Experiencing an unexpected setback in your career can be devastating. You may need some time to process and recover, but it’s also never too soon to be thinking about your next move — which could be to take control of your career by starting your very own business!
Sounds exciting, right? Well, you may be feeling some apprehension, too, and you definitely have questions. Luckily, this guide is here to help answer them.
Wait, Should I Really Start a Business Right Now?
We know what you’re thinking: Start a business in this economy? Are you joking? But if you have an idea that involves direct-to-consumer products and/or services, you should know that these sorts of companies are indeed thriving.
Now, if you’re nervous about launching a full-scale business, you could also give your idea a go on the side. Side businesses are so much easier to start and can provide an added stream of income, even if you do decide to go back to work for another company full-time.
You’ve Got My Attention — What’s My Next Step?
It all starts with a plan. You don’t necessarily need a lengthy or detailed plan, but you can use a general template to begin organizing your thoughts. Writing out a plan will also give you a blueprint to show to potential investors and partners if needed.
One additional step is to decide which business entity to use. For most entrepreneurs, the best choice is an LLC, and you can file the paperwork by online means. This will save you the time, hassle, and cash needed to consult with an attorney. LLC and filing requirements can differ between states, though, so do check with yours before you make any final moves.
If you do need to pitch your brilliant new business idea to investors, partners or clients, Just Free Slide can help. With 300+ templates for your presentation platform of choice, you can easily build a creative presentation that will look like it was customized just for you. You can “wow” those investors and clients and lend serious credibility to your new startup.
My Confidence is a Bit Low These Days
Now you have the ideas and tools needed to come up with a plan. But you may have felt that all-too-familiar sense of self-doubt and fear as you’re thinking of starting your own business. Know that this is all completely normal. First of all, it’s normal to feel a sense of loss when you’ve experienced a career setback. In fact, you may need to work through the stages of grief.
That sounds dramatic, but any type of loss can make you feel down, anxious, angry, and even depressed. If you’ve been feeling these emotions, think about taking a step back and indulging in some extra self-care before you proceed. You should also squeeze in stress relief and self-care to your routine as you go through the steps needed to set up your new business venture.
Let’s Talk About Money
After you’ve had a few moments (or even days) to relax, decompress, and take a deep breath, you now have the focus needed to think about your budget. If you lost your job or business due to the pandemic and you haven’t looked into financial assistance programs, you should do so ASAP. Then you can stop stressing about personal finances and start your startup budget.
Right now, you need a boost of confidence. This is why starting a business could be such a fantastic idea. Not only will you be taking control of your professional life, but you’ll also be gaining some freedom in your personal world. So take some time to recover from your loss and then get your new adventure started!