Each year, over 627000 new businesses are launched and 30 percent of the workforce change careers.
Launching A Startup After A Life-Changing Injury
However, there is a significant percentage of entrepreneurs that do so out of necessity- after experiencing a life-changing injury on the job. According to statistics, an employee is injured every 7 seconds in the workplace while millions of others experience traumatic injuries on the road or other accidents.
When faced with the prospect of carving out a new life and career post-injury, launching your own business can provide the flexibility, stability, and income you need to move forward.
However, like any other entrepreneurs there are challenges you can expect to face, and getting off on the right foot all begins with making the right moves in preparation.
Seek Legal Counsel On Compensation To Aid Your Initial Business Financing
For many of those who are recovering from a traumatic injury, they will be faced with mounting medical and recovery bills.
This can make it difficult to envision a new career path like launching your own startup. Compensation can prove to be a useful financial resource in a time where your income source may be dwindling.
Before filing a claim for injury compensation, make an appointment for legal advice on the validity of your case. This can give you clarity on your chances, options going forward, and the timeline of any legal action if you choose to pursue it.
Getting legal advice also helps you build the best legal case and name the right liable parties when seeking compensation.
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For instance, according to hm-attorneys.com, if you are seriously injured in an auto accident in Illinois, the driver at fault is financially responsible due to it being one of several “at fault” states.
Revisit Your Personal Budget And Credit Standing
Launching a startup can be a long and costly process. It may be months or years before you begin to see any real financial returns.
Combined with the expenses of an accident, this can create serious financial worry and stress. To reduce this, opt to revisit and redraft your personal budget as soon as you can after the accident.
Reducing expenses and creating surpluses help to mitigate the loss of income from your previous career. You may also want to pay particular attention to your credit rating- especially if you are seeking financing for your startup.
Your credit score will impact your startup financing since most lenders will consider your credit score when adjudging your risk profile as a lender.
Work On Moving Yourself From A Corporate To An Entrepreneurial Mindset
If you were an employee before the accident, it is normal to feel lost in the business world. To make the transition to a business owner, you need to recondition your mindset to your new corporate landscape. For instance, get used to being tasked with most of the decision making now.
One of the most important decisions a business owner can make is to determine (and admit) the gaps in his skillset and knowing when to recruit help.
If you are lost when it comes to marketing your startup, it may be time to consider bringing a marketing officer on board.
Similarly, focus on improving your organization skills. With a life-changing injury and a new business venture, you may need to adjust to a new lifestyle. Tapping into organizational hacks and aids like creating a daily schedule/timeline or using planning software can help you map out your ideas and a clear path forward.
This also applies to your personal life as well. Making your life easier in the business world will undoubtedly relieve the tension in your home life and vice versa.
Finally, identify key skills from your previous career that you can utilize in your new business. Your new startup may not be in the same industry or career path as your previous career but there could be valuable transferable skills you can use in your business like customer service, communication, or problem-solving.
Don’t be afraid to start fresh. While your injury may have ended one career for you, it may have also opened a range of new doors ahead.
Focus on following the key steps to getting your business off on the right foot and the possibilities are endless.
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