Evidence shows many businesses that commence in a recession go on to become household names. Think about General Motors – US economic downturn in 1908, Burger King 1953, CNN 1980. Even more recent - Airbnb 2008. Acknowledging that many others fail, having to scrimp and chase every deal makes a business owner more resilient and, when good times come, they can adapt quicker. If you are currently facing redundancy or just thinking that now may be the time to jump ship or even if you are currently furloughed, take the time now to make plans. At some point you will need a full business plan including your personal history and experience to show how the business will succeed. What will your business logo look like? Will the staff wear uniforms? What will the signage look like? You are also likely to require a cashflow forecast detailing income and expenses. Successful entrepreneurs have always been shown to have nailed every detail prior to discussing their ideas even with banks. Banks are more responsive as the negatives have already been cleared. A redundancy pay-off can provide your monthly outgoings for a period whilst the new business gets going. If you are staying in a similar industry as your current employment you need to be clear of any ongoing obligations from your contract of employment. Is there a non-competition clause? Can you work in the same industry within a set number of miles? A lot of contracts contain such clauses and you need to be clear of this. Goffey has experience with start-up businesses in many industries. If I can assist in any way, please do get in touch. Whether initially a brief chat to discuss basics or a more in-depth appointment.