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How to Generate Income after Job Loss

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Business plan

Job loss can be psychologically frustrating and financially devastating unless you are prepared to face such shocks. It may happen if your employer company sinks. It could be due to fluctuating markets. Or it may happen due to any other reason. Your first task is to assess your present financial condition.

Factual Analysis

Have you saved enough to survive until the next financial revival? You have to list all your recurring expenses like rent, utility bills, loans, tuition fees, and household expenses. It is better to avoid non-essential and lavish expenses during this period. Make sure you have sufficient resources for the next one or two months. Then it is possible to think calmly about generating income within that time. Or you have to take emergency measures immediately.

Next Job

Hire a consultant and search for the best job you can find. He will be able to guide you in your specific professional domain. You can also publish your career profile on social media, local directories, and yellow pages. A proactive approach can help you get your next job within the shortest possible time.

Self-Employment  

Self-employment is a lucrative profession if you have the talent and experience in your professional domain. You may also think of others like creative writing, art, music, dance, Yoga, martial arts other areas in which you have specialization.

Being a freelancer gives you more freedom to choose our working hours during the day or evening. You can spare rest of time for earning extra income through teaching a skill or a language. Foreign languages like German, Spanish, and Chinese are highly lucrative fields of income generation.

Small-Business

Staring a small business with minimum investment can help you support your family. Find the most lucrative business in your hometown or city. Take a business loan and start your entrepreneurship. It could be a restaurant, florist business, interior design, accenting, or others. Choose a field that can earn you considerable ROI and provide professional satisfaction.

Build your clients through consistent marketing on social media. You can find many free website development tools online. Take time and learn how to create one or two pages website through DIY methods. Find an economical domain provider and launch your website.

List your business on local directories. You can contact established businesses in your hometown and ask them to publish links to your website on their web pages. It may take time and socializing efforts on your part. After taking the initiation, you will eventually do the required tasks to stabilize your business.

Consultancy

You can become a consultant in your specific professional domain. It needs minimal investments for your website, online marketing, a laptop, and an internet connection. You may start your business from the comfort of your home. You can use your cell phone to contact potential clients.

Online meetings with your clients can help you save time. You can build a reasonably good client base within a short span of time. Once you start getting regular ROI, it is possible to think of having an exclusive office.

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