If you lost your job what would you do for money? The first thing you would probably do is head to the unemployment line to sign up for your employment insurance benefits. But knowing that the money you will receive will not last for very long, what else would you do for money?



You have several choices, and one of them is that you could see this as an opportunity to start your own business.

But, you ask, is this really the right time to start my own business?

when one door closes another one opens

Remember what Alexander Graham Bell said:

“When one door closes, another door opens; but we so often look so long and regretfully upon the closed door, that we do not see the ones which open for us.”

In other words, stop staring at the closed door. Stop being angry, or frustrated about the fact that you just lost your job. Let go of your attachment to the past, including your last job, and be open to new opportunities.

The quicker you do that the quicker new opportunities will appear before you.

And at that very moment you need to push forward and take a leap of faith. Even if you tried starting your own business before and things didn’t work out the way you hoped they would, consider this day to be the day that you start over.

Are you still hesitant, and questioning the idea of starting your own business?

Consider the following:

Myth: Starting your own business is very expensive.

Fact: Some businesses, such as buying a franchise, or opening a restaurant, or a cafe, could cost you a lot of money upfront, but if you are short on cash, choose to start a business that costs you less than $500 to start.

Myth: Only people with a degree in Business Administration are capable of starting their own business.

Fact: You need motivation, determination and a willingness to succeed to start a business.

You can learn the rest as you go along.

There are so many resources available, both online and in libraries, to help you build your new business and operate it well.

You can also work with a good business coach or mentor that has been successful in building their own business. You can join a networking group or mastermind group and learn from other business people that are doing well.

And always keep in mind that many of the most successful business people in the world today are actually high school dropouts.

Myth: I need to start something brand new. Invent a new product or service that has not already been done.

Fact: Yes, that may work out well. But instead of starting from scratch you can find a product or a service business that you like and figure out a way to do it better.

For example, a startup known as MySocialCloud launched a service a few years ago to manage your online passwords. Were they the first ones to create a password manager? No. Were they still successful? Yes, very successful, and it was announced that their little startup was being purchased by Reputation.com.



Oh, and by the way, the creators of MySocialCloud were a brother and sister team that were 22 and 20 at the time of creating their new business.

So what’s your next step?

Figure out what you are good at and how you can use your skills and past work experience to start your own business.

And even if you only have enough money to start out small, think big. Think about how you can grow your business and how you can acquire funds if and when you need them.

Remember to take advantage of all of the resources at your disposal. Create a plan for your business, and start knocking on doors.