5 Tips to Start Your Own Business After Leaving A Job

When you find yourself unemployed, be it because you quit, were fired, or were laid-off, its not easy. I started my own practice after leaving my last place of employment. I once heard that it is easier to find another job when you are employed. My guess is that starting a business is easier when you are employed as well. But, if you find yourself unemployed, here are 5 tips to start your own business, courtesy of About.com:

• Take your time. If you find out you are going to be unemployed, it is okay to take some time before you start your new job. (Of course, I started my own firm about 2 hours later, but I had been planning it in my head since my first week of law school!)
• Assess your skills and experience. If you want to stay in the same line of work, you will be up and running quicker. If you want to venture off into something new, and there is nothing wrong with that, then, as Nike would say, "Just Do It," but understand there will be a longer start up time.
• Evaluate your Industry. You need to know as much as you can before you get started.
• Check the Bank Account. Make sure you have enough money to last 6 to 12 months. You never know how long it will take, but you need to be able to keep the lights on in your house!
• Develope A Timeline. It does not take long to set a realistic timeline and figure out when things should be accomplished. It will make you sleep easier at night.

You can start a business when you are unemployed. These five steps are the first things you should do before you decide to go forward. Then go out there and succeed!

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[John]

College students could greatly benefit from working online. Those who already have full time jobs but need extra money on the side can easily work a few hours from home in their spare time. With some opportunities, it's possible to continue earning money even if you're not sitting at the computer. While a online home business takes time to set up , there is the potential for passive income. http://www.millionairebusinessideas.com

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[Small Businesses For Sale]

"My guess is that starting a business is easier when you are employed as well." - starting a business from scratch is much more risky difficult than buying an already established business where all the guesswork has been take out, and there are established revenues and cash flow.

Did you know you can buy and sell businesses for sale for FREE at GlobalBX.com? They have over 32,000 business for sale listings, franchise opportunities and commercial properties. You can even apply for a business loan with 300+ direct lenders in real-time and get a response from lenders within minutes!

[Small Business Loans]

I have a question about a small business loan. I am wanting to start a business in Washington State and am in need of business starting capital. I have good credit but I want to get the best interest rates. Someone told me about http://www.unsecuredsolutions.com but how do I go about picking the right company to help me get a small business loan? Are they all the same, or is one company better than another for getting business loans? Who do you recomend.
Thanks.
Tony V

[Fred]

Those are some great suggestions.

[steve sumon]

Somthing to share with you: The stock did quite well over the next couple of years, and I sold my shares in 1995 to net a cool $10,000 in profit (before taxes). Not bad, eh? What I did wrong Given that profit, it might not seem like I did anything wrong. But trust me, I committed blunders galore. For starters, I did little to no research into the company or the stock before buying it. It might have been a great company, but if its stock had already been bid up too high and was overvalued, I wouldn't have stood to make much money. If the company's debt or accounts receivable or inventory was growing much faster than revenues, that would have been a red flag. If profit margins or returns on assets were dropping, that would have also been worrisome. But I never thought about that. I didn't know much about Broderbund's competition, either.

[TOCS]

Good tips, keep up the good work.

[Balance Books]

As a bookkeeping professional, I would add "#6: Keep Records" to the list. The first few months can be hectic, and keeping records can make all the difference when trying to deduct start-up costs. At best, start a filing system on Day 1. At worst, buy a plastic storage box and let all records accumulate until you're ready to organize your financial life. One word of warning: it is always more expensive to organize information retroactively than it is to invest in a proper recordkeeping system from the outset!

[dax]

great one here!keep up!

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[kensmith]

After leaving job you should be a position to start business on your own.Before starting business you should have knowledge on business tips and how to develop business.Business man should have creative knowledge.you should follow the same rules and regulations.
===========
Kensmith
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[California Businesses for Sale]

I think it is a much better idea to start your own business on the side while you are still employed. That's playing it safe in case luck won't favor your entrepreneurial endeavor. Starting a business from scratch is riskier than buying an existing one so you may want to check listings of businesses for sale in California at http://www.globalbx.com

[deepak]

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[Home Based Business Ideas]

I might add to this very good suggestion list that if you have any thoughts at all of starting a home business, consider starting it parttime while STILL employed so that you have an inflow of cash. Desperation will be hard to avoid if you start a business while unemployed with no income.

[Laurie Neumann]

Good tips.

There are many things you can business-wise. You can offer a service, or sell your own product (woodworking items, soap, candles, food items, etc.)

If you don't feel you have a speciality to offer, you can sell other people's products and earn commissions on sales. This can be done through Affiliate marketing.

Or...you can buy items at wholesale and then resell at a higher price for a profit.

Starting a business is a great way to go if you're unemployed. You will need some money to invest in the business startup, but it doesn't have to drain your bank account.