I may loose my Job through redundacies on Weds, for the 2nd time in a row,?

Question

and i've changed jobs for the 4th time in 3 years. Should I pursue my dream of owning my own business or should i try and carry on trying to make a career?

Answer 1

That, frankly, sucks. Best of luck, whatever choice you make.

This question is basically unanswerable without a lot more information. To answer it as it stands: follow your gut. I know that doesn't help.

The info that would help:
Your age
" profession
" status - married w/ dependents & need security? Single & more prepared to take risks? How important is security?
The type of business you want to start - what is the average start-up failure rate in that field?

Having said the above, if you've been in the same field and are about to get arsed with the above frequency, maybe your current profession is not the answer either way, and perhaps another 'career' may be a valid third choice.

Really, v. good luck. You seem to keep getting rehired, so I can tell you're doing something right.

Answer 2

Try to look at what you like doing in life and then get a job in that area. If succesful you could then try for your own business doing the same thing (where possible). After almost 40 years of working hard for major banks, reaching managerial level and then changing to financial services and becoming a top adviser, I find myself out of work at age 56 due to an illness I had. Operation has cured the problem but can I get a job doing what I used to? No way and they keep coming up with all sorts of excuses. Yes I know there is the age discrimination act but they get round it by quoting other reasons.
If I had my time again I would not give my loyalty to a big employer as they simply use and abuse you and dump you when it suits them. Thats why I suggest getting the skills to earn self employed and then screw them when they need you.

Answer 3

Do you have sufficient funds and other resources to support yourself AND a new business?

It may take months before you even get through the idea stage for your business -- the more planning and research you do, the better, but how are you going to eat and pay bills during that time?

If you get severence pay from this job, definitely put it toward starting your business, and maybe get a part-time job or consulting work, the more related to your field the better. You can plan your business in your free time and still have a bit of money coming in, but plan on living frugally for a while.

If you prefer stability, look for a more secure position in your field. Can you work for a government entity, or a sector that's growing? You don't mention what field you're in.

Answer 4

Hi Chris - starting your own busienss takes a lot of money, never mind the drive and passion to keep going LONG after others would have quit.

I started my own secretarial business, took out a large loan, advertised EVERYWHERE for about 3 months, but then the cash ran out and I had to go back to work after about 6 months.

I now have a card making business which I do in my free time, and Im working on a home business with my Dad (who himself works from home).

Its a long, difficult and frustrating slog BUT!! Its worth it in the end.

I say follow your dream but make sure youre in a position to give up a regular income for quite a while until everythng gets started. Good luck!!!

Answer 5

Redundancies are a difficult thing to go through, especially if they seem to be becoming a habit. It is a sad truth, but companies are more likely to be making people redundant now than they did in the past, and the view people who go through redundancies is not as harsh as it once was.

Pursuing your dreams is always a good thing, but it is important that you make an informed decision: do your market research, have a business plan, meet up with a business consultant, talk to other people who have been down a similar route. Rushing into starting your own business could result in massive disappointments and consequent losses.

The first thing would be a clear idea of what it is that you want to do. Have a clear outline (preferably on paper, it helps organise your thoughts) of what your business is about, what products and services it will sell. Then, outline its requirements: are you going to need an office? Will you need to purchase any type of equipment or stock? Will you need any assisting staff to begin with? Are you going to need to rely on sub-contractors?
Although you don’t have to, do a little bit of research into what sort of running costs you are looking into (any rent bills, electricity, water, council taxes, rent or purchase of equipment, petrol etc.).

Then you are ready to see what the market is like: when starting your own business it is not only the brilliant idea that’s behind it, but it’s also the location it will be at, and the scope of turnover you are to expect. Do the research, look for other companies who do similar things. Identify your potential affiliates and competitors. Don’t be shy, and call them up to ask questions. You will need to have every bit of information about the business you are getting into as a whole rather than just your own idea.

Now you know what your business is going to do and you know what the market is like. Next you must network: contact people who’ve started any kind of businesses and either failed or succeeded. Then focus on people who started business in a similar industry to the one you want to start. Get in touch with banks and local agencies (such as Business Link, website below) who will help you to find the right people to talk to in your council or financial professionals.

At this point you will have had a clear idea of how likely your business is to succeed. Although these processes sound tedious, it is actually very important to understand what you are getting yourself into. A lot of people think that starting your own business is great, because you don’t have to work as hard, and all the work is for you rather than someone else. However, keeping a business afloat during its first 3 years is a demanding and stressful task some people find too demanding.

If you decide not to go into starting your own business now, you might want to do so in the future. Maybe try to find a job in the industry you want to start your own business. It will help you learn about the demands and expectations, and would improve your place on the learning curve on someone else’s dime.

Business Link Website:
http://www.businesslink.gov.uk/bdotg/action/home?domain=www.businesslink.gov.uk&target=http://www.businesslink.gov.uk/

Best of luck.

Answer 6

It depends on what you intend to persue as your own business. Being your own boss can be very rewarding but it is also very hard work. I work long hours, I don't get any paid holiday or sick pay and I am a long way from being a milionaire! Bear this in mind if you decide to go for it.

Answer 7

I got retrenched in August 2002. Now, I am into MLM and have been doing it for 4.5 years already. I would advised you to look for a good MLM company to build a distribution network with.

A website I recommend is www.network-marketing-works.com. Find out what MLM is about and what to look out for in a good company.

Good luck...

Answer 8

keep trying , you wil settle well , nice to say dont give it up

Answer 9

Own your own bizz