Laid Off? Terminated? Start a Business!

Sometimes life takes us on a path we didn’t imagine.  Like when a job ends.  Have you had a great idea for a business but you didn’t do anything about it?  If you are without a job at the moment, maybe it’s time to think seriously about your idea.

A recent story in the Wall Street Journal’s Small Business section chronicled the experiences of several individuals who started small businesses after their jobs disappeared.  These stories are inspiring, and they provide insight into the variety of ways you can start:

• Be inspired. A middle-of-the-night inspiration might just be the spark to get you started down the road to a small business.  For example, an idea about a new product could trigger something interesting.
• Capture your experience. Many small business owners transfer their experience in a job to their small business idea.  Why not?  It’s a natural progression from doing it for someone else to doing it for yourself.
• Turn a hobby into a business. If you love doing it, you can be sure others do too.  Find a way to use your hobby to create a business opportunity.  Gardening, cooking, crafts, cars, and many others can be the trigger for a small business idea.
• Consider a franchise. Spend the time to carefully research any franchise, including a visit to Franchise Pick here on Bizzia.  Then go for it!
• Check your network.  Maybe you can hook up with someone else in your business or personal network to create a business partnership.  Or maybe someone you know has an idea you can use.  Talk to people about your situation; tell them you are thinking of a small business.  You would be surprised at how many ideas people might contribute if you ask.

Finding a way to turn your negative experience at your last job into a new life for yourself and your family may make the dislocation worthwhile.

Image: DanieDVM@Flickr