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Welcome back to Life by Design 360 Thursday, and that means Opportunity. Today, I’m going to share with you the tools, strategies, and mindset shifts needed to create and scale a side hack into a fantastic business you love. Whether you’re thinking about starting a business or already deep into your journey, this podcast is designed to help you create and grow a business with purpose.
Hello, I’m your host, Doug Reed, and in today’s episode, we’re going to talk about something incredibly important: why reflecting on your purpose and goals is crucial when starting a business after a layoff, and how this reflection can set you up for long-term success and a lot of happiness
Now, I know that the journey of starting a business after a layoff can be filled with mixed emotions—fear, excitement, uncertainty, and hope all swirling around. But before you dive in headfirst, it’s essential to take a step back and think deeply about your purpose and your goals.
Why? Well, let’s dive into that.
First, let’s take a moment to acknowledge what you’re going through. Being laid off can feel like a punch to the gut. You’ve likely invested a lot of time, energy, and passion into your previous job, and then suddenly, it’s taken away. That feeling of loss can leave you scrambling for direction.
But here’s the thing: a layoff doesn’t mean the end of your career—it can be the beginning of a new chapter. Starting a business can be an empowering way to take control of your future. But before you start mapping out your business ideas or chasing the latest trends, you need to ask yourself some important questions.
The first question I want you to ask yourself is: Why do I want to start this business? And I’m not just talking about the surface-level reasons like “I want financial freedom” or “I want to be my own boss.” Those are great reasons, but I want you to dig deeper.
What is your true purpose? What drives you?
- Is it the freedom to express your creativity?
- A desire to solve a specific problem you’ve faced in your career?
- Or perhaps it’s the motivation to create something meaningful that will impact the lives of others? Personally, for me, this was a big reason for me bringing to you Life by Design 360.
Reflecting on your purpose is essential because it serves as the foundation for your entire business. Your purpose is the compass that guides your decision-making. When the inevitable challenges arise, it’s your purpose that will keep you grounded and focused.
Think of it this way: without a clear purpose, your business can end up feeling aimless. You might be tempted to chase every opportunity that comes your way, but if those opportunities don’t align with your core purpose, you could easily lose sight of what really matters.
So, take the time now to answer that question: What is the deeper reason behind your business?
Now, once you’ve reflected on your purpose, it’s time to think about your goals. This is where a lot of entrepreneurs get caught up in the hustle and excitement of launching their businesses. You might have a ton of ideas and aspirations, but if you don’t have clear goals, you’re essentially setting yourself up for chaos.
Why are goals so important?
Goals help you focus. They give you a roadmap to follow, which is especially crucial when you’re starting a business after a layoff. Without clear goals, you could easily find yourself distracted by every new shiny object. And trust me, there will be a lot of them.
Here are some key areas you’ll want to focus on when setting your goals:
- Financial Goals: How much revenue do you want to make in the first year? The first five years? Setting these financial targets helps you understand the scale and ambition of your business and plan accordingly.
- Personal Goals: Starting a business is demanding. How do you want your business to align with your personal life? Do you want flexibility to travel, or are you comfortable working long hours in the initial phases? Think about work-life balance.
- Impact Goals: What kind of impact do you want your business to have? Do you want to build a community, promote sustainability, or innovate within your industry? Identifying the impact your business aims to have helps ensure that every decision you make is aligned with your values.
- Growth Goals: Where do you see your business in the next 3-5 years? What milestones do you want to hit—whether that’s customer acquisition, team expansion, or geographic reach?
The key to setting these goals is to make them specific, measurable, and achievable. Instead of vague goals like “I want to be successful,” aim for things like “I want to generate $100,000 in revenue by the end of the first year” or “I want to launch my website and social media presence within three months.”
These specific targets help you keep track of your progress, and they act as milestones that motivate you to keep going.
Now, why is reflecting on your purpose and goals so critical for long-term success?
Well, the answer is simple: Business is a marathon, not a sprint. When you’re starting out, it’s easy to get caught up in short-term wins—sales numbers, social media likes, or the next big promotion. But without that deep connection to your purpose and your long-term vision, you could easily lose momentum.
Let me give you an example:
There are plenty of business owners who hit their first year’s financial goal but feel completely unfulfilled because they weren’t connected to a deeper purpose. They chased money without considering how their business aligned with their passions or values. In the end, they burned out.
Contrast that with an entrepreneur who, while pursuing financial success, is also deeply invested in the impact they’re making on their customers’ lives. They’re driven not only by sales but by the positive change they’re creating. This kind of mindset leads to resilience. It helps you persevere through tough times because you know you’re building something meaningful.
So, what can you do right now to reflect on your purpose and set yourself up for long-term success?
- Journal your thoughts: Take some quiet time each day or week to journal about your purpose and goals. Write down what drives you and what you hope to achieve in both the short and long term. Journaling helps clear your mind and allows you to reflect deeply.
- Set S.M.A.R.T. goals: As I mentioned earlier, create goals that are Specific, Measurable, Achievable, Relevant, and Time-bound. This is a proven framework that helps you focus your energy on what really matters. We get into this a lot further at Life by Design 360, Insider Academy, and Community.
- Seek feedback: Talk to mentors or fellow entrepreneurs. Share your purpose and goals with them to get valuable feedback. Sometimes an outside perspective can help you refine your vision.
- Regularly revisit your purpose: As your business evolves, your purpose and goals might need adjustments. Regularly reflect on them to make sure you’re on the right path.
By now you probably know how I feel about transactional types of businesses, such as selling cars., getting involved with mergers and acquisitions. Or even being in the mortgage loan business as a loan officer or even a manager of a small office, Or real estate sales.
When I was in mortgage Lending decades ago, I would see people that. Would semi retire or early retire from? More traditional corporate jobs. And go into real estate sales because it didn’t require full time work. Almost always these people made nowhere near full time incomes. And it became more of a hobby and that is not what you want to do if you’re serious about. Creating a business for yourself. And creating a real true income that you can never be fired from.
Your magnificent success is my ultimate goal and wish for you.
That’s why it’s essential to understand your purpose. And your goals? And solidifying that. Into a membership or subscription type of business model. By doing so. You start off small and build large. But you create a tribe. These are people that appreciate your experience and your insights and the tools and resources that you bring to them on an ongoing basis. And over a period of time, they get to know you and become a close-knit community..
And let’s face it. The potential for income over a longer period of time. It is very interesting as well.
To wrap up today’s episode, I want to remind you that starting a business after a layoff is both a challenge and an opportunity. The key to not just surviving but thriving is staying connected to your purpose and keeping your eyes on your long-term goals. Reflecting on these things isn’t a one-time activity—it’s an ongoing process that helps you stay true to your mission, no matter how tough the journey gets.
Now be sure to stay tuned for tomorrow because I have some really exciting Podcast to share with you. First, we’re going to start off with those who did it, those people who started different types of memberships. Subscription and other businesses from a small fledgling company and turn them into major enterprises and have created massive success for themselves. These are truly inspirational stories of real people who worked their passion and made it happen, just like you can do.
Then you definitely want to stay tuned for a little bit of fun. With DocVinoDinero’s best of Wine and Travel Club as we explore awesome ideas for the weekend, maybe in the weeks ahead, or even for your life. If you like wine and travel, you definitely want to listen to this podcast and pay attention to what we’re doing here because this is a great way to get involved in an amazing community that loves wine, travel, creating friends. And exploring what life has to offer. Also, be on the lookout for a special partnership program that we’re creating for Doc Vino Dinero ambassadors. So don’t miss either one of these. They’ll be coming on tomorrow.
If you’ve been laid off or in between jobs or just dissatisfied with the job you’ve got, be sure to go to life by design 360.com and get on our mailing list. Each week you’ll get important updates on new podcasts that can help you get the job you want now, create a side hack and an income that you can never get fired from and get on the fastest path to retirement success and financial freedom.
And be sure to look out for openings in our LifeByDesign360 Insider Academy and Community. There you’ll find all the coaches, the courses, the resources and an amazing community of people going through what you’re going through, who are utilizing the tools for maximum success.
Imagine blowing past your concerns and fears having access to everything you need to get the job, building an income you can never be fired from and creating the wealth for retirement so you can enjoy the stress-free great times with your family and friends that life is really all about.
Thank you so much for tuning in today. If you found this episode helpful, be sure to subscribe, leave a review, and share it with others who might be on a similar journey. And as always, keep reflecting, keep growing, and keep striving to create a business that aligns with who you are and what you stand for.
Until next time, I’m Doug Reed, and this is Life by Design 360 .Take care and stay inspired!
