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Is Layoff a Precursor to Running Your Own Business?

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With the endless string of layoffs that hit American businesses the last few years, many workers were left to fend for themselves, wondering how long it may be in between jobs. For some, however, a job lost is an opportunity gained.

Whether it was a lifelong dream or born out of necessity, countless individuals have taken those layoffs and turned them into the opportunity to start and run their own small businesses. In doing so, however, they are oftentimes left with myriad of questions, both from themselves and from family and friends.

Prior to striking out on your own with what could be your dream of a lifetime, keep several things in mind about how to start a business.

On the positive side:

  • Individuals find themselves with the opportunity to make their own decisions for a change, something that can prove very refreshing;
  • Individuals are able to set their own hours. It should be noted, however, that run one’s own business oftentimes involves a lot more time and energy, especially if there is a family involved. The days of the 9 to 5 routine may very well be gone in such a situation;
  • Individuals can earn more money running their own business as opposed to working for someone else, but keep in mind that there are also more expenditures when being self-employed;
  • Individuals will likely have to find their own health insurance coverage since they are no longer under a company’s employ. There are also things to consider like employing others, providing workers comp coverage, having business insurance and more.

On the negative side:

  • Individuals are required to make all their own decisions, meaning more time and effort must go into planning things out not only today, tomorrow, next week and next month, but the next year or two;
  • Individuals may be scraping the barrel when it comes to finding all the necessary funds to not only start the business, but keep it afloat early on. We all know that many small businesses fail within the first year to three years, so make sure you have a financial lifeline available if you need it;
  • Individuals should they choose to hire employees essentially become psychologists. No two employees are alike, so expect to have to oversee an array of personalities. Running a small business is hard enough, don’t let those under you become a major distraction;
  • Individuals will have a ton of paperwork to deal with. While a small business owner can and likely will hire someone to do their books and may even have legal counsel at their disposal, there is still a paper trail that leads back to them. You need to make sure you’re an organized individual who can respond rather quickly to any customer issues, financial audits, potential lawsuits and more.

The downtrodden economy of the last few years has in turn opened up a number of doors for people who otherwise would likely still be with their employer or another one.

If your dreams of opening a small business still remain important to you, take the time to weigh the pros and cons of such a move.

Remember, it is your business to get it right the first time around.

Dave Thomas, who covers among other items obtaining phone systems, writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.

Is Not Giving Two Weeks’ Notice Cool When Quitting a Job?

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The days of individuals staying at one employer their entire lifetime are few and far between any longer.

Given factors like a struggling economy, people going back to school to further or change their careers, and employers downsizing many businesses, it is not uncommon for a professional to end up with four or five jobs by the time they slip into retirement.

For those individuals who decided that it is time for a career or job change within their present line of work, what is the proper protocol for leaving their current employer?

Some individuals believe it is of utmost importance to give two weeks’ notice so that no bridges are burned should they want a relationship with their present employer down the road.

Others, meantime, feel like two weeks is not necessary, given the fact that most employers will let go via layoff or fire someone on the spot, hence, not providing the employee with advanced notice.

When looking at this matter from the employee point of view, keep these factors in mind:

  • Would your employer do the same? – The answer to that question nine times out of 10 is no. Unless it is a matter of not renewing a contract and the employee is told so when it comes up for renewal, employers are not going to walk over to your cubicle or call you into their office and tell you they are firing you in two weeks. In many cases, you will have literally minutes to clean out your desk, gather your belongings and most likely not say goodbye to fellow workers;
  • Will you need this employer as a reference? – Even though many employees switching jobs already have their new job lined up before exiting their present one, they may want their soon to be ex-employer’s reference down the road. They may want to even do some part-time freelance work for the one they are leaving. By not giving two weeks’ notice, those chances pretty much go out the window;
  • Do you want to maintain office friendships – In some instances; you have gotten to be good friends with one or more co-workers in your present office. If you just up and leave for greener pastures, your co-worker or co-workers may view it as bailing on them and specifically that friendship you built if you don’t tell them ahead of time. Determine ahead of time how important your soon-to-be ex co-workers are to you when considering appropriate notice;
  • It really is a small world – Many employees would be surprised to learn how truly a small world it really is. The last thing you want is word getting around that you just up and left a job without proper notice. It may not hurt you now that you landed a new job, but it could down the road when you may be let go by this new company and find yourself job hunting again.

Speaking from experience, I’ve been on both sides of the coin here as far as how much notice I gave.

In my first full-time job out of college, one I was at for just under six years, I gave my employer a good six weeks’ notice because I wanted to have a smooth transition and I knew I was relocating on the other side of the country months ahead of time.

So, how did my employer repay me for doing a nice thing like that? After the first week or so, they had my replacement training under me, telling me several times if I didn’t like my new workload, work conditions etc. I was more than welcome to leave my job early since they had someone in place to replace me.

Needless to say, I never have nor ever would give an employer that much notice going forward.

In one part-time job, I had been told by my employer that certain things would happen following my training process. Needless to say, they never followed through on any of those promises.

Knowing things were not going to change, and knowing I would continue getting the run-around, I worked two weeks ahead of time so that my assignments both present and over the next two weeks were done, walked in one morning and cleaned out my desk, and left before anyone showed up.

I’m not saying it was the wrong or right way to do things, but at the time it felt like the decision I needed to make.

The bottom line is each employee has to weigh the matter at hand, determine how giving or not giving two weeks’ notice will impact them down the road, and go from there.

Yes, it seems like the right thing to always do, but in some cases, right doesn’t always win out.

Photo credit: jezebel.com

Dave Thomas, who has authored a number of articles regarding small business credit cards and commercial vehicle insurance writes extensively for Business.com, an online resource destination for businesses of all sizes to research, find, and compare the products and services they need to run their businesses.