog for a walk. Pet your cat a little extra today. It'll be good for both of you!
- Listen to some music! That's a huge stress relief tactic for me and it will probably help you too. Put on some headphones or crank up the volume. It's alright to escape into the music for awhile. And dance if you feel like it!
- Volunteer! If you have time on your hands, consider doing some volunteer work. Believe it or not, there are people that have it a lot worse than you do! Seeing how others are doing helps put a failed business in perspective! This can get you out of your 'poor me' mindset and help you heal.
- Earn some quick cash? This one can be tough! But try to find a way to earn the money you need to deal with any 'financial baggage' (debt) left from your closed business. Got stuff to sell?
Have a garage sale. Click here for some tips.
Maybe it's time to set up an account on eBay to sell some stuff. You could even start your own business on eBay. Here's some advice about
starting an eBay business.
- Debt. You probably have some. Know your debtor rights! If you have aggressive creditors, you must learn about your legal debtor rights. Yes, you do have certain rights.
There are rules that collection agencies must follow or they are breaking federal and/or state laws. They can then be reported to the Attorney General's office in your state.
But before it gets to this point, talk to your creditors. Sometimes you can arrange reduced or delayed payment but you'll probably have to endure a LOT of collection calls until they'll deal.
A 'caller I.D." is your friend at times like these! If you don't have one, get one quick! Do resolve to settle your debts as soon as you're able. This isn't an easy fix for the stress problem. But if you resolve that you WILL eventually pay what you owe, it is an incredible boost for your own self-esteem. Remember, this is a temporary situation. It will get better.
Don't make any promises to your creditors yet. Sure they'll pressure you to agree to crazy things. Don't make anybody financial promises you can't keep now. Just remember that you will get past this situation eventually. The debt won't go away (too bad, huh?) but you will be able to deal with it later.
- Start planning your next business! No, I'm not kidding and I'm not crazy. Something to do as soon as you feel better, is to start planning your next business venture.
You may think I'm crazy to suggest this now while you're still reeling from your failed business. But you're probably not finished with your entrepreneurial ventures.
I read a book that may help you right now. Don't let the title put you off if you're not a woman. This is a book that's worth reading for anybody because it helps you sort out problems that may have lead to your failed business.
Click here to read my review of Secrets of Six Figure Women
When I closed my business, I had time on my hands, and very little money. When I got restless, or to get out of the house and away from the ringing phone, I'd go to the library or to a thrift store. I started looking for books about business and self improvement.
I found and read a LOT of books, and got valuable insight about what some of the causes of my failed business were. Here's a list of books that could be useful for you now or later. Click here to see my list of
I understand that you're feeling really blue now, but you'll get over it. Keep looking forward! You DID gain valuable experience even though your business failed. Lots of people have been through the same thing. Read some of their
to remind yourself that you're not alone with your problems.
And while your failures and problems are fresh in your mind now, you'll see things differently in a few months. A new business won't sound so crazy to you then.
Failure is the price you may pay for for education in the school of hard knocks. Smart people realize that, and accept it as a way of life. Nobody wants their business to fail. But if it did, get up, brush yourself off, and make some lemonade out of those lemons!
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