Job cuts, corporate restructuring, head count reduction, and layoffs they all mean the same thing. It means people losing jobs. This is truly life changing and such a dramatic event for some. Being one of those unemployed is difficult; it offers very few opportunities even for the most talented individual.
The road to entrepreneurship is not that easy even in a stable economy. As an online entrepreneur, you have to be cautious and alert with the changes around you. Here are some tips that you have to know to transition from unemployed to business owner:
Take time. The day that you are laid-off is day to start anew. Of course, it is human nature to feel anger and despair when faced with this particular situation, this is normal. Take a few weeks to adjust to your current situation. Assess personal skills. Now more than ever is the best time to assess your skills, experience, and passion to see if your business idea will go well with your situation. If plan to plunge into a venture that is all too new to you, the learning curve and expense will be more. However, if you are going to choose a field wherein you already have an experience in, it will be much easier for you. Through this, you will also save start-up cash that your business needs.
Check your account. You need to set-up a business and personal budget to see if you can cope with a six to twelve month loss of income. It will be convenient for an entrepreneur to rely on personal funds coming from severance and savings. Online businesses can be started with limited capital.
Set-up a timeline. It is helpful to set a realistic timeline to start the company. There are two types of starters in my opinion. Some people tend to be planners; they only start something once they have every information possible. For the take action types, do not run and start but spend more time in the planning phase. Both are fine, the important thing is you have a clear timeline for everything.
Remember losing your job can often be a blessing in disguise. If you feel strongly motivated, take this as an opportunity to set your own independence and do what you always wanted to do. The work may be longer and the pay fluctuating, but in the end, the new-found freedom will be all worth it!
The road to entrepreneurship is not that easy even in a stable economy. As an online entrepreneur, you have to be cautious and alert with the changes around you. Here are some tips that you have to know to transition from unemployed to business owner:
Take time. The day that you are laid-off is day to start anew. Of course, it is human nature to feel anger and despair when faced with this particular situation, this is normal. Take a few weeks to adjust to your current situation. Assess personal skills. Now more than ever is the best time to assess your skills, experience, and passion to see if your business idea will go well with your situation. If plan to plunge into a venture that is all too new to you, the learning curve and expense will be more. However, if you are going to choose a field wherein you already have an experience in, it will be much easier for you. Through this, you will also save start-up cash that your business needs.
Check your account. You need to set-up a business and personal budget to see if you can cope with a six to twelve month loss of income. It will be convenient for an entrepreneur to rely on personal funds coming from severance and savings. Online businesses can be started with limited capital.
Set-up a timeline. It is helpful to set a realistic timeline to start the company. There are two types of starters in my opinion. Some people tend to be planners; they only start something once they have every information possible. For the take action types, do not run and start but spend more time in the planning phase. Both are fine, the important thing is you have a clear timeline for everything.
Remember losing your job can often be a blessing in disguise. If you feel strongly motivated, take this as an opportunity to set your own independence and do what you always wanted to do. The work may be longer and the pay fluctuating, but in the end, the new-found freedom will be all worth it!
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