Suffering a career setback can mean many different things. Maybe you weren’t selected for a big project, you didn’t get the promotion you’ve been expecting for a long time, or you got written up for a mistake you made.
Or, maybe you got hit with the most extreme form of setback — getting fired. No matter what kind of disappointment you’ve recently experienced at work, you’re likely feeling uncertain of yourself or your future.
The good news is that you can use the experience to your advantage by figuring out where your passion truly lies, setting goals for yourself, and starting your own business.
Here are some benefits and quick tips for getting a small business off the ground so that you can turn your career setback into an opportunity for something better.
Benefits of Running a Small Business
Being a business owner means you are your own boss, which means you have a lot more responsibility. From finding customers to budgeting to managing employees, there’s nothing easy about it.
However, being in control of your career can be the most fulfilling way to make a living. No longer will you have to constantly answer to someone else or get your ideas approved by a more powerful person before you try them out. You’re in control of your own destiny, and how hard you work will directly impact your success.
One of the best benefits, however, is the flexibility that comes with running your own business. You choose your work hours, and once you get your company up and running, you’ll have the freedom to be present for all the most important events in your life.
You won’t have to miss preschool graduations, sports games, or dance recitals. Perhaps more importantly, you won’t have to put off doctor visits and personal care for yourself. Of course, there’s no such thing as paid time off when you work for yourself.
As far as money goes, you may not always get a steady paycheck like you’re used to, but you don’t have a ceiling, either; you could end up making more money in the long run.
To keep your budget in check, focus on opportunities that require less in the way of an initial investment. If you plan on opening an online store, dropshipping is a great way to save money on startup costs like overhead and inventory.
And if you run the company from home, you won’t be paying to rent an office space. Dropshipping is low-risk, and since you don’t have to keep a physical inventory, you can order items as you sell them.
Spend some time researching all the things you can sell through dropshipping — including makeup, electronics, apparel, shoes, and pet supplies — as you decide what you want your store to sell.
Tips for Getting Started
Now that you know some of the benefits, let’s dive into a few tips for starting out. Regardless of the business, you choose, sticking to these strategies will help you reach your professional goals.
Prioritize your productivity.
Alongside the freedom that comes with running your own business, you have to make sure you stay productive, especially if you’re working from home. Start by establishing a solid work schedule, and don’t give in to the comforts of home too much.
Create a workspace that inspires creativity and productivity and prevents you from being distracted by family members and household tasks. Also, if you take on more household and family responsibilities, you’ll have to figure out how to balance those with your work.
Use your experience to your advantage.
If you’ve experienced a career setback and you keep moving forward, you’ll be more resilient than you’ve ever been before.
Along with the knowledge and skills you’ve acquired over the years, use that resiliency to your advantage as you take calculated risks, pursue partnerships, and create a business culture where you can be both happy and successful.
Find your niche.
Finally, no matter what kind of business you start, you’ll need to figure out your niche. When your company is new, it’s usually not good enough to say you will sell clothes for everyone.
The best way to build your customer base is by finding a specific group within your target market and offering them unique and excellent products/services.
It may not seem like it at the moment, but going through a career setback can end up being the start of something better. Consider the benefits of being your own boss, such as flexibility, earning potential, and low startup costs with methods like dropshipping.
If you decide to become an entrepreneur, remember to stay productive, use your experience to power your business practices, and find a niche market you can cater to. You may find that running your own business is the most satisfying stage in your career thus far.
Author: Julie Morris