Starting A Business After A Career Setback

You built a life around your career, but now there’s a problem. Maybe you were skipped when promotions were handed out, or maybe something went wrong and you took the blame. With the rise of a contract gig economy, you could even get fired for no reason other than to save the company money.

Any way you look at it, your career has hit a setback. But you can turn this setback into an opportunity by starting your own business. Not only is this the dream, it’s something you can do. It all begins with some brainstorming.

Getting Your Business Started

Entrepreneur.com explains that having a great idea isn’t enough. You need to brainstorm everything related to turning that idea into a reality. For example, who is the target market for your product or service? What could go wrong, and how will you react? Brainstorming answers and even questions about your new venture so you are prepared.

Once you have some things written down, you need to work out the logistics. This means listing everything that needs to happen in order to start your business — and how your will get those things done. Who will handle marketing or brand awareness? Who is making your product? Where is it going to be sold?

Paperwork Is Still Needed

As you start listing how tasks and projects will be accomplished, you are on your way to creating a business plan. It doesn’t have to be very long; even one page will work. It just needs to include five components:

1. A vision for how you know your venture will be successful.
2. A mission that explains why your business exists.
3. Objectives and goals that help you reach your mission and vision.
4. Strategies for achieving those objectives.
5. A simple action plan of tasks that support those strategies.

Entrepreneurship Options

Of course, you cannot file anything before you know exactly what your company will provide and sell. As with brainstorming above, you need concrete details about what you will sell. Thankfully, Small Business Trends details 25 different businesses you can start cheaply. Some of these include:

• Reselling used books online
• House painting
• Pet sitting
• Uber, Lyft, or another taxi service
• Tutoring or mentoring

One type of entrepreneurship coming back into popularity is being a real estate agent. As Redfin explains, you will need some training and a license. Then you can join a brokerage and be your own boss while helping people find the home of their dreams. Plus, selling homes can really pay off.

Turn A Setback Into A New Business

If you feel like your career has gotten off track, you don’t need to go back to school and start all over again. Instead, start your own business. Brainstorm some ideas, create a plan, and then file the right paperwork. In no time, you can be in charge of a brand-new career that you created.

Want to work in a space that provides you with the network and resources to get your business ideas off the ground? Book a tour today to find out more.

Author: Larry Mager from ReadyBrain.net