If you’ve recently lost your job or been denied the promotion you were expecting, why not take this career setback as an opportunity to start a new chapter in your life and launch your own business? You may have considered it before being laid off or passed up for that position, but the task just seemed too daunting. Here are some practical tips to get you started on your new career as an entrepreneur:
Think About Your Business Options
Do you have a particular talent you would like to share with others—and possibly profit from? What skills have you acquired during your career that can be parlayed into a new business? Make a list of your ideas, talents, and passions, and see which ones can be turned into a for-profit business opportunity.
What are your hobbies? Are you a trained dancer, musician, painter? You could start advertising your talents and recruit students, either virtually or in person. Are you good with numbers? Become a certified personal accountant. Many new businesses do not require a physical storefront or building, and the possibilities are endless as long as you have something of value to sell.
Will you hire employees or work with outside vendors? Will you need investors to get the business off the ground? All these questions will help you develop a solid business plan, the roadmap of your future success.
Set Up a Business Structure
Thanks to the Internet, you don’t have to leave your home to start your own business and reach many potential clients, but you still need to adhere to the rules and regulations in place in the state you live in. Forming an LLC is an excellent option when starting a small business. Along with tax benefits and asset protection, it’s easier to manage than some other structures. It’s important to note, however, that each state has its own rules for establishing an LLC. Make sure you understand your state’s requirements and consider hiring with an online service to handle the bulk of the work.
Invest in the Tools and Services You Need
The business world is now digitized. Even if you’re planning to work from your home office and already own the basics like a computer, a printer, and a telephone, you will need to invest in a website that will showcase your company and the products or services you offer. If you feel adventurous, you might even learn to design your own website!
Don’t forget to design an impactful logo that will represent your company for years to come. This is a relatively simple process that you can do yourself–without the help of a web designer, thanks to online logo maker tools. You will also need to invest in accounting software to keep track of your sales and expenses, generate invoices and purchase orders, and help you in filing taxes.
One of the most important factors in setting up your own business is deciding how you will manage paying your staff. When dealing with employees or independent contractors, you might want to hire the services of a payroll company or decide to invest in your own payroll software for a more hands-on approach.
A career setback may be a great opportunity to reinvent yourself as an entrepreneur and to turn your passion into a lucrative business. But it could turn into a real headache—and a lot of time and money wasted–if you fail to have a plan in place, or if you don’t invest in the right tools to help you be successful. Fortunately, staffing software companies and payroll and accounting software are readily available to help you out in your endeavor.
Additional Resource: Business Guide for Women Entrepreneurs