Why You Should Start Your Own Business After a Career Setback
Experiencing a professional blow like a bad performance review or getting fired is never fun. However, you can seize this opportunity to make a positive change.
No matter the wrong-doing of your company, you can finally be free. By becoming your own boss, your career will begin to flourish in ways you never expected (or maybe you did)!
Success Strivers provides valuable resources to help you get started. Discover how to become an entrepreneur after a setback
Prepare yourself mentally for the path to entrepreneurship
Before you start your own business, it’s important to work through the pain of your professional setback. Instances where you feel you were wrongfully terminated—for example, due to discrimination—can be especially difficult to process. Take the time to work through your feelings and grieve the loss. Then, focus on moving forward.
Recognize the silver lining of your loss: You’re free to pursue entrepreneurship. You can be an example for others like you; and show those who were born in different skin the realities of success for all.
Don’t underestimate the emotional recovery and it’s significance to your career success
You can at the same time, prepare yourself for the psychological hurdles of becoming a business owner, such as uncertainty and imposter syndrome. Determine how to tackle them. For instance, Success Strivers recommends adopting a growth mindset by stepping outside of your comfort zone.
You belong!! Create your circle to teach you so.
Consider what type of venture you want to pursue; and build your community
The key to long-term success in entrepreneurship is advanced planning. For example, you want to research products and services beforehand to determine market demand. Talk to those in your market to verify your hypothesis of their needs. Also, look for ways to minimize your overall risk. A home-based business is a great option, for example, because you spare the significant expense of commercial rent.
Not sure what kind of venture you want to start? Shopify offers a list of many low-cost and low-risk business ideas. Examples include starting a membership program, pet sitting, and e-commerce businesses.
Further, consider your personal skills.
What is you unique to you?
Your pain from your career counts! Hone it into grit to help others! Activism can help you feel you are making a right of a wrong. What talents do you already have that you can monetize?
Be sure you love whatever you pursue. Leveraging existing abilities and passions will improve the odds of success. The best part of entrepreneurship is the ability to make work feel like the dream life you’ve always wanted.
Put your entrepreneurship plan into action
Once you know what kind of business you want to start, it’s time to get organized. Begin by drafting a business plan. This is a comprehensive guidebook detailing how your business will be structured and run.
Your plan for your career should include but may not be limited to the following list:
- a description of your products and services
- a management overview,
- financial projections,
- marketing plan,
- more – only you really know what your business really needs!
- Be sure to seek out mentors in these areas to help review. Even if you think you know everything, you don’t know what you don’t know! That next million could be the next corner you turn!
Once your business plan is sketched out, it’s time to deeply consider financials.
Most businesses require some investment to start, even if they are low-cost. You might need to buy technology like computers, for example. Make a list of all your foreseeable overhead expenses to come up with a grand total of how much cash you will need. Track your spending and update new cash flow needs in real-time. This way you won’t forget something important at the end of the month. Many strivers keep a notepad on their phone of this.
It is not the only part but it does take money to make money in most careers.
To grow, you must at least consider raising money from outside sources
Once you know how much money you’ll need, you can look into funding options. Even if you have substantial savings, you probably don’t want to put them all into your business venture.
The U.S. Small Business Administration provides a guide to funding options, including venture capitalists, crowdfunding platforms, and government loans.
Angel investing is always an option too but be sure you understand that fundraising from angels are different than companies; notably you don’t want to let people invest too much of their hard earned savings.
To be most successful, you will invest more than anyone in your career
With your funding secured, you can start investing in your business. The goal is that you have built a team around you of “smart money” and advisors. Certain tools can help streamline operations and make your day-to-day life as an entrepreneur easier. Look into tools to enhance communication, collaboration, and productivity.
There are also task-specific technologies for things like marketing and accounting. Your support system will continuously help guide you here in new ways.
Re-evaluate your career choice each quarter
Finally, consider how you can gear up personally for business ownership. You might sharpen your business skills via an online degree, or strategic business groups, for example. Many universities offer programs in business management, leadership, and marketing, among other things.
School is not mandatory for success in each career. Gaining expertise from others can also ramp up your confidence, which is important after a career setback.
A career setback isn’t the end of the world.
In fact, it can free up your time and open new opportunities to pursue what you really love. Working with who you want, making the impact you deserve, on the world who can help you, if you let us.
Save and refer back to the guide above to get started. For more content to help you on your path to entrepreneurship, check out more of our Success Strivers blog. You’ll find content covering everything from practical tips to mindset hacks.
Ready to connect with an advisor? Contact Boracchia Wiviott Wealth Partners or our new non profit Imagine Equality Inc.
Happy Success Striving!