Coronavirus Impact: From Laid-Off Employee to First-Time Entrepreneur

Before you go from unemployed to self-employed, you’ll need a plan

Plan A: How quickly can you get to revenue?

I mean like now.

Build your (imaginary) website

If you can indeed carve a path to revenue, run through this mental exercise.

  • A single photo of the product or the service being performed.
  • An offer to purchase the product or service at full price — what you eventually intend to charge.
  • A buy button.

Plan B: How can you bring in capital?

All startups exist either off incoming revenue or out of someone’s pocket or both. If your startup isn’t bringing in revenue today, and if you can’t realistically create enough runway with what you can afford to lose, you need to find another source of income.

Plan C: Put everything into your job search and paint a different picture

If you’re looking back and thinking that your startup idea is something you should have been doing all along while you were working that job you just lost, then it’s time to start putting yourself into a position to give yourself a second chance.

The best time to start a company

The best time to start a company is when we’re in the middle of an economic boom. Tons of startups spring up during times of prosperity. But, like a lot of things that are easy to start, those companies are very difficult to sustain.

I’m a multi-exit, multi-failure entrepreneur. Sold ExitEvent. Building TeachingStartup.com & GetSpiffy. Former Automated Insights. More info at joeprocopio.com

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