Losing a job or primary source of income can be a challenging and stressful situation. When you need to urgently rebound from such a setback, here are some tips and advice to help you navigate through this difficult time:
5. Update Your Resume and LinkedIn Profile: Tailor your resume to highlight your skills and experiences relevant to your desired job. Additionally, update your LinkedIn profile and engage in professional discussions on the platform to increase visibility.
6. Start Job Searching Immediately: 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.
7. Consider Freelancing or Gig Work: While searching for a full-time job, consider freelancing or gig work in your area of expertise. Platforms like Upwork, Fiverr, or TaskRabbit can provide short-term income opportunities.
8. Upskill or Retrain: Evaluate your skills and consider if there are any gaps that could be addressed through additional training or education. Upskilling or retraining can make you more marketable to potential employers.
9. 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.
10. 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.
11. 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.
12. Consider Temporary Work: If possible, consider temporary work or part-time jobs to supplement your income until you secure a more permanent position.
Remember that rebounding from a job loss takes time and effort, but with determination and a positive attitude, you can overcome this hurdle and find new opportunities. Don't hesitate to seek help from career advisors or job placement services if available in your area.
What do you do when you lose your job? The natural thing is to panic. It can feel like the rug has been pulled out from under you. This article is about steps you can take to get back on track when you lose your primary source of income.
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 job loss 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!
For a number of reasons, people everywhere are being forced to make tough decisions when it comes to their income.
Change Can Be Good
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.
The biggest benefit to earning passively is that (thanks to the internet), people who were previously dependent totally 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.
It's also made it possible for workers to add more income to an existing paycheck and have more flexibility in their schedules.
Making Hard Decisions
Getting a job that pays a living wage, and staying with the same company throughout the course of your career is not as common as it used to be.
There is a growing number of people who are realizing that placing all their eggs in one career related basket 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.
Our Latest Podcast Episode
This podcast is a transcript from the video, that outlines steps you can take when you lose your primary source of income.
Replacing Lost Income
If you've lost your job, you need 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 and you are surviving, you can start looking at ways to add more income so that you can thrive again.
This post 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.
You'll also 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.
Our goal is to help you find the methods and strategies that work best for you.
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When you've lost your primary source of income, it can be very stressful. It's important to take steps to calm your fears and reduce or eliminate as much stress as possible.
Placing your focus on a few of the steps we'll cover here will help you do just that. Knowing that you have options and exploring those options can help you get back on track faster.
Don't Panic, Take Action
The first tendency is to panic... It's completely normal to feel a range of emotions when facing unemployment, including fear and frustration. However, try to stay as calm and positive as possible. Maintaining a positive mindset will help you approach the situation with clarity and confidence.
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 resources to find out the procedures and requirements for filing for unemployment benefits. 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 a 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 object.
Having a professional resume writer 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 capture your skills in a way that will help you stand out from the crowd.
A new set of eyes on your resume will give you a different perspective and help you reach your goals faster.
We recommend Got the Job for a full range of 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 - LinkedIn is a powerful source of information for anyone who is looking for their next career. It's also a great place to network and prospect for people to do business with, if you're looking to consult or do freelancing work.
If you're not signed up, take a few moments to sign up and if needed, get help from your resume writer to come up with an awesome LinkedIn profile. Once your resume writer has completed your resume, be sure to post it on LinkedIn and other job boards.
Search for jobs daily, and set up agents that will notify you when new jobs that meet your criteria are available.
- Check our WAH Job Leads page that has updated jobs, mostly remote jobs that you can apply for through Indeed.com.
Check out the list of possible next steps below: - Rework Your Budget - 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 provides practical ideas on cutting costs and saving money.
- 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 your computer and cell phone 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 will allow you to use them on pick up and home delivery purchases. Click here to learn more. - 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 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. Learn more. - 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.
Once you've considered the steps outlined above to put out the fire, you can start looking at even more options.
Insulating Your Finances from Chaos
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The first step is to assess your financial situation.
File for Unemployment Benefits: If you're eligible for unemployment benefits, make sure to file for them promptly. These benefits can provide temporary financial support while you search for a new job.
Create a budget to understand your expenses and identify areas where you can cut back. Prioritize essential expenses like housing, food, and utilities.
Once you have steadied your income through a new job, lowered your monthly bills, evaluated your assets, and maximized your resources, you can take a deep breath and then exhale.
Now you can move on to the next phase of rebuilding your life and your finances... This next phase involves finding additional sources of income that you can generate part time or even passively, while you do other things.
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.
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.
If you're completely new to internet marketing, and blogging, you may need to invest in training which will be well worth the time and effort..
Training sets you up for success and eliminates the frustration that comes from trying to figure things out on your own.
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.
Work From Home Ideas
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 a FREE training course that provides resources you can use to promote an online business without hype, hacks, spam or illegal shortcuts.
If you need help thinking of ways to earn money using what you already have, from the comfort of home, take a look at this book, 597 Business Ideas You can Start from Home. Get this book as part of a set on Amazon for less than $5.00.
The Beginner Internet Marketing Series that includes 597 business ideas as well as 5 additional titles on topics like starting a blog, SEO, and social media and more. - 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 Blog
Once you've found a niche and a product or service you like, the next step is to create a platform that will allow you to start promoting it. The best platform for most businesses is a self hosted blog.
Set up your blog to start your sales and marketing platform. Your blog will become the home base for your online business. For step by step instructions for building a blog, click here.
If you're brand new (or even a seasoned sales professional), learning how to effectively promote products online is crucial.
Consider joining a free group, that provides training and support to business owners who want to grow their online business using the internet and attraction marketing. If you're not sure how to attraction marketing works to grow your business here's a blog post that breaks it down.
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!
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.
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 our work from home library for success stories and how-to guides. 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:
Fiverr is a marketplace where people can find and purchase services to support their business. You can advertise your services and get paid to do a number of online tasks.
Upwork is another marketplace where people go to outsource their business tasks. You can advertise your services on this site, get hired for jobs and get paid.
If you are creative, like a web or graphic designer, photographer, videographer, etc. You can advertise on Envato and get paid for your work.
Shutterstock will pay you for photos and videos that you take, create and upload to their site. You'll receive royalties when internet users download your items.
Do you have an area of expertise? If you love to write, consider Kindle eBooks. as a viable solution to help you earn money.
It takes time to write a quality eBook. However, there are resources like Epic Write, Writers Work and Hire Writers that you can use to find talented writers that can help you write your book.
Don't sit at home feeling awful because you lost your job. Use this time to evaluate your options and move forward.
Use this time to insulate your finances from the whims of any employer by using the tips and resource in this article. You might be surprised to learn about options that will even help you leave the rat race altogether!
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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