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Launching a Company Rejuvenates Your Career

12/2/2020

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Here's How Launching a Company Rejuvenates Your Career

A career setback may have you questioning your professional path, but that doesn’t mean you don’t have the right skills to succeed. Instead of focusing on the negatives, think about forging your own way. Launching a company likely rejuvenates your career because you’ll be pursuing your passion. Here’s why it’s a great idea to launch a startup – and advice on how you can go about it.

Why Start Your Own Business?

Starting your own business can afford your independence, confidence, and the opportunity to scale your wealth. Still, it’s challenging to build a company from the ground up. Consider the challenges of business ownership before getting started.

As Forbes notes, some of the top challenges entrepreneurs face revolve around getting their startups off the ground. Especially in the early stages of your journey, it’s an excellent idea to connect with other professionals. Working with a mentor like Nick from Origin Leadership can help you realize your goals and achieve success.

4 Tips for Entering Entrepreneurship

Leaving a comfortable job (and stagnant career path) can be scary but also freeing. As you start out on your entrepreneurial journey, consider these four tips for building a business model that works.

Focus on Funding First

Many would-be business owners hit a wall when it comes to financing. If you don’t have spare cash lying around to invest in your company, consider small business funding options. From government loans – like SBA Express Bridge loans and traditional SBA options – to non-government funding sources, there’s no shortage of assistance out there.

Be Open to Change

Learning how to start a business after a career setback requires you to be strategic and open-minded. Despite your best intentions, your business is bound to encounter challenges. From products that don’t sell to a service model that always needs tweaks, adaptation is the entrepreneurial game’s name. As Startup Nation elaborates, some of the most successful entrepreneurs’ top traits include passion, tenacity, flexibility, and resilience. Keep this in mind when adapting to changes within your business model.

Perseverance is a Key Trait

You may be looking toward business ownership as an alternative to a corporate career. But the truth is that like climbing the professional ladder, starting your own company is fraught with risk. Fundera reports that 20 percent of small businesses fail within their first year. Perseverance will be essential when building your brand – even if you encounter failure in your first attempt.

Branding Can Build Your Biz

You might think of branding as something that worries only large companies. Iconic labeling and recognizable acronyms are only for big names, right? Wrong. Even smaller-scale organizations need a solid branding strategy. Developing your brand can help you attract your ideal customers, elevate your value, and build networking connections.

Find Your Ideal Business Venture

The perfect business venture is out there somewhere – but how do you find it? Prioritizing your passions is smart, but you’ll also need to consider what industries are the most lucrative. According to The Balance, some of the most profitable small business niches include technology, software, and food. But don’t underestimate the personal benefits of launching a company that rejuvenates your career.

Brick-and-Mortar Companies

Opening a restaurant or bar might seem risky these days. But if your model is innovative – or even portable (food trucks continue to be a hit) – your odds of success increase exponentially. Similarly, retail can be a boon for business – but moving online may also be smart.

Online-Based Businesses

Whether you decide to go freelance or hire staff, offering online services is an excellent way to weather economic changes. From writing or graphic design to accounting or bookkeeping, there are tons of services you can offer online to a wide range of clients. Further, additional opportunities could include an Online Shop as covered next.

ECommerce Models

ECommerce is another online business that involves physical products. You can choose a drop shipping model or maintain inventory in your home or storage space. Creating an eCommerce shop may be the most straightforward way to establish a solo business.

Launching a company that rejuvenates your career after a professional setback can feel impossible. But happily, branching out into entrepreneurship affords you endless opportunities. All it takes is a smart plan – and plenty of motivation – to get started.

Need help with software? Look at K2’s AccountingSoftwareWorld Website.

Randy Johnston

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    Authors


    Ward Blatch
    Ward provides consulting and training services as the Managing Director of K2E Canada Inc. He joined K2E Canada in 2005 and is responsible for the Canadian operations of this international consulting group, which provides professional development technology education for accountants across Canada and the US. Ward lives in rural Nova Scotia and can be reached at ward@k2e.ca.

    Alan Salmon
    Alan Salmon is recognized as Canada’s leading analyst in the area of accounting technology. He has nearly 35 years of business, management systems, education and journalism experience, has a degree in Science and an Advanced Teaching Certificate from the University of Toronto. Alan has now retired from teaching and lives in Brampton, Ontario with his wife Nancy. He can be reached at alan@k2e.ca

    Tommy Stephens
    Tommy is one of the shareholders in K2 Enterprises, affiliating with the Firm in 2003 and joining as a shareholder in 2017. At K2, Tommy focuses on creating and delivering content and is responsible for many of the Firm's management and marketing functions. Tommy resides in the metro Atlanta area. You may reach him at tommy@k2e.com.

    Randy Johnson
    Randy is a nationally recognized educator, consultant, and writer with over 40 years experience in Strategic Technology Planning, Accounting Software Selection, Paperless, Systems and Network Integration, Business Continuity and Disaster Recovery Planning, Business Development and Management, Process Engineering and outsourced managed services. Randy can be reached at randy@k2e.com

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