For many people, the worst has happened. They have been ‘let go’ by an employer – and are now seeking tips for surviving job loss.
If this happens to you, you’ll probably be devastated initially – don’t let it crush you. Try and look for ways you can bounce back as fast as possible.
You’ll probably need to be more agile in your approach to replacing your income – particularly if you’ve been used to having a regular income from employment for many years.
But don’t worry – many people have actually turned this apparently bleak scenario round and emerged with their income prospects better than ever. No – not immediately, there’s no such thing as ‘easy money’ as any freelancer will tell you. But open your mind to a new way of working and you may actually feel more secure as a freelancer than as an employee.
Because you can open yourself up to multiple streams of income.
But first – take stock, as there are a few practical steps to take to get ready for surviving job loss:
- Apply for unemployment benefits – this may take a long time to set up.
- Check your health insurance options.
- Figure out what to do with your retirement plan.
- Declutter your life.
- Work on a personal budget – what expenses can you cut out or reduce? Are you wasting money on your cell-phone or with TV subscriptions or by eating out to often?
- Do you need to refinance your mortgage or ask for a break from making payments? That’s better than just defaulting.
- If you’re paying interest on any debt, think how you can consolidate or reduce the debt, rather than let it mount up.
- Google yourself and clean up your social media accounts – you can be sure you will become under scrutiny.
- Revamp your resume, because short-term you may need to look for contract work or a temporary job, even if it’s at a lower pay grade than you’re used to working.
So… now you’re ready to think about ways to start replacing the income that went when you lost your job.
A safer way to earn than being reliant on one employer, as you’ve just found, is to build up….
Multiple Streams of Income
Before you start earning your income in several different ways, warn the IRS that you are starting to work for yourself. When you receive income, don’t forget to set aside enough money to pay your tax when it’s due. The benefit of the admin caused by dealing with the government is that you can set expenses against profits and reduce your tax. Keep personal and business records separate. Check with a tax accountant familiar with your own local regulations.
Here are some ideas for you to start generating income from different sources:
9 Tips For Surviving Job Loss
- Drive for a ride-sharing or delivery service
- Freelance using the skills you had in your job (maybe even sell your services back to your ex-employer!)
- Look after pets or baby-sit
- If you have a second language teach your ‘first’ language to native speakers of your second language
- Rent out a spare room – if you’re lucky you may find that to a certain income level, this is tax-free income in your country
- Start networking with others in your industry to hear of opportunities
- Check round the house for any unwanted bric-a-brac you no longer need
- Start your own online business
The Problem with the First 8…
…is that you are trading your hours for income. And there are only 24 hours in your day.
Far better, instead, to leverage the efforts of (AND be helped by) a team of like-minded individuals all working for the greater good of the team.
Here’s how you can do that, by…
Starting an Online Business
So long as you are careful whose advice you follow, starting an online business shouldn’t be anywhere near as risky as starting an off-line business, because – done correctly – there’s no need to outlay vast sums of money.
The main rule is: “If anyone tells you it’s easy, or you can do it ‘free’, they are lying to you. Run a mile. Starting an online business is neither easy nor free.
But with our team, you can quickly have a ‘shop-front’ that looks as professional as any other online business. Here are my two online shops:
The shops are selling top quality all-natural, organic health products.
The cost of the online shops? Free! Well, strictly speaking, I need to keep them active by either spending or making sales to the value of about $30 (25 PV) every month. Best to set up a standing order, right at the start, to avoid the risk of losing that active status.
Once you have created your online shop (you’ll see how later), you need to consider how to get customers to it.
Marketing Your Online Business
You might think that being an online shop it’s easier to find customers, because you have a world-wide audience. But you’re more likely to find out it’s harder, because you have far more competitors. And when you first start your business you (maybe) know nothing about online marketing.
But don’t let that worry you, because these online shops are with a particular team of expert marketers who are not only giving us free training, but they’re also doing a lot of the heavy marketing for us.
Be under no illusions; no magic money-trees exist. Starting an online part-time business takes work and costs a little money (about $30 per month – 25PV – minimum spend).
But we take the risk out of online business by providing free training, free marketing and free support.
Why this is a Safe Way to Start a Part-time Business?
Our team of very experienced entrepreneurs will guide you (and me you) and we are building a business in the extremely “in-demand” health and wellness industry. Here’s why:
- How many people are asking to improve their health? We have products to help them. A business like this health and wellness shop (<<< Click here) could be yours in minutes
- Many people are losing their jobs, just like you did. They are also looking for ways to replace their income. You can help them, and be paid for helping them. Idea – if there were several people from your company who lost their job at the same time as you, perhaps you can join as a group. (Contact me on Facebook is this sounds interesting to you.)
- We have a part-time business that anyone can start with minimal cash outlay.
- We train and help you to find customers for both.
Is There a Catch?
The only ‘catch’ is that this isn’t effort-free money. Trust me if there were such a thing – other than successful investment – I would have found it by now.
If you accept you need to put in some effort to get started (say – at least ten hours a week) no catch at all – I already told you that the training, the shops and the support are free. The start-up cost can be as low as $30 per month. We have many products at that price point.
Lack of previous experience may be an advantage because you have no bad habits to unlearn.
You can either do your own marketing and take it as slowly as you like.
But the team to do your marketing for you, in the early stages, you need to follow the free training and commit to writing 3 article or producing 3 short YouTube videos per week. – That’s the 10 hours work a week I mentioned earlier. If you’d rather create videos instead, you’ll probably do your ‘work’ in a lot fewer than 10 hours a week.
Any guarantees? The products are guaranteed. However, just as your employer didn’t guarantee that you’d never lose your job, you’ll quickly realise that your income depends on how consistently you apply the training.
And no – this doesn’t rely on you chasing after family and friends for sales.
Lost Your Job? Or Worried about Job Loss?
It’s never too early or too late to start running your own online business to replace income lost when you lose your job.
But you don’t have to spend a single cent to learn more and get your questions answered. Click here to learn about working with our team.