05 Oct 2022

Overcoming a Career Setback By Starting a Business in a New City

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Guest Blog by Brad Krause

Experiencing a career setback can be a tough pill to swallow, especially if it comes unexpectedly. Sadly, this was the fate of thousands of hard-working individuals throughout the pandemic and could well continue given the upcoming recession. But, while losing the job was out of your hands, choosing your next professional endeavor is fully in your control. Additionally, why not make the most of this opportunity to have a fresh start in a new city, and create a new chapter in your professional and personal life? In this article by The Writing King, we’ll explore the steps you can follow to get your career back on track in a new city.

Take Time to Heal to Begin Overcoming the Career Setback

Disappointment, grief, anger, and frustration are common emotions one faces in the aftermath of job loss. If you are feeling the same, it’s best to give yourself time to heal rather than hurrying into working again. On days when you find it hard to manage emotions, reach out to loved ones, whether it be your partner, family members, or friends, for help and guidance. Additionally, consider practicing a hobby, something that helps to disassociate your mind from stress and feel calm. Common hobby ideas to explore include painting, meditating, exercising, drawing, and journaling.

List Your Options

Once you feel you’re in the right mindset to think about work, spend some time weighing your options, which can include:

  • Returning to Office: For this, you’ll need to update your resume, start applying for jobs daily and invest in networking to find your next position.
  • Freelancing: According to research by Zippia, freelancers make up 36% of the US workforce and earn up to $28/hour for skilled projects. Freelancing can be a good option if you love the prospect of working with multiple clients and have complete control over your earning capacity. Fiverr, Upwork, and Guru are three of the many freelancing marketplaces where you can find positions and start earning.
  • Starting a Business: Starting your business can prove to be the perfect way to enter the next phase of your professional life. A business provides the freedom of using your skills and expertise towards building something for yourself and, in the process, making a meaningful impact on customer lives as well.

Benefits of Being a Business Owner

Overcoming Career Setback Starting New Business

We get it; starting a business can seem daunting, but it comes with a set of benefits as well, such as:

  • Being Your Own Boss: No longer will your career be in the hands of someone else. From planning each workday to earning every paycheck, you’ll be in complete control of your career.
  • Flexible Working Hours: Rather than being confined to the traditional 9-5 norm, you’ll be able to choose when to work. This flexibility can help to develop a good work-life balance and play to your strengths. For instance, if early morning is when you’re most productive, nothing is stopping you from getting work done and going easy for the rest of the day.
  • Spend More Time with Family: Between working long hours in the office and commuting, the time you spend with your family becomes limited. But, with complete control over the schedule, you’ll be able to spend some quality time with your family daily.

Find Your New City

According to research by WalletHub, the five best cities to start a business in the United States are:

  • Orlando, Florida
  • Miami, Florida
  • Laredo, TX
  • Durham, NC
  • Boise, ID

For in-depth research regarding each of these cities, refer to this link!

While these cities may top the given index, it’s important to dig deeper to find if they’re the right fit for you. Here are some key factors to consider while shortlisting locations:

  • How supportive is the business community in the city? Do they have reputed accelerators and incubators?
  • Does the local government provide assistance to small businesses?
  • What is the role of small businesses in local communities?
  • Is the city a popular choice for workers?

To further narrow the search, conduct research regarding the city’s current market conditions and find what type of products and services are in demand. Next, ascertain whether those product offerings align with your expectations. The best product will be one that has a growing market for the foreseeable future.

Look for Housing

Include housing costs as one of the main criteria for your shortlist as well. This is because moving to a city with affordable housing will allow you to purchase a larger house at a cost lower than that of your current location. Additionally, you might be able to cover the cost of the new home from the sale of the current one, preventing the need for undertaking debt.

But, if you would prefer to learn more about the city before purchasing a home, renting is the best option. Look for rentals in areas located close to shopping and recreation centers and being well connected to public transportation. Preferably, sign a lease for a year as it will provide plenty of time to adjust to the area and set up the business.

Follow a Business Checklist

Starting a business while moving will be a tough endeavor, to say the least. But, with good planning, you’ll be able to stay on top of all your responsibilities. Here are some key elements your business checklist should include:

  • Business Name: Decide on a great name for the business, preferably between 1-3 words and having some connection with your product offerings.
  • Register an LLC: A limited liability is one of the best business structures for new entrepreneurs. An LLC establishes the business as a separate legal entity, protecting the owner’s assets from business-related liabilities. Moreover, it makes it easier to secure funding.
  • Apply for Permits/Licenses: Every city has its own criteria related to permits and licenses required by businesses. Additionally, you may need to obtain industry-specific licenses as well, more information for which you can find here!
  • Open a Business Bank Account: Keeping business and personal finances make it easy to manage money, create financial statements and submit tax returns.
  • Purchase Business Insurance: Even while running a home-based business, your homeowner’s insurance may not cover liabilities arising out of business-related activities. Hence, research business insurance providers and choose the one with the best coverage and price.
  • Learn About Tax Breaks: As a business, you’re eligible to claim business expenses as tax breaks which can include the cost of purchasing business equipment, utility bills, interest payments, and more. Be sure to learn about all tax breaks you’re eligible for and utilize them to your benefit.

Starting a business and moving to a new city will feel like too much to handle at first, but the key is to focus on the end goal of regaining control over your career and dedicate time towards something you’re passionate about. If you’re worried about housing, choose to rent and make the switch to homeownership once you’ve settled in.

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