Laid-off? There may be no better time than the present to develop that product you’ve been daydreaming about or launch that consulting firm. Here are some tips to get you started.
Many people think about starting their own business. Most, however, get comfortable with the salary coming in and regard it as madness to give that up on a gamble. So the loss of a job might actually represent an opportunity to make that long lost dream a reality.
Of course, there is always the fact of having to pay the bills. That causes most people to engage in a frantic search for something, anything to get some money coming in. But why take some poorly paying IT gig when you could be running your own show and possibly making more within a year?
Divide and Conquer
For those lucky enough to have a supportive spouse or partner, one good strategy could be called divide and conquer. The concept is this: One person (who is still employed) agrees to support the home, pay the bills, and so on, while the other attacks the establishment of a new IT business with vigor.
In some cases, this is easily manageable. In others, severe cutbacks in expenses will be required. But the sacrifice could be worth it in the end.
For this to work, it is best to set a timeline of around a year (i.e., you have a year to give it your best shot). Without that deadline, the years can drift by and the amount of money poured into the business can just keep multiplying. A year also provides enough time to see how well you do and adds some necessity level to get into gear rapidly.
Arranging Your Time
If you don’t have the luxury of having a partner who can support you while you launch your idea, there are other options. Your parents may help, for example, or you can get a job and spend time on the new business during your off-hours.
That can only succeed, though, if you apportion your time. If you have a day job, set a clear-cut schedule to work on the business plan — perhaps 7 pm to 10 pm Monday to Friday and all day Saturday. If you are doing software development to launch a new application, such a schedule can certainly make sense. But if your new activity requires interfacing with clients, potential clients and suppliers during office hours, you are going to run into a time constraint that will likely cripple the embryonic venture. In that case, take a job evenings or weekends, and leave the days to your chosen career path.
Whatever you do, don’t fall into the trap of sleeping in until noon and dabbling at it. Set your clock early, get started by 9, no fail, and Read more…
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