My First Work From Home Business Failed—Now What?

by WorkFromHome on November 29, 2011

With high hopes, you open a business in order to pursue your passion and make money while working at home. While nobody intends to fail, sometimes a business endeavor fails to turn a profit. Failure to secure a loyal customer base, increases in overhead costs or health changes are a few factors that drive home-based business owners to close their doors. When faced with a failure, work at home business owners can follow several tips to retain their dream of success.

Learn from Mistakes

Discover the cause of the failure and face the facts realistically. Analyze your business and yourself. Perhaps failure could have been averted if you had worked harder, charged more or targeted a different demographic.

Failure is really a matter of perspective. List positive attributes of your business plan, marketing strategy and product or service offered. While you may not find success today, your idea may take root next year. Harvest gems of wisdom from your experience and document the lessons you have learned as reference for your future work from home endeavors.

Find a New Direction

Visit work at home websites and message boards for business ideas. List every idea that remotely appeals to you. With a comprehensive list of successful businesses, decide which endeavor might work for you. Evaluate your skills and talents to ensure you are operating a business that fits with your personality and abilities.

Serial Entrepreneurs

Certain personalities enjoy starting new businesses. If the idea of launching a business excites you while the business aspect bores you, learn business or hire a partner. Additionally, accept the fact that not all of your projects will succeed. Consider consulting a veteran in your field for counsel and advice, and learn from any mistakes before launching your next endeavor.

Go to School

You may be an expert in all aspects of the product or service you provide, but continue to learn new skills and techniques. Improve your knowledge of marketing, finance, or customer service. Become an expert in online sales, social networking or international shipping. Research ways others make a profit in your field of expertise. Ask your friends or customers to assess your product or service honestly. Be willing to listen to advice and change aspects of your work at home business in order to be increase sales and make money from home.

Surround Yourself With Honest Supporters

In a negative situation, you may hide behind a cheerful façade and not admit your failure. Rather than ignore reality, confide in friends who offer encouragement and support. They will honestly evaluate your product or service and share tips for your improvement while encouraging your next endeavor.

Accept Client Rejection

Your product or skill will not meet the needs or preferences of everyone. When a customer or client rejects your work, take a breath and refocus. One rejection or even many rejections do not label you a failure. Do not allow one person’s opinion of your work influence your beliefs about your ability to make money from home.
Your attitude and other satisfied customers make you a success. Of course, you want to sell your product, but do not change your basic values in order to please one customer.

Measure Up

Refuse to compare yourself to others. You may be a talented writer, designer or day care provider, but there will always be someone else who is more talented, artistic or professional. Learn from others while resisting comparison. You will never be able to replicate someone else’s success as long as you measure your ability by their achievements. Choose to practice gratitude for your abilities and keep yourself moving forward.

Move Forward

Depression may follow a failure. Recognize the signs of depression, and seek medical treatment if necessary. Accept the reality of your situation. Brainstorm new ideas, and discuss your options with your spouse or trusted advisors. Choose to remain optimistic and upbeat about your future. Multiple great men and women experience failure before earning their big break. Find inspiration in the stories of others, and try to maintain positive momentum.

Remember why you work at home. Post your financial and personal goals near your workstation. Despite failure, you can make money at home. See failure as a stepping-stone to your future success.

Failure can cripple a work at home business and prevent you from trying anything new. Realistically and honestly assess the positive and negative aspects of your business venture. Learn from your mistakes and make improvement. Seek new paths that lead you to your goal, and find success working at home after a failure.

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