You just got laid off. What's the first step to starting your own business?

Getting the pink slip can be tough. Here's how to turn it into a launchpad for your own business: 1. Assess the Situation: Take a deep breath and assess your skills, passions, and resources. What can you bring to the table? 2. Identify Opportunities: Look for gaps in the market or areas where your expertise can shine. Brainstorm ideas that align with your strengths and interests. 3. Create a Plan: Develop a business plan outlining your goals, target market, and strategies for success. This roadmap will guide your journey forward. 4. Take Action: Start small but start somewhere. Take the first step, whether it's registering your business, building a website, or reaching out to potential clients.

I might say that there's a step or two to take before this one. How does one get to their idea? When working with my clients, I often spend time with them working on their "why," (if you're not familiar with Simon Sinek's "Find your Why" be sure to read it). That becomes the starting point. After that point, the goal is to turn the Why into an Idea. Then work to validate and quantify the opportunity of that idea: 1. Turn the Why into an idea. 2. Turn the idea into a business. 3. Turn the business into a brand.

Yes, your brand is everything that contributes to how your audience perceives your business. Are you the business that is all about service? Be that in every part of your business. From having live people answer the phone, to exceptional follow up and follow through. Down to every last detail - it matters. I once had a customer service experience where the agent on the phone was super (sickly) sweet, upbeat, friendly and cheerful, but absolutely refused to help with my request for a $25 credit for a billing error. When I suggested that I was disappointed with the service, I was told that their service was "rated #1 as the friendliest" service. Right. I canceled that friendly service immediately.

This strategy if free or real cheap. Go to Chat GPT discover an affiliate business plan. Learn how to build a website with chosen product. Find products on offer vault. Put the word out that I’m starting a business. Start a YouTube channel and get on LinkedIn. Keep learning and applying. Might have to use money for ads.

There are many resources to help, RocketLawyer, LegalZoom, etc. The bigger challenge is the local and state requirements. DO NOT FORGET LOCAL AND STATE REQUIREMENTS. Be sure to check with your Township, City, County and State. You may need to establish an EIN number and supply that, but some states do not require it, for example. I was doing business in Washington State, and now I am in Virginia. A quick consult with a small business tax attorney was invaluable to help me manage the requirements that were super confusing to learn from the various online sources.

Nike said it best: JUST DO IT. You're never going to have everything in place. The timing is never going to be perfect. Get out there and do it. Spend time doing whatever it is your business is going to do. Yes, you need a logo and a website - which are things a freelancer can do. Fiverr has great options which will free up your time to figure out how you're going to drum up business. Talk to people in your network. Pull levers available to promote your launch. PR/earned media through trade publications are a great (and free!) way to make a splash. But get out there and do it. The goal is constant application of forward momentum. You're going to make mistakes, but making them and learning is better than never ending planning.

Touch base with your connections those who are relevant to your project or may know someone who is. They could open some important doors for you.