Overcoming a Career Setback By Starting a Business in a New City
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
Experiencing a career setback can be emotionally challenging, and it’s important to give yourself time to heal before moving forward. Taking the time to process your emotions and seek support from loved ones can help you overcome the disappointment and frustration of job loss. Engaging in hobbies and activities that bring you joy, and relaxation can also aid in the healing process.
List Your Options
After giving yourself time to heal, it’s important to start exploring your options for the next phase of your career. Assessing different paths will allow you to make an informed decision about the direction you want to take. Consider the following options:
- Returning to Office: Returning to a traditional office job may be the right choice for some individuals. Updating your resume, actively applying for jobs, and networking can help you find your next position within a familiar work environment.
- Freelancing: According to research by Zippia, freelancers make up 36% of the US workforce and earn up to $28/hour for skilled project managers. Freelancing offers the flexibility and independence of working on your terms. Research shows that freelancers make up a significant portion of the workforce and can earn competitive rates for their services. Platforms like Fiverr, Upwork, and Guru provide opportunities to connect with clients and build a freelance career. Fiverr, Upwork, and Guru are three of the many freelancing marketplaces where you can find positions and start earning.
- Starting a Business: Entrepreneurship can be a fulfilling path for those looking to take control of their professional lives. Starting your own business allows you to leverage your skills and expertise to create something meaningful. It provides the freedom to make decisions and make a positive impact on both your customers and your own career.
Benefits of Being a Business Owner
Starting a business comes with unique advantages that can enhance your professional journey. Understanding these benefits can help you make an informed decision about pursuing entrepreneurship. Consider the following advantages:
- Being Your Own Boss: Running your own business grants you the autonomy to make decisions and shape your career according to your vision. You have the freedom to set your schedule, choose your projects, and take charge of your professional growth.
- Flexible Working Hours: Entrepreneurship offers the flexibility to create a work schedule that suits your lifestyle. This flexibility allows you to achieve a better work-life balance, cater to your peak productivity hours, and allocate time for personal commitments.
- Spend More Time with Family: Unlike traditional employment, owning a business allows you to have more quality time with your loved ones. You have the freedom to prioritize family commitments and create a schedule that accommodates spending time with your family.
Find Your New City
Relocating to a new city presents an opportunity for a fresh start and opens doors to new professional possibilities. Consider the following steps when selecting a new city:
- Research Business Community Support: Explore the business community in your target city to assess the level of support available for entrepreneurs. Look for reputable accelerators and incubators that can provide guidance and resources to help your business thrive.
- Local Government Assistance: Check if the local government offers programs and incentives to support small businesses. These initiatives can provide valuable support in terms of access to funding, business development resources, and networking opportunities.
- Role of Small Businesses: Introductory paragraph: Consider the role of small businesses within the local community. A vibrant small business ecosystem indicates a supportive environment that fosters growth and collaboration among entrepreneurs.
- Worker-Friendly City: Determine if the city is known for being worker-friendly, with a favorable business climate and a skilled workforce. Look for cities that attract talent and offer opportunities for professional growth.
- Market Conditions: Conduct thorough research on the current market conditions in your target city. Identify industries that are thriving and in-demand. Aligning your product or service offerings with the needs of the local market will increase your chances of success.
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
Look for Housing
Finding suitable housing is an essential aspect of relocating to a new city. Consider the following factors when searching for housing options:
- Affordability: Take into account the cost of housing in the new city. Look for areas that offer affordable housing options, which will enable you to manage your living expenses effectively.
- Proximity to Amenities: Consider the proximity of housing options to essential amenities such as shopping centers, recreational facilities, and public transportation. Convenient access to these amenities will enhance your quality of life and ease your daily commute.
- Renting vs. Buying: Assess whether renting or buying a home is the best option for your situation. Renting can provide flexibility and time to familiarize yourself with the new city before making a long-term commitment.
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 navigating a move requires careful planning and organization. Follow these key elements in your business checklist to ensure a smooth transition:
- Choosing a Business Name: Select a unique and memorable name that reflects your brand and resonates with your target audience. Preferably the name should be between 1-3 words and have some connection with your product offerings.
- Register an LLC: Establish your business as a limited liability company (LLC) to protect your personal assets and enjoy certain legal and financial advantages. Consult with a professional to complete the registration process.
- Obtain Permits/Licenses: Research and obtain the necessary permits and licenses required to operate your business in the new city. Compliance with local regulations is crucial for a smooth business operation. Additionally, you may need to obtain industry-specific licenses as well, more information for which you can find here!
- Open a Business Bank Account: Separate your personal and business finances by opening a dedicated business bank account. This will streamline financial management and ensure accurate record-keeping.
- Purchase Business Insurance: Safeguard your business and mitigate risks by purchasing appropriate business insurance. Explore insurance options that cover liabilities specific to your industry.
- Explore Tax Breaks: Familiarize yourself with tax breaks and deductions available to small businesses. Consult with a tax professional to maximize your tax benefits and minimize your tax liabilities. Be sure to learn about all tax breaks you’re eligible for and utilize them to your benefit.
Conclusions
Starting a business and embarking on a new chapter in a different city may seem overwhelming, but with careful planning and determination, you can regain control over your career and find success. Remember to take the time to heal from the career setback, explore your options, choose the right city for your business, secure suitable housing, and follow a comprehensive business checklist. Embrace the opportunity for personal and professional growth and make the most of this fresh start in your career journey.
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