5 Tips for Starting Your Own Business After a Career Setback

By Sophie Letts, Meditation Help

If you’re currently processing a career setback, you may be wondering what your next move should be. Maybe you’re rethinking your field, and you’re slowly realizing that you would be happier working in a different industry. Perhaps you’ve been laid off or furloughed, and you’re beginning to look for new positions at similar companies. Or maybe you’ve always dreamed about being your own boss, and you finally have the perfect excuse to start the business you really want to run.

Starting your own business after a career setback can be the perfect way to get back on your feet and feel inspired again. HR for HR offers the following tips on how to come up with a fantastic business idea, learn the skills you need to become a successful entrepreneur, and effectively market your products and services.

Assess Your Skills

Before you decide on your path as an entrepreneur, you’ll want to think about where your strengths really lie. Success suggests asking yourself a few questions that will help you identify what you bring to the table, such as “What gives you the most joy?” or “What were your greatest successes?” You want to consider what you’re good at and which activities you’re most passionate about.

Brainstorm Business Ideas

Now, it’s time to start brainstorming ideas for your future business. If you enjoyed working in your previous field and want to continue using that expertise, you may want to open up a consulting business. If you have a creative streak, you could shift your focus to art, photography, graphic design, or another medium. And if you’d like to work within your community, think about offering services like dog walking, tutoring, or house cleaning. Once you’ve chosen the right business idea, you can also outline a preliminary budget based on your expected expenses and earnings.

Sharpen Your Business Knowledge

You may feel like you need to hone your business skills before you embark on this entrepreneurial journey. You could sign up for workshops with other entrepreneurs or reach out to business owners you know with specific questions.

If you’re interested in furthering your education, this could be the perfect time to enroll in an online MBA program. While studying for your MBA, you’ll learn about sales and marketing strategies, business management, and handling taxes as a business owner. You’ll also gain valuable skills that will help you become more self-aware, improve upon your leadership qualities, and evaluate your own strengths and weaknesses.

Start Small

You don’t need to dive right into running your business full-time. Instead, you can start small and grow your company sustainably. After all, it may take some time before your business can provide you with a livable income on its own.

You may want to work a consistent part-time job while building your business on the side. This will help you stay financially stable when your company is in its infancy, and you won’t have to make decisions out of financial desperation. Eventually, you’ll be able to focus completely on your business.

Marketing Efforts

In order to expand your business and find new customers, you’ll want to concentrate on marketing your products and services both online and in your own community. From registering with your local chamber of commerce for professional networking and outreach opportunities, to setting up a business website so customers can find you day or night, you should explore various avenues for advertising. Marketo also recommends developing a social media marketing strategy by researching engagement rates for competitive businesses in your industry and interacting with your audience on different platforms.

A career setback can result in a loss of confidence and feelings of low self-esteem. But it also presents the opportunity for you to take a new path. If you were feeling uninspired and unmotivated at your former job, this setback might actually turn out to be a blessing in disguise. When you start your own business, you’ll finally get to take charge of your professional life and revitalize your career.

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