Many laid-off or downsized employees use their misfortune to springboard into a career they've always wanted, as a consultant or small business owner. There are, however, some important points to consider.

Wait to Pursue Big-Business Dreams

If your plans for a business are large in scope — say, you want to open a retail store or open a large consulting firm — being unemployed may not be the best time to establish your business. For a large business that's going to have a lot of overhead (rent, inventory, equipment), you're going to need money, either from a lender or from investors.

Unless you received a large severance package or have plenty of money in savings that you could give up as collateral (a guarantee for the lender), you're probably not going to qualify for an influx of cash from a lender or investor while your future is so uncertain. That doesn't mean your big-business plans are impossible, but you'll have a better chance of success if you keep your plans small.

Keep Your Plans Small

Concentrate your self-employment plans on the lowest-overhead business that appeals to you.

Plan, for now, to be the only employee (or work with a few other self-employed professionals who also have their own businesses), so that you can eliminate complicated withholding taxes and paperwork and can work out of any spare space in your home.

Keep your overhead to a minimum, buying only the items that you absolutely need to run the business. (You can purchase more for your business later, as it grows and prospers.)