Redundancies in the UK have been continuously increasing per month in 2023. If you’re reading this article, chances are you too have been recently made redundant and you’re thinking about your next step.
While it may seem intimidating at first, it’s important to consider that redundancy can also introduce exciting opportunities for your personal and professional growth. Of course, you can dust off and polish your old CV and apply for a new job, but it may also be a great opportunity for you to take the leap and consider launching your own business.
Not convinced yet? Here are 5 reasons why redundancy can be a good opportunity for you to launch your own business:
1 Financial Support
Depending on the circumstances of your redundancy, you may be eligible for financial support from the government. This can provide you with the financial cushion you need to start your business without worrying about your immediate financial needs.
Alternatively, you can also explore several funding programmes and identify which would work best for your business, although it’s highly encouraged to talk to experts for this option.
2 Flexible Time
One good benefit of being made redundant is that you are no longer tied to a 9-5 job, unlocking loads of spare time to invest in your new business. You can start your journey towards self-employment by utilising this time to do some research on what business to launch, how your business or brand can stand out from the crowd, and how you’re going to do it. This way, you’ll be able to focus on your new business goals without any distraction from a full-time job.
3 Transferable Skills
Many of the skills that you’ve developed from your previous job are likely transferrable to the world of entrepreneurship.
For example, if you worked in marketing, you may have developed skills in branding, advertising, and market research that can be applied to your own business. If you worked in finance, you’ve acquired skills in budgeting, forecasting, or financial analysis that can also be valuable.
Can’t think of a skill that you could use? Maybe join an online course and acquire new skills!
4 Turn Your Hobby to a Business
A great place to start when looking to launch a small business is to think about the things you love doing. Got a passion for baking? Open a small bakery or sell your baked goods online!
You may have a hobby or interest that you’ve been wanting to pursue as a career for the longest time. This can be the perfect opportunity for you to fulfill that dream! There are so many possibilities, and it would be exciting to pursue work that you’re passionate about and is meaningful to you.
5 Greater Control
Last, but certainly not the least, launching your own business will give you greater control over your career and your life. You’ll be free to choose work hours that work best for your lifestyle, make your own decisions, and you can build a business that aligns with your values and goals, rather than being restricted by the priorities of your employer.
Conclusion
Of course, launching your own business isn’t as easy as A, B, C. There are lots of things to consider and plan, and it would require tonnes of hard work and dedication. However, with the right mindset, skills, and support, redundancy can be the perfect opportunity to pursue your entrepreneurial dreams and build a business that you are truly passionate about.
