1. Why not have your say? To take part in forum conversations Sign In or Join. It’s fast, free and easy!
  2. Golden Rule: Be nice, respectful and avoid self-promotion.
    We pride ourselves on being the friendliest forums around. Check out our full guidelines and tips for new players.

    Login problems? Please update your forum URL bookmarks or saved credentials from HTTP to HTTPS (we have upgraded security)

Was redundancy the catalyst for your business?

Discussion in 'Starting your journey' started by Lucy Kippist, Aug 2, 2017.

  1. Lucy Kippist

    Lucy Kippist Active Member Staff Member

    Messages:
    229
    Likes Received:
    66
    Trophy Points:
    28
    Hi soloists,
    A good friend has just been made redundant from a job he has not liked for a very long time. He'll be paid out a significant amount of money too, so these two factors combined mean he's feeling very happy right now! A very creative person he's considering using the money to get a start on a business idea he's had for a long time. His story got me wondering how many soloists have also seized the opportunity from redundancy to start their journey here? I'm also keenly aware that redundancy is not always a happy time. What's been your experience? And what advice would you share with him from the get-go? Thanks in advance!
  2. Peter - FS Administrator

    Peter - FS Administrator Administrator Staff Member

    Messages:
    1,774
    Likes Received:
    784
    Trophy Points:
    113
    Hi Lucy,

    This is an interesting one. I know especially over the last several years (over GFC etc) that redundancies have been a catalyst for people to finally take the plunge and start their own thing (with a push). I think technology and globalisation are also making it easier for people to embrace the independent or freelance workstyle by choice.

    That's why think it can be great to be working on a business concept on the side, like your friend did, and start building some plans and contacts so that you're ready to take an opportunity when it presents itself. I think suddenly being made redundant and then trying to think of a plan B is less exciting!!

    Interesting topic :) Peter
    Lucy Kippist likes this.
  3. Mischelle

    Mischelle Renowned Member

    Messages:
    800
    Likes Received:
    545
    Trophy Points:
    93
    Hi Lucy,

    It wasn't in my case, but for 3 people I know, redundancy was the driving force behind them starting their own businesses.

    Redundancy can be a scary concept and combine that with starting your own business, can be truly terrifying BUT the only way for them to make it work was to look at the redundancy as a positive (IE the push they needed).

    2 of them took up franchise businesses as they had the funds to pay for them, and they could start easily, with all the tools and marketing in place and clients already in the area.

    1 started from scratch and I have to admit this one is more successful and happy as he wasn't limited by a franchise, but the world was his oyster LOL. He now works less hours and has 4 staff.

    Cheers
    Mischelle :):)
  4. bb1

    bb1 Renowned Member

    Messages:
    4,292
    Likes Received:
    2,268
    Trophy Points:
    143
    It was in my case, I actually went through 2 redundancies over my years, both were optional in as far as I didn't have to take them. Both lead to starting a business, and I think if they had not been the catalyst for making the jump, I would still be lost somewhere in the system.

    The first was go to Canberra or take a redundancy, I stayed in Melbourne and I walked straight into a 3 month's contract as an IT consultant, and ended up staying and becoming permanent for 10 years.

    The second was again my option, and I knew it would lead to other far greater life changing consequences besides just my job. But I jumped at the opportunity, and took what I call my tree change. I started my gardening business almost straight away, and couldn't have been much happier. The other consequence which I knew would happen occurred less then 12 months after the change, and looking back now I know that even knowing it would happen I made the best decision.

    Sometimes, it's a little kick along that make us realise that we can do it.
  5. Peter - FS Administrator

    Peter - FS Administrator Administrator Staff Member

    Messages:
    1,774
    Likes Received:
    784
    Trophy Points:
    113
    Hi Bert, the helpful kick along is so true! Often what appears bad or risky at the time turns out to be the best thing ever looking back! I found that after I left a 'perfectly good job' to venture out on my own :)
    Lucy Kippist likes this.
  6. Greg_M

    Greg_M Renowned Member

    Messages:
    1,650
    Likes Received:
    1,141
    Trophy Points:
    143
    One of the few times I actually had a job of sorts was running a small construction company spec building factories in the late 1980's.

    It wasn't exactly a redundancy, more of a financial beating actually..."the recession we had to have arrived" , and the factories we were building were worth about half what was paid for the dirt a few months earlier-end of business. I found myself recently divorced, no assets, no vehicle, no money. no tools, no work, nowhere to live...etc etc.

    The need to survive was the catalyst for starting a small business in a very sad economy.

    It's funny looking back, but at the time it was pretty hair raising...I told a realestate agent a very big lie... signed a commercial lease for 5 years on a shopfront residence (in a very nice part of inner Melbourne) and because of the state of the economy I scammed 4 months rent free...got a mate to print me some very bad flyers offering building maintenance, then walked the streets sticking them in letterboxes, but I didn't just drop the flyers...anywhere I saw something wrong or busted on a building or house I put a fixed quote on the back of the flyer (and stuck to it). It was only a few months of terror and we were eating again :)

    I learnt some very hard, but very good lessons on this adventure.

    The two biggest ones were, the true value of money and delayed gratification...and that for me "jobs" are a dangerous trap in the industry I worked in and apart form washing pots as a casual a couple of years ago for beer money, I've never had another one.
    StudioS and Lucy Kippist like this.
  7. Lucy Kippist

    Lucy Kippist Active Member Staff Member

    Messages:
    229
    Likes Received:
    66
    Trophy Points:
    28
    Thanks for sharing this Mischelle, how interesting to see two such different ways of approaching a franchise too -I like the sound of working less with more staff! What a great result.
  8. Lucy Kippist

    Lucy Kippist Active Member Staff Member

    Messages:
    229
    Likes Received:
    66
    Trophy Points:
    28
    Wow Greg, this is a terrific story - what an experience for you! Isn't it amazing the risks we take when life forces us out of a comfort zone - love the sound of free rent! Thank you so much for sharing this, I feel it could be a story for Flying Solo if you're up for it! I will be in touch :)
    Greg_M likes this.
  9. Lucy Kippist

    Lucy Kippist Active Member Staff Member

    Messages:
    229
    Likes Received:
    66
    Trophy Points:
    28
    Bert, another great story here. So interesting to have had two such different career paths and both from redundancies! Did it take you a little while to adjust to what I imagine is a much quieter job in gardening? And do you ever still dabble in IT? Thanks for sharing.
  10. Greg_M

    Greg_M Renowned Member

    Messages:
    1,650
    Likes Received:
    1,141
    Trophy Points:
    143
    I'm game, but I think you'll need the abridged version, and some serious editing.

    Cheers
  11. Ian Aldridge

    Ian Aldridge Member

    Messages:
    1
    Likes Received:
    2
    Trophy Points:
    3
    I started my business out of frustration.

    A almost gave the legal game away after returning from London. The thought of speaking to another recruiter when I came back and getting on the "partnership treadmill" made me want to "vom in my mouth".

    I was encouraged to get into business, and after a failed attempt with a "friend" in an automation business, I realised that I needed something for myself. Something I could have full control and direction over, without having to ask for someone else's opinion or permission.

    I'm sure a lot of solo owners start up by being eventually fed-up with working for someone else or potentially they're working with another person that they found out wasn't all they cracked up to be.

    Whether it's a redundancy, opportunity, termination, an overseas trip, another failed business venture or you're just fed up with working for someone else, whatever the reason, give it a shot.

    I found that assembling the right people around me was crucial. Getting your A-Team together so to speak. Getting the right advice at the right time from the right people. Accounting, Law, Marketing, IT/Systems, Web-dev, Education, perhaps even coaching. They all play such an important role in the foundations of business and its success. I've seen many people suffer (including me) as a result of not choosing one of these right. The chances of getting these all right the first time is almost near-on impossible but when you find the right people to give you the right timely advice, it can be the stitch in time that saves nine.
  12. Paul - FS Concierge

    Paul - FS Concierge Administrator Staff Member

    Messages:
    2,997
    Likes Received:
    978
    Trophy Points:
    113
    @Ian Aldridge - thanks for joining Flying Solo and posting today!
    Ian Aldridge likes this.
  13. StudioS

    StudioS Member

    Messages:
    24
    Likes Received:
    13
    Trophy Points:
    3
    Hi respected members, what great stories and great lessons from the stories!

    I had a redundancy a couple of years ago after being with a company for almost a decade (basically my first job out of uni). Even though I opted to take it, the emotional rollercoaster that I went on after that was something I didn't expect.

    I felt very lost as to what I'd wanted to do - did I want to go back to another corporate job? The honest answer to that was 'no'. But I had no idea what I wanted to do otherwise and I was relatively young into my career.

    I ended up taking an extended sabbatical which felt at the time like an escape so I didn't have to make a decision. In hindsight, that was the instigator for starting my business, because it gave me time to think and get clarity on my next direction. The whole journey of being made redundancy to starting my business took almost 3 years but I don't think I'd be where I am now without having been made redundant. That experience now feels like the best thing that's ever happened to me.
  14. Lucy Kippist

    Lucy Kippist Active Member Staff Member

    Messages:
    229
    Likes Received:
    66
    Trophy Points:
    28
    Hi @Studio S , I love stories like yours because it shows that sometimes when things happen in life that aren't what we'd wish, they can take us in a completely new and very positive direction. Thank you for sharing :)
    StudioS likes this.

Share This Page