How to Start a Business in Anchorage, AK Following a Career Setback

Experiencing a career setback is soul-crushing. It can leave you feeling lost, unsure of what to do next, or even uncertain of what the future holds for you. Depending on the career blow you’ve been dealt, you might suffer low self-esteem, depression, and financial struggles, further hurting your chances of landing another job.

However, it's important to pause and reflect on the silver lining of your career setback. A career setback offers the best chance for you to redefine yourself, make a better comeback, and start afresh. One of the best ways to start over is to use the skills you already have to start a business.

Continue reading this article courtesy of the Anchorage Chamber of Commerce to find out why starting a business is a good idea after suffering a career setback and some important considerations you need to know before launching your business. 

Why Start a Business After a Career Setback?

While starting a business may seem daunting, there are some benefits.

• You get to be your own boss

• You can turn your skills and passion into profit

• You may increase your earning potential

• You may find it fulfilling

• You can become an expert in your field

How Can You Start a Business in Anchorage?

To start a business in Anchorage, there are a few things to consider. Below are a few pointers.

• Choose the right business. Among the first and most crucial decisions you have to make as an entrepreneur is choosing the right business venture. A few business ideas that are easy to start and don't require huge capital investments include a small restaurant, drop-shipping, an electronics shop, a second-hand retail shop, and a home staging business 

• File for an EIN, business permit, and license. Before you start operating, make sure you have all your licenses, permits, and tax documents in check. Visit the IRS website for your EIN number and all tax requirements and also obtain your local business permit and licenses. You’ll have pages and pages of documents to keep up with, but you can separate the important documents for safekeeping by using a free PDF splitter.

• Market your business. When starting out, it's vital to market your business to spread the word about your products or services. One of the best ways to do this is by using popular social sites, such as Facebook, where you can create, design, and customize the look of your ads. You can design a Facebook ad for free using an ads maker. After selecting a template, you can customize it by adding your own fonts, colors, and logo.

Common Mistakes to Avoid

When starting your business, avoid these missteps:

• Failing to do market research

• Ignoring your competitors

• Failing to set a comprehensive financial plan

• Trying to expand too quickly

Make Your Setback a Launching Pad for Your New Business

As frustrating as it can be, a career setback can be a great opportunity to redefine yourself and make a positive change in your life. Starting a business and marketing your products and services gives you better control of your career by providing freedom and flexibility.

When starting a new business, surrounding yourself with like-minded people certainly helps. Joining your local Chamber of Commerce is an excellent place to start! You’ll receive plenty of helpful benefits such as brand exposure and networking, not to mention you’ll be instantly connected with a toolbox of business resources via the Chamber and its members.