After a Career Setback, You Can Still Start Your Own Business
If you’ve recently experienced a job loss or your business closed down, you might be wondering what’s next. Like so many during the pandemic, you may be looking for alternative streams of revenue or a professional pivot altogether. If you’re like most people, a career setback has you feeling like you’re down and out. But you have to keep looking to the future for opportunities. Perhaps you should consider starting your own business.
Entrepreneurship could be the best choice for you, regardless of your goals. So before you start thinking about the type of business you want, you need to think about the best course of action for success. Stokhaus Media weighs in.
Getting Started
Improving your business skills is the first thing you need to focus on. Many people feel a little rusty after a career loss, but this doesn’t mean that you shouldn’t be doing something to improve your business acumen. For example, you might consider applying for an MBA course.
This will help you communicate better, build upon your leadership skills, and become more self-aware. Such skills can give you the additional experience you need to succeed in your future business ventures.
What’s Your Endgame?
Be clear in your vision and create a sound business plan. To do this, think about what your endgame is. To get there, you must have a solid, direct plan in place. To help you with this, you might meet with a business advisor, mentor, or coach.
Moreover, the government offers free assistance and advice to eligible new business owners in many areas. Visit the Small Business Administration online to find out if you qualify. The SBA is a good resource for business loans, too, so you may look into that if you need help raising funding for your business.
Start Saving Now
In any business venture, you need operating capital to get off the ground and running. But if you’re like most budding startups, money is tight. As such, you need to consider ways to raise funding for your business creation.
Fortunately, the internet affords many possible opportunities to do just that. Sites like FundRazr allow you to seek funding from investors to back your business. There’s even a free version available, so you don’t have to worry about putting any money down to start.
Another potential solution is Indiegogo. To date, this platform has successfully raised over a billion dollars. This site has plenty of flexible options that are sure to benefit your business plan.
Create an LLC
This is a cost-effective option for many young entrepreneurs. And they often prefer this route because LLCs offer benefits like tax breaks, more flexibility, and less paperwork. What’s more, you can take your new LLC to another state to complement working remotely.
You should be aware that every state has its own rules and regulations about LLCs, though. So make sure to familiarize yourself with these first so that there aren’t any complications along the way. Also, keep in mind that lawyer fees for forming an LLC can be quite pricey.
Instead, consider an LLC formation company to do this for you. It’s more affordable, which is exactly what you need right now.
Avoid Your Past Mistakes to Move Forward
Being honest about yourself is a significant part of starting a business. It’s therefore important to ask yourself what the root cause of your career failure was. Think about what you can do to avoid similar issues with your new company.
If you lack any skills, don’t hesitate to pick up some schooling to expand your horizons. Just be sure to look for programs that offer competitive rates to help you save money.