What to do after redundancy - setting up your own business

Redundancy can happen to anyone regardless of age and it is never a nice situation.  In addition to the financial ramifications of such an event you can find yourself questioning what you're supposed to be doing with your life and where you're supposed to be going.

For many people who are made redundant the initial stages are hard.  They may find themselves in shock and a state of despair.  In effect you've been told you're not needed and that you're not important.  This can have a major impact on you.

It's advisable that you take time off to take stock and reassess where you're going in life.  This is essential regardless of whether or not you loved your job and the career path you were going down, or whether you didn't.

Redundancy has been likened to a situation as stressful as divorce or death.  It is one of life's most stressful events.

Once you've taken a holiday following redundancy you need to plot your next move.

Chances are that because you were made redundant you don't actually have heaps of money lying around.  It's likely that your financial situation has also taken a severe hit which is another stress again.

You basically have two options from this point on.  Of course, given you need money you are going to need to find a new job fast, but it's what you do after that will make a difference to your future.

It could be that you decide to change industries and head in a different direction.

Or, like so many other people who have been made redundant before you, you decide to start your own business. 

So what do you do from here on in?  Well if you have decided to set up your own business then simply use your job as a means to an end, focus on earning enough money so that you can survive while you start on your new project.

Although redundancy is one of the toughest situations anyone will ever face it can be a new beginning and a chance to try something new and get out on your own.