Getting laid off from work is not a reflection of your skills and value. With the current tech job market reporting mass layoffs of over 40,000 employees, you are not alone either. At the same time, that does not mean it makes it easier, and understandably so. Layoffs come with financial security issues and the stress of finding a new role quickly. 

However, you can use this time to invest in yourself for not only income, but to also build net wealth and a family legacy. 

Learn why being laid off is good for finding a better career opportunity—even in the face of adversity.

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Why Being Laid Off is Good for Finding a New Career with Better Opportunities

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Life after a layoff can feel unmotivating and depressing. That is why a productive first step after being laid off is to shift your self-perspective. One of the greatest tools you can use post-layoff is changing your mindset to become entrepreneurial-focused. 

By leveraging your educational and professional skills like a business owner, you may find career opportunities you may not have considered before. 

Provides Time for Personal Reflection

A job layoff can be a detrimental financial situation for many people. However, that does not mean this period in between careers is invaluable. You can take advantage of this time for personal reflection to develop growth plans and find a better role that suits your needs financially and professionally. 

Allows You to Find a Better Career

You learned valuable skills from your prior position that you can apply to the next step in your career. That does not get thrown away. During this time, you can learn new skills or navigate into a different field that you always wanted to achieve but could not before. 

For example, you can become a business owner while working a different job. It is common practice for entrepreneurs to transition between roles until their side business grows. With remote work opportunities available now, more than ever, you are less constrained by office locations—making it more attainable to work while launching a new business.

The time you have after getting laid off is the perfect time to explore investment opportunities. It may even help you find a higher-paying position with more financial stability and open new doors. 

Strengthens Your Resilience

People who get laid off from a job often have stronger resilience and adaptability. You have to suddenly restructure your future career path, which is difficult to do. These skills are incredibly useful both professionally and personally. It shows that you can overcome challenging situations and still become successful. Turn that resilience into a new passion that works for you! 

What to Do When You Get Laid Off

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It can feel like a whirlwind of a process when you are in between jobs. Below is a step-by-step guide on what to do if you get laid off to help you set a clear plan. 

Take Time for Self-Care

While it is reasonable to rush into the job search process if you are laid off from work, this can hinder you more than help. You must process the initial shocks and stresses from the effects of layoffs. It ensures that you have the best mindset when finding a new career. Without taking time for self-care, you can make job application mistakes from rushing due to this lack of focus. 

Take a day off to relax, walk outside, or do a hobby you enjoy at first. It gives you a fresh perspective and more confidence when reentering the job market. 

Remember, you do not have to do this alone. What better time to contact your mentors, advisors, coaches, and colleagues who can provide supportive advice? You can rely on your network to consult and help you navigate your professional life post-layoff. If you do not have an advisor or coach, finding one can help you stay on track for the best path forward.

Make a Post-Layoff Plan

It can be challenging to know what to do after getting laid off first when there are many steps involved. Creating a to-do list can help you understand where to start. That way, you feel less overwhelmed and become more streamlined in your job search. 

Include the following in your post-layoff plan:

  • Maximize your severance or unemployment benefits to strengthen your financial security as much as possible.
  • Seek advice from your network of coaches, consultants, and colleagues to help you focus on your goals.
  • Understand your financial obligations and assets. Update your personal financial statement and know your credit score. If possible, use your 401k or other retirement accounts as an opportunity to roll over into an investment.
  • Update your resume, portfolio, and LinkedIn profile with your professional accomplishments from your prior position, like campaign results or company growth metrics. 
  • List your ideal roles and companies with details on why they are attractive to better achieve your career goals. Do the same for a business you could see yourself running as the owner. 
  • Review and expand your professional network to see if anyone you know has open positions available, as referrals are four times more likely to get hired. 

Create a Career Search Schedule

While it is understandable to apply to many job postings after you get laid off to minimize this unemployment period, you should have a set schedule to maximize your results. Time blocking for job hunting is a more effective strategy than mass applying without a plan.

Create a schedule for daily or weekly job searches. Whether it is one to two hours daily or weekly allotted hours, ensure you set attainable time blocks that will not burn you out. That way, you can set achievable goals, which helps you feel more accomplished when completing them. 

If you rather become an entrepreneur, use the time between these set schedules to research business ownership and its feasibility. Seeking a consultant can mentor you throughout the process, especially if you have never owned a business or are considering venturing into a new industry. 

Consider All Career Opportunities

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Why limit yourself to the same job as your prior position if it is not your dream career or leaves you unsatisfied with your professional goals? Consider all possible career paths outside your wheelhouse, such as entrepreneurial opportunities and franchise ownership

If you got laid off, you want to ensure more financial stability in your next role. One of the benefits of franchise ownership is that it can offer more financial security since they have an established brand and dedicated consumer base.

On average, franchises are less risky of a financial investment as studies show they have 1.8x more sales and 2.3x more jobs than single established businesses. Even if you have no prior franchising experience, franchisors provide business models and training to set you up for success. 

Franchise consultants can also help you find the best type of franchise that aligns with your career goals and values, with ongoing support so you are more comfortable entering a new field. They help qualify you with reputable franchising organizations based on their prerequisites and provide continuous financial assistance planning for profitable decision-making.  

Then, when you decide to retire or change careers, you have a tangible asset you can sell! That is why being laid off is good for navigating different career paths because you now have the time to explore new opportunities you did not have before. 

Laid Off From Work? Gain More Financial Security with Franchise Ownership Consultants

Franchise ownership offers an alternative avenue to financial security and professional fulfillment. During this career transition, consider the advantages that franchising offers—and we can help you every step of the way. 

At Atticus Franchising, our consultants help you navigate the process of franchise ownership to maintain long-term success after investing. We will support you through each phase, including growth planning, securing funding, and assisting with dealer conversions. Our team acts as an extension of your business to ensure your franchise has a secure future.

Want to learn more about the financial security benefits of franchise ownership?

Book a free consultation to achieve your professional career goals today!

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