Whether you’ve been laid off, demoted, or have failed to receive that promotion you’ve been expecting, a career setback is a difficult thing to go through. Not only can it threaten your self-worth, but it can also bring about financial stress and general uncertainty for the future.
During such times, it’s essential to reflect on your career and determine whether you have been fulfilled in your work. Many find that a career setback is the perfect opportunity to step into a new life chapter—one that provides more independence and satisfaction. For some, this means starting a new business, either in their current field or a different field altogether.
If you’re ready to turn your career setback into a new business, these quick tips can help you get started.
Don’t Ignore Your Emotions
Don’t make the mistake of avoiding your feelings after you’ve been disappointed in your career. Take time to grieve, especially if you’ve been laid off or fired. If necessary, allow yourself to go through the stages of grieving—denial, anger, bargaining, depression, and acceptance. Then, you will be ready to start thinking up some business ideas and moving forward with your life.
Remember Your Resources
Another important thing to consider is your resources. No matter how you left your job, you likely have a network of acquaintances, friends, and/or partners that has grown over time. Having people in your corner can help with anything from financial assistance to business advice to connecting with clients. At the very least, you have a set of skills and knowledge that can be used in your future endeavors. Take advantage of such resources, particularly when you are getting your business off the ground.
Along with using your network, research agencies and organizations that can provide you with financial assistance in the beginning stages of your business. For instance, the Small Business Administration (SBA) has taken several steps to help out business owners during the pandemic. Also, a lot of banks are making policy changes to accommodate customers during these difficult times. Furthermore, it’s a good idea to get in touch with companies who can assist you through grants.
Think About Your Ideas
Now for the fun part—brainstorming business ideas. Maybe you love your current field and simply want to go out on your own. But if not, consider doing something completely different. Think of any hobbies or interests that you are passionate about, and try to determine whether you could make money by doing it.
Organize Your Ideas
Once you have an idea of what you would like to do, it’s time to organize. This is where you research the market you’re considering to see what other successful companies are doing and to get a feel for the competition. Also, you will need to determine your specific goals, target your audience, and draw up a business plan.
Another factor to consider is financial management. Only around half of businesses survive the first five years, and lack of financial management is a big reason for that. Take advantage of all the tools available that can help you keep track of your finances, and consider hiring an advisor as well.
Start Moving Forward
While it’s important to plan and prepare well before launching your new business, at some point, you just have to get it going. Start selling your product and/or service to family members, friends, and acquaintances. Market yourself online, hand out brochures, and get your name out there as best you can. Getting some experience under your belt is the best way to learn.
If you would like to try your hand at a more fulfilling livelihood, consider starting a business after a career setback. Allow yourself to grieve first, then think about all the resources you have available that can help you in your new venture. Finally, brainstorm business ideas, get organized, and start your new business.
