Make a Career Setback Your Launching Pad for a New Business
by Larry Mager
Getting fired is universally crushing to the psyche. Losing your professional identity, financial stability, and an overall sense of accomplishment can be devastating. Many of us find that our personal identity and professional identity are inextricably linked. Our “personal brand” is very much tied to our overall identity and feelings of self-worth and being fired can rattle how we perceive ourselves.
After a termination, re-orienting our personal brand as quickly as possible is the fastest route to a fresh start. Before taking the next professional step, one should consider turning a passion or hobby into a career, all the while considering what it takes to start a business if they decide it is the route for them.
Coping with Being Fired
The natural reaction to being unexpectedly terminated from a job is a cocktail of depression, anxiety, and isolation. A small dose of these feelings is unavoidable. However, as Psychology Today counsels, these feelings should be minimized to whatever extent possible. Negative emotions can be all-consuming, and they will prolong the time you spend being unproductive. Moving on to the next step in your career and life should be done as rapidly as possible.
Experts at Headspace confirm that job loss is similar to other types of loss in the way it triggers grief. As you grieve, it may help to establish a new routine, be honest with yourself about how you are feeling, and don’t hesitate to ask for help. Once you have been able to decompress a bit, it’s time to start plotting your next move.
Consider Your Hobby or Passion as a Career
Business Know-How provides a valuable checklist for deciding if your hobby or side-passion is suitable to a career. One pro is that a hobby is something you enjoy enough to do without or pay. The key lies in deciding whether there is a gap in the marketplace that your hobby can fill, making it worthy of a business.
Consider whether your love of painting, cooking, woodworking or remodeling could be turned into a business. Any hobby, if there is a demand in the local marketplace, harbors the potential for financial gain and massive personal fulfillment on a full-time basis. If you decide that a hobby or passion is suited to starting a business, you think about what it will take to make your dream a reality.
The First Steps in Starting a Business
The U.S. Small Business Administration is one of the foremost authorities on the topic of starting and maintaining a successful business. They advise that anyone looking to start a business conduct thorough research to see if indeed there is a need for that good or service within the relevant marketplace.
Consulting with business owners in the community or experts in the field will help guide you on the path to entrepreneurial success. Starting a business is not for the faint of heart, and a business is rarely successful if the owner tries to hack it on their own. Lean on whatever resources you can find, as it will be a long and arduous, but ultimately rewarding experience if you approach the task wisely.
The next step will be forming a business plan. This is perhaps one of the most time-staking, detail-oriented aspects of starting a business, and it is critical that you get this step right. It could be the key to making or breaking your business.
Then it’s time to get customers. Whether you’re providing a service, painting a mural, or bidding on a home improvement project, you’ll need to be able to verify your expertise in your chosen field. Additionally, most clients will want to meet you in person. They’ll ask questions similar to those you hear in job interviews. Prepare yourself by practicing your interview skills and drafting answers to common questions, like “Why should we hire you?” and “Why don’t you tell me about yourself?”
Something else to think about as you grow is the quality of the people you hire. You also have to pay close attention to whether or not you provide a healthy and productive work environment. Quality Resolution Systems, LLC can help you do just that. Their experts make sure that communication is on point, personnel morale is a priority, and that procedures and processes are followed.
Being fired from a job can elicit feelings of heartache, sadness, and anxiety-inducing uncertainty. This is an unavoidable fact. But the true test is how one responds to adversity. One response that can be professionally and personally liberating is the decision to turn a hobby or passion into a business. Being one’s, own boss is rewarding enough, and doing what you love while making money is possible. If you heed the advice of experts and prepare yourself to put in the necessary work, starting a business can be the ideal way to rebound personally and professionally.
It's time to make a decision! Check out our article provided by Larry Mager on turning your career setback into your launching pad for a new business. What's your next step?#mindpower#tranformativethinking#businessowner#growthzone#entrepreneurmotivation#corporateculture#minorityownedbusiness#comfortzone#businessoptimization#cityofdetroit#smallbusinessgrowth#limitlessthinking#detroit