Starting Your Own Business: How To Turn A Career Setback Into A Positive

— By Larry Mager (of ‘Ready Brain‘)

Suffering a career setback can be devastating; not only can it affect your ability to move on and focus on the task at hand, it might even make you rethink your entire career. You may be feeling a blow to your self-esteem or be worrying about what your next move will be, and that’s completely normal. However, it could be the best thing that could have happened.

Rethinking your career may seem like a huge leap into the unknown, but it could be the jumping off point for an entirely new phase in your life. No matter how old you are or what point you’re at in your career, the solution to your problems could lie in starting your own business. And while it takes a lot of planning and hard work, it might be the best way to gain your confidence back and take your life and career in a new, more fulfilling direction.

Read on to find out how to get started if you’re serious about working for yourself.

Think about what you love

Making a career out of something you’re passionate about could be as easy as turning one of your hobbies into a business. Think about what you’re good at and what you could offer your community; are you artistic or do you teach yoga on the side? Just remember — the business you choose must be something that you’re going to want to do even after a lot of hard work. Starting a business is never easy, and there will likely be a few setbacks, especially in the beginning. With a good plan, however, you can make the process as smooth as possible. You may even experience some healing along the way.

Think about finances

It’s best to start the process of building a new business while you still have a job. That may sound like a lot of work, and it will be, but it’s best to make sure you’ll have the financing to cover your bills and other needs while you’re preparing.

You’ll also need to think about financing for your business; will you need investors, or do you have startup cash? Most new businesses don’t make a profit for the first year — sometimes longer — so you need to be prepared to layout cash in the beginning. Consider saving on overhead by working from home, but be sure to set up a dedicated home office where you can work free of distractions. Or, if you prefer to work outside the home, consider co-working in a shared, community space.

Do some homework

Look around online and in your community to see what the need is for a business like yours. If there are competitors, take a look at how they do business and what their customer base is like. It’s imperative to get active on social media, not only to help your research along, but to assist you in building your business once you get up and running. Having access to millions of potential customers will ensure that you’ll be able to draw people in without having to do so much of the legwork.

Consider your options

Going into business for yourself doesn’t necessarily mean opening up a storefront to sell products or services; you can become self-employed and set your own hours while making quite a bit of money. For instance, real estate agents enjoy a lot of freedom and are able to work with people to make their dreams come true, a job that many different kinds of people can enjoy.

If you’d like to set up an online store and work at home from your computer, there are a number of products that have spiked in popularity over the years. In addition to selfie drones and wireless earphones, people have made a considerable amount of money selling beard oils, cat-eye sunglasses, women’s shoes, men’s backpacks, artificial flowers, throw pillows, and night vision cameras — and that’s just scratching the surface. The trick is to find a niche that’s neglected by other businesses and connect with people who want the product.

Starting a business — or becoming self-employed — comes with so many things to think about, not the least of which is how to become a success. However, with a good plan and some help from advisors and family to support you, making a bold career move might be the best thing to ever happen to you.

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