Bankruptcy Is Not the End: Building a Second Business After BankruptcyMar 29, 2023
Are you a shopify seller afraid of business failure and bankruptcy? Concerned that you’d feel like a failure if you went bankrupt? If so, you're not alone. In this blog post, we'll explore how to bounce back after a business bankruptcy, and not feel like a failure. Bankruptcy is not the end. We'll share insights from Kristoffer Quiaoit who offers advice and wisdom on overcoming failure and rising above setbacks.
Learn how business failure can actually be an opportunity for growth and improvement. Hear from Kristoffer Quiaoit about how his first business went bankrupt and he used that as a learning experience. We’ll go over how to separate yourself from your business, learn from your mistakes, deal with imposter syndrome, and move forward.
When going through the process of bankruptcy, you may feel like a failure, embarrassed, and ashamed. These feelings are common, but it’s important to remember to separate yourself from your business. Kristoffer Quiaoit says at 12:37: “If you failed at a company, have compassion for yourself. You did the best that you could. Yes, you probably made mistakes, everybody does. It’s part of being human.” No matter how well-prepared you are, how well you plan, or how hard you work, there will always be setbacks and failures along the way. It’s not a reflection of you. Quiaoit said it best at 13:23: “The business failed, but I am not a failure.”
Business failure and bankruptcy doesn’t have to be the end. Take some time to reflect on what happened. What went wrong? What could you have done differently? Analyze the choices and mistakes you made. Quiaoit shares his insight at 22:16: “We paid the price for these lessons, we might as well use those lessons.” This reflection & analysis will help you gain insight for how to grow and improve so you don’t make the same mistakes next time.
After you’ve reflected on where you went wrong, it’s important to plan your next steps carefully. If you decide to try again, make sure to use the lessons you learned. Quiaoit says at 46:26, “We’re always learning, we’re always looking for a better way to do things.” Additionally, make sure you have a strong support system in place. This can include family/friends, a financial advisor, and business consultants. Most importantly- don’t be afraid to ask for help. You don’t have to do it alone. Kristoffer had support from family and friends throughout his journey and he was able to start fresh with his new e-commerce business.
Imposter syndrome is something that many e-commerce entrepreneurs face - including Kristoffer. Doubting your own skills and accomplishments is a continuous internal struggle that can hinder your success. One of the ways Kristoffer is dealing with that feeling is by pushing himself to create content. He says at 57:58 “As long as I’m authentic, then it comes easy. My intention is to empower people.” Creating content is scary for many people, but it can help to build confidence (and is also a great marketing tool).
Even after facing bankruptcy and business failure, Kristoffer Quiaoit was able to bounce back and has started a brand new e-commerce business. He saw a problem - coffee shops don’t cater to people on low-carb/low-sugar diets - and came up with a solution. He worked hard to create a keto donut that was both healthy and tasty. His story is inspiring and reminds us that bankruptcy is not the end - it can be a new beginning.
Learn from your mistakes and use your experience to fuel your future success. Don’t be scared of bankruptcy, it’s not the end. Plan for the worst case scenario. Be aware of what you would do if bankruptcy happens to you.
If you’re an e-commerce entrepreneur or shopify seller check out our Million Dollar Month Assessment to find out if you’re ready for $1 million dollars a month in revenue in your e-commerce store!