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Why You Should Consider Starting Your Own Business After A Career Setback

Experiencing a career setback can be devastating, especially if you’ve worked for years to get to where you are. You may feel devalued or unsure of what the future holds next, and it can really throw you off balance. Depending on the setback, you might even begin to suffer from depression, anxiety, or low self-esteem, which can affect your ability to move forward or consider looking for a different job.

For many Americans, career setbacks are simply an opportunity to show the world what they can do. It may be the perfect time to consider starting your own business. It’s hard work, and it will involve its fair share of stress, but putting your mind and heart into something you really want to do and pushing to make it a success can help give you strength you never even knew you had.

Below are just a few reasons why you should consider starting your own business after a career setback.

You can be your own boss

Never again will you have to answer to someone else. Being your own boss does come with a lot more responsibility, but it’s worth it for many people after years of working their way up the ladder only to fall just short. With your own business, you call the shots, you do the hiring, and you decide how to proceed with any new idea. It’s a powerful feeling that can help you regain your self-esteem and really see your own value.

Work from home

The idea of setting your own schedule probably sounds pretty appealing, and while it can be just as difficult as working for a company in some ways, it is pretty liberating. Making your own hours and working from the comfort of your home will allow you to multitask, a huge benefit if you have kids or a lot going on in your personal life. You’ll need to be focused and committed, however, in order to make your business a success. Home offers lots of distractions, especially when you’re tired. Staying motivated is the name of the game.

Get in on the ground floor

Starting your own business will allow you to get in on the ground floor with ideas that are booming at the moment, such as cell phone cases, purses, and drawstring bags. These are huge right now because, let’s face it, who doesn’t have a cell phone these days? Many people carry their laptops and other devices with them everywhere they go, which necessitates protective gear. Find the right way to market your product and you could have a new business ripe for success on your hands.

Do something you love

It’s safe to say that one of the American dreams is to have a job doing something you really enjoy. Many people might be happy with their careers, but few can say that they really love what they do. That’s where starting your own business is different. You can actually take a hobby or skill and turn it into a way to make a living, giving yourself the opportunity to do something you love everyday.

Next steps

If you already have an idea on the business you’d like to start, you’re well ahead of many others. If you don’t, not to worry: you may find the inspiration you’re looking for in this list of business ideas from Oberlo. Once that’s decided, you’ll need to develop a good business plan, secure some startup money, create an idea on how to market your services or goods, and cultivate the motivation to see it through even when times get tough. However, once you have an idea of what you want to do, there’s nothing stopping you from making it a success. Look for support from your friends and family and do some research on similar businesses to get an idea of what you’ll be up against. With a good plan, you can create a business that works for you.

Larry Mager is the author and creator of readybrain.net

Photo via Pixabay by Rawpixel

Categories: Professional Development.

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