Starting a Business Out of a Career Setback

Starting a business
Starting a business

There’s no getting around it: career setbacks are hard. Whether you were demoted, missed a promotion, or got laid off, it can be a disappointing (or devastating) experience. However, as difficult as it is to start over, a career setback can also be a door that leads to something better. For instance, by starting your own business, you can take control of your destiny, do something you love every day, work from home, and/or enjoy many of the other benefits that come with it.

With that said, getting a business off the ground and realizing long-term success is a lot of work. But if you plan and strategize well from the beginning, it doesn’t have to be overwhelming. Consider these tips if you’re thinking about starting a business after suffering a career setback:

Check Your Hobbies

The first thing to consider is if you have any hobbies that you would like to turn into a business. For this route to be worth taking, two primary elements are needed:

  1. You must have a passion for the hobby.
  2. You must be able to make money from it.

Whether it’s a hobby that you just do every other weekend or something you’re doing as a side gig to pad your income, you need to be passionate about it because that passion will carry you through the good times and bad. And some hobbies should stay just that—your hobby. If you can’t develop a business plan where you can make a living doing it, you will need to consider taking another route.

Check Your Side Hustles

If you have a side gig that you’ve been doing for some time, can you expand it? Similar to a hobby, turning your side hustle into a full-time business will require passion and a strategy for profit. The advantage here is that you already have experience in the craft and maybe even a small network of clients or customers. Nonetheless, converting a part-time job into a full-time is no simple task, so be ready to brainstorm and work tirelessly to build it. One way to find more work is to take advantage of online freelance staffing boards. These job boards have a large pool of individuals and businesses looking to hire freelancers in many different fields, including writing, web development, logo design, and IT.

Carve Out a Workspace

No matter what kind of business you start, you will need an adequate workspace. In most cases, setting up at home makes the most sense, at least in the early stages. Find a location in your home that will allow you to work productively, whether it’s in the garage, basement, spare bedroom, or hallway closet.

Along with outfitting the space with all the furnishings you need, make sure you have every piece of equipment necessary to fulfil your daily duties, whether it’s an office chair, desk, computer, set of headphones, or shop bench or anything else. And if you plan on working online and/or using tech, be sure to prioritize online safety, cybersecurity, and identity theft protection.

Decide Now to Learn and Adapt Later On

Finally, understand that you probably won’t get to the top of your field overnight. To be successful in any industry, at least long-term, requires you to work relentlessly at your craft. Before you even launch your business, make a promise to yourself that you will always look for ways to learn about your line of work and how you can be better. And since industries are changing each year, commit now to being adaptable down the road. To upgrade your business skills and increase your chances of success, check out some helpful business manuals from e-Training Manuals.

Starting a business, if you’re willing to work for it, you really can be the master of your destiny by turning your career setback into a business opportunity. Think of any hobbies or side gigs that you could make into a business, and create a workspace that facilitates productivity. Lastly, remain eager to learn and adapt to your journey.