Facing a layoff can be an overwhelming and emotional experience. In an instant, it can feel like the rug has been pulled out from under you, leaving you unsure about the future. But remember, this is also a new beginning—an opportunity to redefine your career path and maybe even pursue dreams you hadn’t yet prioritized. Whether you’re considering using your severance to bridge a transition, invest in your skills, or even start a franchise, here are compassionate, practical steps to help you move forward with hope and purpose.
1. Allow Yourself to Feel and Process
First and foremost, give yourself time to process the emotions that come with being laid off. This can include shock, frustration, and perhaps a sense of loss or fear of the unknown. It’s okay to feel these emotions, and it’s natural to need some time to regroup. Lean on friends, family, or professional support to help you work through these feelings. Journaling, meditating, or even just taking a break to reset can be valuable during this time.
2. Assess Your Financial Situation
One of the immediate concerns after a layoff is financial stability. Start by understanding what resources you have. Look closely at your severance package—consider how long it will last and what benefits are included, such as extended healthcare. Having this clarity allows you to make more thoughtful decisions and prioritize your next steps without as much anxiety.
Some steps to consider:
- Budget and plan around your severance pay, as well as any unemployment benefits.
- Cut down on non-essential expenses to stretch your savings if needed.
- Consider reaching out to a financial advisor if you’re unsure how to best allocate your severance.
3. Take Stock of Your Skills and Interests
This is a great time to reflect on your career, identifying what aspects have brought you the most fulfillment. Consider how your skills and strengths align with your long-term goals and what might be next for you. Ask yourself questions like:
- What work have I found most fulfilling?
- Are there areas where I want to develop new skills?
- Am I interested in starting a business, freelancing, or exploring a different industry?
Starting a franchise, for example, could be a unique way to blend your skills with a structured business model, giving you more freedom while reducing some risks of entrepreneurship.
4. Invest in Skill Development
Upskilling or reskilling can be beneficial after a layoff, especially if you’re aiming to pivot to a new field or advance in your current industry. There are many online courses, certifications, and training programs designed to help you strengthen or diversify your skills. If you’re considering starting a business, look for programs that focus on entrepreneurship, finance, and business management. This investment can improve your marketability and boost your confidence as you explore new opportunities.
5. Explore Franchise Ownership as an Option
If you’ve ever considered owning a business but were unsure where to start, franchise ownership might be worth exploring. Franchises offer an established brand, a proven business model, and training, which can be ideal for first-time business owners. Here’s why using your severance to start a franchise could be a rewarding choice:
- Structured Support: Franchisors provide guidance on everything from marketing to operations, reducing the guesswork that often comes with starting a business from scratch.
- Brand Recognition: Franchises come with built-in brand recognition, which can help you attract customers faster.
- Growth Potential: With commitment and effort, franchises can provide a steady income and an opportunity for expansion.
Consider meeting with a franchise consultant, who can help match you with franchises that align with your skills, interests, and financial goals. You might also want to attend franchise expos or networking events to gather insights directly from franchise owners.
6. Set Up a Transition Plan
Map out a transition plan for the next three to six months. Whether this plan includes a new job search, additional training, or launching a franchise, having a roadmap will make the journey feel more manageable. Break down larger goals into smaller, actionable steps to keep yourself moving forward.
For example, if starting a franchise is your chosen path:
- Month 1: Research franchise opportunities, narrow down options, and reach out to consultants & brokers like us.
- Month 2: Attend franchise discovery sessions, meet franchise owners, and explore financing options.
- Month 3: Secure your franchise choice, finalize the agreement, and begin training with the franchisor.
7. Reach Out to Your Network
Layoffs can feel isolating, but your network is a valuable source of support, inspiration, and leads. Reconnect with former colleagues, mentors, and friends. Let them know what you’re exploring next, whether it’s a franchise venture, upskilling, or re-entering the job market. They may have resources, connections, or insights to help.
8. Practice Self-Care and Embrace the Journey
Being laid off can be one of the most challenging experiences, but it can also be a catalyst for positive change. Amidst the practical steps, remember to care for yourself. Take breaks, celebrate small wins, and find joy in the little things. Even in times of uncertainty, you have the power to create a fulfilling new chapter.
Final Thoughts
A layoff doesn’t define you—it’s simply a transition. This experience may lead you to new opportunities, including the possibility of becoming your own boss through franchise ownership. By taking it one step at a time, listening to your instincts, and leveraging the resources available to you, you can navigate this change with resilience, purpose, and perhaps, a newfound passion.