GUEST BLOG POST – LARRY MAGER
If you’ve recently experienced a career setback, you might be questioning both your path and professional capabilities. But the problem isn’t you—it might just be the environment you’re trying to succeed in. The good news is, you can look outside your current role for opportunities, or even make your own. Here’s how to start a business, even if your career is lagging.
Why Consider Business Ownership?
Managing a company isn’t for everyone. But as Entrepreneur highlights, starting your own company allows you to sell what and how you want, pursue your passion, and create your own schedule.
You’ll find that you have greater flexibility over both the creative process and your lifestyle than you ever would in a corporate environment. At the same time, business ownership can mean more family time, less stress, and a more fulfilling career.
And as of 2017, 36 percent of all businesses were women-owned—with the number continuing to increase. Whether you want out of a stressful career, want more time to spend with your partner or kids, or want to travel, a small business can help achieve those goals.
Harness and Highlight Your Motivation
The odds are high that it isn’t your lack of motivation that’s causing your career setback. But instead of pouring passion into getting ahead at the office, look at your goals and interests instead. After all, odds are you’ll perform better in an area you’re passionate about, says Forbes.
And, as most entrepreneurs eventually realize, there’s no point in investing in a company that’s not investing in you. If that’s the case in your work environment, then you’ll need to look elsewhere. The first step toward starting a successful business is finding something that motivates and excites you.
Divert Your Energy into Your Side Hustle
You may not be able to quit a job outright to start a business. Or, you might be out of work currently and are exploring other options.
Either way, putting more of your energy toward a side hustle can mean creative fulfillment and higher potential for a payoff. After all, many successful business owners started their companies as a side hustle to pass the time (and make extra cash).
Of course, passion isn’t the only thing you need to establish a successful company. You also need to research your market, target clients, and competition. Much of your initial working hours will be spent figuring out what type of business to start—and those may be some long hours.
Learn from Experts Who’ve Already Been There
Whatever stage you’re at in your career or small business development, someone else has been there before, which means there are plenty of online resources to help you get back into the world of business. You can find online guides on everything from growth hacking and SEO to branding and customer service.
But don’t forget about finances—which will be a significant part of your day-to-day decision making. To start a business, you’ll need to write a business plan, fund your company, choose a business structure and make sure you’re legal, plus manage licenses, business names, and bank accounts.
Give it Time to Take Off
While not every business venture is successful, it could take time to decide either way. First, you’ll want to calculate your return on investment to determine if it’s worth your time and effort to continue. Clearly, a business that’s costing you money isn’t an ideal gig.
But giving up a month or two in isn’t smart, either. As FreshBooks notes, most businesses take at least two to three years to become profitable. That means you should prepare for the long haul because your small business needs plenty of TLC to succeed.
Whatever type of business you hope to develop, you must have a clear action plan in place. Begin with the basics, and choose a direction for your journey that inspires you. From the big idea to big profits, you’ll need to work hard to achieve success outside the corporate world—but it’s totally doable anytime in your career.