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How to Make a Career Bounce Back

How to Make a Career Bounce Back

Author: Alyssa Strickland

Experiencing a setback in your career can feel defeating. While it’s normal to take time to process what went wrong, it’s important to move quickly into recovery mode.

One of the best ways to do that might be launching – or relaunching – a new business. The Future is Your Creation can be an asset when it comes to building a new image and competitive strategy.

What Happened?

According to Course Correction Coaching, career setbacks happen for a number of reasons.

Maybe you were no longer challenged or enthusiastic about your role. Perhaps the company moved, downsized, or merged with another.

Maybe there’s no potential for upward mobility in your current job, or you were passed over for an anticipated promotion or leadership role. You may also have experienced a business closure.

Regardless of what happened, it’s okay to take time to grieve the loss of what might have been, to feel your frustration, and to take time to regroup and decide what you want your professional life to look like moving forward.

Conduct a Post-Mortem

Once you’ve had time to regain your mental and emotional equilibrium, Marcus Business Team recommends taking stock of what went wrong and being honest with your assessment.

Were you as engaged as you could have been? Did you manage your time well and make every effort to innovate? Did you prioritize customer service and manage your budget well?

Most of all, did you have a plan in place – either a professional career development strategy or a business and marketing plan?

Before you make your next move, it’s important to identify what went wrong previously so you don’t repeat any past missteps.

Starting Over

You may decide to put yourself back on the job market, in which case a resume overhaul and a session with a professional career counselor can help you focus on how you want your future career to evolve.

Maybe you want to go in an entirely new direction and decide to go back to school as a way to hone your business acumen or learn skills for an entirely new role.

In addition, you might also decide that small business ownership looks appealing. You can chart your own direction, set your own hours, and be your own boss.

Of course, to be successful, you must be an organized self-starter, and that all starts with comprehensive strategic planning. 

Pre-Start-Up

What’s your business concept? Maybe you want to monetize a hobby, sell a hot product or service, or work as a consultant in your former industry.

Conduct market research to determine what’s most likely to succeed and whether there’s a market for your offering.

You’ll also need to study your competition to determine how best to differentiate yourself in a crowded marketplace.

Establishing yourself as a limited liability company, or LLC, is another smart first step, as it will protect you from some types of liability, give you more flexibility, and help you come tax time.

You can do the legwork yourself or hire an attorney, but your best bet is to hire a formation service to handle the details. LLC formation rules vary from state to state, so learn yours in advance.

Business Planning

Once you have your concept, your research, a business license, and your LLC, develop a business plan to outline your operational objectives.

This will help you create a budget, identify marketing needs (a website and social media are necessities), and determine if you need physical space or employees. If you need funding for your startup, seek out a small business bank, or connect with a small business development center for local resources.

Once you’re ready to launch, reach out to former colleagues, customers, friends, and family to help you spread the word.

Rebounding after a career disappointment is tough, but with a bit of ingenuity, you can take what you learned and apply it to a much more fulfilling second act.

The Future is Your Creation is home to a variety of money-making resources and insights into wealth-building strategies. Visit the site today to learn more!

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