I am about to get a redundancy payout and am not sure whether to start a business or get another job that will pay the bills
Twice a week we publish the problems that will feature in a forthcoming Dear Jeremy advice column in the Guardian Money supplement so that readers can offer their own advice and suggestions. We then print the best of your comments alongside Jeremy's own insights. Here is the latest dilemma – what are your thoughts?
I have just been made redundant from my role at an insurance company where I have worked for 25 years – my first job after leaving school. My redundancy payout will pay a chunk off my mortgage or set up a new business on my own, and this is my dilemma.
I have looked around the job market and find that even with my wide range of skills in the financial services/insurance industry, I will struggle to command a salary in the region of what I have earned at my soon to be ex-employer.
Which brings me to the dream I have been harbouring: opening up my own coffee shop business. I realise the hard work and demands that this will place on my family life while establishing the business, and have done some light research into what will be needed to make it succeed. I believe I have identified an angle to create a niche in the local market that would satisfy my creativity as well as prove successful as a business.
I know this is a risk, but should I take this as the opportunity to use my redundancy payment to do something different and start my own business? Or should I play it safe and find another job in the insurance industry that will pay the bills but not excite me?
Do you need advice on a work issue? For Jeremy's and readers' help, send a brief email to dear.jeremy@theguardian.com. Please note that he is unable to answer questions of a legal nature or reply personally.
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