Turning Lemons into Lemonade

I l @ ve RuBoard

As we mentioned at the beginning, getting your pink slip might be the best thing that ever happened to you. It may be your opportunity to finally do what you really love or even to work from a home office. If you find yourself at this crossroads , it is a terrific time to take inventory of your skills and talents.

Schedule a meeting with yourself and clear out a few quiet hours in a place where you can think and take some notes. During the weekdays the public library or even the caf s at Barnes & Noble or Borders are wonderful places to sit uninterrupted and brainstorm. Allow yourself the time to think freely and creatively about the kind of work or careers that you're most interested in. The added bonus of a library or a bookstore is that you can prowl through books, directories, and magazines to get more information. Try to come away with at least five jobs or businesses to pursue .

Once you've got a list of potential jobs, it's time to do some serious homework and market research. For example, if you are interested in purchasing a franchise business then investigate:

• The market for trends and longevity of this business

• Initial investment and start-up costs

• Potential locations and customers

• Skills necessary to run the franchise

• Others who successfully own one of these franchises

• Potential money lenders

• Earning potential

Perhaps you've decided that all you really want to do is work for yourself as a consultant in your industry. For instance, if you are a biomedical engineer and you want to consult from a home office then you might investigate:

• The current market trends in the industry

• The companies that are interested in outside consultants

• Others who successfully consult from a home office

• Typical consulting fees and services

Finally, lay out a step-by-step plan that includes a timetable and goals. You may decide that while you are developing a business it is necessary to moonlight in order to pay the bills. You may decide to rejoin the job market and develop your plan slowly. Remember that it takes a while; in some cases it can take over two years for new businesses to get off the ground.

Getting a pink slip is never pleasant. In this economy it seems that more and more pink slips are being handed out every day. You'll have good days when you're raring to go and days when you want to pull the blanket over your head. All of those reactions are normal. Take those first steps to ensure that you have an income and health insurance. Lean on your friends and family when you need to and by all means stay in touch with those who can be helpful. And remember to network, network, network. (For some great networking ideas, visit Chapter 15, Marketing Your Business.)

I l @ ve RuBoard