Being made redundant or being under the threat of redundancy - waiting for that dreaded redundancy letter - brings a number of challenges, including deciding what action you can take whilst still employed to make you feel more confident about your future.
Setting up your own business is one option and if you have decided this is the path for you, here are my top tips on successfully starting a business whilst still employed.
1.
Balance - think carefully about how much time you want and need to spend on your new start up business taking in to account:- a.
What it will take to get your business going b.
Your own energy levels c.
The demands of your current job d.
How understanding your current employer is There is no point going in to burn out which may put both your redundancy payout and your new business in jeopardy.
2.
Support - this is going to be a demanding time for you so look for support from those closest to you:- a.
Tell them what you are doing and manage their expectations by explaining how this will impact on the time you normally have for them b.
Find ways of including them to help them buy in to what you are doing c.
Ask for support - what can they do to help you free up some time - some of your domestic chores, childcare etc etc 3.
Plan - your time carefully.
Make sure you are focussing your time on the most relevant aspects of your business.
It can be very easy to get distracted and think that just because you are working lots of hours, you should be getting results.
You need to ensure you are spending your precious time doing the things which are going to move your business forward quickest.
4.
Budget - be very specific about what and when you are going to spend.
Again it is easy to get carried away.
Whilst you are working you may have some excess funds to rely on but very soon there may be no income and you will be relying only on your redundancy package and any income you have started generating from your business 5.
Integrity - Act with integrity and be fair to your current employer.
OK they may be making you redundant but you will feel better about yourself and protect your redundancy payout if you let them know what you are doing.
6.
Outsource - find ways of outsourcing as much as possible.
There are many cheap outsourcing specialists advertised on the web.
Find the right one for you and outsource as much as you can afford to free your time to focus on what YOU need to do.
This applies not only to your business but also what you can outsource in other areas of your life - eg employ a cleaner or have your shopping delivered 7.
Integrate - don't think of your business as something you are starting completely separate from the rest of your life.
You may be able to find potential customers, supporters or ambassadors for your business amongst your circle of family and friends.
The advantage of doing this is if you can talk to your family or friends about your business you are keeping your social activities alive whilst at the same time working on your business In summary, there are lots of benefits of setting up your own business whilst still employed and the rewards can be plentiful if you are provided you plan, maintain focus, continue to look after yourself and be realistic about what you can achieve.
Good Luck!