7 Things You Need Before Your Pursue Full-Time Entrepreneurship After Being Laid Off
From constant rants by self-sabotaging social media pariah Kanye West and Elon Musk's widely revealed aristocratic leadership style to the inflated cost of morning coffee and a recession that's playing hot potato, the world seems to be like one huge circus.
Even more disturbing is the massive tech layoffs by heavy-weight global brands like Amazon, Meta a.k.a Facebook, Twitter, and DoorDash.
If you fell victim to the tech layoffs, even if you were quiet quitting, we still empathize with you. Losing a job, no matter what role you hold, is traumatizing.
To some aspiring entrepreneurs and those already running side hustles, being laid off might signal an urgency to pursue full-time entrepreneurship.
While we're all about leveling up, securing the bag, or whatever popular term that's out now, we want to be strategic before we make any rash decision and abandon being in the workplace completely!
Your "success story" doesn't have to involve sleeping in your car or couchsurfing between friends.
Here's are 7 things you should do after your employer bids you adieu:
Collect Your Thoughts
Being laid off is a traumatic experience. If you're a caregiver or a parent, the uncertainty of being able to feed and clothe yourself and your kids is nerve-wracking. You need time to go through the grieving process, especially if you lost a role you worked hard to get or you're leaving a company you envision retiring from on your own. This is a gut punch similar to a breakup. Heal before you pursue another job or full-time entrepreneurship.
Get Your Finances In Order
If you're fortunate to get a severance package from your former employer and have a healthy savings, this will help make your transition into full-time entrepreneurship smooth. You need money to cover your basic needs for 6 months to a year before you give full-time entrepreneurship your all.
Reduce Your Spending
Knowing how to reduce spending while inversely increasing revenues is every entrepreneur's number one goal. Until you get a new job or start seeing revenue from your business, you must bootstrap like your life depends on it. No more impulsive buys or missing the deadline to end your 30 day free subscriptions.
Tap into Your Network
If your side hustle is up and running, reach out to your existing clients for referrals and upsell them on additional services based on their needs. Remember, you need a significant amount of capital to run your business full time. If you’re active on the social media platform for professionals, Linkedin, connect with past coworkers and supervisors to learn about opportunities to help with your transition. This could be part-time, full-time, and consultant roles.
Get a Part-Time or Per Diem Job
While you may think the universe gave you out by allowing you to get laid off, there's still a possibility that this could lead to a less toxic work environment or a more flexible position. Contract workers and workers who don't reach probation don't have the luxury of getting a severance package. Getting a part-time or per diem job may free up some time you can dedicate to your business while you have an income coming in.
Consult with a Mentor
A mentor is essential in helping you navigate your career and entrepreneurship. However, after you lose your job, you need the wisdom of someone in your field to help you figure out your next move. Perhaps, if you share your desire to become a full-time entrepreneur vs. going back into the workplace, they help you figure out both pros and cons.
Create a Plan To Make The Transition
If your heart is set on finally making the shift to full-time entrepreneurship, great! However, it is time to lay out a full-proof plan for launching your business or transitioning. Give yourself 30 days to devise a budget, obtain licenses, get marketing materials, choose a target, and set revenue goals.
When you're fully immersed in your business, you'll have to make some tough decisions that can heavily impact its survival. But, when it comes to your own survival, put yourself first. Always aim to be a savvy self-made boss babe, not a broke one!