This post was been updated on July 11, 2021, to ensure it is still relevant and accurate!
Thousands of entrepreneurs will open businesses this year, and many will shut down their businesses before the year’s end. If you’ve exhausted all your options and decided to close your business, these are the steps you need to take on social media.
Virtually everyone can relate to a time in their life when they faced a tough decision. By being transparent with your clients about your plans, you are more likely to earn their respect. They will value your honesty and the hard work you put in to keep the lights on for so long. Speaking directly about the choice can also squash any potential rumors. We recommend a concise post like, “This fantastic journey wouldn’t have been possible without you! However, after sincere thought and consideration, we’ve decided to set our sights on new goals and are closing the business.” If you plan to sell your remaining inventory before you close up shop, let people know about the liquidation sale at least two weeks before you officially close. This period will give customers ample time to purchase what’s left.
Thank Your Customers
Remember why you opened your business in the first place – to help customers! It’s important to thank your clients for all of their support because your business dreams would not have come true without them. Showing your appreciation is a simple way to keep the closure positive by reflecting on all the good your business accomplished.
Leave Channels Active
Even though you won’t be posting regularly on your social media channels anymore, we still recommend leaving them active; you never know when an investor may come along and want to help you reopen your business! Your established fan base could one day come in handy if you decide to open a similar business because you already have customers who like your work. Your social media channels can also serve as a hub for former customers to ask you questions about the products they once purchased. If you do plan to leave your page open for inquiries, commit to checking it at least once a week and responding to any messages.
Do you need to start marketing your company on social media, but aren’t sure how to get started? Or maybe you’ve been posting content, but can’t seem to get the results you want.
CLICK HERE to take a look at our 55-Point Digital Marketing Checklist!