You’ve lost your job. Now what? Prospects aren’t looking good in your industry. After all, there’s a reason your company and five others just like it have closed their doors. But that doesn’t mean you should hide at home watching reality TV, collecting unemployment and wondering what you are going to do when you ‘grow up.’ Far from it.
When one door closes, another often opens. This could be your perfect opportunity to live your dream of creating a successful business startup. But where to begin?
Well, what are you good at? Where do your passions lie? Maybe your heart wasn’t in it at your old job. Maybe you loved what you did. With a business startup, you have to want to succeed. You have to need to succeed. And you have to work to succeed.
Examine all your options. If you have advance notice, secure financing prior to the loss of your full-time job. Discuss partnerships with your former colleagues. Consider the ups and downs of a business startup before you dive in.
There are countless opportunities to buy into franchises – from restaurants to doggie day care to office supply organizations to healthcare products. Or maybe you are more of a self-starter, and can take the opportunity to get in on the ground floor of creating and marketing the latest widget.
Before you launch into your new business start-up, you’ll want to discuss it with the people who are important to you and your success. You’ll need the support of your spouse or significant other. You’ll need advice from a competent tax attorney or certified public accountant – possibly both. To secure financing, you’ll need a business plan. To be profitable at whatever you decide to turn a hand at, you’ll need customers.
There’s no need to bore you with a bunch of statistics about the failure rates of new businesses – we’re guessing you’re finding plenty of that information. Things won’t always go as planned. You want to be able to be proactive instead of reactive.
Check local, regional, state and national government sites, you’ll find a wide breadth of information that might just give you some new ideas or underscore the plans you already have. The most important thing you need to know to succeed as a business startup is this: You’ll need heart. And a big savings account doesn’t hurt.