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3 Ways to Rework a Failed Business

Sep 3, 2008
It takes a lot to build a business. Whether it's a work from home career where you're still a parent, or a small office trying to set up contacts in a major industry, the obvious point is pressure. It's the pressure to make money. What happens when you fail?
You rework your business philosophy:

Time is money in the game of business. Say you have a mindset for making more money doing the same thing. This means charging more per hour. It sounds simple, but depending on your vocation, rarely is. However, turning your time into more money in the beginning is simple: work more hours. It may be a drag on your personal life, but sometimes reworking a failed creative business means turning happy customers into very happy customers. The higher your product quality, the better the pay.

One way to satisfy your needs, beyond asking for more money for your time, is to build alternative methods for turning a profit. This means hiring out possibly for smaller projects, which then means hiring freelancers to help with the small game, while you focus on getting the big contacts within your industry. If you have a work from home business, for example, then you will see first hand how important certain clients are. Yet you want more clients, big and small. So hiring freelancers eases your burden and allows you to rework a slow creative business.

Even ten years into your business, you are still building. If you are an accountant, old clients hire someone else, sometimes for cheaper, while you move up to bigger companies with bigger pocket books. There is no reason to get discouraged, because a business will always have success and failure, usually more of the latter.

End Game:
The end is about all three of these points. You need more time, so you work more hours. You need more money, so you expand your work by hiring freelancers who are looking for work. You build the business around the mindset that it will always be in a building process. A failed business isn't always about your failure; it means turning things around by setting priorities.

Whether you have a work from home career or an office with one hundred people, any business will go through failure. The difference is, where 1 in 5 new businesses survive, you have a better chance if you keep these things in mind.
About the Author
Robin Matuk is a Business Consultant, Community Builder & Digital Coach. She provides a community for women entrepreneurs to network, learn, share, & mentor one another, offering the tools, strategies & systems to shift from a struggling woman entrepreneur to a successful woman business owner.
Check out her website The Big Idea Community and her blog Creating with Impact .
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