Losing your job can have a dramatically destabilizing effect on your life and finances. As well as the immediate loss of income, you’re suddenly left wondering what to do next and how you will cope. For many people, the obvious way forward is to look for a similar position in another company, but maybe, just maybe, it’s time to reinvent yourself instead.
Being many redundant can be a catalyst to choose a completely different career path away from permanent employment. Self-employment, in other words. Many self-employment paths place your earning potential and career security firmly in your hands.
You’re no longer under threat of being let go or fired. Plus, your earning ceiling is restricted only by your vision.
Self-employment options after losing a job
If you’re feeling down right now and desperate to find a way to earn money while building towards a better future, you might consider one or more of these five self-employment career directions.
Freelancing is a type of self-employment where the freelancer offers his/her skills in return for payment from the client. It’s a highly flexible way of working where you can set your career direction and work with whoever you want. You decide whether to take on a client’s project or not, as well as what you charge.
According to recent freelance statistics, there are more than 64 million freelance professionals in the United States alone. This figure is estimated to rise to 90 million by 2028. That’s a lot of freelancers!
However, freelancing is a very diverse field. There are freelance opportunities in nearly every industry, sector, or niche. Competition is fierce in some areas but less so in others. You can also potentially work entirely online, taking advantage of cloud-based tools (such as invoicing software) and the ability to stay at home with children.
A great way to decide on a focus or specialism is to consider your last job. You might have contacts and knowledge you can utilize to jump straight into a new freelancing career.
- Joining forces to create a start-up company
If working solo as a freelancer sounds a bit lonely, you might consider creating a start-up business with a partner or two. Being an entrepreneur is an exciting adventure and one that can potentially lead to great wealth, with the right planning and application.
Building a start-up is no easy feat, and that’s why it’s essential to choose what you build carefully. It’s also wise to go into business with the right start-up partners and make sure to avoid common start-up mistakes.
Upfront investment is vital when creating a start-up, which is where a severance package might come in handy. There could also be the need to work a side hustle (freelancing, for example) while building the company’s foundations and seeking investors and funding.
After a short while, you’ll go from being an employee to an employer.
- Selling self-created products
If the start-up lifestyle doesn’t appeal, you can still enjoy the benefits of an entrepreneurial career path as a solo-professional. Why not create and sell your own products? This might involve selling your products entirely online via your website or setting up a small brick-and-mortar store or studio in your local area (and selling online as well).
If you’ve recently lost your job but have had a long-term dream of creating and developing unique products and product ranges, then now might be the time to realize your dream. You can make and sell anything you can think of, ranging from software and gadgets to learning programs, art, beauty products, clothing, and so much more.
Your freelancing services can also be packaged as products, together with premium learning materials.
You are only limited by your imagination, and of course, market demand.
- Affiliate marketing
Another way to sell products and earn a living, without making the products yourself, is through affiliate marketing. Being an affiliate is where you promote the products and services of another business. In return, you earn a commission from the profit of each sale. It’s performance-based, so the more you successfully sell (and the higher the commissions), the more money you’ll make.
You can earn a lucrative full-time income from affiliate marketing alone. Or you can use it to complement one of the four other career options mentioned here. It might take some time to bear fruit, but the results can be bountiful. With skill and hard work, you can set up a business that begins to run on autopilot, leaving you more time to enjoy your hobbies and leisure pursuits.
Speaking of affiliate marketing, check out Invoice Ninja’s referral program.
- Coaching or consulting
If you’re a people person and love helping individuals or companies find solutions to problems, then a career as a self-employed coach or consultant might be perfect for you. Similar to freelancing, you select the type of people you want to help and begin marketing yourself to this market accordingly.
Coaching and consulting are similar, but also different.
A coach places emphasis on guiding a person or team to look inward and find the solutions and resources they need to tackle particular problems themselves.
A consultant focuses more on the technicalities of a problem and provides best practices and advice based on subject-matter expertise and experience.
Define your career destiny
Losing your job can feel like a devastating blow. But with some quick thinking and entrepreneurial initiative, you can set up your own business and begin earning within days.
By creating your own business, you wrestle back control of your career and financial destiny, which in itself can lead to a renewed sense of purpose. With so many apps and exceptional online software tools at your disposal these days, growing and running your new venture is a lot easier than it would have been in the past.
Want to be your own boss? Consider one of the career paths mentioned above and then grab it with both hands.