Nothing in life is foolproof. If it was, life would have been boring without any surprises, adventures, and hard work. The same applies to your business too. You might be flying high above the cloud of success one moment, and then the next, your business is tumbling down like a demolished building.
Will You Take The Red Or Blue Pill?
Now you are facing two options. You can either stay buried under the rubble of your failed business, or you can stand up and start again. The first option might seem like the easiest to do, and yes, it is. But the second option will be the hardest to face, accept and move on. But on your second round in the corporate world, you have a playbook already of what not to do and what is non-negotiable. You are already ahead of the rest of the new start-up companies.
Second Chance Luxury
Very few business owners have the luxury of start-over. Yes, it is a luxury because you get a clean canvas with a paint by numbers guide, where first-round owners had to try again. It's all in how your perspective is about a tragic event. Your first company, unfortunately, didn't make it over the last hurdle. Still, just like in a video game, you can try again with another "business life."
Accept What Went Wrong
The first step is to analyze what went wrong with the first business. Was it something completely out of your hands, or could it have been prevented if you had other strategies in place? Take it apart. Was it due to any of your outsourcing companies? Or your employees? Was it a client that sued your company into bankruptcy? If you know what it is, come up with ways it would have been prevented. Have at least 4 different preventative measurements. Ok, now you have plans in place, and you can breathe easily now, knowing the same thing will not happen to your baby number 2.
Get It Right From The Start
What use is a playbook if none of the strategies are being looked at or put into practice? Think back to when what and how crucial pieces fell into place at your first business that triggered its success or brought it on quicker. Know what they are? Great! Now implement them from the start in your new business. This will immediately give your second business the extra edge it needs in the market to make the best splash ever. Was it certain employees you recruited in your business that made it shine? Or was it a particular digital marketing company that just got you and knew the best possible advertising campaign to bring in the customers? If so, hire them. Don't wait as you did in your previous company. You do not want to repeat everything from the first round, step-by-step. Second chances are there for you to go a bit on the fast forward and skip a few teething pains all new businesses face.
Polish Till You Shine
Cyber is a cruel mistress and will take revenge on you if you have been a bit bad. Remember, you were the owner of the first business, so depending on what caused the destruction of said business, that will predict how your current reputation score looks like. Unfortunately, there will always be a trail on the internet that will bring up these bad memories. The best action to take is to hire an expert marketing company who will know precisely how to spit, polish, and make you and your new brand shine.
Whiteboard photo credit: Photo by Startup Stock Photos from Pexels
Business Meeting photo credit: Photo by fauxels from Pexels