Using Business To Get Up After A Fall

Using Business To Get Up After A Fall

At some point in life, most people will find themselves out of work for an extended period of time. Whether you’re dismissed or you choose to leave your role, the results will often be the same after a time like this, and it can be very hard to get back on your feet again when you’re ready to work. The more time you’re out of it, the worse this can get, even if your skills remain the same. Of course, there is a way to avoid all of this, though. Starting your own business won’t have entry requirements, and you could be in the perfect position to do it. This is what I did after leaving my last full time employment.

The Idea

Any good business has to start with some strong inspiration. It will be impossible to come up with an idea which will have the chance to take off if you don’t spend some time researching your area of interest first. There are loads of sites around the web which can be great when it comes to helping you with business ideas. In most cases, though, the best companies will be formed between a handful of people, and the ideas being shared will be unique. Having a couple of partners to talk this through with could be very helpful.

Of course, given that you have been out of work for a while, it’s likely that there is some aspect of work which you might struggle with. For example, if you were dismissed for being late far too often, it could be worth looking for a business which won’t involve sensitive meetings or deadlines. Or, if you were injured in work, you may need a company which won’t involve much physical work. These sorts of goals should be easily achievable, as long as you’re creative with the route you take and the work you do along the way.

The Planning

With an idea of the sort of business you’d like to run in mind, it will be time to start drawing up your business plan. The information to add to this document includes, but isn’t limited to, your first year targets, the aims of your business, and the resources you will be using to get started. This will give you a good idea of what will need to be done to get your business off of the ground, without having to scramble and learn on the go. You can find loads of handy templates for your business plan across the web. After having one fall, it will be worth spending a lot of time on this to make sure that it will be enough to drag you back up.

To further your initial planning, a lot of businesses will also want to put some time into a couple of other areas, too. Social media and marketing, for example, is much easier if you have a schedule in place, and a lot of people will want to be able to focus on doing work when the business kicks off. There are loads of companies out there which can help you with the background parts of your venture while it starts. Using these services will cost a little bit of money, but could give you loads more time to spend on your proper work.

The Funding

Finding the money for something like this isn’t always easy. When you’ve been out of work for a while, it is likely that you will have had to dip into your savings, and might not have much money left the put into your company. Thankfully, this doesn’t mean that your out of options, as you still have the chance to find some money through other kinds of routes. Below, you can find some examples of some funding options which could apply to you as someone just leaving a normal job.

Investment: As the traditional route followed by companies for a very long time, looking for an investment to get your business started can be a great way to find some funding. Giving you the chance to get some cash in return for a small amount of the company, this route can be great when you don’t have another option or if you want something secure.

Getting Something Back: If you were hurt in your last job and had to leave as a result, you’re probably due some money. You can find out exactly how much compensation you could claim from your old bosses with a little bit of research across the web. To make this a little bit easier, there are loads of lawyers out there which specialise in this field, making it a simple matter of looking to find some quality support.

Something Free: Having been in a rough spot for a while, spending a large amount of money on a business might not be your perfect idea of the path for the future. If this is the case, you should start looking into companies which can be built for free. While this won’t be easy, it will give you the chance to save loads of money, and could prove to investors that your business is worth their time.

The Execution

Finally, as the last stage in this process, it’s time to think about how you’re going to be executing your plans. This part of the job is never easy, with a lot of people failing to take into account all of the work they are going to have to do. Having other people working on the project with you can make a real difference during this time. Giving you the chance to focus on a couple of jobs, this can make the whole process much smoother.

Hopefully, this post will inspire you to start looking into ways to pull yourself up after a fall. This sort of approach is a great way to make yourself feel more confident about the future, while also improving your chances of further success. Of course, though, it won’t be easy, and you’ll have to work hard to get there.

This is a collaborative post


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Lynn Beattie

Aka Mrs MummyPenny

Personal Finance Expert

I write about personal finance made simple, lifestyle choices that will save you time and money, as well as products and services that offer great value.

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3 Responses

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