Guest written by Larry Mager.
No matter what the reason for your career setback, it’s a stressful — and often scary — experience. But did you know that it can also be an opportunity for you to start something better? Yes, you could look for another job in the same field working for another company. But you could also take this chance to pursue a more daring and satisfying venture: starting your own business.
Consider whether you have a passion or interest in anything that you believe could be turned into a business. While it will surely come with challenges, owning a business can be the most rewarding occupation you will ever find. If you’re open to this idea, read on for some tips on how to get started.
Know the benefits
There are numerous benefits to starting a business. First of all, you will be your own boss, which means that, while you will have more responsibilities than you would if you were an employee, you will also have more freedom and flexibility. Also, if you have a passion — whether it’s teaching dance, building birdhouses, or financial consulting, you can make money doing what you love every day.
Another advantage of owning your own business is that you can start out working from home. That way, you don’t have to worry about buying or renting a space, and since you won’t have to commute to work, it will save you valuable time in your daily routine. And depending on your field and lifestyle, you might be able to continue running your business from home indefinitely.
Assess your business idea
In order to reap the benefits, it’s essential to evaluate your business idea. Do you have something you’re passionate about? Getting a business started can be overwhelming, even if you love the work you do. So, if you’re not really passionate about what you’re doing, it makes it next to impossible to make it through the first few years, much less realize long-term success.
Along with passion, you need to make sure your business idea can actually make money. Discuss your idea with a qualified advisor, connect with a network of other entrepreneurs, and come up with a solid business plan.
Assemble the team
Your funds will likely be limited when you start out, but you also don’t want to try to do everything yourself. Think of any tasks that you’re not trained in or naturally good at, and consider hiring freelancers to handle them. This will end up saving you lots of time and energy. And these days, it’s easy to hire freelancers who can work remotely.
For example, you can hire a freelance content writer to help write blog posts, press releases, and marketing copy. You can have a virtual assistant take over menial day-to-day tasks like returning phone calls and billing clients/customers. You can even hire engineers to help bring your vision to life. The possibilities are endless when it comes to the freelance market.
Set yourself up for productivity
Lastly, your business will only be successful if you position yourself to stay productive. Create an inspiring workspace that allows you to focus. Establish a morning routine and steady work hours just as you would if you were working in an office building. Discuss the importance of your work with your family, and make sure everyone has a clear understanding of your boundaries. And be sure to take effective breaks that can help you stay sharp throughout the workday.
Consider the benefits of starting and running a business, and evaluate your ideas to see if it could be the right path for you. Also, hire freelancers for time-consuming tasks and take any necessary steps to stay productive on a daily basis. Experiencing a career setback is hard, but it can be an opportunity for something much more fulfilling.
Larry Mager previously taught high school history in Dallas before being laid off due to budget cuts. He is now a mental fitness expert researching how brain exercises can help reduce the risk of Alzheimer’s Disease. He created Ready Brain to help give people the mental workout they need to have a healthy brain.