Losing a job for any reason, whether it's being fired, laid off, terminated, downsized, rightsized etc., when it's your primary source of income can be a challenging and stressful situation.
When you need to urgently rebound from such a setback, this article has some tips and advice to help you navigate through this difficult time.
The mere mention of job loss, strikes fear in the hearts of many people, and introduces a level of panic. When it actually happens, it can feel like the end of the world, if you don't have a plan.
So in addition to providing information that you can use if you're currently experiencing a job loss, we'll also help you create a Plan B that can kick in to action if you experience losing your job in the future. So this article divided into two sections.
- Section one is about steps you can take to get back on track when you actually lose your job and it's your primary source of income.
- Section two is about helping you create a plan B that creates a system that gives you confidence that you can navigate a job loss and be just fine, if it happens in the future.
Downsizing, right sizing, firings, and other job loses happen for a number of reasons, many of which are out of our control. Sometimes the handwriting is on the wall, other times, it comes as a complete surprise.
No matter how it happens, a losing a job is a blow to your finances and at times, your piece of mind. When you face a job loss, just know that you're not alone. And you have options!
Section One: What To Do If You Currently Find Yourself Without a Job
Don't Panic, Take Action
I get it... your first tendency is to panic... It's completely normal to feel a range of emotions when facing unemployment, including fear and frustration.
This section will show you how to take advantage of any resources you may have to keep things going until you have gotten back on your feet.
Try to stay as calm and positive as possible. Maintaining a positive mindset will help you approach the situation with clarity and confidence.
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Then once the shock wears off and before you consider anything else, you'll want to take a deep breath and review the following steps:
- File for Unemployment - If you've lost a job that you've worked for a while, be sure to contact your local job and family services and unemployment resources to find out the procedures and requirements for filing for unemployment benefits. Check into these resources even if you were fired.
Depending on the circumstances, you may qualify for something even if you were fired, and something is better than nothing. All they can do is tell you that you don't qualify.
The requirements vary from state to state so get full details from your local unemployment office or office of job and family services. - Consider Options for Health Insurance - Are you eligible to get coverage on someone else's plan? If not consider individual health insurance plans or COBRA. You may also qualify for a plan under the Affordable Healthcare Act. Another option would be to contact Anthem Blue Cross to determine if they have an affordable plan that fits your needs. Weigh the options provided by your former employer as well.
If there are no other health plans that you qualify for, check with your local county department of Job and Family Services to see if you qualify for their plans. Search Google using the terms "the name of your local county + job and family services" You can also search for "the name of your local county + Medicaid". - Evaluate Your Assets. Gather your statements for savings, investments, 401k plans, stock options etc. you may have had from your employers and decide on the pros and cons (tax penalties) of making a withdrawal. Let depleting your assets be a last resort, however if you need money to survive and you don't have other sources, it's really a no-brainer.
Consider using only the amount that will cover you for the time frame that will avoid disaster, and keep things going until unemployment or any other benefits get started, and/or you find your next opportunity. - Find a Bread and Butter Job - Consider signing up to work with a temporary agency or a consulting gig that can give you a steady paycheck.
I call this a bread and butter job, because it may not be your dream job, but it will keep the lights on and food on the table until your dream job happens.
Agencies like Randstad, Adecco, Robert Half and Kelly are found in most major cities. These companies have temporary and permanent positions (maybe your dream job) available in a number of industries including HR, manufacturing, accounting, IT, engineering. - Revisit Your Resume. If you haven't changed jobs or updated your resume in a while, you might consider getting help from a professional resume writing service, Getting help from a professional will help you match and highlight your skills to ensure that you're aligning them with your dream job.
Doing your resume yourself can result in lost time and energy if you're not able to use the right keywords and formatting hiring managers are looking for. It's like writing and proofreading your own copy. Sometimes when you're closely involved in a project, it's hard to be objective.
If you can't afford a professional resume writer consider using a service like Earnbetter to tailor your resume to highlight your skills and experiences relevant to your desired job. Use this service, especially if you're not sure how or you don't have time to tailor your resume for each job you apply for. It's free and they will help customize your resumes and cover letters so that you can stand out from the pack.
Another option for resume advice might be to use Fiverr's career consulting services. Using a professional resume writing service can give you confidence as you submit your resume to companies.
Having someone on board who has a career focused background and experience, saves you from wasting time. It helps to avoid the rejection that may happen if your resume doesn't make it past the ATS system currently in use by most hiring managers.
We recommend The Ladders and Flexjobs for a full range of remote jobs and resume packages that will get you on the road to your dream job. They also provide a guarantee that you get results in 60 days or less. - Update Your LinkedIn Profile - Use the resume services feature with a company like the Ladders to obtain a free resume review, and unlock the door to your dream job with a professional resume rewrite, and/or boost your digital presence with Linkedin profile optimization.
Optimizing your Linkedin profile is a must have if you're interested in networking on the platform and if you're looking to consult or do freelancing work, your profile will come in handy when prospecting for people to do business with.
The Ladders can also show you how your resume will look once it's scanned by the ATS system, and this is a powerful source of information for anyone who is looking for their next career.
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Get an AI application pack that includes a resume, cover letter, interview cheat sheet and practice interview for any job you find on EarnBetter. Entirely Free.
- Start Your Job Search Immediately: If you start to hear rumblings about a possible job loss, start your job search right away. There are many tools and resources you can use like Fiverr career counseling services, Flexjobs, Earnbetter and the Ladders that will help you streamline your resume, search for jobs and even assist you in prepping for interviews.
Treat your job search as your new full-time job. Utilize online job portals, company websites, and professional networks to find job openings. Act quickly and apply to positions that align with your skills and experience.
- Upskill or Retrain: Evaluate your skills and consider if there are any gaps that could be addressed through additional training or education.
For example, take a web design course, or learn as much as you can about WordPress, Elementor, Systeme.io and other popular tools, build a platform you can use to sell your products and services, and start offering your services to support or build websites, blogs and landing pages for organizations and entrepreneurs.
If you love graphic design, learn how to use Adobe Products, Canva, and other design tools and create graphics that entrepreneurs can use on their blogs, social media and email campaigns.
Take other courses or certification programs while you're searching for a new job. Use this time to start offering services in your spare time.
Upskilling or retraining can make you more marketable to potential employers.
- Seek Support: Don't be afraid to seek emotional and financial support from friends, family, or local community organizations. Many communities have resources to help individuals facing job loss.
- Stay Persistent and Resilient: The job search process may take time, and you might face rejection along the way. Stay persistent, remain positive, and learn from any setbacks you encounter.
- Maintain a Healthy Lifestyle: Taking care of your physical and mental health is crucial during this challenging period. Regular exercise, a balanced diet, and seeking emotional support can help you stay focused and motivated.
- Check our WAH Job Leads page that has updated jobs, mostly remote jobs that you can apply for through various remote job websites.
Check out the list of possible next steps below.
Change Can Be a Really Good Thing
For many people, the loss of a job forces them to take a look at the way they earn a living. We're taught in many cases to go to school, get a job and work hard to be successful.
That was true at one time. However, today things are changing. The way we earn is changing. There are many more options for earning side income or even a full time living.
Today, anyone who is open to finding resources and learning new things can reap the benefits of earning passive income on a full or part time basis.
Passive income is about working smarter, not harder (as we'll outline below) when it comes to earning. Setting up ways to get paid passively can provide a cushion in the event that you lose a job or your primary source of income.
The biggest benefit to earning passively is that (thanks to the internet), people who were previously totally dependent on a job, can insulate their income from job loss and the related stress of having no income.
The internet has made it easier for people from all backgrounds and industries to work outside a conventional office setting.
Section Two: How to Prepare for a Job Loss Before It Happens
In Section One, you received ideas you can use for an immediate source of replacement income that takes you from zero income to a place where you have enough income to make ends meet.
Once you've stopped the bleeding, you're ready to start looking at ways to add more income so that you can thrive again.
This is where you'll receive ideas on adding income from multiple sources. We'll explore options to starting an online business that you can run, even while you work a full or part time job or do other things with the people who matter most.
Our goal is to help you find the methods and strategies that work best for you.
Two Things You Can Do to Work Smarter Not Harder
Here are steps you can take to start building things back up. These steps will help you build a savings and find a side hustle that will build a cushion that insulates you from chaos.
The ability to earn passive income has made it possible for conventional workers to add to an existing paycheck, without waiting for a raise or getting a second job. It's also allowed business owners to have more flexibility in their schedules.
Working smarter means changing the way we think about earning money, which includes learning about other ways to earn.
1. Here's an article that explains active, passive and residual income. It's important to know the difference between all three as you start building income generating systems.
2. The second step lies in understanding that things have changed. Getting a job that pays a living wage, and staying with the same company throughout the course of your career is a thing of the past. It's important to be flexible and explore different ways to earn money, including starting a side hustle.
There is a growing number of people who are realizing that placing all their eggs in one career related basket (one stream of income) no longer works. That realization forces many people to come up with a Plan B that includes a way to earn passively online.
With the creation of a Plan B, the the loss of a job (as painful as it can be), is the thing that in the long run, helps them improve their lives for the better.
Change can be good when it helps you to grow and explore options that you wouldn't have considered otherwise.
Work From Home Ideas
There are many different work from home options available including telecommuting (working for a corporation from home), flexible jobs that involve a combination of going to the office and working from home, freelancing or starting an online business that you manage from anywhere.
Considering your needs and the needs of your family is an important first step.
For example, if you have the need for flexibility, but love the steady paycheck that comes with a regular job, telecommuting may be a great fit for you.
If you want flexibility, and even more control over your time and the amount of money you can make, starting a business might be a better solution.
Having an online business helps you make the most of your time by allowing you to work on other aspects of your life, while continuing to earn.
A blog can be set up in no time, and you have the ability to start generating income quickly depending on your ability to effectively market your business and start working with customers.
Blogging sets you up to earn money from a number or sources and take advantage of opportunities that you choose based on your interests.
Having at least one online business can provide a way to bring in another stream of income while you work a new job or take care of other obligations. And in many cases, the start up costs are low.
Take a look at the ideas below and sign up for our free blogging course to get started.
Here are a few ideas on how to get started with an online business that you can run from home or anywhere:
- Capitalize on Your Hobbies and Interests. Do you have a hobby, interest, favorite cause or passion that can be turned into income? There's a downloadable sheet you can use to evaluate your hobbies and interests here.
The internet makes it possible with sites like Etsy, Amazon and eBay. You can even build a business around a blog like this one, that you can use in a number of different ways to earn from home.
Having an online business that highlights your interests, favorite causes and hobbies is the best kind of opportunity to explore, because it builds on something you know, love and are probably already doing.
When you have a real interest and passion in something, it doesn't seem as much like work.
If this sounds interesting, make a list of your skills and interests.
What are you naturally good at? What were the things you enjoyed when you were working? What were some of things you didn't like?
If you want to support one of your favorite causes, consider doing some volunteer work at your favorite charity and explore building on some of those opportunities?
Do a search on Google to find a niche that fits the interests you've outlined above. For example, if you have an interest in beauty and fashion, enter "niche + beauty and fashion" to find resources on the endless number of areas you could focus on to find an opportunity or start a business.
Once you find a niche, you can take a look at the kinds of products, services and business opportunities available in that niche that you would like to promote. You might consider starting a blog and becoming an affiliate for some of those products. Read our article "Getting Started with Affiliate Marketing to learn more.
If you're not sure how to promote and sell products online, invest in online training that will show you how to become a pro at using social media marketing and online promotion. Take a look at an affordable training course that provides resources you can use to promote an online business without hype, hacks, spam or illegal shortcuts. - Promote Other People's Products and Services - Think of the business model that appeals most to you. Network marketing, direct sales, affiliate marketing, e-Commerce, as well as working as a solopreneur are all viable and legitimate ways to earn money online. But they require certain skills and know how.
Take a look around our blog (sign up for our newsletter) to learn more about these business models and obtain lots of great ideas and information on side hustle ideas you can run from home. - Promote Products That You Make. Are you a DIYer or a crafter? If so, there are many opportunities to promote the products you make for profit.
Consider promoting your products on sites like Etsy, Amazon handmade, Facebook Marketplace, via social media, your blog, email marketing, Walmart, your YouTube channel, eBay, and in-person events.
Start a WordPress Blog
Create a sales and marketing system that works 24/7 to convert visitors into engaged customers.
Full or Part Time, It's Up to You
The great thing about starting a home business is that you can begin part time on a schedule that works for you.
Starting an online business using these resources will enable you to have multiple sources of income, giving your finances more insulation in the event of a down economy or a financial set back.
The best thing about running an online business is that once you are successful at running one business, you can use the same strategies to start other businesses.
Implementing a strategy that allows you to start and acquire more businesses over time, means that you never have to place all your eggs in one basket again!
Listen on the Go
This podcast is a transcript from the video, that outlines steps you can take when you lose your primary source of income.
- Consider Freelancing or Gig Work: Make a list of all your skills, things you've done on the job or even during volunteer work that can be done on a freelance basis.
While searching for a full-time job, create a profile and place it on freelancing sites in your area of expertise. Platforms like Upwork, Fiverr, or TaskRabbit can provide short-term income opportunities that could blossom into full time side hustles or full time businesses!
- Rework Your Budget - In the first section you took a look at your financial assets to determine what you had in savings, investments, etc. Now it's time to think of ways to cut costs, with a focus on the things you need to survive, until you land your next opportunity.
- Start following sites like Better Money Habits that provide practical ideas on cutting costs and saving money. We also have an article Using Money Management Tools and Strategies, that showcases financial resources you can use to get organized and insulate your finances.
- Take Steps to Manage Stress - Use an app like Headspace to learn how to meditate. Using apps like this will help you stress less, focus more and even sleep better.
Save Time and Money by Shopping Online and Using Home Delivery. Use cash back and shopping sites to shop for home necessities and have them delivered to your home versus making a physical trip to a brick and mortar store.
This is a great way to shop around, compare prices, save gas and zero in on the amount of money you're spending. It makes it easy to save on your favorites and it eliminates a trip and the related stress.
Most stores require a minimum purchase to qualify for home delivery or pick up. If you have an EBT card many stores including Amazon will allow you to use them on pick up and home delivery purchases. - Evaluate New Places to Shop That Will Enable You to Save on the Necessities and Earn Income. If you're into health and wellness, consider changing where you shop. Save on green, non-toxic household necessities.
Get cash back, rewards and perks you can use to save money each time you shop. This can help you save money while getting back on your feet and after you are back on track. You'll not only save money, but you'll also have the option to earn when you take certain actions each month. - Purge. You might use this time to sort through old clothes, household items, books, etc. that you can sell for an influx of money.
There are a few options like Facebook Marketplace, eBay and Poshmark where you can post new and used items for sale. If you have the space, consider having a garage sale to clear out some of the items you don't need.
Have old books and text books? If so, check Bookscouter to see which online book buyer is paying the highest price. You can also list your books on eBay, a large marketplace for used books.
If you have gently used clothing, housewares or appliances running an ad on your local Craigslist in online classified ads and newspapers. When meeting in person to exchange items, be sure to take safety and security measures.
You might also consider donating old or broken appliances to a charity or local thrift store if you are unable to sell them. - Network: Reach out to friends, family, former colleagues, and professional contacts to let them know about your situation. Networking can often lead to job opportunities that may not be publicly advertised.
- Reflect... Figure Out Your Next Steps - How do you want your career to shape up? Do you feel that you need more training? Do you want to work for others, start your own business or both?
Once you're able to stabilize your income, a period of unemployment could be a great time to start a home business.
If you want to work from home, how will you make the transition? The future is full of promise, but unless you make a plan to transition from where you are now to where you want to be, you run the risk of missing or not taking full advantage of the opportunities.
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10 Freelance Services You Can Offer
Freelancing is one of the best ways to start earning full or part time income. These services will allow you to start earning on existing popular platforms or you can start a new platform of your own.
Once you've considered the steps outlined above to put out the fire,🔥you can start looking at additional options like Flexjobs, for remote jobs.
A lot of job sites are using AI to help job seekers find their dream job.
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This is a great time to start thinking of ways to insulate your finances so that you are less likely to find yourself unemployed with few resources going forward.
Get Your Next Remote Job
With an ATS formatted resume tailored to the job you want!
The Importance of Networking and Training
Networking and training is important in many different areas, whether you want to get another job or start a business.
People need people to accomplish their goals. Connecting with the right people (or not) can have a serious impact on the kinds of opportunities you find.
No one is born knowing how to start and run an online business. One of the primary issues with starting an online business is that no two people will be starting from the same place.
We have differences in skills and interests, in our level of motivation and drive, as well as the amount of time available. There are also family and financial obligations to consider.
To ensure that you're able to reach your goals, and make your business a success, it's important to network with people who are doing what you are aspiring to do.
Joining a community of people who are working from home will give you access to people who can answer your questions, mentor and help you get started in the right way.
It's important to invest in training to start, promote and market an online business.
Join with Other Job Seekers
On our Facebook page, for remote job listings, update your resume, LinkedIn profile and use AI tools to create an application package that helps you to stand out from the crowd. If you've been laid off, downsized, fired, and otherwise displaced from your primary source of income join us!
Sign Up for Flexible Work Options
There is also freelancing, telecommuting and consulting where you work from home on a full time or contract basis on various projects for one company or a number of different companies.
These options can provide a steady source of income that will help you pay bills, and keep necessities in place while you get back on track.
- Contracting Remotely. Can you find a remote job in your industry doing what you did for your former employer? Many people have freelanced or started a home business doing what they did in a previous job.
If you have been working in an industry that you enjoy, consider telecommuting or finding a another job doing what you did for a previous employer. Something that capitalizes on experience you already have.
To pursue this option, work with a professional resume writer if possible, who can help you summarize your experience and craft the right words that can be included in your consulting, telecommute proposal or resume. You can also check out sites like FlexJobs.com for a wide selection of telecommute and remote jobs.
Start networking and contacting people who might be able to help you find a telecommute or consulting opportunity. - Read Books on the Topic of Freelancing and Working from Home - Check out success stories and how-to guides for insight on how to start a business.
Consider starting a blog and taking an affordable training course that shows you how to use the internet to generate leads, and separate your hot prospects (people who are interested and ready to buy) from the “suspects” (people who will waste your time) and get paid to do it.
This membership shows you everything you need to start your own business in any niche. They also have an affiliate program that you can use to earn extra income. - If You Need Income Like Yesterday. If you need income right away, take a look at our list of work from home job leads.
Because of the Internet, there are a number of legitimate, well known (and not so well known) companies that offer work from home or telecommuting opportunities. Do your research before accepting any opportunity. - Become a Freelancer. Take a look at this list of places you can sign up for to earn income fairly quickly. Some of these options take time, like Kindle eBook publishing, while others can help you start earning quickly, once you're all set up:
Do your research, subscribe to our blog (above), select a niche. Take a look at our articles on affiliate marketing and stay tuned for more articles on how to make money from home using your knowledge skills and abilities as well as your internet connection.
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