Some crossroads in life inspire people to take a moment and slow down, while others might drive them to take a leap they would otherwise postpone, perhaps indefinitely.
While getting divorced is one of the most stressful occasions in anyone’s life, there is no reason for it to postpone your own dreams.
In fact, this might be the perfect moment to occupy your mind with productive, creative thoughts and put all of your energy to good use – to create a home business.
Pairing the current entrepreneurial climate for home-based businesses with a life-changing situation can be an opportunity to build up the wind beneath your own wings.
Here are a few tips to help navigate these tricky waters and start a business when a marriage has come to an end – for a new beginning and a new lucrative chapter in life.
Select a niche
Before setting up a business, you must be completely sure as to the direction and purpose of your home-based company.
Start by assessing your skills and education and cross-reference qualifications with your passion to find out what kind of home-based work will provide the most pleasure and the most profit.
Whether it is teaching online, creating online fitness courses, setting up a blog in your field or selling handcrafted goods, it all depends on affinities.
Do not rush into a decision. It will involve investment, both in terms of time and money, and the divorce has caused enough stress.
The new business must be a source of pleasure and challenge, not tension and negativity. So, take some time and choose wisely.
Create a workspace
One of the very first investments is to design a work area at home. No matter how disciplined or hard-working a person is, working from a bedroom or the kitchen table leads to distractions and constant interruptions.
Find a corner of the home, or an entire room, to serve as a home office and equip it with a desk and an ergonomic chair for optimal comfort.
Obtain high-quality office supplies and equipment and always have everything neatly organised and easy to access.
Build up your funds
No business can thrive without money. However, be mindful of the assets at your disposal now that the divorce is finalised – the marriage ending may have brought about changes in financial status.
Consult a trusted financial advisor to see what can be done financially and how much can be invested. This is essential for running a new business in a competitive region like Asia, where you need to be wise with all financial investments from the get-go.
Of course, starting a home business has its financial perks. It does not require the initial capital outlay other major ventures would.
To keep the financial department streamlined, give each employee a payroll card to receive their salaries automatically through the company’s digital system and to avoid fees or paper cheques.
Depending on the available assets and income status, start a savings plan to kick-start the business at a later date if needed, but with a clear plan ahead to safely build a business from home.
Take it slow and steady
People are often eager to start something new after a divorce, and they feel the urge to rush into new and exciting things to shed the pain and burden of a relationship that ended.
First of all, make sure your heart is in the right place and you are starting the business for all the right reasons: growth, accomplishment and independence, and not out of a desire to escape the financial difficulty of a divorce.
It is also advisable to retain your current job for a while until the home business can safely be called profitable.
Although the initial investment might not give rise to a high income just yet, working as a freelancer and a full-time employee can be helpful until you can ditch the training wheels and fully rely on the home business.
Make time for self-care
Finally, all the excitement and the chaos of divorce can lead to yet another issue when starting a business: a lack of self-care.
In order to set up and successfully run a home business, you need all the energy you can spare.
Your immune system must be protected as well as your mental health and emotional stability. The new venture should not come at the cost of good health – always make time for healthy eating, regular exercise and me-time.
Starting a new life after a divorce is always a challenge. Those looking to embark on a professional adventure now that the marriage has ended should keep these tips in mind for a healthy beginning and a strong start to the new business and a new chapter of life.
This article first appeared in The New Savvy.
The New Savvy is Asia’s leading financial, investments and career platform for women. Our bold vision is to empower 100 million women to achieve financial happiness. We deliver high-quality content through conferences, e-learning platforms, personal finance apps and e-commerce stores.