If you’ve been laid off in the past several months, you’re certainly not alone. According to recent numbers, 11.1 million people are currently unemployed and 1.9 million of those people were laid off in the last quarter of 2008. With so many professionals out of work and looking, the job-seeking conditions are becoming increasingly bleak. On top of that, businesses across the country are scaling back, which altogether means fewer available jobs for a greater number of people.

Q: What is a laid off professional suppose to do?

A: Start a business!

Many in the unemployment sector are flocking to entrepreneurship as a viable alternative to regular employment. For many of these new-found entrepreneurs, starting a business was always a far-off dream, but with the perfect storm of a layoff and a weak job market, they’ve been given one hard push into achieving that dream. For others, starting a business was never even given a thought until other options began drying up. Whatever your situation, starting a business isn’t for everyone, but it might just be the perfect path for you. So if you’ve taken some time, carefully deliberated the prospect of entrepreneurship and are ready to take the plunge, here are your first few basic steps.

  1. If you don’t yet have an idea, get one. Some of you may already have one or many ideas floating around in your heads, but others of you may not. If you are the latter, you’re going to need to start brainstorming. Consider the things that you’re passionate about and the things that you have experience in. This will help you to get the ball rolling and hopefully conjure an idea that you’re really excited about.
  2. Research and refine your idea. In-depth market research is necessary to developing a viable business plan and is the only way you can thoroughly assess whether or not your business idea could be a success. Moving forward with your idea hinges on your research and assessment of the competitive marketplace. Through your research you should find out who your competitors are and how much money you can expect to bring in. You’ll also need to figure out what it’s going to cost to bring your idea to life and if that number is feasible. If you’ve completed a thorough assessment, chances are you’ll be compelled to make some changes and adjustments to your original business idea/plan.
  3. Start your business (officially). Now it’s time to officially get the ball rolling by obtaining the proper business licenses and permits. Most of these are required by city, county and state governments, and the requirements vary by each. In some cases you may also have to obtain licenses and permits required by the federal government, but this depends on the type of business you operate. Check with your local and state governments to find out what documentation is necessary.
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