British department store BHS is to go into liquidation with up to 11,000 jobs lost. The store went into administration in April but failed to find a suitable offer to buy.
Big name brands going into administration and then liquidation is not uncommon and many of us have watched the British High Street disappear. Only recently Austin Reed also announced they would be closing all stores by the end of June 2016.
With so many set to be made redundant, the question now is what to do next?
Redundancy is a turbulent time for anyone and can have far-reaching effects. Many people who face redundancy may feel a sense of uncertainty of where to look for the next step in their career. However the situation may be an opportunity to take back control of your life and career.
Here are 4 ways to take back control after being made redundant:
- Overhaul your CV
Before your start applying for a new job, take a good hard look at your CV. If you haven’t applied for a new job in a few years, it may be time to modernise your CV to bring it up to date. Be sure to focus on your skills, achievements and education. The information should be concise and to the point so recruiters can quickly relay information. Your CV should also have a clean, easy-to-read format. The best way for your CV to attract attention is for it to be clear, focused and include information relevant to the job you’re after.
- Network effectively
As the old saying goes, “It’s not what you know, it’s who you know”. Job fairs, exhibitions, and networking events are great opportunities to meet the right people and make a good impression. It is important to connect with these people over LinkedIn, Twitter and email and to make sure you follow up any conversations you have with them. Having a diverse network is more effective than having a large one. Attending events for your chosen professional, and events focused solely on making introductions is a great way to get to know the right people.
- Invest in yourself
If you’re looking for a career change, investing in your skills and education may be a key part of taking back control. Learning the latest tech, going along to seminars and watching free webinars are great ways of educating yourself on new skills. A new career will always bring more education. Bring more to the table by teaching yourself and immersing yourself in the skills you require.
- Be the boss
The risk of redundancy may put many off returning to the work force. People looking to start afresh may turn to starting their own business. With this comes the huge hurdle of success rates among new businesses with the majority not lasting more than 5 years. Franchising is a way of running your own business with the backing of a proven business model that you are thoroughly trained on with ongoing support from your franchisor. With a proven business model in place, banks tend to view franchising as a safer, more attractive investment than a start-up. And in the last BFA/NatWest Survey, 97% of franchisee-owned units reported profitability.
If you think franchising could be the way forward for you, why not try our 2-Minute Matching Service?
For more information on franchising, visit the British Franchise Association website.
