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  • Dave Watt

Why redundancy isn't all bad.

Increased down-sizing and closures

With more and more retail businesses and others down-sizing their staff or closing down altogether, more people than ever are being forced to re-evaluate their work plans.


Retraining

Do you look for similar types of employment, retrain in a new skill to widen your chances in the job market or do you look in to starting your own business and take the first steps in to controlling yours and your family's destiny.


Losing the comfort factor

As long as you are working for somebody else you will usually always be limited to your earning potential, even if you gain promotion at work. True, it has that comfort factor of knowing that as long as you turn up for work then you get your pay packet at the end of the week or month. It's relatively stress -free and you can generally leave your work troubles behind when you clock off at the end of each shift.


Removing the shackles

On the other hand, starting your own business, whilst a much more scary prospect does release you from the shackles of income limitation that you have whilst you inadvertently make someone or the company richer through your efforts.


The silver lining

Being offered or made redundant isn't a good feeling but looking at the silver lining of this daunting prospect does force you to weigh up what you want out of life for yourself and your family.


A lonely place

Don't get me wrong, it is scary. It can be a lonely place even with a partner or spouse to work or support you so it's certainly not for everyone. I believe that these life events such as looming redundancy do have a positive side to them.


Who are you?

Redundancy and other such negative events, either in employment or life itself serve as a crossroads to force you to ask yourself who you are? What do you want out of life and if you want more than what employment has offered you so far then to start the process of deciding what kind of business you want to operate.


The first steps

I always advise new start ups to take small step to start with. Talk and discuss ideas, brainstorm products, services, your target market, etc. It doesn't cost anything to speculate as my mum used to always tell me when i was younger. If you're thinking of taking on premises then go and drive around areas that you are looking to open and see what's available and possible rents. Doing these things will certainly help with the pre-start up nerves believe me.


Nothing ventured - nothing gained

It may be that after exploring all options you decide that employment is more your thing and return to the relative comfort of working for someone else. Hey, no shame, at least you looked over the fence. Most people don't even do that.


Free 'coffee consultations'

If after you have an idea, even if its' not fully formed then you can take advantage of one of our free, no-obligation start up 'coffee consultations' that Watt and Co Accountants offer where we explore your ideas, personal skill-sets that you have and may need as well as the viability of that idea and others that we come up with.


Remember; see redundancy as your opportunity for positive change.


Contact Dave at Watt and Co Accountants on 01803 411684.











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