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How being downsized can make you millions?

May 26, 2016

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.

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