From Redundancy to Entrepreneurship: How Losing My Corporate Job Led to a Better Life

Turning Redundancy into Opportunity

Former bank executive Amanda Franklin transformed her redundancy into an opportunity to launch her own business and write her own rules. She shares her journey and insights on why starting your own business can be a path to real job security.

The Rise of Self-Employment in Australia

Government data shows that in June, more than 63.6% of Australian businesses were people classified as “self-employed.” That’s up from 62.5% in August last year, indicating a growing trend towards entrepreneurship.

Weighing the Risks and Rewards

There’s no denying that starting your own business is a risk. Between 2024 and 2025, 16.4% of the country’s 2.7 million businesses were new entrants, while 13.9% folded, according to ABS data. However, for the right person, a redundancy can be a great opportunity to back your dreams of self-employment.

Emma Maslen, a career coach and founder of job-hunter support business Rescue My Resume, shares her experience: “I actually did something similar myself years ago; a redundancy payout can really help. I gave myself three months to see if I could make it work and if I enjoyed it.”

Practical Steps to Take the Leap

While financial risk can scare off people from taking the leap, Maslen advises a clear-eyed look at your finances. “Often people haven’t run the numbers,” she said. “If you took a pay cut, could you make that work? Can you earn less for a short period of time? If you do have that redundancy money, then that could be a bit of a back-up option to help you get through that early stage of a new business.”

It’s also important to avoid flipping into a “scarcity mindset” that can put people off from pursuing their dreams. Start smaller and think about the small steps you could take. “This is not a problem you can think your way out of – you need to act your way out of it,” adds another expert.

Amanda Franklin’s Success Story

Amanda Franklin’s career with CBA had taken her from teller through to associate director of transaction banking solutions. Her experience in helping companies secure funding was a big help when she decided to draw up her own business plans.

The result is Strollr, a new Australian safety-compliant brand of big wagon prams, which launched to the public in October. Franklin discovered the concept when she was trying to work out a way to do the groceries while wrangling two toddlers and a newborn.

The “wagon” is a standard option for American families but still a rarity in the Australian market. Franklin found one on Amazon, accidentally listed for sale in Australia where it didn’t meet local safety standards. Once it arrived, it was an instant hit, sparking the idea for her business.

Aligning Business with Life Stage

According to Maslen, life stage is an important consideration. “It’s not just about the job, but also lifestyle,” she explained. “Does this job match your current stage of life?”

For Franklin, having kids was a key factor. “The landscape changes when you’ve got kids,” she said. “It’s ‘How am I going to pivot and fit a career in with kids, pick up and drop off and all that stuff?’ But not only that, now it was, ‘OK, I’ve got an opportunity to change that landscape and make it my own story.’”

Now $80,000 in, she’s hoping backing herself will pay off, viewing the redundancy payout as a reinvestment in herself and her family.