Moving On From a Disastrous Business Venture

Most business projects never become profitable. If anything, the statistic that most small businesses are no longer in operation by their fifth anniversary presents an unrealistically rosy picture. Many business ventures do not even make it to their first day of opening for business. If your most recent entrepreneurship project was over before it started, take heart. At least your business venture did not go as badly as things went for the poor soul who wrote to Money Made about his ill-fated attempt at capitalism. To start out, the seeker of advice did not have much, but he had the two things one needs to avoid feeling alone in the world, namely a cuddly pet dog and a stable Internet connection. Therefore, he did what almost everyone of his generation would do and attempted to establish a social media career for his canine friend. He bought stylish outfits for the dog and expensive camera equipment to make the pooch look smashing, and it went about as well as you could probably guess that it did. Once his credit cards were maxed out, he came to his senses and asked Money Made what to do about his mountain of debt. If you are emerging from an unsuccessful business venture that used up your available credit without ever turning a profit, contact a Boca Raton debt lawyer.

Owning Up to Your Mistakes

The hardest part of moving on from an unsuccessful business venture is acknowledging that it did not work, especially if you had been bragging to all your friends about how rich your brilliant business idea was going to make you. If your friends and relatives gave you money for your business project, tell them the truth about what went wrong with it. If you are co-parenting with your ex-spouse, tell your ex the truth about why you need a downward modification of child support obligations.

Which Debts Can You Make Disappear?

The idea that you will spend years making small payments on your debts for years to come, while they continue to accrue interest, like Sisyphus rolling the proverbial boulder up the hill, is as unnerving as it is misleading. It is possible to make some of your debt balance disappear into thin air. You can file for bankruptcy protection or settle some of your debts directly with creditors. If you mobilize those puppy dog eyes one more time, the relative who floated you money for your business project might be willing to co-sign with you on a debt consolidation loan.

Surveying the New Normal

Another unpleasant part of moving on from a failed business project is admitting to yourself that the new normal will be leaner than the vision you had entertained while pursuing your business venture. Put on a smile and make it sound like dancing along to YouTube videos, punctuated by ads, is the most fun way you could possibly spend a Saturday night.

Work With a Debt Lawyer About Business Debts

A South Florida debt lawyer can help you strategize about repaying debts you incurred during an unsuccessful business venture.  Contact Nowack & Olson, PLLC in Boca Raton, Florida to discuss your case.

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