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What To Do If You Get Laid Off

Home WealthBuilding 101 What To Do If You Get Laid Off
What To Do If You Get Laid Off PDF Print E-mail
Written by Chairman   

Whenever you work for an employer, always looming overhead is the possibility of being laid off.   A friend's wife lost her job recently so here is a recap of their thought processes as they plan for what to do next.

The important thing is not to panic, the job market may be bad right now but your situation is not impossible.  If you have been working on wealthbuilding for a while and have started collecting residual monthly income then you are better off than most.   New wealthbuilders whose only source of income is that from your job, keep and open mind and read on. 

THe important thing to do is keep your momentum going.  Think of the coming times as a challenge and an opportunity for real growth.  If you have some money saved up and you've been thinking about starting your own business, this may be the motivation you've been looking for to get it going.  It's not easy, but some people really persevere in the face of adversity.  Starting a business is hard, takes time and money and you REALLY need a plan.  So if you haven't been working on a business on the side of your dayjob and don't have a product or service ready to market, Now's probably not the time to start it.  You need to provide for your self and/or family so let's deal with that first:

Step 1:  Register for unemployment.  Your state will have an unemployment website and possibly let you apply online.  Otherwise you'll have to head down to the lines at the local office.  Do an Internet search for "unemployment" and your state's name.

Step 2:  Polish up the old resume and hit the Internet.  Remember there are a great many people out their looking for jobs so your resume needs to stand out.  Take the time to format it properly and check spelling/grammar.  You cannot afford to let a few spelling mistakes ruin a job offer.  I read an article recently that stated while there were a great amount of resumes being submitted, employers were having a difficult time finding qualified employees.  So the thing to concentrate on is getting your resume in the right hands and leaving a lasting impression.  Don't just list a bunch of skills and places dates.  Highlight how you made an impact, how you made money for the business or saved money through innovation.  Make use of the social networks, Facebook, mySpace, Twitter, LinkedIn, etc.  Get on all of them and tell your social contacts that you are looking for a job.  You never know what will turn up.   In your downtime, one of the things you can do is write articles or join forums related to your field.  Every contact/impression you make could be your next job.  You never know.  DON'T sit around waiting for the phone to ring.

Step 3:  Cut down on all extra/unnecessary spending for the time being.   Reduce or eliminate cable/satellite tv.  If you are not using all of your minutes lessen your cell phone plan (just don't lower it if you are close to a cap. Overage charges can be hefty.) Make a list before going to the grocery store and stick to it. 

Step 4:  Inventory your skills or hobbies to make some cash.  Just because you are unemployed, doesn't mean you can't make money.  There are a variety of freelance sites on the internet for all kinds of work.  You can write articles, do research, participate in market research, web or software development, consulting, data entry, the list goes on and on.  Once you know what you can do, go back to your social networks and market your services.  Again, join forums, create pages or groups in Facebook.  Tweet about your services, etc.  Make everyone you know and everyone you meet, aware of what you can do.  Who know's it might turn into a full time business!

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