Why and How to Turn Your Career Setback into a Business Opportunity
Guest Post by Naomi Johnson, Life Based Business
Suffering a career setback is never easy, and it’s sometimes devastating. However, it can also be an opportunity for something more fulfilling: starting your own business.
Sure, after getting laid off, failing to get a promotion, or getting demoted, starting something new might sound like a stretch, especially something where you shoulder all the responsibility. But there are many reasons to consider starting a business, and it doesn’t have to be an overwhelming experience if you prepare and strategize.
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WHY DO IT?
Perhaps the biggest benefit of starting a business out of a career setback is that it forces you to look forward. While it’s important to grieve amid disappointment, you can’t stay there forever. Rather than dwell in the past, starting something new helps you to focus your attention on what’s ahead.
Another benefit is that you can choose what kind of business to start. This means that you can take something you’re passionate about and turn it into your next career, whether it’s embroidering clothing, baking cakes, writing articles, or fixing people’s tax issues. Also, as One Step Outside points out, you’re in control of your own destiny, and you can enjoy the flexibility and independence that comes with that. Of course, this also means that you have many more responsibilities (and with higher stakes), but many find that it is a sufficient payoff.
HOW TO DO IT
If you decide that starting a business might be for you, here are a few quick tips to help get you started:
Evaluate your skills and interests.
First of all, consider any skills and interests you’ve acquired at this point in your work history. Even though you’re starting something new, there’s no reason to waste your experience, and it can at least prove useful if not focal in your future. Along with factoring in the skills you have when choosing what kind of business to start, it will also help you determine what you can get better at.
As with any new subject matter, one of the first things you need to do before launching your business is to hit the books. Read every business/leadership book you can find, seek advice from successful business owners that you know, and research online relentlessly.
If you want to take it a step further, consider going back to school. You can even study and earn a business degree online. Whether you earn a business degree online, you can choose a program in business management, management, and leadership, or marketing, getting a degree will help you build your business acumen.
Invest in good equipment.
No matter what kind of business you start, you will need to make sure you have good equipment. When funds are low, it may be tempting to go with whatever you can find for cheap. But that typically means that you’ll be replacing items sooner and spending more money in the long run than if you just start off with high-quality equipment.
What you require depends on your field and specialty, but chances are you’ll at least need some decent electronics and a robust internet connection so you can communicate with clients and colleagues. Kabbage suggests making a list of what you need, figuring out what you can outsource, sketching your layout where appropriate, and determining whether you can get by with gently-used equipment rather than all new.
Spend time honing your craft.
Mastering anything takes time. Even if you’re starting out in a field where you have experience, you can always improve. Work tirelessly to grow in your skills, learn from your mistakes, and allow yourself some grace along the way. As Neil Patel points out, in order to move forward, now is the time to make a list of things you don’t want to do again, check your ego at the door, and don’t be afraid to take new risks.
Even the hardest career setbacks can be turned into something good. Consider all the benefits of starting a business, and assess your skills and interests to determine what kind of business to start. Then, begin studying business, look into high-quality equipment, and remember to allow yourself time to master your craft. While there is much more to starting a business, implementing these tips will help you start on a solid foundation.
Need coworking space as you launch your new business? The Back Office Studio has office space geared toward your professional needs! Flexible membership options are available.