5 TIPS FOR SURVIVING A WHITE-COLLAR JOB LOSS AND STARTING A BUSINESS

By Tiffany Dodson

Recently, another small business owner asked me the seemingly innocent yet sometimes loaded question, “How are you?” When I replied, “I am well,” I sincerely meant it. He shared that for the last two weeks, I had been the person who answered the question with a positive response. I smiled and affirmed that my head was not in the sand. As I write this article, two banks have failed, and it seems that a recession looms, with pressures lying ahead. But this is not my first economic downturn. My business saw significant expansion during the 2008 downturn. As someone who plans to live for another 30 years or more, this will not be the last downturn that I face either. Of course, that also means I will live through a boom or two. And likely, this cycle applies to you as well.

It was a personal economic downturn that sent my husband and me into the arms of a franchise business. In other articles, I have shared how my husband worked for a once reputable worldwide accounting firm that ceased to exist overnight. As the nightly news reports an economic downturn that brings white-collar job loss, I will share five tips I have collected for this situation. And yes, one tip involves branching out and investing in yourself by starting a business.

1. STAY POSITIVE

Staying positive and focusing on what you have helps you gain more advantages. Losing a job is a traumatic experience. Find what helps you process what happened. Processing could include speaking with others who have lost a job, connecting with friends and family, attending groups, and seeking professional counseling. Losing a job does not define you. It is one moment in time.

2. CHECK YOUR FINANCES

Evaluating your finances has a few nuances. What could you cut from your expenses permanently or temporarily? Examples like restaurant coffee or streaming services often come to mind. This area also includes taking stock of your resources to understand what is available to you should you start your own business. Some business owners use their retirement funds to create a ROBS (Rollovers as Business Startups) from their 401K. Creating a ROBS involves a licensed financial professional. Some decide to invest in a small business and will need to spend money on the business as part of an Small Business Administration loan.

3. NETWORK YOUR NETWORK

Leverage your network and your network of friends and family! If you are job searching, make sure that everyone knows! If you are