I Just Got Laid off
Being laid off can be a traumatic experience. It can happen suddenly without giving you much time to prepare. If you are lucky, you may have decent savings, and your company may have given you a severance package, and you may think, “What the heck. I have always dreamed of starting my own…” Just make sure you have figured it out.
In truth, it doesn’t really make much of a difference whether you have saved a lot of money, and if your company gave you a nice severance page, or you have very little money. You will be surprised how quickly what once seemed to you like a nest egg can vanish.
What matters more than anything is how quickly you can transform from a long-time employee into an entrepreneur. The mindsets are different. You no longer have that infrastructure that was already built into which you just go, do your thing, and get paid regularly.
Now, you have to figure it all out. Unless you buy a franchise. That will likely be the best type of business for someone like you, because the system is already built and you are a good manager and know how to make things work efficiently–if they are already setup for you.
If you don’t have the cash to purchase a franchise, and if you are struggling to find a job that pays as well as your last one, you may have no choice but to create your own business.
In that case, you need to do the following things first and quickly:
- Get rid of all expenses that are not absolutely necessary. It will be very hard to refinance any loans since you no longer have a job–but try anyway if you can complete the paperwork while you are still an employee.
- Without wasting any time, begin planning a simple business where the requirements are: it utilizes skills you already have; you love doing the work and are willing to work long hours doing it: you have some ready-made customers in friends, neighbors, existing work customers and so on
You want to start earning income within 60 days if not less. That will allow you time to think about how you can grow the business, hire employees and let you retire gracefully in ten years or so.