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Tips for Overcoming a Career Setback by Starting Your Own Business

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Setbacks are normal in any professional career. While it can be difficult to go through, a career setback is a good time to pursue your own passions and start a business. According to Small Business Trends, some of the top reasons people start their own business is to gain greater flexibility and independence in their professional lives. At the very least, starting a business is an excellent way to learn about entrepreneurship! Here are some concrete tips to get you started and ensure success in your new endeavor.

 

Design an Amazing Website

Whether you’re starting a brick-and-mortar store or an ecommerce business, a well-designed website is vital to success. Your website will help you connect with customers, engage your audience, and convert sales. It’s critical that your website is engaging and user-friendly. This means that your navigation should be clear, and your text should be simple and easy to read. Selecting a reliable web hosting company is just as important. Websites that load faster retain significantly more visitors and encourage customers to return. In fact, half of all mobile site visitors will leave a page if it takes more than 3 seconds to load! Make sure your website is hosted by a reputable company to ensure your customers always have quick, reliable access. As a bonus, some hosting companies, such as GoDaddy, also offer additional services like SEO marketing, digital bookkeeping, and a website builder.

 

Research the Market

No matter how great your website is, attracting customers and making sales will be difficult if you haven’t done market research. Market research involves collecting information about your target audience. Take some time to learn what problems your customers face and how your product can make their lives easier. There are two types of market research—primary and secondary. Primary research will tell you what your audience thinks about your specific product or service. This type of research involves surveying and interviewing people to identify any problems with your business approach. Secondary research, on the other hand, is when you analyze existing data from available sources like academic journals, trade associations, industry surveys, and government publications.

 

Create a Business Plan

While you may not need a business plan to secure funding, it can help keep you on track. A business plan forces you to perform market research, analyze your competition, and assess whether or not your venture is realistic. Avoid spending a lot of time on this—too many people put off launching their business because they’re perfecting their business plan. This is why many entrepreneurs think that business plans are a waste of time. So, instead of spending days writing out your plan, use a business plan template to create a simple, one-page road map to success.

 

Sort Out Your Funding

All of these business-planning steps are essential for getting off the ground, but nothing is more important than securing reliable funding. A whopping 82 percent of small businesses fail due to cash flow problems. Many people start a business without knowing anything about accounting, but financial education can really benefit your budding business. Forbes recommends working with a Certified Financial Planner to go over your business plan. Be sure to ask them questions to increase your financial literacy.

 

Hire Expert Help

When it finally comes time to hire help, don’t be afraid to hire people who are more experienced than you. Before hiring people, make a list of the specific skill sets—like marketing, social media, or customer management—that you need to bring to your team. If you’re having trouble competing with big companies for talent, stress how your company provides excellent opportunities for growth and personal development.

 

Facing a career setback is never easy. Before jumping into something new, take whatever time you need to recover, and remember that most successful professionals fail once in a while. Although this may seem like a devastating blow to your professional path, it’s an excellent opportunity to pursue your lifelong dreams.

Written by Larry Mager

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