Going through a divorce can cause you to experience a rollercoaster of emotions. While it’s a big loss and a stressful life event, it can also serve as a motivational tool as you start the next chapter of your life.
Starting a Business After Divorce
Starting a business after a divorce can help fill your mind with creative and productive thoughts so you won’t be weighed down by the constant stress and negativity of what was lost in your marriage.
Now is a perfect time to follow your dreams.
However, there are a few things you should know before you try to launch your own business post-divorce. Getting your ducks in a row now will make it easier to be successful and can help to reduce stress as you get things going.
1. Identify Your Business Type
You might have a great idea for a business, but it’s crucial to decide on the type of business you want to be before you launch. What are you passionate about? For example, many businesses are promoting sustainability nowadays, not only as an ethical practice but because of consumer demand.
More consumers than ever want to support sustainable products. Choosing to be an eco-friendly business has plenty of benefits, including:
- Reduced costs
- Better employee morale
- Greater brand recognition
- More customer loyalty
- A competitive advantage
Most importantly, it reduces your carbon footprint and helps you to become an environmentally-friendly name in your industry. That’s only one example, of course, but it’s a good idea to determine your business’ values as you’re trying to build your brand.
2. Build a Better Brand
Speaking of branding, it should be one of the first things you focus on as you launch your business. Setting yourself up for success requires your business to be recognizable.
That can be as simple as having an eye-catching and memorable logo. Don’t make the mistake of ignoring color psychology or not thinking about how a logo might look in different sizes and on different platforms. Work with a trusted graphic designer to create a logo and brand color scheme that truly represents who you are and what you want to be.
3. Decide How You Want to Sell
You can either launch a brick-and-mortar store or choose to host your business solely online. Whatever you decide, don’t be afraid to start small. A good business can take years to really become successful. The last thing you want is to ruin yourself with a lot of overhead and too many employees.
Starting online can be easier in many ways. You don’t have to worry about buying or renting a building, and you might be able to get away with fewer employees. However, it’s important to familiarize yourself with how an online business works, including:
- Online payment methods
- Selling platforms
- How to manage inventory
- Dealing with shipping and fulfillment
Having a brick-and-mortar business makes it easier to connect with your customers face-to-face and build a loyal following quickly. However, it’s often more expensive to get started, and you might have to worry about things like a lack of foot traffic. If you have an ideal location, go for it, but make sure you have confidence in how you want the selling process to go.
4. Be Prepared for Your Divorce to Impact Your Business
If you’re thinking about launching a business during your divorce, it might be a good idea to wait. If your spouse thinks it could be a success or even if they help to pay for some of the startup costs, they could be entitled to part of it. Or, you might have to buy them out. You might even be forced to sell the business to pay fees and divide profits and assets equally.
If you wait until after your divorce is finalized to start your business, it’s yours – free and clear. However, it’s a good idea to keep your business and personal finances separate, just so your ex can’t try to come after you for more money.
Chances are, they’ll want your business to be successful, especially if you’re paying them any spousal or child support. If they know they’re not entitled to any “cut” of the business itself, knowing you’re bringing in a consistent paycheck will keep them satisfied.
Starting a business after divorce is a great way to rediscover who you are and what you want the next chapter of your life to look like. By playing it safe and launching your business after your divorce is done, you can truly find success on your own without having to give anything extra to your former spouse.
Whether you have kids and you want to create a legacy for them, or you just want to try something new and exciting, keep these ideas in mind for starting a business after divorce, and you’ll be more likely to find lasting success.