Use a Career Setback to Start Your Own Business

By March 24, 2017May 3rd, 2018Uncategorized, Small Biz

Guest blog post by Jason Lewis, Strongwell

Setbacks can be devastating. One day, all is well in your world, then out of nowhere, you get hit with a layoff or passed over on a promotion that you felt you really deserved.

While the initial blow will sting, why not consider this setback as a reason to pursue your own business?

Instead of filling out applications for another mundane job, why don’t you put your efforts into starting something you can be proud of? Starting a business is hard work, but the rewards are life-changing. Here are a few tips to help you begin your journey into entrepreneurship.

Do Your Research

When starting a business, it’s important to do something that you enjoy. Running a business that you have little to no interest in will be difficult to make a success.

Choose something that you are passionate about and preferably skilled in. If you are passionate about fashion and trends, perhaps you may want to start a small clothing boutique. If you love cleaning and organizing, you may enjoy running your own housekeeping service.

Whatever you decide, you must do the proper research to ensure that there is a market for what you plan to offer. For a business to be successful, it must either fulfill a need, offer a solution to a problem, or offer something that the market wants. As you explore your options, ask yourself if there is a need for your anticipated services. If so, who needs it? Are there other companies offering similar services? If so, what sets your business apart from your competitors?

Having the answers to these questions will let you know if your business idea has potential, or if you need to go back to the drawing board.

Write a Business Plan

A well-written business plan is the backbone of your business. A business plan is a document that outlines a business’s future objectives and strategies for achieving them. If you will need startup capital for your business, a business plan will answer the questions of potential investors.

Your plan should have a detailed financial forecast that projects all of the expenses of your business and how much revenue you expect to generate. Investors want to see exactly where their money is going and how you plan on paying back what you borrowed. You can find this information by studying the market and using what you find to create estimates of what to expect with your business.

Your business plan should also describe your target market, and your plans on how to market and advertise to them. When done correctly, a business plan connects the dots so that you can objectively see the bigger picture. You will be able to monitor the growth of your business and determine if any changes need to be made.

Get Mentally Prepared

Owning a business requires a lot of hard work and time. Because this is a new area for you, you will need to develop tough skin and a relentless attitude. Remember you may hear several nos before you get one yes.

Friends and family may call you crazy for attempting to venture out on your own and leave the security of a bi-weekly paycheck. They may try to talk you out of it, but you must persist. If owning a business is something you really want to do, let nothing stand in your way or distract you from the end result.

Once you condition yourself to dealing with the objections of others, everything will roll off of your back. In the long run, owning a business will provide you many benefits, such as the freedom and flexibility to live life on your own terms. You will never know what true success is until you get out there and make your dream a reality!

Learn more about starting and growing your business during Loudoun Small Business Week, May 15-21. Get the app here.

Jason Lewis is a personal trainer and caregiver to his elderly mom. He enjoys sharing his fitness knowledge on his website Strongwell.org.

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