Tips for Starting Your Own Business After Losing Your Job

Experiencing a major career setback when you feel like everything is going well can be a particularly hard blow to accept. However, it is important to remember that these things can and will happen. When we get into the mindset that change is a certainty in life, we learn to accept these changes as just another hurdle to overcome. It is often at this point that we see possibilities that we couldn’t before. 

Take, for example, starting a business, which might have been a pipe dream before but now seems possible now that you are free to do as you please. Today, the Portland Chamber of Commerce shares some tips and resources to help you recover from your job loss and get started on the next chapter of your life.

Try to forget what lies behind you 

It's not always easy to move on from a painful situation, especially one concerning your livelihood. However, it is essential to work through your ordeal as best you can and then move on from it, leaving the past behind you where it rightfully belongs. One way to do so is by eating well and staying active, letting your home be an oasis against negativity and self-doubt.

What is your next step?

If you want to start a business but don't know where to begin, you need to do some thorough research so you can come up with a truly extraordinary business idea that no one else has. You could also land on an improvement to an existing product or service that no one has thought of before. A home business could be your best option if you're short on cash and you don't want to spend extra on rental expenses. Furthermore, you may be tentative about taking the leap, which is where you would want to invest in a low-risk business with a higher probability of success, such as drop-shipping, digital marketing, affiliate marketing, or freelancing.

Put a plan together 

Putting a business plan together will point you in the right direction. If you're unsure about drawing up a business plan, there are templates you can find online to help.

Although your marketing plan will be included in your business plan, it is important to make a special mention of how vital this is to achieving growth in the short and long term. While digital marketing tools are seen as the tools of the future, traditional marketing continues to work well in this day and age. 

Business cards, specifically, are a type of traditional marketing that offers a personalized touch in a world where many people prefer to remain contactless. If you are unsure how to design one, you can use a premade template found online where you just have to add in your business colors, your logo, and any other necessary information to have customers remember you.

Setting up your business and finding funding

You will also need to register your business accordingly. You might want to take your time with this step, as the final selection could have serious tax implications that you might not have been aware of before. The next step will be to acquire funding for your business. Fortunately, there are many resources to help you with this if money is tight. A wide variety of grants are also available that you could apply for to help get your business off the ground. 

Keep in mind that when you’re applying for funding, you’ll need to have important paperwork in order, like your business and marketing plans, your business bank account information, and your credit report. Have PDF versions of these documents ready to go so you can email and print them off as needed. If you’re working with a potential lender that only needs certain pieces of information, this tool can split a PDF so you can pick and choose which pages you send them. This prevents them from having to sort through large files trying to find the exact information they need, which could delay your approval for funding.

Starting a business when you feel low after losing a job might just be the best thing you ever do. Come up with a unique business idea, create a winning business plan, and stay organized to put yourself on the path to entrepreneurial success.