Starting up your own business, part one: Life after redundancy

For those who have experienced redundancy, they know it to be a sickener. The feeling of rejection lasts a long time. The whole process, which used to be sudden death is now, due to the currently employment legislation slow torture. It may have been on the cards for some time, but when it happens it comes as a complete shock to the system. Breaking the news to the nearest and dearest however often proves to be less stressful than contemplated.

A new dawn, a new day, with little to be gained by moping. The redundancy payment, whilst providing a useful cushion, will not last very long. If the other half is in gainful employment the income doesn’t completely dry which obviously provides some comfort. Unemployment benefit and jobseekers allowance is one of the first tasks. A thorough reworking of the family budget is required in the first few days and savage cost cutting is high on the agenda.

There are a fortunate few who take the opportunity to retire early, but not many fall into this category. For the vast majority, it is a matter of finding another job and quickly. A trawl though the situations vacant columns may produce little to quicken the pulse. However at this stage chasing anything that looks vaguely of interest is better than nothing. Names of recruitment agencies gleaned from the internet may assist in getting your name in front of people. Telephone calls to influential people of your acquaintance, to pull in a favour or two may lead to a sliver of hope.

After a few weeks and despite all your efforts there is not the slightest hint of a job on the horizon. You are getting into a routine. Taking the children to school; shopping to be done; the odd turn with the Hoover, not to mention keeping the dog happy with extra walking duties. During a reflective moment, the thought crosses your mind that perhaps the way forward is to work for yourself. You know a few who have managed successfully and to judge by their life-style have done pretty well.

The more you think the idea through the better the prospect becomes. Encouragement from the better half induces you to make a few plans. Will I be able to secure sufficient work to keep going and what will it cost to get started? If you can come up with satisfactory answers to these two questions your decision is half made. The final question is do you have the necessary drive to see it through; only you know the answer.