You made a mistake with your business’s money. Maybe it was even a big one and cost you your business. Yikes! That’s a tough pill for any entrepreneur to swallow, but it doesn’t have to sidetrack all of your entrepreneurial hopes and dreams. If you still want to achieve your goals of owning a thriving business, you can start with these recovery tips.
Create More Time to Focus on Finances
Recovering from a big setback can take patience, self-compassion (we’ll talk about this in more detail later), and of course, time. If you’re a motivated entrepreneur though, extra time may not be something you have right now. This is why you need to make more time in your schedule.
Virtual assistants are a perfect addition for entrepreneurs who may not have time for tedious tasks, like filing and data entry.
If you’re not quite sure what the average virtual assistant salary is, online job boards are a goldmine. To help you with budgeting, most freelancing virtual assistants will charge clients anywhere from $10 to $20 per hour, although some simply charge a flat rate for each completed project. You can also use online job boards to find virtual assistants with niche skills, like social media marketing, networking, and even bookkeeping, to suit your business needs.
Ask for Help or Advice Before You Proceed
Getting administrative help from a virtual assistant can give you the time to bounce back from a mistake, that’s for sure. But you may also need some sage advice to figure out what your next move should be. If you’re looking for some basic lessons in financial literacy, the courses and articles from DoughMain Financial Literacy Foundation can be incredibly helpful.
Because even if you have a great business idea, you may not have the financial savvy to bring it to life, and that’s okay. DoughMain was founded with folks like you in mind and a recognition that many adults find their finances confusing or overwhelming. In terms of your big mistake, it may also be beneficial to sit down with a financial expert and figure out what went wrong.
A financial advisor can help you straighten out common mistakes, like not planning for taxes, and set you up for success in the future. Since this is an added expense for your budget, be thorough when asking about fees and rates. If you have specific questions about setting up your new business, you can also seek out a mentor who can offer you support and guidance.
Practice Some Self-Care and Self-Compassion
People make mistakes, so don’t waste time beating yourself up over yours. If you start to feel down or like giving up, just remember that failure isn’t a lack of success. In fact, some of the most accomplished people in business got where they are because they realized that failure is just part of success. To achieve big dreams, you have to be willing to fail big time!
Financial mistakes are also pretty common and this may have something to do with the lack of financial literacy classes available in schools. Learning about money is so important and if you didn’t have these lessons early on, it makes sense that you would make mistakes. Since you can’t go back in time, the next best thing you can do is educate yourself and get back up.
Both of these pointers can help you exercise more self-compassion towards yourself, but what you really may need to recover is some extra self-care. Instead of jumping right back into trying to establish a new business, maybe take a few breaths and take some time to rest and recharge. Even if you don’t take time off, be sure to take time for basic self-care!
Failure is a part of success, but you still shouldn’t make the same mistake twice. So make time to work on your recovery plan, learn about your mistake, business and money in general, and most importantly, be gentle with yourself and you get back up and get back out there.
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