Starting a business after redundancy

There are many small businesses emerging in the Illawarra that have sprung up as a result of redundancies in recent years.

According to ETC Business Coordinator Annelies Voorthuis one of the positive spin offs of a redundancy was the opportunity to turn your business ideas into reality.

 “It’s understandable that if you’ve been made redundant you’ve probably experienced the full gamut of emotions – everything from anger and depression to relief and hope,” Ms Voorthuis said.

“The upside of redundancy is that after the initial shock it’s a perfect opportunity to reassess your circumstances and possibly even reinvent yourself.

“We’re seeing a lot of people who’ve been made redundant take the opportunity to review different business ideas they’ve been dreaming about and turn them into reality.”

Ms Voorthuis, who heads a team of Business Advisors in the Illawarra, said starting your own business had many benefits.

“Being your own boss can be an extremely liberating experience, particularly if your business is based on something you are passionate about,” Ms Voorthuis said.

“The flexibility of working for yourself, making all the decisions and dictating your work hours are just some of the advantages.”

Ms Voorthuis said starting a business was not for everyone, but provided the following tips for those who were serious and had the right attitude.

1. Develop a Business Plan – one page is enough to start with and keep you focussed on your objectives and key action areas.
2. Develop a Marketing Plan – Marketing is often overlooked by start-up businesses. It is essential to let people know who you are, what you can offer and how you can benefit people.
3. Get advice from as many sources as possible. There are a number of organisations out there that provide free business advice. Make contact with them.
4. Engage consultants to manage specialist areas of the business such as Accountants, IT professionals, Graphic Designers, Website Developers etc.
5. Don’t be afraid to ask for help.

Ms Voorthuis encouraged anyone thinking of starting a business to contact ETC to see if they’re eligible to undertake a free Business Readiness Check and/or Business Health Check.

“ETC’s expert team of Business Advisors are all locals and understand the issues affecting the Illawarra business community and economy,” Ms Voorthuis said.

“We are subsidised by the NSW Government’s Small Biz Connect Program to help start-up and small businesses flourish.

“ETC is new to the Illawarra but has been operating for 25 years throughout regional NSW and during that time has helped more than 36,000 businesses.”

For further information contact Annelies Voorthuis on 02 42 30316.