Starting and running a small business in Florida may have seemed like a dream come true, but entrepreneurs who are facing overwhelming financial obstacles may be wondering if it is time to give up. Even though many companies fail each year, not every entrepreneur sees a chapter 7 bankruptcy as the end of the line. Many have found that not only is it possible to recover on a personal level, it is also possible to start fresh in the business world.
According to Entrepreneur magazine, even the experience gained from running a company that ultimately closed can be used to start a new and successful business. This could be done either by beginning again in the same vein, or offering the lessons learned to others who need guidance to avoid similar pitfalls.
Nerd Wallet notes that for one house flipper, the crash of the housing market destroyed his ability to make money buying and selling real estate, and declaring chapter 7 bankruptcy damaged his credit. However, even though getting a traditional loan was not an option at first, he began flipping houses for owners rather than purchasing and selling the real estate himself with bank loans. During this time, he applied for and received a secured credit card, which he used and made payments on regularly to build his credit. This led to an auto loan, and then an unsecured line of credit, and even though his bankruptcy is still on his credit report, he has been able to restart his business.
A successful businesswoman who also fell prey to circumstances outside of her control used the same credit building methods after her business failed. Meanwhile, she has applied her expertise to helping other companies through authorship and consulting, and has been able to sustain her path as an entrepreneur.