It’s difficult to come up with many positives if you’re made redundant. But if you go about it in the right way it can lead to new opportunities… and even a better income and better standard of living in the long term.

Hints, tips and biz. opps if you’ve been made redundant

• Don’t give up your day job. You’ve invested blood, sweat and tears in your job over the years. So, initially, try to look for something else that is similar. And if you’re looking for business opportunities don’t believe those ‘get rich quick’ scams. Building up a business takes time and effort.

• Could you cash in on outsourcing? Outsourcing is a business buzzword in a recession. It means doing your job as a self employed contractor or consultant instead of an employee. The big advantages are… you can work for several companies rather than just one and potentially boost your income. You can also work as and when you like and there’s no boss to account to.
• Make a list of your strengths. For example, are you good at managing? Are you good with marketing? A good salesman or woman? Good at writing? Try to pick an opportunity that uses as many of those skills as possible.
• If you’re considering business opportunities as a way out of redundancy then think of them as sidelines originally. This is a great way of spreading the risk in case things don’t work, or in case you don’t like the business. There are lots of opportunities you can run part time as a sideline.
• Don’t be afraid to try several, small business opportunities. Again that spreads the risk and will allow give you a chance to find what really suits you. Many successful small business people have 2/3/4 or even more small sideline projects.

There are loads of opportunities to choose from on WBO – keep checking back and also subscribe to our WBO Alert if you haven’t already.

• Do everything on a tight budget. Even if you’re lucky enough to have some redundancy money to splash out. With everything you need to buy or spend ask yourself… is there a way to do it cheaper? Look at buying used rather than new. Look for cheaper alternatives. Negotiate if you can to get a better deal.

Whatever capital you have try to keep some of it back for working capital, or to cover for unforeseen contingencies.