Laid Off? Start Your Own Business in 2009
Use your skills and contacts in minimize start up time.
1. Take a Minute to Catch Your Breath
Unless you have been doing some serious business planning before you were laid off, you should probably take a little time to let your emotions settle before putting money and energy after any new ideas. Give yourself a week or two to assess your situation with a clear mind and make some rational decisions.
2. Consider Ways to Apply your Skills
The more background that you have in a field, the less steep the learning curve will be when you undertake your new venture. Even if you want a change of scenery, staying within the general scope of your knowledge and skills will save time and money. If you keep your new business venture within your area of knowledge, you won't have to return to school and can get your company off the ground sooner. If re-training is part of the business plan, try to enroll in classes that let you practice skills as you learn.
3. Take Stock of Who You Know
Before you distance yourself from your previous employment take stock of the skills and contacts that you can take with you. Through your workplace experience you have met and worked with a variety of people, all of whom are potential resources as well as networking links to other people and industries. What's more, as your company undergoes restructuring there might be a number of lay offs, creating a mass of potential business partners and contacts.
4. Research your Field
Before you commit your savings and energy to your new business plan take careful inventory of your field. If your previous company needed to lay people off, the industry is obviously suffering and you want to take a good look at projections for your business opportunities. Take advantage of your contacts in the market and arrange informational interviews to discuss the strengths and weaknesses of the industry or market.
5. Take the Path Less Traveled
Consider turning your hobby into your new business plan. In addition to launching start-ups related to your former profession, it is possible to shift paths completely and start a business based on something that you enjoy doing that fills a need in your community. Many former corporate professionals faced with layoffs and restructuring turn to second careers in carpentry, coffee shop and restaurant franchises and small, home based businesses. You could look at your layoff as an opportunity to travel another road and experience a different career perspective altogether.
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