Losing your job can be an incredible blow, and not just to your bank account. It can also make you second-guess yourself or lead you to question your career choices. There is a way, however, to turn lemons into lemonade.
If you’ve had a career setback, it might be time to consider starting your own business. There are plenty of ways to make money, and launching your own company that centers around your passions can put you in the driver’s seat. Here’s how.
Take stock
While experiencing a setback such as being laid off or furloughed, you may feel that you’ve taken a step back in your career. However, remember that you likely have built up a wealth of knowledge in your field, and have learned valuable skills that could translate to a new career or venture. Take inventory of the skills you’ve learned throughout your career, and consider what type of business might be right for you.
Benefits of starting your own business
Working for someone else can be a comfortable existence, but when you take the plunge into entrepreneurship, you’ll find far more freedom and flexibility than you’ve ever had. For one, you can follow new career paths that motivate and excite you, and you won’t be limited by boundaries set by employers.
The work-life balance is increasingly becoming more important, and by starting your own business, you’ll have the opportunity to set your own hours and take vacations when you want. Being your own boss means you can determine how much workload you want to take on each day and will allow you to explore your hobbies alongside your work if you wish.
Harness your passions
For many, a career setback can be difficult to maneuver. Whether you’ve been in your career for years or only recently changed paths, unemployment can be a major challenge. If this is the case for you, consider ways to explore your passions, and consider starting a business that allows you to work in a field you care deeply about. Consider these examples:
Teaching yoga
If you practice yoga regularly and want to deepen your personal experience, consider taking an online yoga teacher training to become certified. In this pandemic era, nearly all learning now happens online—yoga included. Once you’re certified, you can start developing your own classes for virtual teaching and launch a yoga business.
Dog walking
One great business option for animal lovers is dog walking. Becoming a dog walker is easy to do, and there are well-known apps out there to help you get started. Get to know dog owners in your area, and distribute flyers to advertise your services. Not only will you get quality time with animals, but you’ll also get an extra dose of exercise and will get to know your community better.
Investing in real estate
If you’re attracted to the housing market, consider investing in real estate. Because it’s a complex industry, it’s worth doing some research on the ins and outs. Buying a home or property is quite the process, and you’ll want to consider various aspects such as what it takes to get pre-approved or how to survey the available inventory in the neighborhood where you’re looking. As you follow this path, a reputable and savvy real estate agent will be able to help you navigate any rocky terrain and help you determine whether properties have the potential to increase in value quickly.
Obviously, the sky’s the limit when it comes to finding the right business niche. The trick is to find something that hits all the boxes on your checklist.
Becoming an entrepreneur
It’s also worth noting that when you’re thinking about how to become an entrepreneur, you’ll want to consider the following. Think about ways to finance your business, whether it’s applying for a small business loan or drawing from your personal savings. You’ll also need to jump through some administrative hoops to set up your business, including obtaining a business license, determining your business structure, and writing your business plan.
Career setbacks can be daunting, but they also present a great opportunity for something new. If the job market is slow, consider starting your own business to follow your passions and become your own boss. Whatever path you choose, there are plenty of ways to make money on your own.
About the Author
After spending most of his time in a corporate setting and neglecting his own self-care far too long, Brad embraced his calling and decided to become a full-time life coach. He now spends the rest of his life helping people get a better foothold on their wellness above all else through his site selfcaring.info.