Failure is a good thing if you’re the type to pick yourself back up and give your goals another go.
We learn many great things from our success but the things we learn from failure often have greater value because if we can learn from the mistakes then we align ourselves to accomplish great feats.
Without a doubt – you have a handful of failed projects under your belt.
Some of them fizzled before taking off while some crashed spectacularly after a great amount of effort. Each of these projects, no matter the size, still left us with a burn. It also happened to leave us with an itch to try something new!
The great thing is that all that work you’ve placed into failed projects haven’t gone to waste.
Need a few ideas?
1. Rebrand and relaunch
I can’t tell you how many times I’ve had a great idea, began working on a project, but lost interest only to see someone else come out with almost the exact same idea years later and making a killing off it.
Sometimes we create things too soon for the marketplace. The consumers just aren’t ready for it.
Never throw away any of those documents and resources you’ve accumulated from the project. Make them work for you, again, by thinking of a new brand and way to reenter the marketplace.
- It may have originally failed because you targeted the wrong group
- Or maybe that group has now matured enough to appreciate your offer
- Perhaps there is enough competition, now, that it creates excitement in the marketplace
There are so many little factors in play when you’re launching a project that can catch you off guard and send the project spiraling toward failure. Just pass it off, for now, come back in some time, and you may have found yourself a viable project from the scraps of your past work.
2. Hand it to an apprentice(s)
Perhaps you had a handful of people around your project that was truly passionate and were sad to see it fail. It’s these types of individuals that can pick up the flame and keep the project running.
You are allowing your community to take your original ideas and running wild with them. This, sometimes, can help bring the project back into the light.
The neat benefits of doing this are:
- You can help out an inexperienced individual learn the ropes of the industry
- You can still be part of the project (like a consultant) and watch your project grow
- You could learn a thing or two about your failures by seeing the work done by others
3. Sell the good stuff
What if you were to have placed hundreds of hours creating in-depth content for one of your projects but then it never really hit its full stride due to competition or not having the funds to grow the work through advertising or marketing efforts?
That content you created is yours, it’s still viable, and it can have a price tag.
- Condensing the best work and reselling it as an information product
- Taking down the content and selling it to a competitor
- Turning the work into optimized videos for YouTube (for easy passive income)
If you’ve done the work then found out the project wasn’t going anywhere that doesn’t mean the content needs to die with the project. Give it some new life by placing monetary value on it and see who’s willing to purchase that in-depth information.
4. Use it as a talking point
Who would you rather trust?
- Someone that had become successful seemingly overnight?
- Someone you’ve seen around, tried hard, lost some, but ultimately triumphed?
We, consumers, are skeptical so if someone walked up to us saying they’re a millionaire from having done “one simple trick” we’d probably laugh and walk away. It’s hard to trust someone that hasn’t shown some form of struggle in their work because we all have to.
Now, on the other hand, if someone were to sit you down, talk about some of their past business failures and triumphs, you would be at ease because they not only show you the documented process (even if it failed) but you know they are not at their success from learning from mistakes.
Basically: write off the failure as a talking point to potential customers and clients.
It will add legitimacy to your work and efforts. It will help build trust and rapport.
Don’t ever feel like you’ve failed just because a project didn’t meet your expectations. There are always wonderful things you can learn when picking yourself back up and giving it another go. Plus, there are always a few opportunities to make use of the scraps from these projects (so at least you’ve got that going for you).