The mere mention of redundancy will strike fear into the hearts of many who have bills to pay and mouths to feed. Financial advisors would say it’s better to be prepared for redundancy, at least, it will lessen the blow when the axe falls. This is great if you have the extra cash available. To start with knowing your rights and what “package” you should receive will help the anxiety (and shock). If the threat of redundancy has already been discussed at your place of work then the HR dept is a good place to start. Otherwise head for the ACAS website where expert advice is free.
Redundancy can be tough to deal with, but in most cases is not your fault so why is it so emotional and personal? Many people feel unwanted, even ashamed at losing their job. It can be a very anxious and stressful period of your life. You can make redundancy work for you if you act fast.
How to deal with Redundancy:
* Keep busy – Update your CV straight away, being proactive will help not to dwell on your circumstances and lesson the time without work. Register on job websites and with recruitment agencies.
* Use your contacts – social and professional networking sites are a useful way of reaching out to people. Ask people if they have vacancies, personally, hand them your CV. Keep talking to people, many will have been in your situation and most will be happy to help or forward your details on.
* Don’t feel bitter – try not to bad mouth your employer and burn your bridges, you never know what might be round the corner. You have nothing to lose and everything to gain by keeping on the good side of your Employer and HR Dept.
There is no good time to lose your job, but you can turn this around and make redundancy work for you.
How to make redundancy work for you:
Turn your hobby into a business. The most exciting prospect is to actually do something you love and call it “working” How amazing would you feel to earn a living from something that was once a hobby.
There is a growing band of second starters who faced with redundancy, job loss or early retirement are striking out on their own. It’s a scary prospect especially if you do not have a business background, scary yes but not impossible if you have all the right information.
If you’ve got an innovative idea, there’s no reason why you can’t turn it into a business.
155,000 people (according to the Office of National Statistics labour force survey) who have lost their jobs in the second quarter of this year (2012) should view their redundancy as an opportunity.
You need to ask yourself 2 questions and then formulate a Business Plan:
do you know what running a business means?
do you have the motivation and ability to deal with being self-employed?
The Business Plan
If the purpose of the plan is to make sure you have funding available to get you through the first 2-3 years including contingency funds for the rough patches or until you start to make a profit.
If you take out a loan then there will need to be financial forecasts for a three-to-five-year period, with written statements on how the loan will be repaid and when investors can expect to get their money back.
The business plan should also include market research and advertising budgets. Investors need to know that you know who your competitors are and how you plan to compete in your market. Advertising can be expensive but a vital part of your plan.
Don’t be put off but do be prepared. There are hundreds if not thousands of companies offering limited Free advice on almost any type of business, use this to your advantage and tap into the information available online.
Business planning is an activity which you need to use as a sort of checklist to building your empire! Write a list of what you need to do and by when.
A cliche I know but “It’s a marathon, not a sprint” be prepared for the long haul.
What about if you don’t have a Hobby to turn into a business.
There are many Start-up businesses offered online they are called Affiliate Marketing but before you jump in and sign up for one follow these few basic rules.
Make a list of your existing skills
Whilst you may want a complete career change there is absolutely no point in choosing a business in which you have zero experience. Make a list of skills and experience that you can apply to your new business. You may need to go on a refresher course but investing time in learning new skills (especially Digital) will pay off ten fold.
Is there a Market in the Product you have chosen to sell?
Surveys are the best option and time well spent. Find out what the customers problem is, then offer a solution. You should also check just in case the market is already flooded with similar products or services using Google Search.
Research is paramount
Investing in an established online business does not need to be expensive, but there will be some start-up costs and usually a continual monthly fee. If the company isn’t up-front with the costs then walk away. Transparency is key if you feel that you don’t know what the terms and conditions are then it probably isn’t right for you. Contact the CEO or find out if there is a “community” within the business and ask questions. If the company response is to your liking then go for it.
Passion and will power
You will need lots of both, especially if you are still working your 9-5 job. There isn’t going to be much point in walking away from a secure income if your home-based business doesn’t excite you. Committing to your new venture will mean extra hours in the short term and you will need to have a plan of consistent daily action or it will not work.
Once you have chosen the right home business for you, I wish you every success in running your home business.
If you are still struggling to come to terms with redundancy.
Many people still define themselves by what they do, take that and the routine of going to work and it can lead to anxiety, feeling of worthlessness and depression. In conclusion – act as fast as you to stave off the effects of redundancy by applying the steps described above. If you can’t and need help then talk to someone.
Citizens Advice Bureau offer Free consultations to help get you back on your feet, talk to them about Debt, relationships, jobs, the Benefits system or redundancy. www.citizensadvice.org.uk or www.gov.uk