The Benefits of Starting a Business After a Career Setback

Author: Larry Mager

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If you’ve been laid off or your boss gave you a negative review, it’s not unusual to experience low self-esteem, frustration or sadness. You may not even know how to move forward after a career setback.
 
Sure, you can find another job. Maybe you’ll even find one that offers the same pay or benefits. But when some people suffer a career setback, they decide to start their own business. Read on to discover why starting a business venture may be one of the best decisions you ever make.
 
Why Starting Your Own Business is a Smart Move
 
When you start your own business, you’re the boss. You don’t have to worry about getting laid off or fired. No one’s ordering you to do mandatory overtime, and no supervisor is taking the credit for all your amazing ideas. Since you call the shots, you get to decide when you work and how long you do it. Even better, owning your own business may eventually lead to more time with family and friends. At first, you may put in long hours, but once your business gets off the ground, you may enjoy more down time. Some business owners even get to work from home.
 
When you’re a business owner, you decide how to guide your company and create your own company culture. As an entrepreneur, you experience each day as a new challenge. Whether hiring new employees, learning about taxes, marketing your company or designing a website for it, every day offers new experiences and opportunities. That means you’ll rarely ever be bored. You can’t always say the same when you’re working for someone else.
 
Another benefit of owning your business is the joy you experience building something from your dreams. You may even start a business that springs from a hobby or side job. Making a full-time living doing something you love makes owning a business even sweeter.
 
How to Get Started
 
You’ve decided to create your own business. Now, you just have to get started. First, think about what interests you and the fields where you have the most experience. If you’re an accountant, maybe you could start your own accounting firm. Do you enjoy baking? Maybe you could start a bakery. Are you a writer? Consider starting a content marketing company. If you like sales, maybe it’s time to consider a job in real estate. Many people love the freedom and flexibility that come with being a real estate agent.
 
No matter what you decide, find out how much it will cost to start your business venture. If you don’t have the funds in your savings account, you’ll need to find investors or score a small business loan to get started. Some organizations may even offer grants to people who are starting a new business. It’s also important to check out your competition by going online to view websites run by businesses like the one you want to run. A great business idea gives you a greater chance of receiving backing from investors, banks and grant organizations.
 
Also think about ways you can use the resources you already have to launch yourself on the path to success. Making the most of what you already have access to is a great way to save on startup costs. For example, working from a home office rather than renting office space is a huge money-saver. You will, however, want to invest in quality equipment to make sure every aspect of your venture runs smoothly and that you stay productive in a home office, so be sure to factor this variable into your startup budget.
 
Experiencing a career setback hits at your self-esteem, but that doesn’t mean you can’t move forward and achieve success. If you have a passion for something and have always dreamed of making it your career, consider creating your own business. While starting any new venture involves risks, there’s also the chance to experience a myriad of benefits when you take the leap and create your own business.