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Advice for Entrepreneurs Who've Had Setbacks

Offer Valid: 06/30/2022 - 07/31/2024

Joining your local chamber of commerce can help get your business up and running, even if you’ve experienced financial setbacks. A chamber of commerce can provide a pool of business-related resources to help with relationship building, networking, and marketing. As well as joining the local chamber of commerce, you can use your past experiences to guide you in putting the right preventative measures in place. To ensure there are no more crippling setbacks, you should plan and do things differently this time around. 

Create a Business Plan

A business plan lays out both short- and long-term company objectives, and contains every bit of detail from marketing plans to company structure, and where the budget will be allocated. Spend time on the business plan, and give details about the steps needed to achieve each objective. You should also have an executive summary of the business, a management plan, and a competitor analysis. Be sure to consult your plan regularly to ensure you’re consistent. 

Analyze Risks

There are different types of risks associated with businesses: There are taking risks, and then there’s putting your business at risk. It’s okay to take a few calculated risks when your business is doing well, but you also have to ensure your business will survive harsh conditions such as markets crashing and failing economies. 

Another type of risk is external factors that can adversely affect business. These can include everything from fraud risk to operational to that of a damaged reputation. These are risks you need to guard against. Protect your data against breaches, constantly check on your reputation in the industry, and make sure your finances are secure. There are public relations companies and data security companies that can assist. 

Outsource Work

To save on costs, outsource work. Hiring permanent staff requires intensive admin, financial commitments, and management. Tasks such as design, copywriting, web development, and anything IT-related can be outsourced. Also, consider hiring a virtual personal assistant for managing day-to-day tasks.

You can also use a wealth of free online tools to help save on costs. For example, use an online PDF form that allows you to sign PDFs online for free. For bookkeeping and accounting purposes, you can use software like QuickBooks, which is way more cost-effective than employing an accounts person. 

Stick to the Plan

When you’ve set the wheels in motion, stick to the plan and don’t give up. When you do encounter an obstacle, consult a network of people in your industry to give advice. Always ask for help because you’ll discover countless entrepreneurs who’ve been in the exact same position before that may have just the right advice you need. You will also recognize when you’re headed down the wrong path and can put measures in place to prevent history from repeating itself. 

Forging Ahead After Setbacks

Your business can still be successful, even after financial setbacks. The key is not making the same mistakes and committing to making things work. 


This Hot Deal is promoted by Donelson Hermitage Chamber of Commerce TN.

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