Starting Your Own Business after a Career Setback

Losing a job because of downsizing is all too common in the business world. Large companies buy other companies, and the layoffs begin. So what happens if you’re one of the unfortunate workers whose job is eliminated? Well, believe it or not, career setbacks can often lead to exciting new opportunities. Some downsized workers may end up finding jobs working for other companies, but this isn’t the only way to overcome a career setback. If you have the courage and drive, you can start your own business. Here is some information about starting a new business when you’ve lost your job.

Be Your Own Boss

Starting a new business may be the best decision you ever make. Despite the many obstacles you may encounter, the rewards you receive are well worth the hard work and sacrifice. If you own your own business, you are your own boss. You no longer have to punch a clock working for a company that may not fully appreciate all of your hard work. If you own your own company, you can immediately experience the satisfaction of working hard and seeing the results from your labor.

Making a Hobby Your Career

Owning your own business allows you to choose to do what you love. That hobby you’ve always wanted to pursue full time can become the focus of your business. Whether it’s copywriting, owning a clothing boutique, interior design, carpentry or anything in between, finding something you love to do might end up being the perfect small business.

Running Your New Business from Home

One advantage of starting your own company is the fact that you can run certain businesses from home. Technology enables us to hold phone conferences and communicate through text messages or online video calls with our clients. Graphic designers can create logos and designs from their own computers at home. Web developers, writers, accountants and other professional jobs that use technology are the perfect kinds of employment you can do as you sit at home in your pajamas.

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If you do decide to work from home, consider setting up a home office. In order to get work done — and get the home office tax credit — you’ll need a separate area dedicated to your work. Take time to plan out your space to minimize distractions and maximize productivity by investing in the right equipment and technology, as well as creating an inviting, comfortable workspace.

Flexible Hours

When you work for someone else, they dictate the hours and days you work. But when you’re the one calling the shots, you decide your work hours. When your business is brand new, you may find yourself putting in a lot of hours to ensure your business is a success. The bright side is that you’re working for yourself, and if you love what you’re doing, it won’t even feel like work. After all, if you are the only person working at your company, somebody has to dedicate enough hours to get the job done.

More Time with Family

When you want to go on a school field trip with your kids or take a day off to go out of town, you always need approval from your supervisor. That’s not the case when you own your business. Since you have some flexibility in regards to work hours, you don’t need to ask anyone’s permission for a few days off. You may even eventually be able to spend more time with family and friends, strengthening your relationships with the important people in your life.

Get Started

Before starting your new business, conduct research to see if you have a viable business idea. Search for funding. Talk with other business owners in other cities that own the type of business you want to create. Determine how much money you need to get off the ground. Apply for a small business loan through a local bank. Locate potential investors for your new venture.

Just because you’ve had a career setback doesn’t mean you can’t move forward. Creating your own business is an exciting way to start over. You earn money doing something you’re passionate about and working the hours you want to work. You may even have the opportunity to work from home. Combine these factors with the chance to spend more time with family, and you have the essential ingredients for a life that has more meaning and happiness.