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Life Events often present a once in a lifetime opportunity...  

Posted on Saturday, October 5, 2019 at 08:39AM by Registered CommenterEarl L. Sigmund | CommentsPost a Comment

  Unfortunately, being laid off from work normally just leads one to do just one thing - look for another job. Maybe the time between your last W2 job to the next W2 job will be the only time you may have in your lifetime to really try your hand at starting your own business. You may be one of the lucky ones who receives a nice severance package from your old job at the time of termination. Those funds allow you time to at least think, research, and even start (even on an experimental basis) that new business idea that you always wanted to test out. Remember to try to do some sort of a business plan at this time, and be sure to get the advice of a knowledgeable successful business owner or a business consultant.  Bouce your idea and business plan off such an individual before taking the plunge.   

  What might get you more ready to try to start your own business is when you discover early in your search for your new job is the realization that your area of expertise which made you such a valuable asset in your old job (and you received a great salary) is not a transferrable skill that is one not valued that highly today by other similar industries or competitors. Starting over salary-wise at a new job may just be not an option at this time of your life.  So life events, even bad ones like losing your job can sometimes lead to one realizing that self-employment is a viable alternative to at least consider. 

 

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