How being downsized can make you millions?

May 26, 2016 | Small Business Tips


Ready to Get Started?

Contact Us Today

Directly or indirectly, downsizing means layoffs. Tough business decisions are hard for both the business and people who work for them. But at the end of the day, it is the people who leave that feel the greatest impact.

It is not easy to give up a corporate dream and even harder to pack-up and say goodbye to the office and your colleagues. Getting laid-off from a job can be stressful and discouraging, but there is an unexpected positive side as you leave the corporate world. It is an opportunity to pursue another dream.

There may challenges to face on your path of being a successful entrepreneur, as only one-third of new businesses are still in businesses after 10 years. So you need to come up with proper planning to help you to minimize the risk. There are several stories out there about hardship and dedication towards their passion and in creating something out of nothing.
Before you begin, here are some tips on starting a new business:

Be Financially Prepared
If there are signs that your company is laying off, be prepared financially. Savings and having access to a line of credit can you help finance your new business venture at a much lower cost than a business loan. Be prepared to reduce your standard of living and remove unnecessary expenditures until you start generating revenue again. If you are lucky to get a good compensation package from your employer, use it wisely. You may also want to talk with a financial planner to help you manage the transition.

Follow Your Passion
Find out what you define meaningful work to be; what is rewarding and fulfils an unmet need? Look at your existing skills and resources you possess. Once, you’ve done the research and have ideas, you can direct yourself to the necessary steps to becoming an entrepreneur.

One Step at a Time
Gunning towards anything is very unlikely to be successful for you. There are stories of people who gave everything and came out as winner, but those are rare cases. In time of unstable global economic, you need to apply risk management. Sit down and review the launch and growing of your business and remind yourself to take smaller risks in the earlier phases.

Shape a Business Plan
It is always a smart idea to write a business plan. A solid business plan helps you to clarify your idea, size of your target audience, how to reach out to them and how you can compete with existing businesses. Established businesses in your marketplace is a good sign and means there is a demand and people are willing to pay for your goods or services, providing the competition doesn’t out-weigh the demand.

Self-Promote Helps
First explore your inner circle, remember that Business starts at home. The best way to promote your business is by exploring your inner circle of contacts, colleagues, friends and relatives. Word-of-mouth is still one of the most powerful marketing strategies. Ask for contacts and referrals, give them extra benefits or offers, this will certainly help reach your target market.

Getting laid off at any point of time is not easy. There will be days when you may feel low and down, but keep that spark alive in you and trust your gut instinct. That road to success is going to be very curvy and long – but if you are really serious about starting your own business and be your own boss, then losing your job may be your way to making millions.

Share This Post:

  • I can’t go with any other choice...

    When I started my engineering business 4 years ago, I was looking for a space where it’s cost effective and at a prime location. It was a challenge! This is the best I could find, close to my home so the driving was faster, also the reception is exceptionally good. When you walk in the office, the welcoming atmosphere, the options I have here, I can’t go with any other choice.

    Valluvan AlagirisamyInspar Inc.

  • You have the necessary simple structure which allows you to focus on your day to day job.

    We’ve been doing this for almost 8+ years on a full-time basis, and I’ve been with Officescape for just over 5 years at this point. Pretty much the length of our practice, we’ve been part of a certain shared office center. With Officescape, you get the advantage of amazing office space, professional staff to greet your clients, and not worrying about unnecessary procedures. You have the necessary simple structure, which allows you to focus on your day to day job.

    Purvish ShahAdian Professional Services

  • It’s very professional and they don’t even know that its not our office!

    We started using Officescape primarily because we needed an address for mailing purposes and for our product. I use them for meeting rooms as well, when I bring my buyers in. It’s very professional and they don’t even know that that is not our Maxell office. It’s important for us to keep our profile image. Having a company in Canada for 16 years, our buyers are coming into our offices all the time, we still needed a space to have that place for our buyers to come visit us and vice versa.

    Lynn LangMaxell

  • My experience has been very positive!

    I chose Officescape because the staff are really friendly, I found them really helpful and really resourceful. I also find the building to be really clean and really bright, I like some of the architectural design. They always greet my clients very friendly, always offer them coffee, tea, water and always say goodbye to them when they leave. My experience at Officescape has been very positive!

    Ellen BradleyIntegrative Counselling Services

  • This is the perfect run your business

    I had the opportunity to use the Officescape location in Markham while working on a consulting project. Dave provides a top notch facility with excellent offices, boardrooms, connectivity, service and yes... great coffee. This is the perfect facility in Markham to run your business, meet your clients, and brand your company. Congratulations Dave on providing a much needed service to the business community.

    Mark FriedbergCognovative Business Services

Close this Popup

Get in Touch

Please use this form to inquire about our services, packages, or availability, or give us a call at 647-696-7418 or 1-855-933-0045.

First Name*
Last Name*