The loss of a job can be quite depressing when you consider all the time invested. At times, companies need to downsize in order to attain their targeted profitability. The loss of job does not mean that you are not good, it only means that the Company had to let go of a certain number of people and you were part of the names selected.
The first step after a job loss is to congratulate yourself for being promoted into an entrepreneur. This is an opportunity for you to be your own boss.
The next step is to calculate your budget for the month but you will need to first determine your current income. If you had an existing business, your current profit is your current income. If you had no existing business, your current income is zero unless you are expecting earnings from rents, interests or dividends. Also, invest your severance pay in a savings account, mutual fund or treasury bill until you know all the risks and rewards of your business venture or potential investment opportunity. The severance pay is your safety net till you get a stable source of income. Only spend the yields from it.
The next step is to review your expenses for the month, trim out unnecessary expenses and determine the expenses that cannot be met with your current income. You will need to generate income to cover this shortfall.
The next step is to start a new business venture or identify ways of growing your existing business. Give yourself a target of 10 days. Start on a very small scale from within the comfort of your home. Running the business from your home will eliminate the costs of rent, utilities etc. Identify a need in your neighborhood and look for ways to meet those needs. Even if there are existing suppliers of the need, join them, if there are no barriers to entry. You do not need to hire a staff unless the business is generating enough earnings to pay for the staff.
As soon as the business venture commences and you still desire to return to paid employment, start networking and looking for employment opportunities. However, this business venture can be structured along your career path and form part of your resume.
The next step is to find out how to grow your business. Find out what your competitors are doing. Your initial target should be to earn as much profit as your most recent salary so as to be able to accommodate your lifestyle and expenses.
The next step is to find and retain clients. Use affordable marketing tools like word of mouth, referrals, social media, etc. to grow your clientele base. Also, acquire good customer service skills needed to retain your clients.
The next step is to diversify into a business venture that engages your interests so that you feel fulfilled while you are your own boss.
It is expected that your frown will turn into a smile after all these steps are followed.