Instead, you could start your own business, offering products or services that you believe in. Finding a business venture that you are passionate about could be the start of a great new chapter in your professional life.
Be Aware of Your Unemployment Benefits
One way to make starting a business of your own more manageable after a career setback is to be aware of your unemployment benefits. Most people who lose their job qualify for unemployment and get paid a portion of their salary while finding a new job. For those looking to start a new business, unemployment benefits may make the difference between having the money to live while getting their ducks in a row and having to work a minimum-wage job to make ends meet.
However, if you do not qualify for unemployment benefits, you still can make money by doing some side work. For example, you may serve as a consultant, become an Uber driver or become a Tasker. These jobs will give you some income while allowing you to set your own hours and rates, which will enable you to take charge of your finances. These jobs also will give you flexibility and freedom to start your business because they are not traditional 9 am to 5 pm jobs.
Make a Wise Decision
Once you have some income, either from unemployment benefits or a temporary job, take some time to evaluate your options and give yourself a break. The trauma of being laid off can be a lot to handle, so it is a good idea to get away for a few days or have a ‘staycation.’ Allow yourself to decompress, process what has happened, and begin evaluating you want so that you can make a wise decision about starting your own business.
If you decide to start a business, you should choose a venture that has growth potential. Maybe it’s real estate, or maybe you want to open a coffee or wine shop. Perhaps you start a marketing company. Whatever it is you zero in on, just be sure it’s right for you, and has the possibility for expansion in the future.
Utilize Your Business Network
While in your former position, you most likely formed a network of colleagues and associates. Use this network to gain funding, support, a mentor or whatever else you need to start your own business. You may also be able to recruit talent, a co-founder or a partner from your network.
Of course, having a support system is critical when you make a major life change such as starting a business. You may need to rely on friends or family to boost your emergency fund if your cash flow falters. Starting a business is a stressful undertaking, and you need to be sure that you have support to pursue your dream and remain motivated when faced with unpredictable challenges.
Become an Entrepreneur
Once you understand that losing your job gives you freedom to pursue a career of your own making by being self-employed, you may realize that you were meant to be an entrepreneur. Whether we like to admit it or not, a setback often is an opportunity in disguise, and there is a great deal of truth to the idea that one door opens when another door closes.
Of course, being an entrepreneur is not easy, and you must find a way to deal with being out of your comfort zone and tackling trials head-on. The best thing you can do when you have a significant career setback is to take charge of your career. If this means starting your own business, you’re in for a great adventure!
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
