subject: Survive A Layoff—Recreate Yourself [print this page] Survive A LayoffRecreate Yourself Survive A LayoffRecreate Yourself
In the world today, there is no security in a job working for someone else. Every day, thousands of Americans have their income taken away through layoff. With years of experience in your field, there is no reason that you should have to go to work again for someone else. Have you considered starting your own business? Organizations of all kinds are looking to contract services they need from independent contractors. To begin your own business, there will be steps to take in order to recreate yourself, protect yourself, and define your business, including the purchase of error omission insurance.
Decide first what service you can provide to others. This should be something you can do well and that you enjoy. Once you have established the service you will provide, write a business plan. This should include your short and long term goals, in addition to a mission and vision statement to keep you focused. You will need this if you need a small business loan in order to get started.
Choose a name for your company. Think carefully about establishing credibility with a name, and making it a name people can remember. Create your own logo and order a minimum of some business cards, but you may want a brochure or two that can highlight the services offered by your company. A website is also a good thing to get started at this time.
Next, take care of the legal aspects of starting your business. Apply to become a LLC, or a limited liability corporation. The world is full of litigation and becoming a LLC will prevent harm from coming to your personal finances should a legal issue materialize. Next, pursue error omission insurance. This type of business insurance provides your company with protection should an error occur that costs your client a loss of income or reputation. Many prospective clients will ask to see your proof of insurance before doing business with you.
Last, make contact with potential clients. Keep in mind that you might not be able to compete with the company you just left, as many companies have a noncompetition clause in an employee's contract prohibiting them from taking clients away from them. Network with other like professionals in order fully to understand the ins and outs of the business you are beginning. Find a way to contact potential customers. Look at trade shows, cold calls, advertising, word of mouth, social networking, newspaper ads, and other ideas to get your business noticed.
Many people do well as contracted workers during times that others are losing jobs. Many big companies today lay off long-term expensive employees and look to outsource the services they need. Invest in your professional presentation, and in protecting yourself from liability through error omission insurance, and begin looking for prospective clients. Working as your own boss can be a rewarding experience and many times become highly profitable.
