How to Make the Leap Into Entrepreneurship After a Career Setback by Brad Krause

How to Make the Leap Into Entrepreneurship After a Career Setback

by Brad Krause

Wouldn’t it be nice if life always turned out according to plan? In reality, setbacks happen, and they often come from circumstances that are outside our control. The COVID-19 pandemic is one circumstance that has caused many career setbacks, especially through layoffs and hiring freezes. The good news is that difficult circumstances often lead to new opportunities, and we promise - opportunities are out there! This may actually be the perfect time to go from employee to entrepreneur.

Identify Potential Drawbacks

One mistake that new entrepreneurs often make is that they fail to identify potential drawbacks. Don’t look at drawbacks as negative. Instead, realize that identifying drawbacks gives you the opportunity to find ways around them. A perfect example is how the current pandemic may create additional hurdles to getting your business off the ground, but many companies are innovating as a response to the pandemic, and some even provide financial assistance to new startups.

With so many resources out there, just keep in mind that some will be a better fit for you than others. For example, if you’re looking for grant funding, we recommend going through an agency that has experience working with startups. That way, you can get helpful support and financial resources all rolled into one package.

Search for Ideas and Opportunities

Today’s small businesses can take many forms, from online only, to brick and mortar stores, to something in between. But one thing that any successful business has in common is that it starts with a bright idea. As Entrepreneur explains, the “idea phase” is really a matter of brainstorming. What are you good at? What do you love the most? What do you have to offer? Asking yourself these questions will help you zero in on the type of business you would be most successful at (and that you would find fulfilling).

In addition to considering your talents, Business Insider notes another good brainstorming activity is to think about a problem you could solve. Using your skills and talents to solve a problem is a smart strategy because you can be confident that if a problem exists, there’s a demand for your solution. This need could be tangible, like creating a website where you curate the best workout clothing for women, or more abstract, like starting a blog providing content people care about.

If you have the available funds, you could choose to invest in real estate. Before purchasing a home as an investment, you’ll need to decide if you’re going to rent it out or flip it after making repairs and upgrades. Keep in mind that while renting out your investment home can provide a steady income stream, you will have to handle (or hire someone to handle) maintenance and tenant issues. 

Explore Online Options

Brick-and-mortar businesses are far from dead, but if you plan on starting a business that relies on physical contact, you may need some special strategies during the pandemic. That’s one reason to explore online options right now, whether you decide to become a freelancer or even dive into e-commerce.

Starting an e-commerce business in particular is one of the easiest ways to jump into entrepreneurship. It also comes with less risk than other types of businesses, which can be comforting in a time that’s full of uncertainty. You may be surprised by how many different directions you can take, whether you’re interested in fashion, providing digital services, or you want to start a subscription box (just to name a few!).

The world of online business options is only limited by what you can imagine. Besides the many platforms you can choose from, the web can also be a tool for more traditional business avenues. For example, if you’re an artist or craftsperson, your business can be selling your craft online. If you’re an expert in your industry, you can provide services through online courses or as a consultant.

The truth is that many would-be entrepreneurs have these skills or interests, but they’re too afraid to take a risk. It’s ok to be scared! Maybe you even needed the nudge you’ve gotten from going through a career setback. The important thing is to start with the right idea, seek out the right resources, and don’t let fear hold you back!

About Brad Krause

After spending most of his time in a corporate setting and neglecting his own self-care far too long, Brad embraced his calling and decided to become a full-time life coach. He now spends the rest of his life helping people get a better foothold on their wellness above all else.

Brad Krause
brad@selfcaring.info
Writer/Owner
selfcaring.info/

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