Functional Entrepreneurship For Displaced Employees

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Posted: Nov 30, 2018 10:47 AM

Did you ever wonder why some unemployed stop seeking jobs working for the other guy? Functional entrepreneurship often comes from being fired from your day job. The reality of creating a viable business out of skills you used on the job is preferable to unemployment any day of the week, and often presents income faster.

Let’s discuss the process…

You’ve just been handed the pink slip and you’re in a heck of a fix, because your house payment is due next month… And you don’t have any money in savings. IS that you? That, my friends, is a big percentage of workers in any industry at any level. Most don’t have enough money in savings to pick up the big ticket items for more than a few days, if that… And the mortgage may be the first thing on the chopping block. But you really won’t be able to sell your house in 60 days.

So, what options do you have?

Another job is a good option, if there’s something available right away, but there again… looking for work may take a while. And you really don’t have much time to pin down that paycheck.

What about doing what you do every day, on contract?

This may be a possibility if you really put some information together and start working toward that concept. Let’s look at your skill set first.

Do you have marketable skills? 

The same skills that will put you at a desk working for someone else, can be used to grow your own business. What are those skills? Write them down. You need them for a resume, or to start your own business. But either way, you need to know exactly what they are. Don’t overload your list, but don’t leave out a valuable skill. If you’re point man on sales for the company, you can be point man on sales for your own business too. Include every single skill for your list.

Do you have a market?

You were just fired from the job… Evidently you had clients and people you worked for there. Even if you signed a non-compete agreement, the outcome of being fired from the job negates your having to abide by most non-compete agreements. Read yours. Show it to an attorney. Find out what you have to comply with, and what you can ignore. Write down every single person who uses the skill set you have, hires you through any means to use your skill set, and anyone connected to these people who might hire your services.

While you still have some confidence… 

Put together a presentation to bring in contracts and sell what you offer. Include a list of options and opportunities that you’d like to take advantage of with each customer, and give them a printed list. Show them how competitive you can be. Don’t forget to go back to your company and offer your services on contract… Your boss will love you for it, and will most likely hire you. Good option.

Visit any “sister markets” and offer your skills, contracted for a period of time. Be sure you include some residual options to keep the money coming in long term. Add in some quick services, to get the money coming in fast. Within a week, you should have some signed contracts you can start leaning on for cash income, and some that will be long term, if you’re playing all of your cards. Don’t hesitate to share this information with people at your former company. Everyone needs access to you.

Of course, there are a million details that must be set up for you to continue in business, and those can happen pretty fast with a consultant who knows the ropes.

The key will be how fast they need to get it all done. And how fast you’re willing to work to bring your business up to speed. You may not sleep much those first weeks, but the business will happen nicely and you’ll gain the benefit from it, long after the business folds.

Here’s the deal…

You’ve gained a few personal contracts, and now you need to make some business decisions. Do you want to own and operate the business yourself, or bring on a partner? Is this the business you want to run, and can you hire admins to do what you’re doing?

What skills do you have that could be incorporated into a business?

By applying your skillset to a business profile, you become an entrepreneur, developing a business, growing profits, and signing contracts of your own. Use the plan to grow your industry, and stop worrying about the jobs available or even unemployment. Make your way independently.

Need advice? Let’s do coffee!