Starting Over After A Career Setback: Tips For Entrepreneurs – Trajan King

Starting Over After A Career Setback: Tips For Entrepreneurs

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career setbackStarting over within your career after suffering a career setback can be a double-edged sword. While it’s exciting to think of all the possibilities that await you, it can also be extremely frustrating and can even lead to depression, anxiety, and feelings of stress that are hard to set aside. 

You worked so hard to get to where you are, and the idea of starting fresh can be overwhelming. However, it’s important to look at the next few months as a time of personal growth and to think about all the ways you can explore your career — or start a new one.

Here are some tips to help you get started after a career setback.

Begin at the Beginning 

For those who are willing to go outside their comfort zone, starting a business can be an amazing opportunity to become self-employed, to call the shots, and to do something that hasn’t been done before. 

It takes a lot of work and time, but in the process, you’re building something of your own that may well sustain you for years and could even become a new career path. But where do you begin?

For many, this process begins with taking a good look at what comes next. Are you ready to forge a new path into a career you’ve always wanted, or do you want to stick with what you know and stay in your comfort zone? There’s no wrong answer, but in order to move forward, you have to be sure of what you want so you can carve a path accordingly. 

Next, think about whether you want to go into a specific area or if diversifying your services/products will be the best way to go. Certainly, the more you can offer your clients, the better off you’ll be, but you don’t want to pull yourself in too many directions at once, especially in the beginning. 

Focus on your current strengths and you can always diversify later on.

Think About the Details 

There are many details to think about when it comes to starting a business, but once you cover the basics you can start rolling. 

Begin by naming your business and registering it with your state. The latter will require you to choose a business structure; many new businesses benefit from a limited liability structure (LLC), for the obvious benefit of protecting personal assets. There are other perks from establishing an LLC, too, like tax advantages and scalability. 

Keep in mind that most new businesses don’t see a profit in the first year, and many don’t see one for the year after that. Will you have the funds to keep it up if you choose not to find a second job? Having a detailed budget and finance plan will be imperative from the very beginning. 

Getting Set Up after a career setback

When you’ve figured out which direction you want to go in, keep in mind that staying in touch with your customers and giving them an easy platform with which to buy your products or services is crucial. 

In the information age, having a website and/or mobile app is critical for just about every business, so look for a web hosting service that will give you the most bang for your buck. 

The service you choose should be reliable, since you don’t want to worry about site issues that could push your customer base away, but it should also be affordable and offer a variety of features.

Once you have a web presence for your business, think about which social media channels will work best for your promotional needs. They all have algorithms that can make reaching customers complicated, but many also offer paid ad services that will help you get your product in front of a large audience. 

Be mindful of the fact that once you set up a social media page for your business, you’ll need to maintain it and post often, or the algorithms will ensure that fewer people see your content.

Starting over after suffering a setback can seem monumental, and in many ways it is, but it doesn’t have to be stressful. Determine your direction and set yourself up thoughtfully. By planning carefully and figuring out exactly what you want before making any moves, you can ensure that your future is on the right path.

Interested in more tips? Check our articles.

 

Michael Wight

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