If such misfortune happens, you must pull yourself up by the boot straps and seek further opportunities.
Review your finances
The first thing you must do is review your finances. You need to identify how you can cope in the short term with a reduced income. You may be entitled to a severance payment, in which case your employer should give you the details. Do not take for granted that their calculations will be correct, ensure that any owed holiday pay or pay in lieu of notice has been correctly added to the amount owed.
Go through your bank accounts and establish the budget you need for essentials such as housing, groceries and utility bills. Now may be the best time to check that you are with the most cost-effective suppliers so that you can switch to cut costs.
Do you have non-essential household expenditures? You may have a gym membership or other subscriptions that can be cut to save money. Ask your gym if you can take a payment holiday and explain your situation: you won’t be the first, and you won’t be the last.
Review and update your resume
Your resume needs to be updated to include your most recent work experiences and skill set. It needs to be truthful, relevant, clear and concise; your work and your skills need to be presented in the best possible light to persuade your potential employers that you are best for the job.
Your resume is your key to unlocking future opportunities. You may think that your resume is a tool for showing your work history to potential employers, but it is also a tool for you to review your history. Have a good look at your past roles and highlight any specific areas that you particularly enjoyed; using a different color to highlight, identify areas that you really didn’t enjoy. You may be surprised by what you have before you, and it will guide you as to what direction to take now. Use this opportunity of downtime to think about where you want to go in the future.
You will get a clear picture of where your strengths and weaknesses lie. You will be able to see in black and white exactly what skills you have and how transferable they are into a new marketplace.
You are more than likely feeling overwhelmed and perhaps fearful at this stage, you have bills to pay and a family to support. This period of time before decisions have been made can mean sleepless nights and stress. Avoid stress by using long walks to do your thinking on. Typically, people have their best ideas on a good walk the increased blood flow to the brain works wonders.
Your updated resume may have allowed you to identify gaps in your skill set, in which case you need research how to fill them. There is a myriad of inexpensive or often free online courses that you can undertake to help you – it’s never too late to educate, no matter at what stage you are at on the professional career ladder. Use your time for self-development: there is rarely the time in a busy working week to schedule self-improvement into; it is a luxury to have time to devout to self-progression, but the benefits are limitless.
You need to connect with the movers and shakers in your industry and keep communication open for any job opportunities there are – some will be advertised online, and some you will only hear about from word of mouth. By connecting with industry relevant contacts, you can keep your finger on the pulse and remain relevant.
Get your resume out there and seek the opportunities. Develop relationships with recruitment consultants so that you are at the forefront of their minds when any openings that match your skill set are available.
Opportunities do not just fall at your feet; sometimes you need to make them happen. Go back to your resume. Look at your skills. Think about your interests. Can you join the two together? Perhaps now is the perfect opportunity to start your own business.
No matter what industry you have been working in, you can use the connections and skills that you have developed, and transfer them to your own business. The combination of your current skills and knowledge base with a lot of hard work can pave your way to success.
The idea of starting your own business can fill you with fear, but there is a lot to be gained from it besides the monetary aspects. The independence and flexibility that your own business can provide are two key benefits – you can work as and when you need to. You will find that your work gives you satisfaction and fulfillment, especially if you have chosen to combine your skills with something that you love.
Actively seek out advice from others who have been in the same position as you. The knowledge that people have from starting their own business themselves can save you from making the same mistakes they have. People often fear that they would feel a sense of a lack of business community in a home startup, and that there are too many distractions; however, there are hacks to overcome a lack of motivation and an online community ready to support you in your endeavors. People are usually more than willing to share the knowledge of both their success and failures.
From the initial upset of losing your job, you can turn the situation on its head. Use the opportunity of employment downtime to take stock of where you want to go with your life and your career. Take the time to appreciate being off the treadmill and allow yourself to reflect on which direction you want to take. You may even surprise yourself and find new opportunities that you previously hadn’t considered, that can satisfy previously dormant work expectations.
- Starting a Business All In One for Dummies
- Consumer Dummies
- For Dummies
- The Staff of Entrepreneur Media
- Entrepreneur Press
- Edition no. 6th ed. (01/13/2015)
- Chris Guillebeau
- Kindle Edition
Last update on 2017-11-16 / Affiliate links / Images from Amazon Product Advertising API