COVID-19 Closed Your Company: Now What?

Photo by Tim Mossholder from Pexels

The COVID-19 pandemic has been unkind to many entrepreneurs. If you have had to make the unfortunate decision to close up shop due to the economic conditions brought on by the pandemic, you are in good company: In September 2020, data collected by Yelp showed that more than 160,000 businesses had closed. More and more companies are turning to various means to survive the pandemic, but some continue to struggle.

Your company’s closure is a setback, for sure — but this doesn’t mean you can’t get back on your feet. Let’s take a look at your next steps as a human, a member of society, and as an entrepreneur:

Start small: Take care of yourself

If you’ve had to close your business due to COVID, there is no doubt you have some lingering anger or anxiety about the coming months and years. It’s more important now than ever that you take a step back and make sure you are practicing good self-care so that you don’t fall victim to burnout or depression. Good self-care practices include things like:

 

• Sleep, eat, and move! Physical care involves activities that produce better sleep, diet, and exercise. If you’re more well-rested, you’re more likely to experience better mental health, and the same goes for eating right and moving your body. Eating foods rich in healthy fats like fish, avocados, and nuts can contribute to an overall feeling of wellness.
• Spend time outside. Sunshine is an essential part of staving off the effects of seasonal depression and has been shown to have a lasting impact on your mental stability. Healthy doses of Vitamin D can improve your immune system, as well.
• Learn how to say “no.” Entrepreneurs and go-getters like yourself have an especially difficult time learning this concept. Knowing your limits and making sure you don’t exceed them is critical for your own mental health and stability — even if it seems counterintuitive to productivity.

 

The biggest thing to remember in this phase of your self-improvement is that you shouldn’t give up. This venture may not have worked out, but you are a worthy, successful individual — and the opportunities are out there!

Get back on the horse

After you have taken the necessary time to get your affairs in order and reflect on the good memories the business brought you, it’s time to put yourself out there and get your career back on track! There are opportunities you can take advantage of now in order to make money before embarking on your next entrepreneurial adventure.

 

Remote work, in particular, is becoming easier than ever for those who have a good work ethic, adequate motivation, and the right kind of communication skills — hence, freelance remote work is one way to earn money while working from home. If you have photoshop skills, in particular, (like using layers, adjustments, color grading, and more) there are countless opportunities to offer photoshop services on freelance job boards. Check these sites and apps to find opportunities to utilize these in-demand skills.

Next steps: Your next great idea

Your erstwhile business doesn’t have to be the end of your entrepreneurship adventure. Do you have another idea? Creating a business from home could be in the cards for you, especially since you have already done it once and know some of the pitfalls to avoid at the beginning. If you’re ready to get back in the business game and are looking for a fresh set of eyes to help get your new venture off the ground, get in touch with the Communications Management Group. Visit the website to see the personal business consulting services you can leverage today!