Against a backdrop of severe job and budget cuts, redundancy is opening the door for many to entrepreneurship,
says Claire Adler.
In this difficult time for the job market, some of the country's finest entrepreneurial minds are kicking into gear
- channelling redundancy money into start-ups and choosing a path they hope will offer more control over
their destiny and quality of life.
While the government has made a new easier to access programme of grants, advice and subsidies available
to new businesses via Business Link, it is also encouraging bank lending to small businesses.
"Running your own business is becoming increasingly attractive," says Careerbalance managing director,
Simon Broomer. "Some employers are choosing self-employed consultants over permanent staff. Older,
experienced people who can't afford or aren't interested in retirement, or find themselves priced out of the
market by younger unpaid interns, or struggling with the switch from the public to the commercial sector, are
now starting their own businesses or consultancies as a viable alternative."
Somtimes, entrepreneurship offers a buzz like no other. In 1995 Sahar Hashemi co-founded Coffee Republic -
but not before approaching 20 bank managers to secure a loan. "I'd never thought of myself as an entrepreneur,
but once I found something I was passionate about and decided to pursue it, I became one," says Hashemi,
a former lawyer who fell in love with a New York coffee shop.
In 2007, brothers Nick and Giles English left their City jobs at PWC and Williams de Broë to start watch company
Bremont, in memory of their pilot father who died tragically in a flying accident. Within two years, Bremont was in
Harrods, Watches of Switzerland, and Barneys New York and customers included the US Navy.
While studying and training in Scotland and later working as lawyers in the City, Donald Murray and Martyn
Pollock dreamed of founding a business that would be the next big thing. In 2009 with £75,000 of savings,
they started Notting Hill and Islington frozen yoghurt shops Frae. They're currently preparing for significant expansion.
"Working alone without the interaction and structure of an office environment can be daunting, so a partnership
is the answer to some. Be prepared for a modest income at the start and construct a detailed business plan,"
advises Broomer.
To get an expert view on your current career options and/ or your job-hunting tactics make an appointment
now to see one of our Career Specialists. E-mail consultants@careerbalance.co.uk, or call us on
020 3051 1054.
