It’s normal to grieve the loss of a job, business, or promotion, but a setback in your career shouldn’t define you or prevent you from growing professionally and moving on to the next best thing. In fact, experiencing this grief could even help you to identify a new career path that better aligns with your strengths and passions. And if you’re passionate about entrepreneurship or leading others, this could mean starting a business.
To learn how to turn your career grief into a brand new business opportunity, review this guide from Lisa Hammett. You’ll learn how to effectively mourn the job you’ve lost, start a new business, and come out even stronger on the other side.
Take Time to Mourn
For any type of loss, mourning is a crucial part of the grieving process — and experiencing a career setback is no exception. So before jumping into a new job opportunity after a layoff, demotion, or missed promotion, give yourself some time to mourn the loss of your career and cycle through the five stages of grief: Shock, anger, bargaining, depression, and finally, acceptance.
Assess What Went Wrong in Your Career
Even if your career setback is through no fault of your own, it’s important to assess what may have gone wrong — as this will help you to avoid making similar mistakes in the future. Request honest feedback from your managers and peers, think about what you could have done differently, and do your best to learn from the situation.
Choose the Right Business Idea to Pursue
Once you’ve given yourself some time to grieve your career setback, you can finally begin the entrepreneurial process. Start by coming up with a business idea that aligns with your skills, knowledge, and passions, whether it’s consulting, digital marketing, accounting, graphic design, or coaching.
If you’re looking to break into a new industry, you might consider going back to school and enrolling in an online degree program. An MBA degree program is a great option for first-time entrepreneurs, as you’ll develop an understanding of everything from business strategy and business management to leadership and self-assessment. Alternatively, you could take a course or two on websites such as Coursera, edX, or Udemy.
Form Your New Business
Launching a new business may seem scary when you’re still recovering from a career setback, but formation services take some of the stress and anxiety out of this process. These online services can be used to register a business in your state, choose a name for your business, and select a Registered Agent if you wish to appoint one.
If you need help deciding on a business structure, you might choose to enlist the help of an attorney or accountant to ensure you’re making the best possible decision. Common business structures include limited liability companies (LLCs), corporations, partnerships, and sole proprietorships.
Market Yourself and Your Services
To promote your products and services and reach your target audience, it’s also important to have a marketing strategy. And depending on your marketing goals, budget, and target customers, a few ways to market yourself as an entrepreneur could include:
Designing an SEO-friendly business website.
Creating and optimizing your Google Business Profile.
Advertising your products and services on social media.
Launching an email marketing campaign.
Creating a blog and regularly posting relevant blog content.
If you’re new to marketing, it might be useful to complete a few online courses through HubSpot or Google Digital Academy. You’ll learn all about topics such as data analytics, social media marketing, content marketing, and digital advertising.
Your Setback is Just the Beginning of a Rewarding New Career
As devastating as a career setback can be — specifically layoffs, business closures, missed promotions, and demotions — it’s possible to turn a negative situation into a life-changing business opportunity. Just remember to practice self-care to reduce stress and prevent burnout as an entrepreneur, especially if you’ve struggled to maintain a healthy work-life balance in the past. This is your time to shine and take back what you’ve lost, but you want to do it in the healthiest way possible.
Lisa Hammett is a SuccessCoach helping business professionals to live healthy, happy, and fulfilling lives. Visit www.lisahammett.com to learn more about the coaching services she offers, or book a complimentary consultation online today.
Guest blogger Bruce Fletcher understands that the choices we make can play a significant role in our overall happiness. He created the website www.LifetimeofHappy.com to explain how our choices contribute to the level of joy we feel every day.