How to cope up with redundancy post Covid-19 pandemic?

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Many people lost their jobs and were made redundant due to Covid-19, which significantly impacted the country’s economy. Due to the economic damage caused by Covid-19, approx. 5 lakh people get unemployed, and the number are still rising. Despite Rishi Sunak’s Job Support Scheme, many of the UK’s top companiesdecided to make redundancies. Redundancy always gives you a feeling of denial, shock, worry, anger, but it’s not the end of your career. You might take this as an opportunity and convert your most passionate hobby into the business.

How to cope up with redundancy post Covid-19 pandemic?

Take a deep breath

Being made redundant is quite shocking and stressful, but not taking further action might convert it into a more stressful position. It’s time for you to ignore such feelings, take a deep breath and move towards achieving more in life.

You need to understand that the real reason for dismissing employees in almost all cases of redundancy is cost-cutting. It has nothing to do with your performance. People usually get depressed in the redundancy period, but it doesn’t mean that you can’t get control over it. Keep yourself relax, go for some tasty dish and get ready for a stronger come back.

Try out options that could open doors for you

There are many career opportunities that you could try out and convert into a new business. Remember the day when you told your friends that you would start something new or unique one day - The time when you will work for yourself, not for any employer. It’s time to fulfil your dream rather than continuously thinking about the moment you left your job. Many options for you to consider –

  1. Join the exciting world of Self-employment
  2. Convert your most passionate hobby into a new business
  3. Return to traditional 9 to 5 job again.

Every person wants to be self-employed. Thus, rather than offering services to a particular company again post Covid, people are now looking forward to starting their businesses.

Identify your most passionate hobby and make a career

Redundancy may give you a sad feeling, but it also offers you a wide range of options if you have a passion that you were pursuing as a hobby and now want to convert it into a new business/career. Analyse yourself, identify your passion or speciality, and choose from several options such as designing, painting, gardening or anything which you are capable of converting into a new business.

Some people spend the whole time searching for new employment opportunities or interview preparations rather than concentrating on what passion they have and how it can be achieved? Testing yourself is the best way to identify your most passionate skills and convert them into a profession to earn a good amount of money.

Some artists, designers may access online platforms to sell their creativity online and work as freelancers. If you can attract more customers through your talent, the day might not be far when you will as denoted as a successful businessman. Don’t forget to provide business income details to HMRC.

Is it the right time to open your business?

Let me clear you that there is no right time to open a new business. You can decide to be self-employed anytime. We know that it is not easy to start a new business when you are adversely affected by Covid-19. Still, we can’t ignore that many freelancers and entrepreneurs succeeded in opening thousands of new businesses and reforming their careers.

Make a note that whatever option you choose or path you follow out of redundancy, remember one thing losing a job is not a dead-end;in fact, it can be the first step towards an exciting and promising journey ahead.

How can Korklin help?

Korklin, a DNS company is a renowned, multi-award-winning accounting firm based in the UK, with over 10 years of expertise in offering a complete range of Accounting and Financial Services. We have achieved substantial growth in the last 10 years and served thousands of sole traders, small businesses, contractors, freelancers, landlords as well as private clients. We are specialised in providing Bookkeeping, Payroll, Self-assessment, Construction industry scheme (CIS), VAT returns, Property tax and all other types of Accounting and Tax Preparation services.