How to Overcome Financial Trouble After Losing Your Business to Addiction

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by Julie Morris

Losing a business to addiction can be an incredibly tough blow, especially for creative souls like musicians and artists. How do you regain your financial footing after such a setback? After first acknowledging the problem and accepting what went wrong, you can start taking steps to build financial stability and break free from addiction once and for all. With the right strategies and support, you can launch a new business and continue pursuing your passion. Join the Bucksport Bay Business Coalition as we explore a path toward recovery and financial stability together.

Reach Out for Help

Before you do anything else, seek help for your addiction and your financial struggles. Reach out to support groups, addiction counselors, and financial advisors who can help you get started down the right path. Seeking treatment in a rehab center can be incredibly valuable as you navigate the most difficult first few weeks of sobriety. If cost is an issue, consider these US rehab centers that offer payment plans or financial assistance. It’s also worth reviewing your health insurance plan to determine if substance use treatment is covered. When choosing a rehab center, inquire about what type of treatments are offered.

Start Fresh with a New Business

The best way to move forward after a significant business setback is to dust yourself off and get right back into it. This time around, you have a wealth of experience and knowledge that can increase your chances of success.

Creating a solid business plan is a great first step. NerdWallet notes that your business plan will act as a roadmap for your creative business, laying out all the steps you need to follow to reach your goals. Your business plan should include a description of your company, how you’re going to sell your products or services, financial projections, and what funding you need to get off the ground.

Establish a Budget

Next, you’ll need a plan to meet your financial obligations and pay down any existing debt. LendingTree explains that establishing a realistic budget is a good place to start. Review your spending over the past few months and see what you can cut to accommodate your current income. You may have to cut out discretionary spending and prioritize food, rent, and utilities for the time being. If you’re struggling with debt, see if you can negotiate with your lenders to reduce your interest rate or consolidate your debts into one, lower-rate loan.

Prioritize Your Recovery

While your financial situation may be your top concern right now, it’s crucial to prioritize your recovery. Think of your sobriety as the sturdy foundation on which to build a secure financial future. Whether you’re an artist, musician, dancer, or other creative, focusing on your sobriety ensures you’re in the best shape to tackle financial challenges. Try to balance your time between growing your new creative business and working on yourself. Make space in your schedule for exercise, healthy eating, and participating in other forms of self-care that make you feel your best.

The road to financial recovery following addiction is undeniably challenging, but far from impossible. The journey starts with acknowledging the problem, seeking help at a rehab center, and committing to recovery. By getting back on your feet and starting a new creative business, you can overcome this financial setback and find fulfillment in a fresh start!

The Bucksport Bay Business Coalition promotes the prosperity and quality of life in our area so that the citizens and business community will thrive. Contact us today to learn more! 207.478.9903

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