Laid Off Recently? Turn It Into Something Amazing

Lost your job recently? Feeling in the dumps? Well, here is some good news. Many great business founders started their businesses after being laid off. Time to turn that frown upside down and get out there to make things happen. Although I wrote the post 10 Things to Do When You Graduate Without a Job for recent college grads, most of the imformation applies to anyone searching for a job. Head over there and apply those steps and get searching.

Use Your Layoff to Do What Your Employer Did Bad

One of the tips dealt with finding alternative ways to generate income. So, why not start your own business? If you enjoyed your last career, why not start a business in the same field that does something your original employer did wrong? I will be doing this next year. While working at my current job, I have been very observant. I now know what not to do when I start my own business. I know what to charge that is competetive and I know what people are looking for.

Didn’t really like your last career? Why not start something that you have always been passionate about? There are plenty of businesses out there that you can start for almost nothing. Want some inspiration? Here are some individuals who started their businesses after being laid off:

Tom Stemberg

Tom was let go from a supermarket chain names Finast-Edwards in 1985 when his division was sold. He then founded Staples, the office supply giant which has over 40,000 employees. His estimated net worth is over $200 million. Not to bad for starting a business that sells pens and paper!

Michael Bloomberg

Michael was laid off from Salomon Brothers only to start the financial news service that bears his name. He is also the mayor of New York City.

Get Going Now

Recessions can be the best time to start a business. When everyone else thinks it’s the worst time to start a business, it’s sometime the best time. Sort of like in the stock market. Now may be the best time to start a business that helps individuals find jobs or helps them find other sources of income so they do not foreclose on their home. Just sit down and brainstorm. You will be surprised with what you come up with!

5 thoughts on “Laid Off Recently? Turn It Into Something Amazing

  1. Mike

    The only problem with that idea is it’s ridiculously tough to get a business loan right now. There’s no way you’d be able to start something like Staples without one, unless you happen to be rich or can convince some VC firm to take the risk.

  2. Adam

    @Mike – I agree with you on that point. However, there have been many, many successful business that have been started on nothing or very little. Didn’t Bill Gates start Microsoft in his garage?

    Even if someone only has a couple thousand dollars, if the idea is great, it can turn into something huge!

  3. tom

    Yes it is hard to get loans but who said you have to start with something like Staples.

    There are many businesses you can start on a bootstrapping method. And probably do it part time.

    If there is a will, there is a way.

  4. E.C.

    Ok, great advice if you’re in a service industry, but my dad, who hasn’t been laid off but was moved from salaried to hourly and had his hours cut to thirty hours a week, is a mechanical engineer for a company that’s an original equipment manufacturer for the major automotive companies. I don’t think a business that requires CNC machining and casting molten aluminum is quite so easy to replicate on your own!

  5. Adam Post author

    @EC – Welcome back to the commenting! I agree with you on that one. At least if he were to start a business, he may know how not to deal with customers.

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