Is Starting A Business The Answer To Redundancy?
It is, if you do it right ...
POSTED BY JONATHAN VOWLES ON 20/02/2018 @ 8:00AM
Let's face it, redundancy seems to be the most terrible thing. Your income has, or is about to, come to a full stop. Your life and finances are out of your control, and there is nothing you can do about it ...
If you're facing redundancy then starting a business may be an option!
copyright: olivier26 / 123rf stock photo
But if you have the desire to start your own business, then maybe, just maybe, starting up your own business will give you back control, a decent income and lifestyle for you and your family.
"But first of all, think, long and hard about your options!"
You might think that you don't have any options, that you have lost control, but you haven't. Ask yourself which of the following options you want:
Pull the duvet over your head and stay in bed for a week
Sell up and live in a tent in the countryside
Get a new job in a similar field to your last job
Use your transferable skills to get a job in a different field
Start your own business
OK, so the first one really isn't an option and the second choice isn't open to many. But maybe losing your job could be the jolt you need to become successfully self-employed and work on something you're genuinely passionate about?
If you are thinking of starting a business, then here is my 6 step plan:
Create or develop a business idea
You might already have one, if not then you need to start some serious thinking. Think about your hobbies and interests, of things that frustrate you and you want to do better, of your skillset and what you could do with it. Each of these three areas is ripe for business opportunities.
Put together a business plan
Without a plan you are sunk before you start. You need to have an end goal, what will success look like when you get there? What will you earn? What will it cost and what facilities, equipment, finance, employees will you need?
Put together a cashflow budget and think about finance
Most start-ups require finance of some sort. Most entrepreneurs need money to live on while they are in the initial stages of their business. How much do you need and when do you need it?
Make sure you have your ducks in a row
This is your reality check moment. OK, so you've got your idea and business plan, but have you really done your planning and research? Do you even have a plan? Do you have or can get the correct licenses, insurances, training, etc.? What business structure is right for you?
Get some help and support
This is your moment to reach out and get some help, advice and support. Most chartered accountants offer support, some of it is even free! Who else do you know who can be your mentor, adviser and confidante?
Start! Promote and market your business
If you've done your planning, had it checked for reality, and you are fired up and ready to go, then go, go, go! Start your business; more importantly, start the marketing and promotion of your business. You can have the greatest idea in the world, but if nobody knows about it then it isn't going to fly!
If you are ready to start your own business, then call me on 01234 752 566 or click here to ping me an email for a free initial consultation and to show you how I can help you start successfully!
Until next time ...
More about Jonathan Vowles ...
I've been an accountant in and for business since 1987 and have a wide experience of consultancy, audit, accounts, taxation and wealth planning work from individuals and small businesses to multinational corporations and charities.
My eclectic interests in growing and developing business span a number of areas, which can be summarised as strategic business advice and tax saving advice.
I have worked with the Chamber of Commerce to deliver courses for people about starting up in business and have lectured about tax for a major accountancy practice and for Milton Keynes College.
I relax by reading fiction and by getting away from the office in a campervan.
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