Starting a business when you're out of work

The truth is, no matter how scary this time is, this is a great time to start your own business. You can take control of the situation you’re in and come out of it better than ever. If you didn’t lose your job, you might not ever be brave enough to become an entrepreneur. People like Mark Cuban, Kathryn Minshew, and even the most powerful woman on Wall Street, Sallie Krawcheck, all stared their businesses after being fired.

Being fired is a common way people end up in their own business, and it can be a very successful way to start. This is mostly because when people are afraid of starvation or losing their home, they tend to work harder and are much more committed. In fact, many entrepreneurs report being fired multiple times before finally getting the hint and going out on their own.

If you want to start your own business when you’re out of work, this is one time you should not delay finding a way to bring in income so you can work your dream.

* Get Something on the Side – If your dream business is not a service-based business and you have to earn money for the product, consider starting a service-based business on the side like driving for a rideshare company, delivering groceries, or something like that which won’t distract you from your business.

* Live Off Your Unemployment – If you do get unemployment or you have some form of buyout package, you can live off that for a time. Cut all your extra expenses, such as eating out and buying clothing. Stick to the basics while you build the business.

* Know Your Skill Set – You should know that you are good at doing. Right now, it is not a time to try to learn something completely new because you are unemployed and need to get money coming in. You can work as a consultant doing what you did before, or you may have to figure out how your skills align with something else.

* What Do You Love? – Is there something you are good at that you really love doing and would do for free if you could? If there is something you get excited about that also has a way to earn income from it and build a business, what would it take to turn that into your business?

* What Problems Can You Solve and for Whom? – Knowing who your ideal audience/client/customer is can help you figure out what problems you can solve for them using your skills, knowledge, and experience.

* Determine How You’ll Market Your New Business – If money is tight, you may have to consider some interesting alternatives to get people to notice your business. For example, you may want to start a blog, or a YouTube channel or an Instagram, depending on which works best for your type of business.

The main thing to realize is that nothing is stopping you from coming up with a million-dollar business idea and building it starting today, other than you. Chances are that if you are reading this, you already have at least a glimmer of an idea of what you want to do. Now you just need to research the idea, study the audience, and match it to your skill set and implement and execute, and you’re going to be a success.