From Setback to Start-Up: Tips for Opening Your Own Business

Few experiences are as upsetting and unsettling as a career setback. You work hard for years to build a career, and in a day, it can all come crashing down, leaving you aimless and lacking confidence. Fortunately, a career setback can provide a jumping off point for a positive life change. If you have a passion, a marketable skill, and clients who like your work, a job loss can be the basis for a brand new career as the owner of your own business.

Eyes on the Future

A career setback forces you to look forward and work harder, and that can have a very positive long-term effect. You’re fully motivated and concentrating your energy on a new opportunity. It can be exhilarating for someone who’s always had an interest in starting a business. It’s your chance to pursue a passion and devote all those long hours to serving your own ends. In other words, launching your own business puts you in control of your own destiny.

Independence

Starting your own business can also give you independence and the ability to lead a well-rounded life. When you work for someone else, it can be very difficult to get away for a kid’s soccer game or to take a “mental health day.” Being your own boss means setting your own work hours; suddenly, you have the flexibility you’ve always wanted.

The Right Website

The business landscape has shifted to the internet over the past several years. As such, a website is your company’s storefront, and it has to work flawlessly all the time. That’s why it’s essential to choose a hosting service that’s both affordable and dependable. Your website must be reliable, with no breaks in service and no frustrating slow-downs during the checkout process. Make sure your hosting service offers features that integrate well with your business needs.

InMotion, for instance, has plans starting as low as $6.39 a month and has established itself as a popular choice thanks to its wide range of hosting services. The variety of hosting solutions to choose from includes shared, VPS, dedicated servers, fully managed hosting, and WordPress hosting. If you need a virtual office, check out Davinci, which offers a broad spectrum of virtual services for businesses. Davinci provides everything necessary to keep a modern business operating efficiently and profitably. Hiring a live receptionist, for example, can provide your customers with the personal service they desire.

Starting a New Career

Of course, the dream scenario is to transform a hobby or side gig, something you really enjoy, into a brand new career. Your professional experience and business connections (meaning former customers, colleagues, etc.) are also important in getting your business off the ground. Finding a good business niche means finding something you love, but you also have to be ready to translate your business model into revenue. Ask other entrepreneurs how they got started so that you start out with a “roadmap” and an idea of what to expect.

Finding Funding

If you’re in need of start-up funding, you don’t automatically have to head for the nearest bank or lending institution. Check into the many small business grants available to entrepreneurs. FedEx, J.P. Morgan Chase, and the Wal-Mart Foundation provide economic stimulus for new business development by making grants to small start-ups every year. You can also try your luck with the Small Business Administration, which offers a wide array of small business grants.

A professional setback usually comes as a shock, but it doesn’t mean your career is over. It should be a new beginning, an opportunity to challenge yourself and turn a negative situation to your advantage. Investigate entrepreneurial opportunities that line up with your experience and interests, network with business contacts, and find the best business niche for you.

About Lawrence Mager

Larry taught high school history for years before being laid off due to budget cuts. He’s currently building his tutoring business and studying mental fitness techniques.