Bouncing Back: From Unemployed to Entrepreneur

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Businesses close, budgets get cut, and organizations make structural changes. These events happen every day, but that doesn’t mean it doesn’t cut you to the quick. Fortunately, you don’t have to linger in fear of the financial unknown, and there are plenty of ways that you can bounce back as an independent business owner. In addition to having control over your own income, becoming an entrepreneur lets you make a difference in your community.

Today on Remote Control, we offer a few tips on how you can start your own Home-based business after taking a career hit.

The Emotional Side of Job Loss

According to Science Daily, being emotionally attached to your workplace can lead to greater well-being. However, it is this same sentiment that makes it harder to process the loss of our positions (or are businesses if we’ve delved into entrepreneurship before). A major career step back can leave us wondering what we did wrong and, even more concerning, have us scrambling to figure out how to support our families, especially if you’re going from a two-income household to a single-income home. Give yourself a few days to face these issues so that you can move forward with a clear head and an eager heart.

Now’s a Good Time for Technology

Technology has made it easier than ever to start businesses, especially for those of us who want to work remotely. There are also plenty of pieces of software that can help you start and expand a new business, no matter which industry you’re in. If you want to move into the construction sector, for example, you can use estimating and construction software to more efficiently estimate labor and material cost. You may consider this option if you also want to be able to accept payments online and easily keep track of your customers.

Technology can also help you in marketing as well. With little more than a quick Google search, you’ll find lots of social platforms that can help you promote your business. Marketing firm Oyova lists Google My Business, Facebook, and YouTube among these.

Have You Ever Had an LLC?

Before you get ready to start any type of business, it pays to know your future business structure. Ideally, you’ll form an LLC, which is a simple structure that requires very little paperwork but keeps your personal assets separate from those of your business. You can form online using a formation service (this is much cheaper than an attorney) that already has location-based regulations listed for you.

You Have Options

Contrary to what you might be thinking now, you don’t necessarily have to jump right back into your area of expertise to have a successful at-home business. The Telecommuter Guide offers up several other options, including cost reduction consultant, video game tournament promoter, podcasting, and website broker, as just a few great remote business ideas.

At Home for the Win

There are so many reasons that starting a remote business makes sense, especially as you’re reeling from a loss. Not only do you have an opportunity to spend more time with your family, you’ll also be out of the drudge of the daily commute. This alone can save you hours each week that you can put toward building your brand or simply doing something you love.

Ultimately, starting a new business after a career setback is a great way to take the reins of your own future. While this might look different for different people, simple steps, such as forming an LLC and utilizing technology/software to get started, are part of the healing and regrouping process. But remember, you have to acknowledge the emotional impact so that you can move ahead with a clear head.

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