Lost job; feeling ready (but scared) to start my own business.

11 Comments

1. AnonymousAugust 31,2023 at 7:51PM UTC

   I was motivated right before the pandemic to start to build a consulting business. I was looking to leverage what I knew about legal support and management to something with high level work, far less hours, more flexibility and remote location. I watched other people do it, so i began with a side hustle for a former Employer then when the pandemic hit I picked up 2 more clients (one another former Employer and one a former colleague who was starting his own business). Following the pandemic in 2022, I found that I could easily ( but very scary) leave my w2 Employer and work with 2 clients. I was making 3x my salary and could pay for benefits on my own. I now work for two of my clients (the third decided to go back to work as an Employee). I work 25-30 hours per week for 8 months of the year. I spend the other 4 months traveling, volunteering on boards and causes i believe in and just slacking off.I learned to consider out of the box ideas, down sized my life and got very clear on what made me happy as a person then as a career. I'm a boomer so this took me to type of life balance I never dreamed of.

2. Julie Jordan-WadeAugust 31,2023 at 8:53PM UTC

   Wonderful testimony...thank you! :)

3. AnonymousAugust 31,2023 at 11:15PM UTC

   Such an inspiration! Thank you for sharing! :)

4. Anna L GarciaSeptember 1,2023 at 1:00AM UTC

   First of all Congratulations! Sometimes all we need is that small kick in the right direction. I went through a lay off in October of last year by November I had launched my own coaching and consulting firm and as of July, I have exceeded my annual revenue goal. Not profit goal YET but will get there for sure!

   I will say draft a clear business plan with financial projections that are as close to accurate as possible. Open a line of credit to not use your personal funds and define your personal board of director needs and identify who they will be. You will need them during moments of self doubt.

   Hire a coach & a financial advisor if finances are not your strengths and market yourself EVERY single day multiple times as an expert in your field of choice.

   I look forward to seeing your success!

5. Julie Jordan-WadeSeptember 1,2023 at 3:32AM UTC

   Very helpful and encouraging words, Anna--thank you! Congratulations on your success!

6. Afo Ogbeyalu KaluSeptember 2,2023 at 1:42PM UTC

   Utilize the extensive resources provided by local, state, and federal SBAs/Small Business Administrations. They typically include free education, mentors, grants, low interest loans, info on becoming a government vendor/supplier of goods and services, and peer support.

7. AnonymousSeptember 2,2023 at 6:46PM UTC

   Be honest with yourself no matter what. Set deadlines, set realitstic expectations, use other experts, morph if things look like they might fail and pivot where needed and lastly don't be afraid to ask for help and ask for others opinions on what you are doing.

   Good luck.

8. (redacted)September 3,2023 at 4:22PM UTC

   My path was a little different because I run my own business through a national firm. But ultimately I knew I’d succeed and thrive outside the corporate atmosphere.

   I’d encourage you to find some networking groups where you can build that sense of community with other entrepreneurs. Reach out for support from experts. And while I don’t like the image of burning bridges, adopt the mindset that you can’t go back. Only forward.

   Cheering for you! Let me know if I can be of any help.

9. AnonymousSeptember 4,2023 at 3:32PM UTC

   I’ve known some people who started their own business during the pandemic. One of my close friends is quite successful now running her business.

   I would say from my friends experience, you need to be mentally prepared that it’s going to be hard work and you need to work more hours than a regular job. Business is really a 24/7 job even if you aren’t “working”. Your mind will be thinking about it. Also, do be careful on who you trust.

   At work, if you trusted the wrong person, the worst might be losing a job. In business, if you trust the wrong person, you can loose tons of money or even go bankrupt. My friend had business partners swindled her money, which is tens of thousands of dollars. I warned her about those people but she wouldn’t listen as she thinks they are “nice” people.

10. Jackie RukaSeptember 9,2023 at 6:53PM UTC

    I started my own business after corporate but slowly bridged over which I recommend. I have been helping women put a sustainable business together for both online and offline for several years now . It does involve a new type of mindset and a system that you like to keep your business moving. Happy to offer you a free consultation if you like?

11. Julie Jordan-WadeSeptember 10,2023 at 7:30PM UTC

    Thank you, Jackie! Yes, I would only pursue it if I had a "bread and butter" job to cover bills while I transitioned into it. I ha dmy own part-time business before when my late husband was alive, but he was in IT and we had a safety net, so my business was not my sole income source. I'm now the sole earner plus am raising my grandson, so I have the motivation for sure. I'll think about the free consutlation & let you know. Thank you for your wise words!