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If you spend long enough in the workforce, inevitably, you’ll eventually experience some bad professional luck. Whether you’ve recently been laid-off, passed up for a promotion, or simply found yourself hating your job, becoming your own boss by starting your own business can provide you with a fresh start and an environment built around your success.
Re-Entering the Professional World
Feelings of discouragement, depression and anger are all quite common when faced with unexpected career trouble. While processing your grief is an important part of moving on with your life, you must do so in a healthy way that facilitates your impending venture.
The time you spend dwelling on events you’re unable to change is time you cannot spend building your business.
While processing your mistakes and misfortunes, consider what skills or knowledge you have that will transfer well to business ownership, and allow those existing talents to steer you toward the field your company will operate in.
Do you have any creative special interests or hobbies? Perhaps you have an interest in healthcare, then a health-based business may be worth considering. This is the time to find out how others are monetizing those fixations and emulate them while adding your own spin.
Once you’ve dialed in the general idea of your project, you should start manufacturing a formal business plan. A solid business plan should include:
- What goods or services you provide
- How your staff is organized
- How much funding your business will require
- How soon investors can expect a return
Attracting Support
Your formal plan will also be used to obtain funding for your project, as about a third of startups begin with under $5,000. Financial institutions and investors are far more likely to invest in your idea if you can convince them that your idea is viable.
There may also be grants available from private companies and government agencies, so be sure to research your options.
While you’re at it, you should conduct or refer to market research for your territory. Figure out which demographics are most likely to demand your services as well as the best way to advertise to them.
If you have a local brick-and-mortar store, flyers and ads in the town newspaper are sufficient to get the word out. Online storefronts have a wide range of far-reaching albeit expensive advertising options.
Seeking Professional Help
You may find during this process that you’re still unable to move past your recent professional trouble and that unstructured grieving is not helping. In recent years, the stigma surrounding therapy has been mostly eliminated, so you can seek professional help without shame.
It’s a common misconception that therapy is only for people with mental illnesses, while the truth is that everyone can benefit from psychiatric guidance. Understanding what went wrong with your career and how to avoid similar problems in the future will allow you to overcome the regret that’s holding you back.
In addition to being more widely accepted, therapy is also more easily available now in the form of telemedicine.
Phone or video visits are an efficient way to check in with your therapist without having to rush out to an office in the middle of your day. Virtual visits are just as secure and private as physical meetings and tend to be far more flexible.
Conclusion:
Getting back into the game and starting your own business is a great way to move on from a rough patch in your career. Becoming your own boss and starting your business can help you start a whole new chapter of your life, and get you out of the 9-5 lifestyle. Understanding what went wrong will help you avoid similar situations going forward.
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