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Practical Tips for Starting a Business After a Career Setback

Whether it’s a job loss, furlough, or missed promotion, career setbacks are hard. Along with creating financial problems and uncertainty, they can impact your self-worth and leave you feeling unsure about your next steps. In fact, a career setback can cause you to re-evaluate your career path as a whole — and that can be a great thing.

If you’re unhappy and unfulfilled in your current career, your recent setback could be an opportunity to change course. If there is a particular industry or skill that you’re passionate about, for example, then you could turn it into a business. Not only will starting a business provide you with more control of your destiny but it can also help you develop a healthier work-life balance.

Of course, launching and managing a business is hard work. To reap the rewards of long-term success, it’s essential to approach it thoughtfully and prepare diligently. Lead2Goals has listed a few practical tips for how you can do just that:

Explore Your Options

The first step of starting a business is to determine what kind of business you’ll start. Assess your knowledge, skills, and interests, and research online to get some ideas for what types of businesses you could flourish in.

A lot of professionals are realizing the benefits of becoming a freelancer. You could do almost anything as a freelancer, including web design, software development, content writing, data entry, virtual assistance, and so much more.

You may also consider creating an eCommerce store where you sell products you’re passionate about. Or maybe you would like to do online consulting or teaching in your industry of expertise.

Come up With a Plan

Once you have a few ideas listed out, you’ll need to research the market and figure out which idea has the most potential to bring you a profit. Then, you’ll need to put your idea into a business plan that outlines your goals, strategies, and needs. Too many budding entrepreneurs neglect to make a business plan, but without a plan, you’re making your path to success much more difficult.

Create a document that contains any information relevant to your company, including your mission statement, core values, description of product or service, marketing strategies, financial projections, and funding requirements. This will serve as a road map for the next several years as well as help you secure funding from investors.

Research Tools Available

Technology has come a long way in recent years. Do your research to determine what tech tools can help you most. For instance, if you will be hiring employees for your new business, you need to start thinking now about how you can create an effective payroll system. Moreover, your accounting software should be flexible just like your consulting business.

It’s a good idea, therefore, to explore platforms like QuickBooks Online Advanced that offers all the accounting tools you need to streamline your workflows and even scale your business. Look for features like batch-processing for invoices and timesheets to save you time, a customizable dashboard to give you instant visibility on metrics that mean most to you, and integrations to other essential business software and platforms that you use.

Think About Professionals Who Can Help

Finally, as you prepare your new business, keep in mind that you don’t need to do everything alone. Actually, trying to do everything yourself can quickly backfire and reduce your chances of getting off to a strong start. There are many types of professionals who can help you start and grow your business.

For instance, Lead2Goals can provide you with coaching and training for leading an effective organization, freelance web designers and developers can help you create a top-notch website, and digital marketing professionals can help you build your brand through social media, email, and other online channels.

As disappointing as it can be to experience a career setback, it can also be a great opportunity to take a close look at your career and life and determine if it’s time to make a change. Starting a business can give you more control over your destiny and provide the freedom and flexibility necessary to foster a healthy work-life balance. Along with considering the tips above, keep researching strategies that you can implement to lay a stable foundation for a business that flourishes for the long term.

Would you like to learn more about our coaching, counseling, and training services? Explore Lead2Goals’ available courses and workshops today!

Jenna Sherman | Guest Author

Jenna Sherman is a mom of three (two girls and a boy). She hopes to help other parents acquire the skills they need to raise future leaders by providing a collection of valuable, up-to-date, authoritative resources. She created parent-leaders.com as an avenue for parents who want to make sure their children grow up to be strong, independent, successful adults.

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