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What do you do if you're considering starting your own business after a layoff?

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Being laid off can be a challenging and emotional experience, but it may also present an opportunity to pursue your entrepreneurial dreams. If you're contemplating starting your own business after a layoff, you're stepping into an exciting phase that requires careful planning and strategic decision-making. This transition can be a chance to channel your skills, passion, and experience into a venture that reflects your personal vision and goals. As you navigate this new beginning, remember that every successful business starts with a solid foundation. By taking the time to assess your situation, research your market, and build a robust business plan, you can lay the groundwork for a fulfilling and prosperous entrepreneurial journey.

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1 Assess Reality

Before diving into the entrepreneurial pool, take a step back and assess your current financial situation and skills. Understand the runway you have in terms of savings and how long you can sustain yourself without a steady income. This is crucial as it determines the timeline and scale at which you can build your business. Also, evaluate the skills you possess and how they can translate into a successful business. It might be the perfect time to upgrade your skill set or pivot towards an industry that's more in line with your interests and the market demand.

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Juan Carlos Cautter Boggiano

Personal Career Branding
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Iniciar tu propio negocio tras un despido es una oportunidad para reinventarte y recuperar el control de tu carrera. Aquí algunos pasos clave: Afronta emocionalmente el despido: Procesa tus emociones y busca apoyo profesional. Reevalúa tus objetivos profesionales: Adapta tus metas según tus habilidades y pasiones. Explora nuevas oportunidades: Investiga el mercado laboral y considera emprender. Administra tus finanzas: Asegúrate de tener un colchón financiero. Aprende y adáptate: Mantente flexible y sigue aprendiendo

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2 Market Research

Once you've taken stock of your personal resources, it's time to dive into market research. This involves identifying potential customers, understanding their needs, and analyzing competitors. You need to find a niche that resonates with your passions and where you can offer unique value. This research will not only validate your business idea but also help you to tailor your products or services to what your customers truly want. Remember, thorough market research is an investment that pays dividends in the form of a business that's relevant and responsive to market needs.

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3 Plan Thoroughly

Crafting a detailed business plan is your roadmap to success. It should outline your business goals, strategies, financial projections, and operational plans. A robust business plan acts as a blueprint that guides your actions and decisions. It's also essential if you're seeking funding from investors or financial institutions. Your plan should be flexible enough to adapt to changes but structured enough to keep you focused on your objectives. Don't rush this process; a well-thought-out business plan can make all the difference.

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4 Build Network

Networking is a powerful tool for any budding entrepreneur. Attend industry conferences, join relevant online forums, and connect with other business owners. These connections can provide valuable insights, mentorship, and potential partnerships. Networking doesn't just mean exchanging business cards; it's about building relationships that can support and grow your business. Engage authentically with your peers, and don't be afraid to ask for advice or share your experiences.

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Bruce Burke

Looking for new opportunities
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I have always liked the conference environment. Networking with high-level executives, experts, and entrepreneurs can inspire a great number of opportunities. When I was looking for work I decided instead to organize a conference event. I had never organized one, and it was a tremendous undertaking. However, about halfway to the event when I was running out of gas I watched Kevin Rose interview Ryan Carson in his Foundation series. Ryan turned to the camera at one point and said “if you want to place yourself in the center of an industry - organize an event. It’s like this weird hack, everyone thinks you know what you’re doing, you become like an expert. Everyone sees you at the hub of the wheel, with all the spokes leading to you. ??

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5 Manage Finances

Financial management is critical when starting a new business, especially after a layoff. You need to budget carefully, keeping track of all expenses and ensuring you have enough capital to cover initial costs. Consider different funding options like personal savings, loans, or angel investors. Additionally, keeping personal and business finances separate from the start will save you from potential headaches down the line. Being frugal and smart with money will extend your runway and increase your business's chances of survival.

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6 Learn & Adapt

The journey of entrepreneurship is a continuous learning process. Be prepared to face challenges and learn from them. The market can be unpredictable, and customer preferences may change, so stay flexible and ready to pivot if necessary. Keep up with industry trends , listen to customer feedback, and be willing to adapt your business model. This agility can give you a competitive edge and help you thrive in a dynamic business environment.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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LaRhonda Hardy, MBA

Human Advocate | Artist | Perpetual Optimist | Alchemist| Leader | Servant | Collaboration Enthusiast
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If you have a creative passion, think hard about trying to monetize it. The idea of doing anything is primarily about enjoying the process. To be profitable, you need to consider the outcome (i.e. sales targets, advertising ROI, branding, social media presence, SEO and analytics, website development & maintenance, market research, etc.) Wearing many hats might take all the "passion" right out of your passion! Consider what you can practically scale and determine whether a gap in the marketplace exists for what services or products you're considering. Sometimes, having no emotional attachment to the product is the wiser way, staying your focus on practical goals. It all depends on your desire for profitability and the way you define success.

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What do you do if you're considering starting your own business after a layoff?

1

2

3

4

5

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1 Assess Reality

2 Market Research

3 Plan Thoroughly

4 Build Network

5 Manage Finances

6 Learn & Adapt

7 Here’s what else to consider

Conferences

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What do you do if you're considering starting your own business after a layoff?

1

2

3

4

5

6

7

1 Assess Reality

2 Market Research

3 Plan Thoroughly

4 Build Network

5 Manage Finances

6 Learn & Adapt

7 Here’s what else to consider

Conferences

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感谢您的反馈

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