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What Setback? Why Now Is The Time To Start A Business

man drawing org chartFacing a setback in your career happens. No one has a perfect record, and many people struggle in their careers after facing a big problem. Often, the only choice they see is to rebuild a career and work hard just to get back to where they once were.

There is an alternative. By viewing this setback as an opportunity, you can leave your career and start your own business. It won’t be easy, but it’s the American dream. With the tips and information below, you can finally be your own boss. In fact, taking this opportunity can be helpful in several ways.

Turn A Problem Into An Opportunity

One of the problems that lasts long after the setback fades is looking backward. You can obsess about what could have been if only you did something different. While such self-examination can help you avoid such setbacks in the future, they can also drag you down.

That’s why WealthyAccountant.com recommends starting a new business at this point. It helps you look forward instead of backward. In other words, you’ll feel better about yourself once you reframe this problem as an opportunity.

In addition, you likely have skills and talents that went wasted at your old career. That can easily make you feel untalented and forced into a box. But when you start your own business, you can utilize your skills and get lost in flow. That means getting deep into something you love to do, which can improve your whole life.

Great New Business Ideas

Before you can start enjoying those benefits, you need to figure out what your business will offer. While you need to think about what customers want and need, you should start by looking at your hobbies. Any small business will fail if you’re not passionate about it, so doing something related to a hobby gives you both passion and knowledge.

Entrepreneur.com explains how to turn a hobby into a business, including:

  • Create a business plan first and foremost.
  • Start small and focus on your first sale.
  • Build a presence online through a website and social media.
  • Network by joining local business organizations and attending conferences.

Just don’t forget to treat it like a business at all times.

Another great idea, especially for seniors, is becoming a real estate agent. Everyone knows about having a home, so you already have some of the required knowledge. Redfin offers a page describing how to do this, including why joining a brokerage is such a great idea for agents.

Getting Help in The Beginning

Almost every small business needs some cash at the beginning. You’ll need to invest in marketing, making products, or establishing a presence online and in the real world.

As the Small Business Administration explains, there are some grants to start a new business, but these are rare. If you need starting capital, you’re better off taking a small business loan. SBA loan programs make it easier to qualify as long as you have a good business plan and chance at being successful.

Turn That Setback Upside Down

There’s never a “perfect” time to start a small business, but facing a career setback is as close as you can get. You have a great excuse to leave that career behind and start turning hobbies and other interests into your own business. It’s the American dream to own a business, and this is your chance.