Out of Work? Turn Job Loss Into Opportunity With These Businesss Tips
Are you feeling discouraged after getting laid off from your job? Losing a job is never easy, but it doesn’t have to be the end. Instead of letting job loss get you down, embrace the opportunity to do something different! With ample time on your hands, there’s never been a better moment to pursue the business idea floating around in the back of your mind. Igniting Human Potential offers these steps that can finally turn your great idea into a reality.
Decide what type of business you’ll start
Will your business be home-based or brick-and-mortar? Will you sell a tangible product or make your money offering services? Will you have employees or be a solopreneur?
These are the basic questions you need to answer as you start dreaming up your business idea. Consider the amount of capital you have to spend on a business venture as well as your personality type. You’ll also need to consider whether your business will be more focused on indoors or outdoors; if you’re an active person, sitting inside an office all day may conflict with your personality. So, if you’d rather be out and about, explore some ideas that take this into consideration.
You should also decide if you’ll start a business in your field or use this opportunity to pivot your career. If switching industries, assess your transferable skills and identify knowledge gaps. Then, close those gaps by searching for a business partner or investing in education; Microsoft recommends checking with former coworkers, past clients and business brokers for prospects.
Learn the ins and outs of business ownership
Whether you’re switching fields or not, there’s a lot to learn about running a business. Small business owners wear many hats, especially in the early stages when funds are tight. You may be the accountant, the office administrator, the HR pro, and the lead salesperson all in a single day.
Luckily, there are lots of great resources for learning business skills. Free and low-cost online courses are a good choice if you’re familiar with business fundamentals and just need to brush up. However, those who are new to entrepreneurship benefit from a degree in business management, leadership, or a related field. With an online business degree, you can avoid many of the mistakes that Freshbooks says cause new businesses to fail, like mispricing issues and poor cash flow.
Conduct market research
Online courses and degrees teach the big picture of business ownership, but how well do you know your field? Running a successful business relies not only on your expertise, but also on market demand, competition, and production costs.
Market research is an essential component of any business plan. Without it, you’re liable to sink money into a business idea that lacks viability. In fact, 42% of startups fail because of a lack of demand for their product or service. The time you spend on surveys, focus groups, competitor analysis, and other market research will pay off when your business launches successfully.
Decide how you’ll finance a business
Now, you have a vision and the knowledge to achieve it. However, there’s still one hurdle that stands in your way: financing. Startup financing is a major challenge for business owners because most lenders want to see several years of successful business history before issuing a loan. While some entrepreneurs overcome this by bootstrapping and growing slowly, what if you don’t have time to wait before scaling your business?
Microloans are the best option for small business startup lending. Offered by the Small Business Administration along with private and nonprofit lenders, microloans lend up to $50,000 to qualified businesses. When microloans aren’t an option, entrepreneurs can turn to crowdfunding, credit cards, equipment financing, or loans from family and friends.
With all of these pieces in place, you’re ready to get serious about starting your first business. But you’re not done yet! Now, it’s time to write your business plan, talk to lenders, and connect to your local small business community. With a solid strategy and the right support, you’ll be running your successful business in no time.
Look to Igniting Human Potential for more tips, ideas and information to set you on the path to success!