You’ve been in your job 20 years and, man, it’s been a tough grind some days. The coffee is always gone when you get in to work and, of course, nobody is gonna make a fresh batch. You haven’t had a promotion in 8 years and to top things off your salary has been frozen because of the ‘economy’.
Yeah, doesn’t the economy take the heat for everything?
There is talk of layoffs, a reduced work week and stress at work leads to stress at home. Then comes Black Friday and you get your layoff notice!
Sure, you hated your job, your boss and the company but you figured it was better than being unemployed and there was a pension when you reach 60.
Besides, they wouldn’t lay you off. You’re a middle manager. Unfortunately, when you’re in middle management you already have a target painted on your back.
Sounds like you need a new game plan.
Can you get a new job? Probably not. The economy sucks and who wants a 50 year old employee when they can get a 25 year old for half the price? What can you do? You can get an underpaid job, retire on your savings (lol), inherit money from your wealthy parents, or make your wife support your lifestyle or you can become an entrepreneur.
Look to your past when thinking about setting up your own business. Take those transferable skills you learned in your last career to create a business that utilizes those skills. Many people look directly at their last job and think about how they lost that job to mismanagement, product quality, over spending (you know the drill) and think how they could have done it better if they been in charge. Okay, put your money where your mouth is.
Opening your own business in competition to your previous job is a good idea. You’ve had 20 years experience, maybe you’ve been a manager yourself and know the service and/or product inside out. You have fresh ideas, you are motivated to make money, and maybe you have always dreamed of doing everything your way.
When a client comes to me with a business idea, I look directly at them and ask them if their family or friends have told them they’re nuts. Most times your family and friends know better than you do whether you are cut out for self employment or not and it’s best to know your limitations. I analyze their business idea, of course, but I am mainly looking at the person’s potential for success. I look at their short and long term potential, whether they have enough capital in place or have access to finance. I look at the timing of their product or service, the state of the economy and whether they are in the right time, space and place to start their enterprise. I look at their business idea but at the same time I realize that we are trying to create an entrepreneur who, when given the necessary skill set, can create any business out of any opportunity.
Do you need help? Call me 604-805-2025