If you were downsized after many years of dedicated service to a company because of an economic downturn but are now looking for ways to get back on your feet, starting a business could be the right decision for you.
You should carefully consider what kind of business you will be most successful at running based on everything that you learned at your previous vocation. Then, after you've identified an industry that matches your strengths, raise the necessary capital to launch your new business either through conventional lenders or angel investors.
Here are two suggestions to illustrate how you could start a six- or seven-figure business:
Be a Part of a Growing Franchise
Franchises are the fastest-growing form of business in the world. What's more, there are more globally-expanding franchise operations than ever before. You will be able to find a business opportunity that reflects your interests and experiences among the many available industries. American fast-food franchises, for instance, have been international players for decades. These large foodservice retailers operate tens of thousands of restaurants in more than a hundred markets around the world. If you are the type who loves coffee so much you had your own coffee bar, you might consider opening a coffee shop franchise. Or if you love pizza and children, consider opening a children's pizza franchise.
If the location of the franchise business you buy is in the European Union, you might be eligible for tax benefits, such as VAT, or value-added tax. This is an indirect tax collected when value is added to a product at every point in the supply chain, from production to sale.
If, for instance, you own a franchise unit operating in France, you'll be entitled to French VAT recovery. This is because - according to the European Union's tax directives - any company registered outside of France can claim back the VAT they paid on any costs incurred in that country. For companies that trade internationally, this is especially useful since it allows them to save money by avoiding double taxation.
Become a Consultant
Start your own consulting business if you want to monetize your hard skills, such as your knowledge, experience, and technical skill sets, and your soft skills, such as your professionalism, drive, and talent.
To launch your business, you need to:
1. Identify How You Will Serve Your Target Audience
After coming up with a clear idea of how to serve businesses with your expertise, you need to market your company both online and offline. First, create an online presence, such as a portfolio website and a few branded social media profiles, for your online marketing. Next, create marketing collateral, such as business cards and brochures, for your offline marketing.
2. Showcase Your Talents
As a consultant, you need to stand out from your competitors when showcasing your consulting skills. Potential clients should be able to browse through your portfolio to appreciate your best work. There are plenty of ways you can demonstrate your ability. If you don't have any industry connections, use cold emailing or cold calling to reach out to executives at companies that could benefit from your services.
3. Adopt a Simple Strategy to Find Your First Paying Clients
Since success in any business depends on the quality of your connections, a list of existing contacts can help you get a foot in the door faster than online or offline marketing alone. Connecting with influential people at your previous company, your alma mater, or any other relevant groups you belong to is a terrific way to start.
When Life Hands You Lemons
After being downsized from a job you excelled at for many years, it's difficult to understand why it happened, what to do next, and how to go forward. However, you can turn this unexpected setback into a wave of good fortune by seeing it as an opportunity to start your own business and earn a handsome income.
