How to recover if your business fails?

kinja90 Level 1

September 7, 2018, 1:38 pm

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I'm an employee and I'm planning to have my own business. I preferred to sell clothing online as my wife is also good at it. Starting a business is risky and you would know know about the outcome if it will be successful or not. There are just a lot of factors to consider in order for your business to run properly well but what if it fails? It may cause physical or emotional stress. You might be unwilling to start up again or it might take a month to recover emotionally. Your friends or relatives can help you in recovering from stress or go outside, feel the fresh air and think on your next move. The questions in my mind would be :
What were gone wrong? What are the steps to correct the mistakes, how to improve and prevent it from happening again. How about you? How do you recover from this and what's the first thing you do? Any tips or advise?

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overcast

overcast

Here are few things you can do.

1. Pay off debt.
2. Get a job and have some food and shelter over head. If this part is covered go back to step 1.
3. Start doing multiple jobs to cover debt and increase savings.
4. Avoid starting business until you are financially stable and recovered.
5. Learn what went wrong about your business.
6. Learn from others who successfully executed that idea.

This should give you an idea on how the recovery can be done properly.

8 years ago

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Martinsx1

Martinsx1

Exactly, I completely agree with you on these points which you have listed above especially on the option of paying off your business debts. Debts can drown your business in a blink of an eye if you are not careful with how you keep getting yourself into debt. Cut down on getting your debt up without making much money to pay it off.

Never get into a new debt to pay off the old one because it's only going to make matters worse for you and your business. It's just like jumping from frying pan into the fire. And make good efforts to find out what you have been doing wrong with your business and work on getting it sorted out.

8 years ago

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overcast

overcast

When business fails people get into debt. And then they just can't get over the things with the money. So managing money seems to be something important. And people should be planning their work and the money there. Most of the business who recover are the one who can learn from failure and take things ahead.

8 years ago

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amelia88

amelia88

I really like the approach you've outlined. It's sensible and practical, particularly with paying off debt. No one wants their business to fail and then struggle with the stress of debt hanging over their heads, so putting a focus on paying that off first is a hugely important thing.

8 years ago

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overcast

overcast

Yes paying off debt and covering the cost of everyday living should be the priority. And it takes years for those things to work around. I think business does fail if one fails to understand how to properly guide the cashflow. Most of the people are just not aware of their approach in this.

8 years ago

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Corzhens

Corzhens

Learning what's wrong in your business is hindsight and it is always beneficial although the business is already a failure. I had a sad experience with 2 failed businesses. They are both retailing and both were doing fine until the snags came. What I did was to evaluate if the business can still recover because when your business is losing you cannot just put in more capital for it might just add to the losses. I decided to shut down instead of losing more money.

8 years ago

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overcast

overcast

I think repeated failure means you are not paying attention to cashflow, inventory and demand. Three things that lead to failure in retail. Like if you are into retail, are you keeping inventory of what sells instead of what you think gets sold. Things like that adds a lot of value to the cashflow. And that's ensured here that you are not going to fail if cashflow is taken care of.

8 years ago

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amelia88

amelia88

I think research is the biggest thing. Where were the failures? I think a huge thing is researching competitors, too. How are they surviving? Are their products priced better? Do they promote themselves in ways that you hadn't considered? Learning more about the shortcomings of your business and how to rectify those is one of the best things to do in my opinion.

8 years ago

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jeffreyjose48

jeffreyjose48

I think its not easy to recover from business failure. Its not just in business that we can fail. We might also fail in our relationships. In relationship with our family at home. Relationships with our friends. Relationships with our community.

I believe the best weapon that we can use in failure is our faith in God. With God there is nothing impossible with Him. What we can not do, He can do still. Let us put our hope in God.

8 years ago

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amelia88

amelia88

I'm not religious so I don't really have that desire to put faith in God. I guess I think that if my business failed then God wasn't really looking out for me! But I will not disparage anyone who does find strength and comfort in their faith.

8 years ago

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Youngshark

Youngshark

Hahaha. Tell me about it. I also acknowlledge the importance of having something to believe in. It can help to push through the tough times. I think that the overall debate on religion is overated and we would need quite some space which is not sufficient to discuss over here.

8 years ago

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NesMarcos

NesMarcos

I would have to agree with you on this. Likewise, I am not religious so I also do not have the desire to put faith in God when it comes to my business. When my business failed, I will try to study the cause and will definitely stand up and start a new.

8 years ago

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jeffreyjose48

jeffreyjose48

I have just recently heard of news about a real estate business that will soon close down. it was not like that before. It was prosperous and successful. What caused it to fail is pride. The sales and marketing consultant boosts of his capacity to make sales.

I believe that God is the one who gives us power to get wealth. Its not because of intellectual reasons. I believe that God who gives us everything is the ultimate reason for our success may it be in business or career.

8 years ago

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Chinet23

Chinet23

When all else fails, there's only one who will never fail us and that's our almighty Father. He promised that in all things He works for good. That means all things. But this promise has a condition and that is for those who love him and called according to His purpose.

I made the decision to commit what I do to God and I pray that He will establish the work of my hands. That includes all my plans and dreams including business plans. If it fails, there's always something better.

8 years ago

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amelia88

amelia88

It's wonderful that your faith gives you confidence that your business will succeed and if for any reason it does fail that there is something around the corner. There's definitely something reassuring about that. I'm glad it works for you!

8 years ago

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superlicca

superlicca

That is true. We just need to trust God since everything happens for a reason. Let us be patient and trust him. Our journey of life might be so hard but as they say, there is always light at the end of the tunnel.

8 years ago

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jeffreyjose48

jeffreyjose48

Yes. That's true. Let us just have faith in God. He knows what is best for us. He might have prepared better things ahead of us.

8 years ago

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mark8625

mark8625

That is right but while trusting Him we should do something also to recover the business. We need to find solutions for it and see everything goes well for sure.

8 years ago

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Steve5

Steve5

I agree wholeheartedly. It's difficult to do things in life without His guidance. I've heard stories from people who started from nothing. They were blessed with opportunities that helped them grow their business. This reminds me of the saying about putting Faith and Effort together in order to achieve great things.

8 years ago

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Chinet23

Chinet23

That's not just a saying it was actually on His Word, " Commit to the Lord whatever you do, and he will establish your plans." Effort and Faith should really go hand in hand. Our efforts are our faith in action and truly there had been a lot of people who are proofs that this has been tried and tested .

8 years ago

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jeffreyjose48

jeffreyjose48

Yes. I agree with what you say. God will never fail us. he is our Almighty Father in heaven. All things worked together for good. That means failure is included. It is promised to all those who love Him and called according to His purpose.

Its good that you made the decision to commit everything to the Lord. I pray that He will establish all the works of your hand. God knows and prepared always something better for our dreams and business plans.

8 years ago

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kinja90

kinja90

Yes, very true. Starting a business is not a joke and you should be ready in every circumstances. You should have a better knowledge before starting any business.

8 years ago

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blackmist

blackmist

Research is one of the best thing we should do first before starting our own business. I agree that business is not a joke because you can loss tons of money if you are not fully prepared before starting it.

8 years ago

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Youngshark

Youngshark

I agree completely. When you are familiarised with a lot of aspects about the business then you can easily handle any problems that come your way.

8 years ago

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NerdIndeed

NerdIndeed

I agree with this. Before you even begin, try to do a lot of research first about the platform, your product, and most especially competitors. Try to list all of the things they do and execute. Observe how they market and advertise. Pricing? Promotions? Bundle your product with another product that will bring more value to what you are selling.

8 years ago

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stbrians

stbrians

Great outlines you have given here. In fact these are the main things to look fir in order to recover a failing business. Also change tact and thunk outside the box

8 years ago

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mark8625

mark8625

This is the reason why should we need to have a project proposal and business plan to avoid this kind of mess. We need to study very well every aspects of our business. Building and managing business is not a joke. We invested huge money for it and it takes time to get the profit back so we have to exert extra careful to it.

8 years ago

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Youngshark

Youngshark

The more knoedge you have about the industry then the better your chances of tackling them. Personally I think being informed is the one greatest thing each business owner should strive towards.

8 years ago

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mystic14

mystic14

I don't know how to do that.

8 years ago

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mark8625

mark8625

That is right. One thing that you should do before you start a business is that knowing your competitors. Make a research as well. This two things would make a big difference in the possible outcome of your business.

8 years ago

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Martinsx1

Martinsx1

Remember the word that if you fail to plan for anything you are going to do, then you have already planned to fail. This is just the logic of life and business investment. Whenever you are looking at starting out a new business, you must make plans to carry out an extensive business research on the business project before going into it.

8 years ago

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Barida

Barida

Taking time to research about any business is one of the best ways that we can plan for it's success. As far as I am concerned, it is always better for us to realize that we are always going to have difficulties when we are looking at succeeding in a business and getting the better time to push for it will make everything work out fine at the end of the day.

8 years ago

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EfficientNinja

EfficientNinja

If a business fails, there are a lot of factors that could be the reasons for its failure. To recover, we should first find out the main culprit of its failure and start from there. Maybe we need to learn more about managing a business if we failed once. We also need to learn from our mistakes and once we start another business, we would be better and there would be a lesser risk of failing in our next business.

8 years ago

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ajahcuizon

ajahcuizon

You can't always wim in business. There will be times that you'll be at the rockbottom but instead of taking it as a wall for your success, take it as a challenge to think more of the most possible solution. O could suggest to prepare your mind and emotion for what may happen to your business. Take time to reflect on what you think you've gone wrong. Accept that things happen and you can't prevent it to happen. Just always remember that all of the successful businesses that you know also came to a point where they want to give up. Someday, you'll come to your success peak, you just have to work hard for it.

8 years ago

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Chinet23

Chinet23

It's either you sink or swim. We don't have much choice but to really rise above the situation. First is to get the good out of the bad and that is learning from mistakes. Pull yourself together and sit down and make action plans how to recover for example how to pay off debts and how to generate income or probably how to start again. I think it will depend on the impact of the business failure on how you can recover and what actions to take.

8 years ago

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amelia88

amelia88

I do think you're right. I think that it's one of those cases where if your business fails, often the only way to correct the course you're on is to do it yourself. And that's the case with many things in life - if you want something to change or need something fixed, it's up to you to research it and get it done How to recover if your business fails?

How to recover if your business fails?

8 years ago

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Youngshark

Youngshark

Unless you are really really great and luck falls on your side the first try will rarely bring noteworthy success. However as time passes one can learn from successive failures and in the long run develop a fail proof business. This is always an essential aspect in handling businesses.

8 years ago

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edencaga

edencaga

I remember our professor once told us about his friend who failed the business he managed. He became depressed as if there was no tomorrow. Our professor is an economist. He said that sometimes we folks unexpectedly experience this kind of situation. He cheered up his friend and advised him to market his business where people mostly passed by the store especially the target market. He was able to stand up again and try to risk again his effort and money but this time around, he took those advices from others and from my professor. After one year of focusing his business, it became boom and after one year again he was able to get back his investments and his business profit gained and reached a million. You might fail once or twice but don't just give up as long as you know how to deal with problems.

8 years ago

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superlicca

superlicca

Business is risky and you can either succeed or fail. But whatever the outcome of your business is, you just have to be prepared. Having an additional fund to support your business is very important. You also need to do a research and learn some marketing strategies before starting your business. I am sure that there is a lot of websites where you can get great tips for starting a business. Remember the quote " Success is walking from failure to failure with no loss of enthusiasm." -- Winston Churchill

8 years ago

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Barida

Barida

Having the passion and enthusiasm before venturing into any business is the best thing to do. Most of the business owners that we have in the world must have been involved in one failed attempt to improve the business or another, but they kept the faith and believed that it is just for a period of time. This is the reason for the success in life.

8 years ago

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Youngshark

Youngshark

True true true. Passion keeps you rooted even when everything else seems to have failed. With passion, you still envision the future and follow up with the goals.

8 years ago

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kinja90

kinja90

I guess everyone have to experience failure in order to be better and more successful in life. You just need to be positive and take it as a challenge if you fail. If you start a business, don't invest all of your money as it's a risk. If in case you fail, just relax, have time in the outside world, party with friends, enjoy for at least a week so that you can recover and it will enlighten your mind which will help you on the alternatives that you can make to be better when starting your own business again.

8 years ago

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Chinet23

Chinet23

There's always risk involve but we have to be positive about it. But even if this is the case, it's still wise not to put all your eggs in one basket because the impact will be greater if we fail. I cannot imagine how stressful it will be if you have no fallback. It will take longer to recover.

8 years ago

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superlicca

superlicca

Very well said. You got the point that everyone has to experience failure to be better. Failure does not have to be the end of the world, it should be exactly what we need to be successful in life. I also agree that you should not invest all of your money in the business. An extra fund is essential and will serve as a back up in case that you encounter issues. And of course, having a supportive family and friends will also give a big impact.

8 years ago

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romyter013

romyter013

If ever you fail in a business, for me is not to give up. We are living in a place where nothing is perfect. We used to try like 5 times to see if we can succeed in a business but idea maybe was not for us that time. we never stoped dreaming, - we never stoped believing. We still pushed another business that came up to us, everyone helped by giving their ideas and all that. And I'm glad we never gave up on it. Its still functioning and by next month, its the 8 year anniversary of our grilled chicken business and everyone still love it.

8 years ago

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coolavender

coolavender

A person or family who fails in business must maintain a positive attitude despite the setbacks. While some business endings can be traumatic, almost all successful business owners have their own share of failures and losses. Sometimes, you just have to keep on trying before you can finally find an idea that actually works. Failures can be considered R & D cost that have future value because they provide important lessons in running a business or taking risks. Most failures come at the price of one's savings or external debt. If you borrowed money to finance the business, you may have to work extra hard or take on side jobs to pay for the debt. It may also mean cutting back on expenses. If you do these things diligently, you may soon find your finances in order.

8 years ago

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Barida

Barida

Whenever we think of anything relating to business, we should as well be looking at ways that we are going to create a market for the things that we want to sell. First of all is ensuring that there is market for the things that we want to sell as this is one of the basic ways that we are going to ensure that once we bring our products to the market, that it is going to be sold at the end of the day.

8 years ago

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overcast

overcast

Market can't be created unless we have innovative power. Something like Apple and the Microsoft. But we being small players what we can do is use existing market. And then build the product or have service on the existing market. That seems to be working for the people who are planning to get into the business properly.

8 years ago

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mdayrit

mdayrit

It can really be difficult to recover if you invested all that you have in the business. But we all know that we have to carry on. I believe that every success has experienced failure at first. Keep that positivity that one day all these failure will result to something great.

8 years ago

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stbrians

stbrians

Success is many failures resulting in one great win. Failing is not the end. Just know where you went wrong and you start all over. Thus time seal alk loopholes.

8 years ago

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Kakashi2020

Kakashi2020

Here are 2 things that you should know before you start a business.

1.If it's your first business then the odds of it being successful is really low. I haven't met anyone who had a successful "first business". This is because of a lot of factors. It's like riding a bike the first few times you try it, you fall.

2.How to get a lot of traffic? you should solve this first before you start your business. You need to create a marketing plan. And you should clearly identify your target market.

3.Payment and Delivery. This is a crucial factor in online selling. You must have a good payment scheme and a reliable delivery service.

8 years ago

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EfficientNinja

EfficientNinja

I agree with your first point. The success rate for the first business is very low because we don't have the experience yet. Most of the people who try starting up a business don't really have good backgrounds with business management.

If our first business fails, we should just treat our expenses and experiences as tuition fees. We will use this failure to get stronger and in the future, we'll have a successful business.

8 years ago

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Youngshark

Youngshark

When you become used to noticing the errors you make over time it is easier for you to chart a clear path which can guarantee you success in the near future. This means having to know the things that deter development of the business and taking care of them before they cause a loss the next time.

8 years ago

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mark8625

mark8625

That is very true. Building own business has many risks that needs to be consider. I can say that all businessmen and businesswomen are started same like you. Many worries and keep thinking about the negative things that might happen to the business but you should always keep in mind that mistakes are part of it and you have nothing to do just to accept it but good thing is you have and will learn from that mistakes. From there,you will know how to execute and find ways to solve and minimize that mistakes. Dont be afraid to fail,it is part of our lives.

8 years ago

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Aeolos

Aeolos

Business is a gamble, you either win or lose. Starting a business is really a risky game. You really have to consider many things and sometimes sacrifices a lot to become successful. Failing is part of it and it is okay as long as you learn from it. However, we must learn from our mistakes if we are going to stand up again. Success doesn't serve on a silver platter and we must work hard for it.

8 years ago

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NesMarcos

NesMarcos

Business is absolutely risky but it pays well if it succeeded. Nonetheless, recovering from a failure is hard but it is possible. First, find what really happened, the reason why you failed. Next, think of the steps to recover from that failure. Find a better support to your financial needs. Our lives do not stop when our business stops. So, find a job where it can help you support what you have lost for the meantime.

8 years ago

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jayjaydimson

jayjaydimson

How if you think on something new, like thinking of something that is unique, so that you may recover your business.

8 years ago

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blackmist

blackmist

Failure is just normal when starting a business but that can be set to minimum if you have already done a research before starting a business. Planning a business before starting it is a must to avoid those worst event. If you fail then use those as your guide to avoid it in the future.

8 years ago

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Gilgamesh

Gilgamesh

To recover knowing the cause of your fall shall be known in order to fix the problem/s. Try to look in a bigger picture and made a new strategic approach at the same tume applying your lessons that have been learned into your experiences. Try to ask some opinion into other businessman will also help or any inidividual who has a lot of experiences into the industry of business.

8 years ago

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Kakashi2020

Kakashi2020

Learning from ones mistakes makes people successful and accepting that you made a blunder is the first step to success. A business can be compared to life. Sometimes it's strong and powerful while at times it's weak and struggling. What's important is your focus and dedication to your business.

8 years ago

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vinaya

vinaya

The most important thing to consider when you are starting a business is invest the amount that you can actually risk to lose. I started a dairy business from a bank loan and some saving. If the business fails I will sell my land and clear the debt. After clearing the debt I will still have property left, I will not go completely bankrupt.

8 years ago

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amelia88

amelia88

I like this strategy a lot - at least that way if everything does fail, business wise, you haven't overextended yourself and set yourself up for financial ruin.

8 years ago

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Kakashi2020

Kakashi2020

Always learn from your past mistakes and treat every failure as lessons. Don't ever give up, try again and again until you succeed.

8 years ago

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Patrickdim

Patrickdim

There are sometimes we need or should prepare first when starting a business first is you have a strategies second you have a capital third mindset. If you running a stable business and you think it gives a good profit then you need to invest on making a branch or start another profitable business because some of the time they have a downside and you need support that from your other business to feel it out and to catch up again so don t focused on one thing.

8 years ago

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jetselle

jetselle

If you want to increase sales for your online business then you need to follow complete digital marketing services such as SEO, Advertising, and many more. Advertisement plays an important role to increase sales in your business. If you asked me about the best strategies for advertising, then I would suggest you do social media marketing because it will help you target more people effectively.
For advertising, you can choose these platforms to grow your sales such as
1. Email.
2. Other social media platforms.
Most of the marketer use email for advertising their products and services because, with the help of this, they can target peoples manually which is effective.

8 years ago

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jeffreyjose48

jeffreyjose48

Experiencing failure in business is not that easy. There are businesses that rises up again. There are businesses that closed down and put another different business.

8 years ago

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Kwesi

Kwesi

Now since it is known all overthat experience is the best teacher, you should try hard to identify what went
wrong and what can be done to improve upon it. I will also suggest that since
there are others who have been in that aspect of business for a very long time
and they might know one or two things as to how you can sassed in this
business, I will suggest that you get into contact with them before you start.
So that you can have a fair knowledge as to what you are getting yourself into
and for you for that matter your wife can help you with that.

8 years ago

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jayjaydimson

jayjaydimson

Then stop what strategy are you currently doing because it may be the reasons why your business fails.

8 years ago

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sgdadu

sgdadu

I am one person who don't believe in giving up. As many of us could have heard people saying; failing is just discovering another way of doing something wrong, I believe failure should be treated equally important as success. This is because failure helps identify shortfalls in the process. Once you fail in an undertaking, its important you take time and analyse the whole process in order to establish where the flaw was, so as to seek remedy of the same to prevent future failures. The analysis could be in form of questions, e.g; Was it a wrong business idea?, was it my market penetration strategy that was wrong? was it my pricing method? was it my staff that mistreated customers?, is it that i failed to address customers complaints?...e.t.c. Such questions could help reveal where the problem along the chain occurred and once discovered, then resources are gathered and a fresh start is thought about. Otherwise failures are worthy appreciating because they have hidden lessons to be learnt from. A good businessman is one who once failed for they know both sides of the coin. EXPERIENCE!

8 years ago

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jaymish

jaymish

Having your own business is the ultimate freedoom but it is also one of the hardest things you will ever have to do. I think before you start a business you need to do your research. However when it fails you need to find out why it did. Was the location wrong?were your sales low? Was your marketing strategy wrong? Was your human resource policy wrong?Did you hire the wrong people? Was the economy down? I know it is discouraging but you need to find out why. You also need to plan for your next venture. Life and business is about being strong, this was your first lesson and not a failure. Walk away with the lessons.

8 years ago

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Chinet23

Chinet23

I agree when you said that life and business is about being strong as there is no guaranteed success and not everything will come our way. It's one attitude I want to train my son- resilience. I liked it better how you end your statement. Walk away with lessons. The only time that we really lose is if we did not learn anything from our failures.

8 years ago

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rlpzbeermoney

rlpzbeermoney

I think when a business fails, you have to evaluate first if you can still recover or give up and reduce the cash going down the drain further. You also have to consider your dependents as well as they need money to live. You also need money to live. Nothing in this world is free. Business needs money to make money.

There are lots of questions you could ask yourself but at the end of the day, you failed. It's about how you handle it from there that's important. Do you continue and see if you can still make it work? Can you try other methods to make it work? Do you still want to make it work? Want to call it quits from here?

8 years ago

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Jeane

Jeane

There are many reasons why a business might collapse. Even with all the planning and preventive measures you put in place to there are some things which just might be beyond your control.

This is why your questions are great. You have to be ready for anything and have ready solutions to any challenges you face as they arise.

Should your business collapse, then you need to objectively examine everything you did. List down the
mistakes you made and what went wrong. Once all that is done, you have to review your marketing strategies too since this is what kills most businesses.

When you have identified how the business came to fail, list down all the possible solutions. That done, use the information you obtained to rebuild your business.

8 years ago

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mitan143

mitan143

I like your explanation. Well-detailed and you give good advises too. The only problem is some businessmen whose businesses collapsed did not bother to stand up and recover from failure because they already lost their self-confidence and determination to recover their businesses. It seems like they are not interested anymore. That's sad.

8 years ago

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mystic14

mystic14

Why do you say 1 month to recover? It depends on the person, they may never recover.

8 years ago

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beerthooyah

beerthooyah

I have read in a business blog before that when you want to start a business you must be prepared to fail 5 to 10 times. My advice for you is to start small and don't ignore the learning process. Expect failure so that you could plan how you you can mitigate the effects of it. By starting small, your risk will be minimal and there is no way to go but for your business to grow. Keep your day job and learn along the process. I'm sure you will be successful someday.

8 years ago

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jetselle

jetselle

Whenever you are facing difficulties and failures in your business all I have to say is keep moving on and fight your way through it. It is common that all businessman have their business fail sometimes and it goes the same for you. Now if your business failed, spend some time rethinking what was happened to your business, re-think your actions, your plans, and objective for your business. Try also to evaluate your performance or on how you manage your business. Do you spend enough time to support your business? have you always put your 100% effort into it to make it grow?. Having some time to evaluate your work could really help you to find what's wrong with your business and it leads you to find an answer on how you can make it a success whenever you start your business again.

8 years ago

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jayjaydimson

jayjaydimson

Well, if my business will fail, I will think on some reasons on why it fails. And I would try to come up with a solution on how to fix it.

8 years ago

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DenisP

DenisP

I agree with this. You have to look at things from an almost scientific perspective. No business is going to fail simply due to bad luck. There are always going to be multiple factors which lead to the downfall of a business.

Perhaps it was inefficient management, poor marketing tactics, poor customer service or even a bad location. The point is that something was off and that is why the business failed, so it’s important to take things apart piece by piece and see where the problem lies.

8 years ago

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DenisP

DenisP

Recovering from a failing business can be a really daunting task, on both a psychological and financial level. If it does happen to fail, you have to look at what other businesses are doing that you weren’t doing. Perhaps you weren’t advertising well or active on social media, or maybe you established your business in the wrong location. Every business has a chance to succeed if you simply do things the right way.

There are many crucial steps to running a business that a lot of people glance over, so I’d recommend picking up some reading materials on starting and running a business, as well as speaking to other successful business owners and finding out how they got to the position they’re in.

8 years ago

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HappyLady

HappyLady

I am a veteran of several failed businesses. They were not mine. From my Father, I learned that complicated "good ideas" rarely work. He invented and tried to sell a stand for camping stoves. From a small tutorial school, we all learned that even if everyone else appears to go big around you, don't. We might still be in business today if we had taken baby steps instead of panicking. From a coffee bar, I set up for someone I learned just about everything about where you do not choose to put a coffee bar.

What I am trying to say is, failure is a learning experience. Yes, you may fail. You certainly will if like the guy who earned the coffee bar, you refused a lot of advice given. However, if the failure comes, you will have valuable life experience to carry you through to the next project.

Will you recover if you fail? The answer is you may, or you may not, but there is always a way to turn our mistakes in life and business into an advantage. I may never set up another coffee shop, but I would be a pretty good barista should I want to work as one and could use my experience on a C.V.

If I start my own coffee bar I will know:

To choose a place with heavy footfall (The cafe was in a pretty deserted area.)
To ensure the building is mine alone
Not to put a linux system in with a windows printer and call it an Internet cafe (yes the owner really did this despite all protests and took out all the existing equipment from the business he bought.)
Not to sell cakes from the supermarket. (Honestly!)

Each mistake contributed to the demise of a dream. Every mistake would have been avoided had he listened to those who wanted to advise him. Going on a course to understand what was needed would have helped a lot.

If my dream coffee bar fails I have knowledge and skills for my C.V.

Whatever you do, do not ignore advice from people who work in your chosen area of business, and never try to make financial savings by ignoring the legal stuff.

8 years ago

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AlejandroBavari

AlejandroBavari

Like other failures in life, Business failures are no different. Though there may have been more at stake, it is still an experience that will help you grow as a person.First, take a deep breath and accept what you cannot change. Next, determine what may have led to your business failure.
Was it a lack of focus within your company? Was it an inability to identify your comparative advantage? Was your environment changing quicker than you could innovate? You can talk to this business broker, He went through a similar experience and can help you out.
You must be able to take your failure, understand what led to the failure, and learn how you can adapt for next time.
The road to success is not linear, but that’s okay.

5 years ago

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