Suffering a career setback is one of the most challenging experiences for any individual, especially if it’s a job in which they’ve worked hard to be successful. While starting from scratch is never easy, it can open doors to new opportunities, such as trying your hand at entrepreneurship and developing a successful business. Being a business owner allows you complete freedom over your earning potential and provides an avenue to pursue a career in what you’re passionate about. In this article, we explore the best ways to help individuals overcome a career setback and start their businesses.
Managing the Stress of a Setback
The initial days following your job loss will be the hardest. During this time, you may find yourself going through a range of emotions such as anger, disappointment, sadness, and more. It is important to remember that there is no right or wrong way to feel during this time, hence do not put undue pressure on yourself to feel a certain way.
Here are a few tips to help you get through this challenging phase and keep stress in check:
- Accept the Reality of the Situation: Even when you give all you have at your job, there are various factors beyond your control such as the economy, sudden policy changes, pandemics, etc. Instead of blaming yourself, try to view things objectively and accept the reality of the situation.
- Reach Out: Often individuals refrain from sharing news of a job loss as they may fear judgment from others, even loved ones. But, in reality, people who care for you will provide support and help cope with the situation. They may even direct you to new opportunities or provide guidance for future endeavors.
- Create a Optimistic Home Environment: Given that you’ll spend most of your time indoors it’s important to create a optimistic environment that keeps stress at bay. According to Bayut, this can include decluttering the space, adding houseplants, playing your favorite music, and spending time with loved ones. It can also include making music using the best loop station, your favorite old guitar or even a simple recorder.
Getting Started on Your Business
Once you regain the motivation to work, it’s time to get right into the nitty gritty of starting your business.
- Hone in on a Business Idea
Brainstorming business ideas will be the first step. A great way to find ideas is to select a niche such as gardening, e-commerce, marketing, etc., and conduct research regarding the ongoing trends and prominent brands. This will help you get a feel for the market and find underserved demographics for which you can create a product and build a business.
- Develop Required Skills
While each entrepreneur has their strong points, they are often a jack of all trades. They need to have sufficient business acumen to oversee all areas such as sales, marketing, customer service, product development, and more. Consider furthering your education or undertaking certification courses such as an LCME accreditation to open your own medical practice, or to develop the skills and expertise needed for your business. Online programs have more flexibility than in-person learning so you can still focus on running your business.
- Create a Business Plan
A business plan is the founding document of your company which includes all important information such as – details about your product, target customer demographics, financial requirements, short and long-term goals, details about the business structure, and more. A well-written plan will ensure your business meets its objectives, receives required funding, and can withstand challenges.
- Secure a Source of Funding for Your Business
Every business thrives on money, so securing funding becomes necessary. Bootstrapping is usually ideal if you can manage it, as you remain in charge of your operations and decisions and enjoy the profits. However, this option is not possible for some budding entrepreneurs. Traditional loans, angel investors, and venture capitalists can be great funding sources for brick-and-mortar enterprises. If you want to start an e-commerce store, this ecommerce seller financing will be beneficial.
Utilizing Professional Mental Health and Medical Resources
As reported by FeedDough, entrepreneurs are considered a high-risk group for developing mental health disorders. Primary reasons for this include the stress they need to manage daily related to company finances, long working hours, risk of failure, and more. If you feel that your mental health is deteriorating, it’s important to seek professional help.
Addressing your physical health is just as important as mental health. If you feel that you could benefit from a clinical study due to current health concerns, or should you appreciate the altruistic advantages of participating in a clinical research study, contact Hanid Audish, DO. Find out you can take charge of your health while helping others so you can get back to business.
By starting a business to overcome the hardship of losing a job, you’ll develop resilience and the mindset to take risks, two prominent traits which all successful entrepreneurs have. You can enhance your efforts by brainstorming ideas, earning a degree, and writing a business plan. But, if the stress becomes too much to handle, remember that your loved ones are always there to help, and seeking professional help is a good option to consider.