'I have been made redundant!'  Those five words that you hope you never have to utter. Most people naturally fear the process of statutory redundancy or the more palatable voluntary redundancy. However, in a much-changed world, job security has morphed into job insecurity which can be avoided with profitable online business ideas. Let’s take a look at the redundancy process.

Statutory Redundancy, Voluntary Redundancy, and Profitable Online Business Ideas

Going through redundancy is tough. Whether it is voluntary redundancy or statutory redundancy, both have a ‘redundancy period’ or ‘redundancy notice period’, so you do have some thinking time. 

I opted for ‘voluntary redundancy’, whereas the unlucky ones faced ‘statutory redundancy’. I remember going to complete the sign-off papers which would seal my exit from a steady job after 5 years. It was odd as the building I went to was in another part of the city and the Director, I barely knew. Once we both signed, with a half-smile, I thought I had left behind a world of financial security. 

Uncertainty is the worst part of it. I remember going into a redundancy meeting of fellow managers and the Executive Director announced that one of our team would have to go. In the last 10 minutes, she giggled and said, “Oh I am sorry. I got it wrong. It is two of you that have to leave.” That was the point I knew I wanted voluntary redundancy! 

If only I had searched for profitable online business ideas back then, I could have had a much smoother transition. We don’t have to face the impending doom of redundancy, we can start preparing before it happens by starting our own business. More about that later!

Being Made Redundant - Stay Informed of Your Redundancy Rights

Being made redundant is a lot easier if you are informed of your redundancy rights. If you live in the UK, two useful websites are: ACAS - the Advisory, Conciliation, and Arbitration Service; an independent source for your working rights and GOV.UK , the UK Government’s own website. 

In the USA you can find useful information on the Department of Labor website for your redundancy rights. In Canada, it is a good idea to read the government website and in Australia, the government also provides resources and advice .

Your Redundancy Rights - Ask Your Company HR

The HR department in your company should also inform you about the redundancy procedure and redundancy entitlement.

Furlough Redundancy

In the Age of Covid, we also have the issue of furlough redundancy. Furlough and redundancy weren’t a major issue before the pandemic. Look up your rights on the government website for your country or use the links above.

Life After Redundancy - What to Do Next? Profitable Online Business Ideas

You may be thinking of starting the job search process now if redundancy is looming. But do you really want to go from one corporate job to another? Isn’t it time to get out of the rat race and be your own boss? Everyone is in the same boat during these times and job security is a rare commodity. Plus, as you send your CV to countless companies, you have the sinking feeling that the competition is stiff. 

Also, contracting is not as lucrative now with the income tax IR35 rules being enforced for umbrella companies. Why let the anxiety of having work stability affect you when you can take full control of your destiny with your own automated online business? So what are the profitable online business ideas on offer?

If you are a corporate executive, you may want to consider being a coach for SMEs and share your experience with business owners. Pendleton Partners is a fabulous online business opportunity for experienced leaders who want the freedom of running their own consultancy. 

Whatever your level of experience, start setting up your own online business now. Then worst-case scenario, you will be ready to provide a stable income if redundancy strikes. Having an online side business is a great second income in any case. So which online businesses are worth investing in?

Stories Of People Who Took The Leap!

These people all made the transition from redundancy to online businesses:

John 

John invested in Property Partner, the technology-backed property investment platform and exchange a year ago. Now his business has revenue of $100,000 a year. He doesn’t regret losing his job now. Life got so much better once he overcame the fear of starting a business. 

Sarah

Sarah left her job after being made redundant and invested in an automated affiliate marketing opportunity. She paid £995 and now she earns money promoting brands she loves like Google, Amazon, Apple, and Tesla. Her company has monthly revenue of £9,000. Leaving her job was a win-win!

Tom

Tom hit the ground running after redundancy and bought an automated Digital Facebook Marketing Agency . With an initial £12,995 investment, the whole agency was built for him from start to finish within 6 months as part of the package. His business has an annual revenue of £65,000 a year with scope for expansion. 

Amit

Amit invested in an automated Forex platform that uses an A.I. bot to earn you money. He started small but now he is trading at $20,000 a month. With earnings at 30 to 40% per month, life after redundancy is feeling good for Amit!

Thea

Thea left her job after redundancy and followed her ambition to get into e-commerce. After 2 years her online store made $42,000 in revenue in 7 days. iStore Labs build fully managed online stores for clients with a money-back guarantee to profitability.

Sangita

Sangita decided to open a domestic cleaning business after redundancy. Within a year she had expanded it to 4 cities and is now making £20k revenue a month. She is cleaning up with the competition! She runs it all remotely.

Kate

Kate opted for a Social Media business selling white label products to her customers. Now as a Social Command Partner she is making a cool $7,000 a month in revenue which is more than she earned before redundancy. 

Mohammed

Mohammed was a logistics manager who got made redundant. He retrained as an electrician and bought an online electrician business franchise . The customer acquisition is automated and his business makes £90k a year in revenue. 

Richard

Richard opened a Blam Digital Marketing Agency selling AI websites, Apps, and Digital Marketing services. After two years of trading, he is bringing in £8k revenue a month. 

Lucy

Lucy realised her ambition by setting up a fully automated Shopify online business with All Done Consulting . They test the products, build the website and generate profits for her. She is now raking it in with $20,000 each month in revenue.

What is the one thing they all have in common? They all realised that redundancy was actually the best thing that could ever happen to them! A Blessing in disguise! 

Don’t let the stress of redundancy beat you. Start your own online business and build a better life for yourself. Check out Love My Businesses right now for profitable online business ideas . 

By the way! We have two fantastic new business opportunities: Uber and AirBNB!

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