November 19, 2019

Michael Moran

Losing your job can be an opportunity to take stock and review your options, don’t start sending out CVs in a scattergun approach, you need a proactive strategy to target the right role.

Finding a new role just like the one you lost may not be the right thing to do. As circumstances and priorities change so our aspirations, goals and dreams will change and the goal of running their own business is a possible option for some.

The self-employed make up nearly one in six UK workers, up 25% in the last ten years. It is no easy option but deserves careful consideration thought through, to ensure it is right choice for you.

Exploring the options

For some people, it is a lifestyle choice achievable by:

  • setting up a business, either on a full-time basis or alongside a part-time job;
  • working as a freelancer or contractor;
  • buying into a franchise.

Whether you are an entrepreneur, considering a portfolio career or buying a franchise, some help from an experienced advisor is a good idea. There is a high level of commitment involved in starting a business, so you need to take a good hard look at yourself to see if you are ready for this challenge. Auditing your skills and personality and building a support team of family, friends and advisers is as important as your idea and motivation.

Important things to consider

In traditional employment, you will usually work on a predetermined range of tasks and projects. As an entrepreneur, all of the work will fall to you. Do you know what tasks will need extra support? Can you handle the finance, accounting, IT issues and all the related administration?

You will probably have to work long hours with limited financial rewards at first. There may be plenty of times when you doubt yourself and the wisdom of your new venture. A support system helps you through tough times and may be a big factor in your success.

You need to be someone who can meet and deal positively with challenges. With plenty of confidence in yourself, and the energy and mental toughness to get to cope with difficult times, which you will inevitably face.

Take advice

At 10Eighty, as part of our outplacement programmes, we offer advice on working for yourself, portfolio careers and active retirement along with information about creating a personal brand and networking with online tools such as LinkedIn.

Launching a business may be the right career move for you. It’s not without its challenges, but if you reflect on your needs and work preferences, research your options and assess the challenges and benefits of setting up your own venture, you’ll be well equipped to make an informed decision about being your own boss.

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