Every stage of running a small business is stressful. Some of that stress is from the anticipation of seeing your idea come to fruition. However, when you have to decide to dissolve a business, laying off employees and figuring out how to make an income can be overwhelming.
All businesses have a natural life cycle, and every business must close at some point. Even in the best of circumstances, the decision to close your doors can be emotionally draining or even lead to depression.
Protect Your Emotional Health During Dissolution
According to the U.S. Census Bureau, one out of every 12 businesses closes every year. Knowing you are not alone isn’t enough to prevent the emotional fallout of dissolution. Even positive change brings intense emotions. Whatever your reasons for deciding to dissolve, you can take steps to safeguard your emotional and mental health during this transition.
Accept Your Emotions
Closing a business is a major loss. It is normal to go through stages of grief. Pretending like everything is alright or denying your pain will only delay emotional recovery. Finding the balance between accepting your emotions and being stuck in them takes self-awareness.
Closing a business is an emotional experience, no matter your reasons for dissolution. Remember, the goal of accepting your emotions is to eventually process them and move forward.
Make a New Strategy
The end of your business may be the beginning of the greatest new chapter of your life. Take what you’ve learned from your business experiences to develop a new plan. Don’t get stuck on ideas like “I have to be a successful business person.”
If you are excited about another business venture, that’s fantastic. Now you know some of the pitfalls to avoid. However, if life takes you in a new direction, embrace the change.
Reach Out for Support
Taking care of your mental health is more important than being successful in business. It’s not likely that you built a business all on your own. You had help from friends and family members who offered support along the way. Just as you weren’t alone then, you’re not alone now. A difficult emotional journey is easier to navigate when you reach out to the people who care about you.
Speaking with loved ones is a great way to find emotional support, but it may not be all the help you need. It may also be beneficial to connect with a business mentor for guidance. Someone who has shared your experiences is in a prime position to offer advice and help you plan your next steps.
Friends and mentors can’t always provide everything you need. If you are still feeling stuck or are experiencing symptoms of depression several months after your business has closed, it may be time to seek professional help.
Speak with your physician or contact a mental health professional if you’re experiencing any of these symptoms of depression:
- Loss of interest in activities you once enjoyed
- Changes in sleeping or eating habits
- Physical aches and pains that can’t be explained
- Turning to drugs or alcohol for temporary relief
- Self-isolating, avoiding colleagues and friends
- Fatigue
- Lingering feelings of sadness, guilt, or self-doubt
- Low self-esteem
- Thoughts of suicide
Depression symptoms typically worsen without treatment. Depression is a treatable condition, and there is no shame in reaching out for help.
Let Levy Goldenberg LLP Help
Levy Goldenberg LLP is the leading civil litigation practice in the New York Metropolitan Area. Before making any final decisions about your business, consider consulting with a commercial litigation attorney at Levy Goldenberg LLP. Call to schedule an initial consultation for issues regarding trademark infringement, real estate disputes, contract disputes, and more.