How to Become Your Own Boss After a Career Setback




Photo By Energepic (Stock Snap)

Everything happens for a reason. Chances are you’ve heard this phrase numerous times over the span of your life. Unexpectedly losing your job or being passed over for a promotion may seem like an inconvenience, or it could be the rude awakening you needed to finally start that business you’ve always wanted. Starting a business will not be easy, but if it’s something that you’ve always dreamed of doing, then you owe it to yourself to try. Here are a few tips to help you get started on your journey to entrepreneurship!

Benefits of owning your own business

It takes courage to become an entrepreneur, and there are many risks associated with being a business owner. Friends and family may warn you about the debt you may incur, the amount of sleep you may sacrifice, and the huge responsibility of making sure everything runs smoothly. But for every reason not to start your own business, there are just as many reasons why you should! Starting your own business means you can finally do something you love — no more trudging into work like a robot doing what you have to do to survive. Now you can live your passion and have a career that doesn’t feel like work at all. You will also gain independence and have the flexibility to set your own schedule. As your own boss, you can always make sure you don’t miss the events and moments that matter most to you. It may take some time to begin enjoying these luxuries, because the beginning stages of starting a business will require a lot of time and hard work. But rest assured knowing that these great rewards await you as long as you stay the course!

Decide what you want to do

After making the decision to become a business owner, you have to decide what type of company you would like to start. Will you start a franchise with an already existing company? Will you run an online boutique? Or do you plan to start something completely one-of-a-kind? It would be wise to start something that you enjoy doing, because it is very difficult to be successful in a business that doesn’t interest you. Choose to start a business in an industry that you are familiar with to avoid unnecessary stress. If you love baking and making pastries, perhaps you’d enjoy starting a bakery or catering service. If you’re a teacher but want more flexibility in your schedule, starting your own tutoring service may be the right move for you. Stay true to what resonates with you instead of trying to learn a new skill or the workings of an unfamiliar industry.

Write a business plan

Failure to plan is a plan for failure. The most instrumental piece to your business is a well-written business plan. A business plan is a document that describes your business, the market it will be operating in, and objectives and strategies you will use to determine its success. In your plan, you will have the goals you would like to reach as your business grows, as well as financial projections that will allow you to estimate how much revenue you will generate. This document is a must-have when presenting your business idea to potential investors and financial institutions to borrow the capital you will need to get started. Keep in mind that a business plan is a living document that is subject to change as your business grows. Always keep it updated, and use it as a tool to measure the success of your business.

It’s been said that a setback is nothing but a setup for a comeback. Instead of wallowing in despair and filling out applications for another soul-sucking job, use this time to stand on your own! You will never know what you are capable of until you get out there and spread your wings!

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