Every day, millions of Americans work long hours to build up their careers instead of focusing on time with their families or being able to do something they truly enjoy. Many work in jobs that don’t offer a whole lot of job security. You could experience a setback at any time that affects your self-esteem, your future goals, or your livelihood.

An opportunity that is often overlooked is starting your own business. There are risks associated with jumping into something new and it requires patience and a little detective work. You’ll need funds to get things rolling which, at first, may feel extremely intimidating but there are good options such as getting a small business loan. Starting a business of your own could be just the thing to get you out of that career slump.

Here are a few advantages to why starting a business might be just the thing to do after going through a career setback:

You get to set your own hours

Starting your own business means being able to work the hours you want to work. It also usually means being able to work from home. If you’ve been struggling with balancing both a career and family or simply with finding time to do all the things you want to do, starting your own business may be the best way for you to accomplish your goals.

A career setback could be your opportunity to start something new

Low overhead

Despite what many believe, it doesn’t have to cost a lot to start your own business especially if you forego renting out office space in favor of working from home. There are also other tricks to putting your best professional foot forward without spending a lot. For instance, while your company will benefit from a website, you can spend as little as $2 to $10 per month if you opt for a shared web hosting plan, meaning you’ll share a server with other small businesses. If you want a private phone line for taking client calls, you can use a Google voice number that pushes calls to your mobile phone - no additional landline or smartphone required!

Another way you can save when starting your new business is to hire freelancers instead of full-time workers. Hiring freelancers can also free up your time to concentrate on the essential tasks for running your business. Review sites like Upwork, where you can recruit freelancers in many fields including web and software development, customer service, and sales and marketing.

Tax benefits

Starting your own business can have unexpected advantages such as the tax benefits that allow you to write off travel expenses, workspaces at home, and even utilities like internet and phone service. Talk to a financial advisor or income tax expert about all the ways you can save money come tax time.

Capitalize on what you know

Starting a business may seem like a scary or overwhelming prospect but it doesn’t have to be. Think of it as a way to branch out to do something you already know. If you’re a professional with many years of valuable experience, starting a consulting business may be the perfect next step for you. You can start a company using your existing knowledge, only this time, it will be on your own terms.

Get motivated

Becoming a business owner is a great way to get motivated, which can be a great refresher after a career setback. Knowing what your goals are - and working on a plan to achieve them - will keep you focused and positive, two traits that will help as you move forward with your career. Get organized first and create a plan that makes sense for you. Lay out your goals and determine the best way to attain them. Create a budget and a to-do list.

Freedom

One major factor that can contribute to being in a career rut is knowing that you’re stuck with the company you work for in the foreseeable future. If you can’t find a way to move up within the company, it can be difficult to feel any job satisfaction. Starting your own business might be just the thing for you.

Starting a business takes a lot of work, and it usually requires strong support from friends and loved ones. Do some research before making any decisions and take your time putting together a plan.

This article was written by guest blogger Lawrence Mager of [email protected].