I’d like to continue the series on strategies for folks who get laid off before they are ready to retire.
Start a consulting business: As I mentioned in the previous video, knowledge amassed during years of experience in your field can serve as a valuable resource to many. One of the smartest moves I have seen from laid off executives was setting up their own consulting firm. In doing so, they stayed active in their field, prevented gaps in their resume, maintained an income stream (even if choppy), and continued to network with like-minded professionals. While the transition from a high earning C-suite employee to an entrepreneurial consultant may be difficult, the benefits sure beat spending years unsuccessfully searching for work.
I’ve had clients who lost their job at fairly senior positions, start a consulting business with various degrees of success. However, one commonality between all these folks is the consulting work helped them pay their bills, delayed the need to liquidate their portfolio to fund their lifestyle, and opened the door to new potential job opportunities.