I’ve worked in events for over two decades and am being threatened with redundancy. I have been running a candle-making business on the side of my work for the last year and really enjoy it, but it is not enough to pay all the bills and would need some investment. I am not sure about using my redundancy money on this in the current climate. Should I go for it or is it best to wait until there is greater certainty?
It’s a tough time, particularly in events and Covid isn’t going away any time soon – people are needing to adapt to ‘living with Covid’ and what that means to them. No one knows when there will be greater certainty around jobs – some roles are in demand whilst others are being phased out.
Redundancy can come as a shock, particularly if you’ve been working in an industry for over two decades. There is a lot to think about, from knowing what you’d like to do next and understanding what your values and skills are to understanding the power of strategic networking.
How wonderful you’ve got a passion for candle-making and have been running your business on the side over the past year. It’s great to hear you’ve enjoyed this. Have you got feedback from your clients as to why they buy from you, and how they came across you? Have you done the financials and worked out after the investment you make, what the business needs to be turning over and by when?
To me it looks like you have a few options:
1) If you chose to wait for greater certainty, that could be 2+ years out from now. However, if you invested in it now, it could take off. It comes down to whether you’re more of a risk taker or more risk averse – there isn’t a right or a wrong, it’s about what feels right for you now.
2) If you chose to wait, and invest further down the line, how would that make you feel? What other jobs would you apply for? Where is your passion? Given the events business has both slowed down and gone virtual, you can focus on your transferable skills to a different sector. What might that look like?
3) A third option could be to meet half way and to invest whilst getting a temporary job on the side for X hours/week linked to your skillset which could help your candle-making business.
Before you make any decision ask yourself ‘How much do I want this opportunity?’ and ‘Is this right for me now?’.
*Liz Sebag‑Montefiore is Director and Co‑Founder of 10Eighty, a career transitions organisation. Email: [email protected]. Picture credit: http://www.photos-public-domain.com/2010/12/03/three-burning-candles/ and Wikimedia commons.