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Your Guide to Starting a Business After a Career Setback

By Lizzae Matteo

(UniquilibriuM) Suffering a career setback can be a major blow to your self-confidence. Success in a career is all about climbing ever-upward, so it can be devastating when you struggle to find vertical mobility or lose your job entirely. While it may take time to bounce back, you might find that this is the perfect opportunity to start your own business. Becoming an entrepreneur is one way that you can make your own success and seize a future of your making, and Marketing Message Management will share some strategies to achieve this goal.

Go Back to School to Boost Your Skills

Choosing the right type of venture can be one of the biggest hurdles as a new entrepreneur. Consider leveraging your skills and interests so you can build the store, consultancy, or freelance service of your dreams.

Once you know the area in which you want to specialize, consider going back to school to strengthen your knowledge and skills as an entrepreneur. Because, although you may be great at your particular niche, running a business is a much more complicated endeavor. As one example, you could strive for a degree in business that can equip you with the overall sensibilities you need for launching a successful venture. When selecting a degree program, take into consideration online courses that offer flexibility and competitive tuition rates compared to their in-person counterparts.

Create a Business Plan

Drafting a detailed business plan well ahead of time can greatly improve your chances of success. Your business plan should describe your enterprise in terms of its goal, mission, and target audience. You should also outline how you will sell your services and interact with potential clients.

Establishing your business structure is also a key part of your initial planning. Depending on your long-term goals, you might decide to form a sole proprietorship, a limited liability company, or an S corporation. In a similar vein, accounting for your funding needs and financial projections is also part of keeping the big picture in mind.

The information outlined in your business plan will be valuable when you seek funding. Before approaching a lender to apply for any sort of business loan, you’ll want your credit to be as good as possible. Pay down debt and avoid signing up for any new credit cards at this time. Lenders will base their decision on a number of factors, including your credit history and score, so be sure to know where you stand. You can download a free credit report and check on your score at

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Find Your First Clients

Finding your first clients can seem like a daunting task. If you are looking to work on a freelance or contract basis, working with a professional resume service could be just what you need to sell yourself to a high-paying customer. Rolling Nexus explains that a good resume is important for career advancement, and thus can mitigate future professional setbacks.

Beyond establishing a solid resume and portfolio, attracting customers is a matter of effective marketing. Web designers and developers can create a responsive website for your business that’s optimized for speed, SEO, and analytics tracking. You can develop these things on your own or work with the professionals at Marketing Message Management to get your marketing on the right track.

Utilize Everyday Innovations

Finding continual growth and success in your budding business entails always using the latest innovations. You should be using state-of-the-art software for project management, security, and communication with your colleagues.

One area of your business that is easy to overlook in terms of innovation is your accounting practice. Scoro notes that incorporating powerful invoicing software is necessary for keeping accurate books and getting paid on time. The best accounting solutions provide alerts and convenient online payment methods for your clients.

Also, be on the lookout for apps and software that are designed for your specific industry. For example, if you are an electrician or contractor, there are great options for streamlining your bidding and invoicing process. The time savings of electrical contractor software can make your clients happy by providing them with a detailed account of what you completed and how much each step costs. And it will make you happy to send out the invoice and receive payment faster!

Get Back on Your Feet

After a career setback, you might feel discouraged about your future prospects. However, it can also be a sign that the path you have followed is no longer the right one for you. Growing as a professional and as a person sometimes requires you to break into new experiences. By returning to school to build your knowledge, writing a business plan, securing funding, marketing, and using technology and software, you can start a business that can alter your life in great ways and grant you some much-needed control over your own fate.