Starting a business after retrenchment

With a son in matric and enrolled for university the following year, a daughter preparing for her wedding, and a home loan still to pay off, Brandon felt like he was stuck on an emotional roller coaster. He was faced with the reality of having no formal credentials and slim prospects of finding another job at his previous salary level. But instead of letting fear take over, Brandon turned this curveball into an opportunity—choosing to start his own business and face the challenges of self-employment in midlife.

Navigating retrenchment

Brandon’s first reaction when he heard of his retrenchment was sheer panic. The emotional ups and downs that followed were some of the hardest parts of the experience. “One minute, I was convinced I’d end up with nothing, and the next, I’d be telling myself this could be a blessing in disguise.”

For Brandon, the key to moving forward was staying busy and focused—redirecting his thoughts from worry to finding a solution. Setting a new goal, like starting his own business, gave him something to channel his energy into, even though it didn’t happen overnight.

Brandon’s Advice: When faced with uncertainty, keep busy and focused. It’s natural to feel lost at first, but setting a goal can help redirect your thoughts and give you something tangible to work towards.

Entrepreneurship vs looking for employment

“The idea of working for someone else never crossed my mind,” Brandon admits. For several reasons, finding another job simply wasn’t an option. At his age and demographic, Brandon felt that securing a similar position would have been nearly impossible. On top of that, not many companies in South Africa required his specialised skill set. Starting his own business felt like the natural next step and the only clear choice, allowing him to take control of his career and future.

Building a business in midlife

Although Brandon is still building his business, he has identified some key steps that have guided him. His existing skills in sales, marketing, and technical expertise provided a solid foundation, and a former colleague’s business proposition perfectly aligned with his strengths. Here are some of the crucial elements Brandon is focusing on to ensure his business’s success:

Building the business model

1. Focus on recurring revenue: Brandon prioritised building a business that generates steady revenue, understanding that this would be crucial for long-term financial stability and growth.
2. Keep overheads low: To maintain financial sustainability, Brandon opted to start as a sole proprietor, keeping his initial overheads low. This lean approach allows him to invest resources wisely without the financial burden of staff salaries or excessive operational costs.
3. Ensure growth potential: Brandon is committed to building a business with unlimited growth potential. “I want the freedom to explore opportunities without facing restrictive barriers,” he shares. His business model is designed to scale, with the potential to expand into new markets over time.

Brandon’s advice for midlife entrepreneurs

• Stick to what you know. Align your business idea with your skills and experience.
• Lean into your strengths. Reinventing yourself can be risky without substantial financial resources, so build on what you’re already good at.
• Find joy and fulfilment in your work. Waking up each morning with a sense of purpose is incredibly motivating.

Brandon’s journey is still unfolding, but his story shows that retrenchment, while daunting, can lead to new beginnings when approached with the right mindset. By leaning into his strengths, keeping overheads low, and focusing on recurring revenue, he’s creating a business that supports his financial goals and brings him joy and fulfilment.

We wish Brandon every success and joy in his new venture!

Always remember, when it comes to your money, be inspired, be brave and be on purpose,

Kim