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Why Starting a Business After a Career Setback Will Bring You Back to Life

Without a doubt, losing your job or being laid off can be an incredibly difficult experience. But it can also be an opportunity to start fresh and take control of your career. Starting your own business is one way to do this. Here are some reasons why you might want to consider starting your own business after a career setback, courtesy of J. Martin Wealth Management.

Become the Boss

When you start your own business, you become the boss. You have the freedom to make decisions about how you want to run things and what direction you want to take the company in. It's an empowering feeling that can help boost your confidence and give you a sense of accomplishment.

Tap Into Skills That Are Unused

Starting your own business gives you the chance to use skills that may have gone unused in previous jobs. This could include anything from writing, design, marketing, accounting, or programming skills. Having these skills will give you an edge over other competitors and help set you apart from the competition.

Establish an LLC

Forming an LLC or Limited Liability Company is a great way to protect yourself legally when starting a business. LLCs offer protection of personal assets and limited liability for business debts and obligations, which can be particularly important when starting a new venture. Moreover, LLCs provide greater flexibility in terms of management structure and taxation, making them an attractive option for many entrepreneurs.

Familiarize Yourself With Tools

Familiarizing yourself with contractor tools such as estimating software can be an effective way to ease into the process of becoming an entrepreneur. These tools help streamline the estimating and bidding process, allowing you to accurately price your services and remain competitive in the market. Additionally, mastering tools can save time and reduce the risk of errors, allowing you to focus on growing your business.

Use Conventional Marketing Techniques

It's essential to not forget about conventional marketing techniques. Business cards can help you establish a professional image and share important information about your brand with potential customers. By using an online tool to create your business card design, you can make a memorable impression on your audience and boost your chances of success.

Express Creativity

Starting a business after a career setback can offer you the opportunity to unleash your creativity and pursue your passions. Being an entrepreneur means having the flexibility to shape your brand and develop new solutions to challenges. From designing a logo to developing a marketing strategy, starting a business can be a chance to explore your creative side.

Get Organized

Organization is key when running any type of business. Learn how online tools help you manage work documents more efficiently. Tools make it easier for business owners to keep track of contracts, invoices, customer information, etc. while also providing quick access to them whenever they’re needed, which makes them invaluable resources when running businesses today.

Despite career setbacks, starting a business can be an incredibly rewarding experience. The freedom of being your boss and pursuing your passion can make all the hustle and hard work worth it. Even with a setback, don't be discouraged from pursuing what you believe in.

A financial advisor with a fiduciary duty provides this commentary and serves individuals and families across Arizona.

Past performance is not indicative of future results. The material above has been provided for informational purposes only and is not intended as legal or investment advice or a recommendation of any particular security or strategy. The investment strategy and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Information obtained from third-party sources is believed to be reliable though its accuracy is not guaranteed, and J. Martin Wealth Management makes no representation or warranty as to the accuracy or completeness of the information, which should not be used as the basis of any investment decision. Information contained on third party websites that J. Martin Wealth Management may link to are not reviewed in their entirety for accuracy and J. Martin Wealth Management assumes no liability for the information contained on these websites. Opinions expressed in this commentary reflect subjective judgments of the author based on conditions at the time of writing and are subject to change without notice. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission from J. Martin Wealth Management. For more information about J. Martin Wealth Management, including our Form ADV brochures, please visit https://adviserinfo.sec.gov."

Wealth Watch Advisors, Inc. is an SEC-registered investment advisory firm. Registration does not imply a specific level of skill or training. The information above is for educational purposes only and is not personalized advice. All investments involve risk, including possible loss of principal. Before engaging our services, please review our Form ADV Part 2A and Part 3 (CRS) at www.wealthwatchadvisors.com.

The information I've included here is for illustrative and informational purposes only and should not be considered legal, tax, or investment advice. Investment advisory services are offered through Wealth Watch Advisors, Inc., an SEC-registered investment adviser. The firm transacts business only in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the Commission and does not imply that the adviser has attained a specific level of skill or ability. All investment strategies carry the potential for profit or loss. Investing involves risk, and no strategy can guarantee success or eliminate the possibility of loss. Neither Wealth Watch Advisors nor J. Martin Wealth Management, LLC, is endorsed by the Social Security Administration or any other governmental organization.