Business Self-Care Self-Help

Tips For Starting Your Business After Divorce

Is it a good idea to start your own business following a divorce? Here are some ideas on how to start over and make a success as an at-home entrepreneur.

Divorce is both an end and a beginning. It’s the end of a relationship, but it can be the start of many opportunities for the future. It’s a time people contemplate actions they may never have considered before the divorce. Like starting a business of one’s own.

Post-Divorce is an excellent time to reassess one’s life. What have I always wanted to do? What will my future be like?

The current economic climate is very encouraging for entrepreneurs. Combining a fresh start with some creative ideas can be life-changing. If you are struggling financially or are a stay-at-home parent, a home business can be the perfect solution. Ask yourself, “If not now, when?”

Following are some tips on how to term a dream into reality:

  1. Know your strengths and weaknesses. If you barely passed 6th-grade math, a freelance tax consultancy may not be the best idea. On the other hand, if even your mother-in-law can’t stop raving about your cooking, and there is nothing you love more than baking, you have a good start with something you are passionate about. You can create a business by selling your wares to local bakers or larger markets. You can start a baking blog.
  2. There is no need to rush this adventure. Check out the market and start slowly, such as catering your friend’s events.
  3. Getting started can be the hardest step. This is where you take a plunge and simple do it. Start. No excuses.
  4. Any business, including your home business, will not survive with only one client. Returning to the bakery example, it’s a bad idea to rely on just one source of income, The whole idea of entrepreneurship is to grow and have a multitude of resources. Work hard to acquire as many clients as you can
  5. Create a business plan that includes where you want to be in a month, six months, and a year. Most businesses start in slow increments and are built step by step.
  6. If you have your own business, you need your own work area that will keep you disciplined and moving forward. You may consider getting a separate phone number. Transfer a room, or at least a portion of a room, into a home office, complete with a professional desk and chair. Have the standard office supplies – a computer, post-its, pens, paper, Rolodex, etc. – at hand.

Be Financially Prepared

Even a small home start-up requires funds for essentials such as stationery, etc. In the baking example, you would need a stocked pantry. As a rule, a divorce causes both parties financial hardship, so make sure the needed monies are available. The good news is that most home-based entrepreneurial businesses do not require a large initial investment. Still, it’s a good idea to consult with an accountant and set up a financial plan. As your business grows, each step may require a different financial strategy.

Since financial emergencies can arise at any time, make sure you qualify for a loan should the need arise.

Don’t Rush Things

Regardless of how badly you need money, don’t rush any new undertaking. First, make sure the business is right for you. Research the financial and growth potential of your chosen industry. If you are currently employed, you may want to consider holding on to your “day job.” While certain experts take a sink or swim approach to entrepreneurship, it may be rash to hand in your notice without having your home business at least ready for takeoff. If you are a cautious person, you may want to shift from a full-time to a part-time job before devoting 100 percent of your time to your home business.

Take Care of Yourself

You are finding yourself in a life-changing situation. Dissolving your marriage and starting your own business are both exciting and stressful. It can surely consume all your energy. Take the time for proper healthy meals and regular exercise. Find a way to treat yourself.

Learn From Someone Already in the Business

In the corporate world, many smart employees make sure they have mentors to guide their steps. As an entrepreneur, you can join affiliated groups or find someone who is already doing what you want to do. Learn from their expertise.

Consider the Benefits of Starting Your Own Business

Working from home provides tremendous flexibility. You can pick up the kids from school and take them to doctors’ appointments. You are not wasting time commuting. In addition, your home office, including business calls, is tax deductible.

Not every home business blooms into a success. That, too, is okay. By simply trying and making plans, you will have learned a lot about what you want to achieve for the future. Now is the time to pursue it. Keep in mind, if Plan A doesn’t work out, create a Plan B.

Conclusion

Starting your own business after a divorce will be challenging. But overcoming obstacles and succeeding will help you create the exact life that you want for yourself. It can be hard work, but most people find it worth the effort.

The legal process can get difficult, which is why we always recommend that you seek the assistance of counsel; or at least have a consultation. Schedule a consultation with one of our attorneys today to review the issues of your case, the legal options you may have, and certain rights that pertain to your unique situation.

Have more questions? Let us know by sending an email to: questions@legallotus.com and we will do our best to develop content to provide you with direction and insight!

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