How to Prepare for Job Loss & Transition to Business Ownership
Your Career Crossroads: What to Do When Job Loss is a Real Possibility
In our last conversation, we talked about the immediate steps to take when you sense career instability on the horizon—getting your financials in order, updating your resume and LinkedIn profile, and having those crucial conversations with your family. That’s about building your foundation. Now, let’s talk about building the house. What are the next steps when you’re standing at a career crossroads, a pivotal point where you have to decide what comes next?
The beauty of this moment, even though it can be stressful, is the opportunity it presents. You can reassess what you truly want. Maybe you’ve been in finance your whole career but have a passion for health and wellness. Do you look for another job in the same field, or is this the chance to pivot entirely? This is the time to explore your options, from finding a new corporate role to finally becoming your own boss.
Charting Your Next Move: Job vs. Business
The first big question to answer is whether you want to find another job or start your own business. There’s no right or wrong answer—it’s about what fits your life, your goals, and your risk tolerance.
If you’re leaning toward another job, start exploring. What would a new role look like? Do you want to stay in the same industry, or do you have a transferable skillset that could open doors elsewhere? Skills in sales, networking, or management are valuable in almost any field. Use resources like Glassdoor to research salary ranges and requirements for different careers. Start identifying key contacts at companies that interest you. Even if your current department is downsizing, there may be opportunities in other departments within the same company.
On the other hand, maybe you’re just sick of the corporate rat race. If the idea of hiring yourself and having more control over your destiny is appealing, then business ownership could be the right path. For many, this is the ultimate way to break free from the hamster wheel and build something of their own.
“I always tell people with, with a business, you gotta have some thick skin. There’s gonna be ups and downs, and that why, that reason you’re doing it is really gonna get you through those.”
Can You Start a Business While Still Employed?
One of the biggest misconceptions about starting a business is that you have to quit your job and jump in with both feet from day one. That’s simply not true. You can absolutely keep your job and build a business on the side, creating a safety net while you get things off the ground.
This is where concepts like executive semi-passive franchise ownership become so powerful. Many franchise models are designed to allow an owner to manage the big picture while a general manager handles the day-to-day operations. Your involvement might be more virtual or just a few hours a week in person. It allows you to build an asset and an additional income stream without sacrificing the security of your current salary. This strategy is about being proactive, not reactive. You’re not waiting to lose your job; you’re building your exit plan on your own terms.
The Power of “Who Not How”
Whether you’re looking for a new job or exploring business ownership, the most efficient way to move forward is to focus on “who, not how.” Instead of trying to figure everything out on your own, find the people who can help you get where you want to go.
“This is where I always say who not how figure out what you want and then figure out the people that can help you get there.”
If you’re considering franchising, a franchise coach like myself can save you an immense amount of time and confusion. We can help you navigate the 4,000+ options out there to find the perfect fit. If you’re looking for a new job, a career coach can be invaluable. The key is to connect with professionals who have the experience to guide you.
Equally important is understanding your personal “why.” Why do you want to own a business? For me, it was time freedom—I never wanted to miss my kids’ soccer games or dance recitals. For others, it’s about financial freedom or building a legacy. This “why” is the fuel that will get you through the builder year and any challenges that arise.
Taking the Leap: Overcoming Fear and Making a Decision
I see so many people get stuck in “analysis paralysis.” They research forever but never move forward. The truth is, you’ll never feel 100% ready. You’ll never know everything before you start. At some point, you have to gather your information, trust your due diligence, and take a calculated leap of faith.
“You’re not gonna know everything. Part of it is saying, okay, everything is kind of lining up. I’m gonna take that leap of faith… and I’m gonna do everything in my power to make this work.”
When I left Wall Street, I knew my licenses would expire and there was no going back. But I went all in because I was committed to a new path. It’s scary, but staying in a job where you can be downsized at any moment is also a risk. As I’ve discussed in many episodes of the Franchise Freedom podcast, true security comes from controlling your own destiny.
You can’t control the economy or your boss’s decisions. But you can control how you prepare and react. You can get educated, get informed, and put a plan in place. Whether that plan leads to a new job or your first business, taking proactive steps is the key to building a future where you are in the driver’s seat.
Find the franchise that is a right fit for you at https://ggthefranchiseguide.com/right-fit.