Turn Your Layoff in to an Opportunity to Become an Entrepreneur

Sure, the economy isn’t what it used to be but maybe that isn’t all bad. We’ve heard for far too many years now that the opportunities that Americans once had are either overseas or in the hands of computers and robots but that isn’t entirely true.

Generation Y, the current younger workforce who have suffered the lion’s share of the effects from the 2008 and 2009 economic collapse, may have lost their jobs in large numbers but that has created a need breed of entrepreneur that has stopped looking for jobs and instead, created their own.

They’ve learned that relying on somebody else for their income isn’t as safe as it used to be so they’ve taken to entrepreneurship. The economy is relying on this new breed of business owners! America has to create at least 21 million new jobs by 2020 in order to say that the country is operating at full employment according to the McKinsley Global Institute and that, according to experts, won’t happen the way it once did.

No longer are big companies like General Electric and Boeing going to pick up the slack in hiring. It will now fall in to the hands of small business owners creating jobs for themselves and others in their community.

Ready to Start?

If you’re considering becoming an entrepreneur but don’t know where to start, think about your talents. What did you do at your old job before getting laid off? Do you have hobbies that could turn in to a business? Maybe you’re a good with repairing electronics, writing, or carpentry. Maybe you have a knack for decorating or you’re great with kids. If you find what you really love to do, that’s probably where most of your talent lies and chances are, you can turn that in to a business if you’re willing to work hard.

With new technology, starting a business can be very inexpensive. Freelancers can often start service oriented businesses with basic office equipment, an internet connection, and some contacts within the community. It’s best to register your business as an LLC with your state and obtain the proper county permits but after that, concentrate on building your business.

Finally

Entrepreneurship isn’t for everybody. Some people enjoy the structure of a traditional work environment but for those who have always wanted to start their own business, a recent layoff may be the perfect reason to dive in and follow your dreams.