Please give a special welcome to Brad Krause of SelfCaring.info for this guest post. Brad is a fellow rat-race escapee and has written a fantastic article for these times!

A setback in one’s career can leave you reeling with uncertainty. It’s only natural, therefore, that you’ll want to get back on your feet as soon as possible. But before you pound the pavement to look for another, often similar job, consider the fact that you also now have an opportunity to pursue something more meaningful as a livelihood.

No doubt, one of the best ways—if not, the best way—to regain your income, security, and self-confidence after a job loss is by starting your own business. Sure, it’s a fearful enough prospect, but the reality is, if you do your due diligence, leverage your skills, and, above all, work hard, you can be looking at both financial and professional independence—among other rewards to boot. So without further ado, let’s explore how you can start a business and start strong.

Choose your own (ad)venture

Like most things worth pursuing, one of the hardest parts about building a business is arguably getting started. Part of this is choosing a business idea. With so many possibilities, you’ll want to find that sweet spot where consumer demand, your skills, and expertise converge at the most fundamental level. You’ll also want to avoid mistakes that can be potentially costly.

It’s often said that starting a business based on passion is a great way to go about it, and generally, it is. For one thing, being passionate about something essentially makes you an expert on it, and that can translate very well into business, making it easier to establish yourself as an authority. For another, you’re doing something that you truly love and enjoy, so it can be personally rewarding, and you probably won’t even mind all the hard work that goes with the territory.

In the same vein, you can start a business based on your skills, experience, and expertise. In a nutshell, you can bank on your skills to provide a service—addressing specific needs and even solving certain problems. In some cases, you might even be able to leverage your professional network to do so. This can be a truly viable option, indeed, especially when you have a highly specialized and in-demand skill set.

Learn the ins and outs

Of course, when creating a business, you also want to learn the most effective ways you can get it off the ground. This will invariably demand no small amount of due diligence. You’ll need to get to know various business models and choose what works best for you, as well as learn all about creating a platform, marketing, streamlining workflows, and so much more.

Thankfully, there’s no shortage of resources and tools that can help you with every step and facet—running the gamut from books to comprehensive guides to creating a business website to online job boards where you can offer your services.

Create the perfect workspace.

Sure, you can easily launch your business from your couch or your kitchen table. But that will only go so far as you grow your business. Plus, you’ll need storage space for files, paperwork, printers, and so on. Until you’re ready to move your business outside the home, find a dedicated space that will allow you to work productively and efficiently. The ideal setup also includes having the right tech, which could be a reliable smartphone, a quality desktop, a laptop computer, business software, and reliable internet security.
Reach your full potential

Finally, know that no matter how knowledgeable or bankable you are, there’s always room for improvement. Indeed, opportunities to elevate your business and leadership skills and, by extension, your potential is always welcome in the business world—not only to keep your expertise high but to also increase your clout.

With this in mind, going back to school is definitely worth the plunge. Consider enrolling in an MBA program where you can hone your business knowledge and leadership skills, as well as learn all about management, strategy, and even self-awareness. You can even pursue your Masters of Business Administration conveniently at home through top-notch education.

Suffice it to say, a setback in your career is not the end of the world. Rather, it can be the fresh start you may have been needing all along. So take it as an opportunity to start a business, and elevate your finances and confidence in the process.