Entrepreneurs: Job Redundancy to Self-Employment

Having a redundant job threatens your traditional employment by making your position obsolete in the eyes of your employer. If you lose your job due to redundancy, it does not need to lead to stressful unpaid job hunts. Transitioning to self-employment is a logical step for many people facing job redundancy. There are a few key things to keep in mind if you decide to become self-employed.

Stay Calm
The sudden loss of steady income can be an upsetting experience. You should stay calm and try not to panic; employment redundancy does not mean the career you’ve worked hard to develop is over. Instead consider the potential opportunities your new freedom presents. Self-employment gives you a chance to pursue your passion on your own terms.

Choose Your Focus
Once you have decided to transition to self-employment after losing your job to redundancy, the next step is to choose the business focus of your new career trajectory. Many newly self-employed professionals use the skills they learned from their previous jobs as the basis of a new business. Others take this chance to develop a business focused on a passion project in a new field. Keep your particular skill-sets in mind when deciding on an industry and remember successful self-employment is reliant on a love for the work.

Build a Client Base
As soon as you know the focus of your new business you need to start building a client base in order to find success in self-employment. Clients interested in your services are what will bring in the cash-flow which builds your business and pays your bills. Start with inexpensive advertising like social media and word of mouth marketing. Finding initial clients can be the most difficult part of a new entrepreneurship. Networking with other professionals in your new industry and other related industries can provide valuable insight and even client referrals.

Have a Plan
The excitement of starting a new career in self-employment can distract you from building a sound business plan. Unless you have experience in financial planning, consult with a professional to make sure funding and cash-flow management is planned for effectively. Have an insurance plan in place to protect your assets and property in case of an unexpected loss or liability. These details are less exciting than marketing, networking and sales but if left unplanned for, can spell an end to your self-employment.

Loss of a job due to redundancy is often unexpected and always somewhat stressful. Moving from redundancy to self-employment puts the power of your career back into your hands. Take the necessary steps with attentive care and your earning potential will be back on track.

Danny is an avid writer on topics for start-up businesses and other entrepreneur activities.  He currently works for a company that provides invoice and accounts receivable factoring for small to medium sized companies.

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