Basic Advice for Starting a Business Out of a Career Setback

There are many ways that a career setback can impact your life. Obviously, there’s the financial aspect of it, and the loss of income can lead to various other problems—anxiety, stress, and fear chief among them. But losing a job, not getting a promotion, or suffering some other type of setback can also cause you to lose confidence in yourself and question every decision you’ve made in your career up to this point.

Sure, you could hit the job boards and try to find a new job like the one you had. Or, you could take this opportunity to start a new chapter in your life—one that could end up being the most fulfilling (and lucrative) path you can take: starting your own business. With your own business, you can make a living doing something you’re passionate about. And you can do it on your own terms.

Yes, it will be challenging. Yes, there’s a lot that goes into starting and running a successful business. But now could be the perfect opportunity to act on your dream. From brainstorming business ideas to working with CalkinsLaw Firm to formulating a business plan, here are some practical tips to consider as you set out on your own:

Think About Your Options

The first step to starting any kind of business is to go through your options in terms of business ideas. Consider any talents and passions you have, as well as any skills and knowledge you’ve acquired at this point in your career. Write down every business idea that crosses your mind, whether it’s becoming a freelancer, personal trainer, consultant, online seller, or anything else.

Look Into the Feasibility of Your Idea

Once you have your ideas down, you’ll need to figure out which ones hold the most potential for success. For example, if you’re thinking about opening a local clothing boutique, then research your local market and determine whether there’s a demand for the types of clothing you want to sell. Likewise, if you’d like to turn your woodworking hobby into a business, you might research the woodworking industry to figure out what the competition looks like and whether you can offer something special to your customers.

Work Out the Details

Other than the product or service you want to showcase through your business, you’ll also need to consider the logistics. Would you rather work from home, or do you dream of opening your own storefront downtown? Also, are you planning to operate as a solopreneur for awhile, hire a partner/employee, or build a team? Be sure to factor in these kinds of things before landing on a business idea.

Another part of getting organized will be to set up a business structure, which will determine how you pay taxes, whether or not your personal assets are protected, and much more. Along with tax advantages and asset protection, making your business an Ohio LLC will provide you with more flexibility and less paperwork than forming a corporation. Just make sure you understand the guidelines in your state before undergoing the LLC formation process. And don’t hesitate to reach out to CalkinsLaw Firm for assistance!

Draw Up a Business Plan

Once you get these previous steps out of the way, you’re ready to develop a business plan. Having a great business plan is essential for attracting investors and getting other kinds of funding. But it can also serve as a sort of map for your success for years to come. Your business plan should include every relevant detail about your business, such as the product/service you will sell, who your target market is, what kind of funding you will pursue, and your budget and projected income.

Though it’s disappointing at first, your career setback might just be the beginning of something better. By starting a business, you can do something you love every day and stay in charge of your own destiny. Along with implementing the tips listed here, be sure to keep researching the ins and outs of launching and running a business. Prepare as much as possible now, and it will go a long way in helping you succeed in the future.

Are you looking for top-notch business law services? Contact Calkins Law Firm today!

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