For many, redundancy can feel like the end of life as they know it. But Matthew Bull saw his newfound unemployment as an opportunity – and he ran with it.
Matthew Bull is grateful for the day he was made redundant as it enabled him to follow his dream of becoming a full-time photographer.
The married dad-of-one was working as a pensions technician for a major firm when he suddenly found himself out of work.
But he responded by making the bold decision to combine two of his greatest passions – photography and motorsport – and set up his own business.
If you've been made redundant, or fear you might be, learn more about what you need to do here.
'The push I needed'
That was back in 2003 and while the self-employed journey hasn’t always been smooth, it’s a decision he has never regretted.
“Being made redundant was certainly the push I needed to make the move,” said Bull.
“It is so much more satisfying to say you have done something by yourself.”
Matthew has links with tracks and promotions across the country that put on oval racing – everything from the hi-tech hot rods to the crash happy bangers.
The photographs he captures from these events are then sold via his website, Racepixels, and in shops at the circuits.
The best ways to protect your income
‘Everything is down to you’
While it’s an area he loves, it doesn’t mean that running the business is a walk in the park. On some days, the pressure can feel almost overwhelming.
“I have reached points where I have felt like packing it all in and getting a nine to five job, but I quickly snap out of it,” said Bull.
“Everything is down to you, so you can’t really coast.”
A significant amount of stress comes from the challenges being faced by the sport, particularly the number of tracks that have closed in recent years.
It has illustrated the importance of keeping a close rein on finances and being aware of what is going on in the industry you work in – regardless of whether you are employed or work for yourself.
“Where the margins are so tight, you really have to manage the finances and cashflow accurately,” commented Bull.
“You also have to be smart about what is going on in your industry.”
Whatever the next few years have in store for him, Bull is pleased that being made redundant forced him to forge a new career – and it’s one that may be passed on to his son.
“He is 10 years old and already a published photographer,” said Bull.
“The skills he gains will help in all sorts of industries and I’d encourage him to eventually run his own business.”
Being made redundant can be a huge source of distress and anxiety. If such unfortunate circumstances should befall you, see our guide to redundancy and how to handle it.