It’s easy to get down in the dumps when your career has hiccuped. But even the most devastating professional career setback can be viewed as an opportunity to make a change for the better. With the right mindset, it can be an open door into the world of entrepreneurship.
Whether you’ve been fired, passed over for promotion, laid-off, or have a position that has been conveniently nixed from your company’s workplace hierarchy, you can rebound. The Harvard Business Review explains that your first step toward moving forward is to identify new paths. You might have exceptional analytical skills and can use your talents as a consultant. Instead of looking at job loss as a defeat, re-frame it as an opportunity to evaluate your wants and needs. You may find that you are truly the only person who can fill them.
Reasons To Start Your Own Business
In addition to filling your own personal desires, there are a number of practical reasons to open your own small business. When you work for yourself, you have the opportunity to participate in life in ways you never could when you are obligated to somebody else’s clock. You can vacation when you want, work the hours that are best for you and remain in control of your own ideas. More importantly, you never know what the world has in store and you will never fully recover from a professional setback until you’ve moved on.
You Already Have The Skills
While starting your own business may seem like a daunting task, chances are, you already have most of the skills necessary to be an effective entrepreneur. These include the ability to research, plan, structure and market your business. Every industry has a demand and as a former employee, you are likely somewhat aware of the demands for your particular skill sets or a product or service with which you are familiar. The Small Business Administration explains that in addition to demand, you’ll also need to understand market size and saturation as well as your potential consumer demographic. You’ll need to know where potential clients live and how much they’re willing to pay. You’ve spent an entire career honing these skills for someone else, so don’t be afraid to use everything you’ve learned to benefit you and your family.
How To Begin
Once you have identified your market, you can get to work with marketing, funding your business and refining your services. Much of the marketing legwork can be done online, but you may also wish to look into local opportunities, such as events and fairs related to your industry.
And since starting a business costs money, you’ll need to know how you plan to fund your business. Consider things such as how much money it will cost to purchase products or equipment and for marketing, whether or not you need cash to support your family while your business grows. Take time to read this comprehensive guide from Fundera on the different types of business loans available. And keep in mind that interest on a business loan is tax deductible.
No matter your industry or experience level, there is likely something that you’re passionate about that you can use to your advantage when your career trajectory takes an unexpected turn. Being an entrepreneur is an exceptional way to showcase your skills and talents while taking control of your financial future. It’s intimidating, but almost every large business started as a dream and has grown out of the passions of another.
And that’s how a career setback can be turned into an opportunity.