April 23, 2012 Category: Business Formation & Planning
This recent rough economic time in the United States has hurt many large companies, leading them to lay off workers. Detroit, and the surrounding area, has certainly not been immune from this turbulent economic climate. Some might say it’s been hit the worst.
However, workers who find themselves without a job can look at one Bloomfield Hills woman who turned her unemployment into a new company that has found significant success operating through the Internet.
The woman had been in the advertising industry for over 25 years before she was laid off. Instead of hunting for a similar job, she harnessed her experience and talent and launched a company that manufactures sympathy and remembrance gifts. She called the company Big Hug.
Many think that starting their own business can be very difficult, if not impossible. A potential business owner certainly does need to posses the proper driver, determination and talent, but as the owner of Big Hug has shown, even those with minimal start up cash can get their operation up and running.
The only start up costs she faced was dedicated to web and logo design in addition to properly stocking the factory where the gifts are manufactured. She also dedicated a good chunk of her start up budget to seeking proper legal advice to ensure she was taking the right steps in forming her business.
One thing that she stressed to other potential business owners was to draft a detailed business plan and update it regularly. This gives a business owner a map of the course they would like to navigate. Many of the businesses that fail within the first few years do so because they lack a plan.
The woman also suggested that small business owners network with their peers and build relationships that will benefit both sides. Small business owners have so many resources to turn to, such as the Small Business Administration in Michigan.
This woman found out that there indeed can be life after unemployment and it doesn’t have to be as a minion to another employer.
Source: Observer & Eccentric, “Local business owner find success on the Internet,” March 25, 2012