Why Starting Your Own Business May Be The Best Decision You’ll Ever Make
Whether you got passed up for a promotion or your company is downsizing, a career setback can have a major impact on one’s self-esteem. While this may seem like a low period in your life, it can actually be a pinnacle one, too. Now you’re in the driver’s seat, so you get to decide which road you want to take.
Start by objectively weighing your options to determine whether you want to remain in your current role or try something new — like starting your own business. It can be frightening in the beginning, but if you’re willing to take a few risks and aren’t the type to sit still, your own business may be exactly the thing you need in your life.
While there are many risks and you’ll have to put in a lot of hours (especially in the beginning), becoming an entrepreneur may be the best decision you’ll ever make. In order to be successful, you have to let go of any feelings of rejection. Entrepreneurs have to overcome setbacks and disappointments of all kinds in order to remain resilient. Consider your niche and what type of flexibility you’d like to have — one of the major perks that comes with being your own boss. Of course, you’ve also got to nail down all the responsible elements that come with business ownership — here’s how to get started.
Figure Out What You Want To Do
The following are just a few paths you can take when starting your own business:
- Digital, Work From Home
If you’ve dreamed of working from home in your pajamas, then consider starting a business in the digital field. While some of these opportunities may be better for a retired individual who merely wants to supplement their income (think monetizing a blog or creating a digital product or course), copywriting, setting up an e-commerce site in a profitable market, or starting a Facebook and/or SEO business can all be lucrative, full-time roles.
- Start A Franchise
Even if you don’t have the cash or can’t secure a loan for franchising something as large as a major retail chain, there are many franchise opportunities that you can launch for $50,000 or less. Examples include an agency related to travel or insurance, a cleaning company, a niche workout facility, or you can own a restaurant.
- Get Away From Your Desk
If you’re sick of feeling chained to your desk, consider starting a business that has you out and about, such as a tutoring service or, depending on your skills, a music teacher or mural artist. Or, you can dive into real estate by working as a real estate agent or broker. To become a real estate agent, you’ll need to become licensed by taking coursework and passing a licensing exam. As a real estate broker, you would be responsible for handling transactions between home buyers and sellers.
- Capitalize On An Existing Skill
Start a business that you don’t have to learn by capitalizing on what you already know, whether that’s tax preparation, taking care of seniors, makeup artistry, interior design, personal styling, cooking, law — anything goes.
Start by hiring a tax pro and/or financial advisor and a lawyer. These key individuals can guide you through setting up your business (including what type of company you should register), establishing financial projections for a business plan, liability insurance, any applicable licenses you may need, and when to file taxes — to include what you can and cannot write off. While these can be costly investments, they’ll save you money and stress down the line as it’s difficult to know all the ins and outs of business ownership from day one.
As you launch your business, make sure you have the proper tools, electronics, and supplies to do your job efficiently and professionally. Even if you purchase property for your business, designate a home office space that’s organized and free from distractions. Providing you follow very specific rules, you can deduct expenses on your tax return for working within your residence.
If you have a career setback, avoid falling into a pit of escapism, making unnecessary purchases, or withdrawing from loved ones. These actions will only deter you from making progress toward new goals. Owning your own business can be a gamble, but the rewards can outweigh the risks if you play your cards right.
Photo Credit: Pixabay
This article was written by Lawrence Mager, owner of Readybrain.net
You can contact Lawrence at: firstname.lastname@example.org