Starting A Business: How To Move Forward After A Career Setback

By: Larry Mager

Suffering a career setbackcan be devastating. For many professionals, facing a completely new path is often overwhelming and can lead to depression, anxiety and even substance abuse. It can be difficult to know where to go from this point. Starting over can be a big job, and it takes a lot of planning and willingness to think outside the box. It doesn’t have to be a stressful undertaking, however. Many people have found success in starting their own businesses, which allow them to work from home on their own terms and set their own schedules.

The key here is to get organized, plan well in advance and find support in your loved ones. It’s important to take care of yourself, as well, since suffering a major setback can lead to overwhelming negative feelings and can hurt your self-esteem. Having support and finding it in other business owners can help you move forward without anxiety so you can focus on the task at hand.

Keep reading for tips on how to start your own business after a career setback.

Turn your hobby into a career

If you have a hobby that involves creating something or providing a service, you could potentially turn it into a career. Creative pursuits including painting, woodworking, sculpting, and knitting are wonderful ways to earn money, and if you can find your primary market, you can easily turn it into a way to make a living with an online platformlike Etsy. Here, you can create your own shop and list items to sell for a minimal fee, and customers from all over the world can find your goods to purchase. Some things to consider include: Do you have startup cash for materials? Do you have a little money put away to sustain you until your business starts to make a profit? If you make your hobby into a career, will you still enjoy doing it once it becomes something you have to do?

Open up your side gig to a career

Millions of Americans have side gigs these days, and it’s a great way to make extra money on your own time. With a little ingenuity, you can turn that side gig into a full-time career. Consider looking near your area for pet owners who need a responsible person to come and walk their dogduring the day, or consider pet sittingfor someone who is going out of town for a short period of time. With Rover.com, you can choose the type of animal you want to work with and set your price. Once you build up a rapport with several local pet owners, you’ll have a client base that will keep coming back.

Do some research

Starting a business of any kind takes some researchand planning, which includes looking at various business models -- not just in your area, but also online. Knowing what similar businesses exist nearby and how they operate can help you get an idea of where to begin and what mistakes to avoid. It’s also a great idea to talk to local business owners and garner support; they may have great advice for you. 

Remember that it’s imperative to take care of yourself during this time. Even once you have a plan for moving forward, it can feel extremely overwhelming and can lead to depression or substance abuse. Talk to someone about how you’re feeling and learn how best to manage and cope with stress such as practicing meditation