Opinion

How to Bounce Back After Your Business Fails

In fact, now could be the ideal time to put your fantastic skills to good use as a highly valued employee. And you’ll also get the security of a regular salary – something that many entrepreneurs sacrifice!  

Setting up a business is not for the faint-hearted. So your ambition, drive and focus can be of great benefit to a future boss who needs people like you to make his or her own company a success.

Still doubtful? Well, here are a few top tips that will puff up your professional pride and get you bouncing back to the job market.

Lessons Learnt

Although it’s best not to dwell on the collapse of a business, be ready to talk to a future employer about what you learned from the experience. After all, when things go wrong we are often forced to use new skills to handle tricky situations. How did you manage the crisis? Did you have to apply negotiation skills in order to manage customers and staff? How did you deal with your bank or another kind of funder?

Be positive!

With one in three businesses floundering within the first three years, what you have gone through is a rather common experience. But it’s crucial to remain positive. The economy might be harsh at the moment, but don’t blame that for the collapse of your business. The same goes for blaming your bank or your customers. Instead, think about what you have learned from the experience and how it can add value to your next role.

Take responsibility

Claiming responsibility for your business and its staff could enhance your professional integrity. Although it didn’t work out you can look at what you would’ve done differently and highlight how your skills are much stronger as a result of the process.

Transfer your skills

Write a list of all the skills you used when you were running the business. You probably embarked on a very steep learning curve and had to develop skills in business areas that you hadn’t previously dealt with, so your skillset is likely to be a lot broader than it was before.

Think about bookkeeping or employee management. Were you involved in sales? Did you build your own website or do your own marketing and PR? Other excellent skills include leadership, team work, project management, networking, juggling priorities and crisis management.

Be open to options

When you’re ready to start the job hunt, remember to be open-minded and take time to re-evaluate your options. You should also widen your search, take time to understand job descriptions and consider very carefully how your skills can support a new role.

Put time into applications

Make sure your CV and cover letter are tailored for each role you apply for. Highlight your relevant skills and experience that match the job. This shows employers that you mean business and you’re taking your application very seriously.

References

Make sure your references are relevant to the job you’re applying for. Don’t include a referee from the finance department if you’re applying for a marketing role! Ask bank managers, customers or suppliers for references. You might be asked for a 360-degree reference, which is an all-round evaluation from people such as your former line manager, a colleague and someone you have managed.

The job market is waiting! So put the business failure behind you and use your enterprising mind to open that new door that could lead to the right opportunity.