CV - Out of employment for 26 months

Joncol

Hi everyone, hope your all doing well.

Bit about me:

I was made redundant in 2009 from a job I had worked in for 5 years. At the time I decided I wouldn't going to go on the dole and instead signed up for the Back to Enterprise Scheme as I had an idea for a business that I thought I might aswell give a go whilst I looked for work.

Short story: I looked for work in the first 6 months but couldn't find anything, literally had one interview from 100's of jobs applied for, didn't get a second call back.... so I decided to put all my efforts into my business. It was doing quite well and started to generate an income. My work has been recognised and received several write ups in industry leading publications crediting my work but the harsh reality is that my Back To Enterprise Allowance is now finished and the income from my business just isn't enough to maintain a full time income. I wish it was but it just isn't viable and there comes a time where you have to admit defeat...

I don't regret giving the business a go. I'm 26 and I thought it was worth giving it a shot at a stage in my life where I didn't have any real financial commitments i.e family, mortgage etc. Lot's of young people take time out to travel, I decided to take time out to try develop my own business...

My problem is where do I go from here in terms of re applying for work and how this will look to employers. I'm out of full time employment now for 26 months and I understand how that looks to employers i.e waster...

I'm almost ashamed to put the past two years on my cv, i.e failed business and am half thinking of putting down that I travelled to Australia for the past two years as many young people my age have done/continue to do.

Anyone any thoughts?
Thanks for reading this

Cuddlesworth

Put the business down and be honest about what happened. That you simply couldn't make enough money to live on it. That's not a failure, just a lack of demand. Looks way better on your CV then any other option and shows you have a bit of independence and a sense of responsibility.

annascott

Don't be ashamed. It isn't your fault the economy is shot. Instead, list all the new skills that you acquired when running your own business. Don't forget the other stuff like self motivation etc etc You are probably a stronger candidate now then when you were newly unemployed.

Lots of people are trying to return to the workplace after their businesses have had to close. There is no need to hide it.

D-Generate

Jebus Christ, put down the business experience on your CV. For a 26 year old to take the plunge in to running his own business is definitely a huge positive. I work in a firm which values entrepreneurial spirit and that would certainly be looked on favorably during an interview.

In regards to your business, have you thought about getting investor funding for an equity split? Banks aren't really providing debt support to new businesses (or existing) but you might be lucky and find an investor willing to back you with both debt and equity.

If the business is profitable and throwing off cash and it just needs capital to grow in size and generate more cash then you would stand a good chance of getting financing. I have seen a lot of unprofitable businesses secure financing because the underlying idea of the business is sound.

Xenophile

Joncol wrote: »

I'm almost ashamed to put the past two years on my cv, i.e failed business and am half thinking of putting down that I travelled to Australia for the past two years as many young people my age have done/continue to do.

Decent employers will appreciate your spirit of enterprise. This shame and guilt must come from your conditioning, it's your ego or someone else's ego that's the issue. Be gentle and kind to yourself, acknowledge your efforts and all that's positive about you.

Ask yourself this question ; "Would I rather be seen as a trier or a liar?"

Thoie

Agree with all the others - put the business on your CV, along with the skills you gained while running it.

I was in a very similar position a few years ago - was made redundant, set up on my own. It was OK for a while, I was ticking over, but I wanted to get a mortgage and the irregular income was an issue, so I applied for some full time jobs.

Put it on your CV, and be prepared to discuss it in an interview. No-one interviewing me found it strange, and I was able to discuss the lessons I had learned from it.

NomadicMe

As someone who sees too many CVs a day, I like to see ones who didn't go on the dole/ tried something different/ showed spirit and have lived to tell the day- put it in. No need to be ashamed of anything you have done!

Joncol

Thanks for the replies folks. All very very kind.

I think you've all answered my question for me no doubt and given me some confidence at the same time!!!

As I mentioned the business I did received reviews in leading media publications relevant to that industry. Should I include those reviews when applying for prospective jobs, even though the sector I'll be looking for work in will be a completely different sector? i.e My work background (insurance) is a million miles away form the sector I launched my business into.

Once again thanks for all your comments.
Extremely kind.

Joncol

D-Generate wrote: »

Jebus Christ, put down the business experience on your CV. For a 26 year old to take the plunge in to running his own business is definitely a huge positive. I work in a firm which values entrepreneurial spirit and that would certainly be looked on favorably during an interview.

In regards to your business, have you thought about getting investor funding for an equity split? Banks aren't really providing debt support to new businesses (or existing) but you might be lucky and find an investor willing to back you with both debt and equity.

If the business is profitable and throwing off cash and it just needs capital to grow in size and generate more cash then you would stand a good chance of getting financing. I have seen a lot of unprofitable businesses secure financing because the underlying idea of the business is sound.

Thanks for the reply.

Re an investor: Unfortunately I don't think the service I offer has a broad enough customer base. It's a niche product specific to a small enough market and I don't think an injection of cash will make a difference. I really don't have any costs at all as it's a consultancy/service based product with no minimal outlay required for each contract.

Thanks for the idea though, if anything you've given me the confidence to go into an interview and speak about my business with a bit of pride.

InReality

Just to chime in with the others - I think putting your business on your CV will be a huge plus.

A harvard business review issue a few months ago was all about mistakes and failures and how its the only way people actually learn anything in business !