Suffering From a Career Setback? 7 Steps to Starting Your Own Business
By Jenna Sherman
Maybe it’s been years since you’ve received a raise or promotion, and you feel stuck at your current job. Or perhaps you’ve recently been laid off, and you’re wondering how to pull yourself out of a career rut. If you feel like you’ve been dealing with one career setback after another, it might be time to take the leap and launch your own business!
While time management and avoiding distractions is challenging when you’re self-employed, resources from Escapingthe.com can help you take control of your life and schedule. Here’s why starting a business can be the right move following a career setback - and exactly how you can start building your own company.
The Benefits of Entrepreneurship
How does a career setback actually prime you for entrepreneurship? Losing your job can illustrate the fact that traditional employment is not necessarily more secure than business ownership. Feeling unsatisfied while working for someone else might have taught you that you need more independence and autonomy in your professional life. And realizing that you haven’t been recognized or appreciated for your talents in the workplace may have shown you that you can’t rely on others for validation or support - instead, you need to have the courage to go your own way.
Brainstorming Business Ideas
You might have a good business idea already, but there’s also a chance that while you’re curious about entrepreneurship, you’re not quite sure what type of business you’d like to run. Ideally, you want to build a business that you’ll feel passionate about while turning a profit that allows you to support yourself comfortably. Fast Capital 360 states that bookkeeping, legal services, and real estate businesses can all be quite lucrative. Becoming a personal trainer, cleaning service provider, tutor, social media manager, or digital marketer can also give you high earning potential.
Outlining Your Business Plan
Picture your business plan as your roadmap for running your company. In this document, you can cover everything from the exact products and services you plan to offer to your ideal customer profile. Your final business plan should also include sections on budgeting, marketing, and your overall business structure.
If you plan to seek outside funding, producing a highly detailed and organized business plan will be a necessity. While you might be able to primarily cover your startup costs with your personal savings, you could also consider taking out a traditional bank loan or a Small Business Administration loan, applying for grants, or even looking towards investors for financial support.
Registration and Insurance
Now, it’s time to choose an official company name and register your business! Registration entails choosing the right business structure and filing the appropriate paperwork with your state. If you’re a new small business owner, Anderson Advisors recommends filing for Limited Liability Corporation (LLC) status - this versatile business entity allows for lots of flexibility and will keep your personal assets protected.
Before you start selling products or hiring your first employees, you will also need to apply for any relevant business licenses. In addition, you should find out whether or not you will need to take out a business insurance policy in order to operate.
Useful Tools and Apps
Today, small business owners can take advantage of countless tools to ensure that their companies run smoothly. For instance, you may want to invest in project management software for your team, a document cloud storage program, customer relationship management software, and a social media management application for marketing purposes.
In addition, avoiding excess screen time can be tough when you’re self-employed. If you’re concerned that you’ll waste time looking at social media or other websites during the workday, you may want to download a website blocking app.
Hiring and Onboarding Employees
Hiring your very first employee is exciting! But this is also a time-consuming process, especially if you do it right - after all, you want to carefully screen candidates to choose the right person for the position. In your job posting, you’ll need to accurately outline the skills and qualifications needed for the job. You’ll want to share the posting on websites or local bulletin boards where potential candidates will see it. Remember, the candidate you eventually hire might not fulfill every single requirement, so you’ll need to seek out someone who can be proactive about learning and asking the right questions.
Before onboarding your new hires, you’ll need to set up your time tracking and payroll system so that you can input their information into the software and distribute payments easily. In addition, when you’re managing a team, you’ll need to make sure that everyone is staying productive during the workday, especially if your employees will be working on the field or remotely. By choosing a platform that allows real-time updates from the field and GPS mapping, you have a bird’s eye view of the work being performed and easily assign and schedule tasks on the fly.
Marketing and Networking
How can you find your very first clients and customers? The answer is networking! You’ve built up a professional network after years in the workforce, and people you’ve interacted with in your previous jobs might be interested in your services.
Furthermore, you’ll need to launch your marketing strategy as early as possible. By marketing your business online, you can take advantage of lots of low-cost advertising options. This could include using popular social media platforms like Twitter, Facebook, and Instagram, starting an email marketing newsletter, improving your search engine rankings with targeted keywords, and regularly publishing a business blog on your company website to engage in content marketing.
Whether you were the victim of company downsizing or you’re simply feeling stagnant at your job, entrepreneurship might be a smart choice for you. Sometimes, a career setback can provide the wisdom you need to succeed as a business owner. If you’re ready to head down a new path, these tips can help you establish a bright future as an entrepreneur!
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