If You Lost Your Job What Would You Do for Money?

lost your job tomorrow what would you do

What would you do if you lost your job tomorrow? The first thing you would probably do is head to the unemployment line to sign up for your employment insurance benefits. But knowing that the money you will receive will not last for very long, what else would you do for money?

You have several choices, and one of them is that you could see this as an opportunity to start your own business.

But, you ask, is this really the right time to start my own business?

Remember what Alexander Graham Bell said:

“When one door closes, another door opens; but we so often look so long and regretfully upon the closed door, that we do not see the ones which open for us.”

In other words, stop staring at the closed door. Stop being angry, or frustrated about the fact that you just lost your job. Let go of your attachment to the past, including your last job, and be open to new opportunities.

The quicker you do that the quicker new opportunities will appear before you.

And at that very moment you need to push forward and take a leap of faith. Even if you tried starting your own business before and things didn’t work out the way you hoped they would, consider this day to be the day that you start over.

Are you still hesitant, and questioning the idea of starting your own business?

Consider the following:

Myth: Starting your own business is very expensive.

Fact: Some businesses, such as buying a franchise, or opening a restaurant, or a cafe, could cost you a lot of money upfront, but if you are short on cash, choose to start a business that costs you less than $500 to start.

Myth: Only people with a degree in Business Administration are capable of starting their own business.

Fact: You need motivation, determination and a willingness to succeed to start a business.

You can learn the rest as you go along.

There are so many resources available, both online and in libraries, to help you build your new business and operate it well.

You can also work with a good business coach or mentor that has been successful in building their own business. You can join a networking group or mastermind group and learn from other business people that are doing well.

And always keep in mind that many of the most successful business people in the world today are actually high school dropouts.

Myth: I need to start something brand new. Invent a new product or service that has not already been done.

Fact: Yes, that may work out well. But instead of starting from scratch you can find a product or a service business that you like and figure out a way to do it better.

For example, a startup known as MySocialCloud launched a service two years ago to manage your online passwords. Were they the first ones to create a password manager? No. Were they still successful? Yes, very successful, and just last week it was announced that their little startup was being purchased by Reputation.com. And by the way, the creators of MySocialCloud were a brother and sister team that were 22 and 20 at the time of creating their new business.

So what’s your next step?

Figure out what you are good at and how you can use your skills and past work experience to start your own business.

And even if you only have enough money to start out small, think big. Think about how you can grow your business and how you can acquire funds if and when you need them. Remember to take advantage of all of the resources at your disposal. Create a plan for your business, and start knocking on doors.

Over to You

If you lost your job tomorrow what would you do for money?

 


Comments

    • DC @ Young Adult Money

      DC @ Young Adult Money 07/29/2013 5:26 a.m. #

      If I lost my job tomorrow I would ramp up my freelance writing, work harder on increasing my blog income, and start applying for jobs immediately!

    • Pauline

      Pauline 07/29/2013 6:26 a.m. #

      I would do anything at first, to find money, ask my neighbors and network if they need some work done, baby sitting, tutoring, mowing their lawn... at least it would pay the bill while the next job or brilliant idea comes around.

    • John S @ Frugal Rules

      John S @ Frugal Rules 07/29/2013 6:33 a.m. #

      If I lost my job tomorrow, I'd likely be looking for a new job right away - at the very least not sitting still. That said, I'll likely not be firing myself anytime soon, so I just focus on getting new clients. ;)

    • Jake @ Common Cents Wealth

      Jake @ Common Cents Wealth 07/29/2013 9:43 a.m. #

      I like your myth and facts section above. So many people think that starting a business is very expensive, but it doesn't need to be. If I lost my job I would try to up some freelance stuff and then slowly use my emergency fund until I found another job.

      • Sicorra

        Sicorra 07/29/2013 7:53 p.m. #

        It doesn't have to be expensive. It all depends of course on what a person really wants to do, and some may not even know what they want to do until they are forced to make a decision.

    • krantcents

      krantcents 07/29/2013 9:56 a.m. #

      Although teaching is a stable profession, I would probably use some of my former CFO/consulting skills to find work.

      • Sicorra

        Sicorra 07/29/2013 7:37 p.m. #

        That is always handy to rely on.

    • Shannon @ The Heavy Purse

      Shannon @ The Heavy Purse 07/29/2013 11:33 a.m. #

      I love that quote, Sicorra. I left Corporate America right after management laid off my team, but I remember being so impressed by my team's response. They looked at it as an opportunity, rather than feeling angry and bitter as I have also witnessed. I've seen people not pursue a business, even though they desperately wanted to start one because they couldn't create something "new". The truth is few business do create something brand new. Facebook didn't create social networking; it just did it better.

      • Sicorra

        Sicorra 07/29/2013 7:36 p.m. #

        Thanks very much Shannon! The group you use to work with and how they dealt with their layoff is what I am talking about. How cool for them that they took that as a good sign to do something new.

        I actually witnessed a huge layoff at my last corporate job as well. Right after I started a group of people that had been with the company for over 20 years were let go. Unfortunately they had a completely different reaction to the group of people you worked with. These people, who were walking away with a huge severance, were so upset and angry.

        And all I could think of was what a great time to take your pay and do something that you have always wanted to do. I did hear that a few of them opened a coffee shop together, but most went home angry.

    • Andrew@LivingRichCheaply

      Andrew@LivingRichCheaply 07/29/2013 12:10 p.m. #

      Unfortunately I'm not a big risk taker and I don't know if I would be able to start a business if I lost my job. I'd probably look for another job. I would like to start my own business at some point and if it was successful, transition to that and leave my current job. Of course it is much harder to create a successful business when you still have a full time job.

      • Sicorra

        Sicorra 07/29/2013 7:31 p.m. #

        I understand what you are saying. If you are extremely satisfied with your job and your income, and another job is easy to find, then why not stick with it.

    • Tara @ Streetsaheadliving.com

      Tara @ Streetsaheadliving.com 07/29/2013 3:44 p.m. #

      If I lost my job, I'd apply like crazy to jobs in my field. I'd also ask around, looking for jobs. While waiting for an interview, I'd sign up for all the mystery shopping I could. A lot of the mystery shopping opportunities are daytime events, like checking out table displays of Medicaid plans. I'd also try getting freelance income in any way possible. It's doable to survive, but it'll take more effort.

      • Sicorra

        Sicorra 07/29/2013 7:29 p.m. #

        Those are some great options Tara! As long as the income meets your needs, and you are able to find a new job.

    • Corina Ramos

      Corina Ramos 07/29/2013 5:53 p.m. #

      Hey my friend...take two :)

      This post makes it almost impossible for someone to come up with an excuse not to start their own business. I know we get in our comfort zone and most people are okay with that...But I believe fate will push us out of our comfort zone in order to take us to the next chapter in our lives.

      I love when you said "And even if you only have enough money to start out small, think big."....very true! :)

      Great post Sicorra!

      • Sicorra

        Sicorra 07/29/2013 7:26 p.m. #

        Thanks very much Corina! Some people do struggle to take risks or to do something they are not familiar with, but the unfortunate thing is, they may live to regret it. And we all have to think big, even if we take baby steps to get there.

    • Kim@Eyesonthedollar

      Kim@Eyesonthedollar 07/29/2013 9:09 p.m. #

      If I lost my job tomorrow, I would put out the word and try to find some fill in work, even if I had to travel. I would also cut back to a bare bones budget and work really hard to increase online income. I'm sure it would be scary, but sometimes the best opportunities come from things that seem tragic at first.

    • Tushar @ Everything Finance

      Tushar @ Everything Finance 07/30/2013 7:37 p.m. #

      I'd be okay if I lost my job. I have freelancing and my websites. I would be able to continue making money just by picking it up on a more regular basis. I think it's cheap to work for yourself!

    • Thomas | Your Daily Finance

      Thomas | Your Daily Finance 07/31/2013 6:22 a.m. #

      I first wouldn't feel sorry for myself and would look for things I could sell at home on Craigslist/Ebay. I would get rid of things like Cable that I didn't need. I would contact some people I knew already in my business sector and ask if they had any openings. I make sure I stay in contact with people if ever I decided to go back to the 9 to 5 gigs.

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