How to become your own boss after redundancy

It’s in the news a lot. Job cuts and redundancy are familiar topics right now. But what we don’t often get to hear about are the long-term outcomes. 

While for many, it's a case of a protracted job search, for others, it’s a catalyst for becoming your own boss. 

We caught up with some Enterprise Nation members who turned bad news about a job loss into a going concern, and we checked out the key things you need to consider when you’re starting up after redundancy to make sure you’re starting off in the best way possible. 

Ryan Panchoo, founder of Borough 22

An award-winning business that creates gluten-free, vegan, halal and kosher certified doughnuts that have become a game-changer in the inclusive food space.

The company started in his home kitchen as "a personal mission" for his children, who "lived with multiple allergies" and have grown "into a trailblazing business redefining what gluten-free and vegan indulgence can look and taste like." 

Borough 22 now employs 16 people in Brockley, South East London, and produces close to a million doughnuts annually. The business is stocked in Selfridges, delivering nationwide, and regularly appearing at major pop-ups and festivals across the UK. 

He's preparing to pop-up in Birmingham Selfridges next month in the run-up to Christmas.

However, Ryan's successful entrepreneurial journey began with a devastating blow. In January 2017, after 12 years working as a project manager for a property investment company, he was told he was being made redundant. 

“It was a big shock”, Ryan said. He described how he’d worked hard to build his career in property from being a trained bricklayer to working in construction management and architecture, and had what he thought were excellent career prospects. "I felt rubbish. I felt really devastated. I'd been at the job almost 12 years," he said. 

But redundancy proved to be the catalyst he needed. A contractor who knew about Ryan's side hustle making doughnuts offered him work in the same sector - but then gave crucial advice: "It's now or never. You've got this great company, and if you don't do it now, you'll regret it for the rest of your life." 

Ryan admitted that losing his job was "probably one of the scariest moments of my life. But there's something to be said about turning that fear into something positive. Fear is a form of energy, right? It's just how you view that. Do you harness it or let it consume you? I put that fear to good use.” 

The experience forced Ryan to reassess everything. "At first, it felt like it was an ending, but actually, when I look back, it was like a reset. It was a chance for me to stop running on autopilot and start developing, designing the life and career that I really, really wanted," he explained. 

Initially, the transition was chaotic. Without the safety net of a monthly salary after 12 years, Ryan admits his project management skills "went out the window" as he said yes to everything and burnt out in under a year. 

He said: “The wake-up call came when I found myself downstairs in the middle of the night, everyone's asleep, making these doughnuts for a promotional event that I'm not getting paid for, and I've got a migraine.” 

This taught him valuable lessons about sustainable business practices and the importance of self-care. "I realised, if I don't take care of myself and I burn out, then there's no one to run the business, there's no one to run the company," he said.

The breakthrough came with developing his award-winning fried doughnut recipe, which won Free From Bakery Product of the Year 2023 and, last week, a 2025 Baking Industry Award (BIA), the Oscars of the baking world, in the Free From category. That’s on top of a star at the Great Taste Awards. 

Today, Borough 22 operates from a commercial space five times bigger than their original unit, with plans for global expansion. 

Ryan's advice for anyone facing redundancy: "The salary that you were getting, you don't need that to survive. There are so many ways to make money through building relationships with people and being consistent." 

He added: "Redundancy was a complete plot twist that I did not expect, but it led to the best chapter in the story of my life so far." 

Christina Callegari, founder of Together Travel Collective

Christina Callegari launched her travel consultancy business Together Travel Collective earlier this year. It’s a franchise model run by Inteletravel that delivers training, connections, and partnerships with some of the world’s largest travel companies, such as Mr & Mrs Smith and Expedia. 

Run from her home near St Albans in Hertfordshire, mum-of-three Christina is already making waves with her holiday business, with plans to expand next year. 

But the move into entrepreneurship only came after she was made redundant in 2023 from a role she had held for 10 years as events director at a trade magazine for the financial sector.  

She said: “I actually set up the whole department, and it was extremely successful, but when the publishing company was sold, the new investors wanted to bring everything in-house. It left me feeling low.” 

Christina quickly moved into another job in media events, but didn’t feel the culture worked for her and ended up back at square one. 

“I was looking for something more meaningful that could fit around me and my kids, so I could be a bit more present. I had a little bit of cushion from my redundancy money and heard about the opportunity to be my own boss and travel as well. I jumped at the chance. 

“I’m very organised and the move from organising events to organising people’s holidays is perfect for me.” 

The expert view  

Sean Beirne, Dublin-based Enterprise Nation adviser and founder of Accelerate Consulting, supports founders in the early stages of starting a business and later identifying strategies to drive measurable growth.  

He said: “For the majority of people, redundancy is a big shock to their system. There's probably a sense of panic, unease, uncertainty, bills to be paid, and what's going to happen in future?  

“Before you do anything, make sure you understand what the redundancy payments are. What's the position regarding a pension? Is there an opportunity to sweeten the deal? Perhaps they could fund a qualification you need, is there an opportunity to purchase a car company car at a preferential rate, something you might need going forward.”  

He added: “Being made redundant can be seen both as an opportunity and a threat. The threat is fairly obvious: no job, no income. The next big question is 'what am I going to do?'   

“Next, it's about taking stock of where they are. What do I mean by that? Well, the one that we would all gravitate towards is the financial side. What have I got in savings? What outgoings have I got? Am I entitled to any social welfare payments? How is the family going to react to all of this?   

“For many people, redundancy can actually be an amazing opportunity because they were probably held back by what I call 'golden handcuffs' – very good packages that made it difficult to leave," said Sean. "When someone has been made redundant and has been looking to pursue their own business, it's a tremendous opportunity."  

Five critical steps for turning job loss into business success

With 25+ years of hands-on experience helping SMEs cut through the noise, identify real opportunities, and implement strategies that drive measurable growth, shares the following advice:

1. Validate your business Idea with real customers  

"You need to validate your idea with potential prospects and customers," Beirne explained. " The other key question is: what would they pay for it?  

2. Assess the competitive landscape  

Understanding who else is in the market is crucial. Do you have a particular niche that your competitors aren't really focusing on?  

3. Find the right co-founder  

"Single-founder businesses tend to have a lower rate of success than those with two or more founders," Beirne said. "Sometimes it's about complementary skills – the developer is great at the technical stuff, but can't sell it. Someone with commercial skills would be valuable in that environment."  

4. Plan your go-to-market strategy  

From websites to SEO and PPC, to LinkedIn and social media, you must know where your customers are and be present wherever they look for information. "If your customers are accountants, they're probably not on TikTok or Pinterest. However, you do need to be wherever your audience is looking."  

5. Calculate your financial runway  

"Look at your savings and your redundancy payment – how much runway have you got?" Sean advised. "If it's a very technical product that will take time to bring to market, is there sufficient funding to develop and implement your go-to-market strategy within that timeframe?"  

Sean also serves as a consultant for Enterprise Ireland on its Strategic Marketing Review programme, helping businesses develop strategic approaches to growth.  

"There's also a mindset shift from being an employee to working for yourself," Sean added. "You don't have the infrastructure that companies provide – no legal department, no marketing department. But this has to be seen as an opportunity, or else you're going to struggle to get over the absence of 'big company' supports."