Due to the health crisis, you felt that your business could no longer continue operating. You didn’t get enough customers, but your overhead expenses remained. Instead of bleeding money, you thought that it was practical to close the company.
It was a difficult decision, but you had no choice. If you didn’t stop, your company would end up with more debts. While it was an intelligent decision at that time, it doesn’t mean you can no longer reopen. Some signs tell you it’s a good idea to start over. Here are some of them.
Your former employees are willing to work with you
Since you decided to close, you had to let go of your employees. You also informed them that you no longer planned to reopen. However, it might be challenging for them to find a new job in this economy. If they are yet to find a job and expressed interest to work with you again, it’s a good sign. Having old employees back will help save time and resources. You don’t have to retrain them to do the job. You can also trust them to deliver.
If you got the entire team back, welcome them with a bang. You may host a funfair hire to say thank you for helping you get back on your feet. Check out https://www.wearetricycle.co.uk/ if you want the best funfair hire organisers. You can also invite family members. Start with the right foot forward, and things will be better this time.
Other businesses in the industry are doing okay
If your former competitors start to pick things up, it means that the market is there. If you successfully tapped the audiences, they might think about purchasing items from your store. Besides, you already proved that you could go toe to toe with other companies. If you decide to reopen, it’s as if nothing happened. You can keep going like you never closed.
You can keep it going
When you decided to close the business, money was an issue. You thought that you could no longer keep it going. If you will reopen, you need to spend again. If you can afford to do it, you should try. Remember that you still have outstanding debts to pay. You have to invest in the reopening of the business, and it’s costly. If you’re willing to take the risk and afford to do it, you should go for it.
You have more time in your hands
When you decided to stop the business, you thought about starting a new undertaking. Going back to your old job might be one of the options. Pursuing a degree in business is another. If none of those plans happened, you should consider starting a business again. You can’t waste your time. Besides, you need to provide for your needs and the family. Taking a risk in running a business is better than doing nothing.
Hopefully, you will succeed this time. There’s no guarantee, but there’s no harm in trying. You already know what went wrong, and you can avoid it.