The Do’s and Don’ts of a Start Up After Layoff
During the stream of lay offs, I had a handful of friends who sat in front of their computers searching for jobs, day after day while collecting unemployment. What a waste of time I thought to myself. Months passed, a year passed and still, no job insight. What did they have to show for that year? They made sitting in front of the computer sending out resumes their job. Unemployment checks became their paychecks.
A couple of my friends were ecstatic to be laid off. This was their opportunity to be aggressive and build something that belonged to them. Never to be pushed around or be a victim of corporate restructure again. If you are the person who have decided to be proactive and be an entrepreneur, here are some do’s and don’ts that can help push you along.
• Do your research.
• Do understand the financial obligation and commitment involved
• Do consider buying a franchise to start
• Do consider an industry you have experience in
• Do start a business in what you are excellent at
• Do find a commercial loan officer and develop a relationship
• Don’t plunge in head first
• Don’t fall for a business that promise immediate ROI
• Don’t over extend yourself financially
• Don’t go into a business you know nothing about or you’ll spend your time learning
• Don’t start a business in panic mode
• Don’t start a business to make money
• Don’t try to compete with the big guys