Laid Off? Start a Business

Being laid off from a job is never easy. Once the shock of unemployment has worn off, consider your next move. Many people see being laid off as an opportunity to do what they have always wanted. More likely than not, there is a market somewhere out there for your skill set that could lead you into a new career, where you will never be laid off, because you're the boss. Consider being a consultant of independent contractor in the field in which you previously worked.

Or, if you are tired of the industry you previously worked in, consider branching out in a completely different direction. Look into each job sector to ensure that you will have the highest chance of success with your new business before you begin. Most successful small businesses are service. Based, helping busy people complete tasks they would do themselves if they had them time. These include pet sitting, childcare, carpet cleaning, personal assistants and the like.

Benefits to Starting Your Own Business

One of the main reasons people look to start their own business is to be their own boss. If you work for yourself, you have freedom, independence, and personal satisfaction for your business’s growth and success. If you work from home, you will be able to save money on commuting and professional attire since you do not have to travel or dress up. How great would it be to walk from your bedroom to your office in your pajamas?

Challenges When Starting Your Own Business

When you start your business, you have to create your own support network. If your computer has a meltdown, you no longer have your previous company's tech person to count on. Building a support network and overcoming new challenges can be a benefit in and of itself, as it teaches you to react to new situations.

How to Choose the Right Idea

Begin by researching which job sectors are growing and which ones are struggling in the current economy. Even if you have experience in a certain area, do not assume that it is where you should begin your own business. Try to apply your current knowledge to a variety of sectors to figure out what type of type of business you are able to start. Franchises can be an option for those who like support from an already established company.

Make a Plan First

If you want your company to succeed, you are going to have to make a business plan. Hard work and homework are the foundations of new businesses, so make sure you lay out the objectives and anticipate the challenges that may arise. A business plan is also a helpful model to assess risks and opportunities before you put any financial commitment into the business. Have a financial plan in place as well, and research different funds and investment options.

Use Your Contacts to Your Advantage

If you are going into the same area of business of which you previously employed, your contacts from your former job could prove to be invaluable. If you let your clients know that you are branching out onto your own, you do not have to work as hard to obtain their trust and confidence. If you were close with the marketing manager at your old job, ask him about how to get your business noticed. Similarly, the accountant who you chatted up at lunch could provide important information about taxes for small businesses.

Rotovac helps small cleaning businesses to succeed every day by supplying to equipment they need to get the job done.