The good news is that there are 29.87 million people in work. That’s 29.87 million people contributing to the economy, but also 29.87 million folks who could find themselves redundant at any moment. This is a fear that many people have and much has been written about how redundancy can affect you negatively – not just economically – the psychological effects of redundancy can be devastating.However, if you’re up for it, redundancy is survivable. Many people will take a break to reassess their options and then launch themselves back into employment. Others will go in an entirely new direction and start up their own business.
Post redundancy: what next?
There are any number of websites that can advise you on what to do when you find yourself redundant. Here’s a sample of their advice
• Stay positive
• Grieve and then move on
• Make some much needed changes – reduce your outgoings. How long can you stay out of work?
• Consider what exactly really motivates you? What floats your boat? What will get you out of bed every morning?
• Ask yourself what it was that excited you about your last job?
• What didn’t?
• Can you recognised whether you liked working alone or in a team?
• Get creative
• Become an entrepreneur!
Is there anything you have ever particularly wanted to do that having a career prevented you from doing? If the answer is yes, now might be the time to think about launching your own career. And why not? The benefits of working for yourself are enormous.
• Do you have any ideas?
• Are you up for a challenge?
• Are you happy to work long hours to build your business and reinvest wherever necessary?
Starting up a business might seem like a far flung dream, something that other people do, but that’s just it. Other people are doing it, so you can too.
Beat the redundancy blues
If you are thinking of starting a business do as much research as you can. There are more social networks and offline business networking groups and events than ever before, which will be a great place to seek help and also will be in an aid in counteracting any loneliness or isolation you may be suffering from. If you are claiming JSA you can also ask for a referral to the New Enterprise Allowance Scheme who will allocate you a mentor who can teach you a great deal about business.
Where will your business premises be?
Think about where your business can be allocated. If you just want to sell through online outlets such as eBay and Amazon or eBid, then you may well just utilise space in your bedroom, dining room or garage. If you have large items you may need to rent a storage facility.
Perhaps you want to run a physical shop. If that’s the case don’t forget that you will need to pay rent, business rates, gas, water and electric and numerous other outgoings that soon mount up. A cheaper option can be a market stall or a lock up in a covered market.Look for gaps in the market
Think about what has closed down in your community recently and what is needed. If you’ve lost a big DIY chain consider selling hardware etc. If you’ve lost a shoe shop, a card shop or a Woolworths – what can you replace those with?
There can never be a right or a wrong time to start your own business, there is only now. Ideally you need to consider what you can afford to invest and not to mire yourself in too much debt. Of course businesses fail, what you need to think about is exactly what the worst case scenario might be and whether you could cope with that. Once you know that you can it will be time to take that big step into the unknown.
It’s exciting! Good luck!
What about you folks who have your own business? What was the biggest challenge and what are you most proud of? We’d love to hear from you. Drop us a line below! :-)