How to Start Your Own Business after Getting the Pink Slip

In these tough, competitive times, many companies have started handing out pink slips in a bid to control expenses. There may come a time when you might find yourself at the receiving end.

If this has happened to you, you could think about starting your own small business instead of just looking for another job.

Do Not Panic: Once you are handed that dreaded pink slip, don’t panic!

Take a little time off to calmly think about the options that you have. Let go of all negative feelings before thinking about the future.

Assess Your Experience Against The Current Situation: Make a list of all the skills and experience that you have attained and then compare them with the needs of the current market situation.

Also check as to whether people are willing to pay for those skills.

Start Networking: Utilize all the contacts that you have developed over the years as an employee.

This will enable you to get some quality advice and feedback on your plans.

Make A Time-Bound Business Plan: Once you have decided to start your own business, then you should make a time-bound plan so that your thoughts can be put into action within a specified time frame.

Arrange For Finance: You will need to arrange for financing for your new business.

If you are planning to dip into your savings, then have a sufficient amount of money ready. You’ll need it to finance your business and prop it up for some time.

The above tips can help you to transform from an employee to an employer.