The Ultimate 5-Step Plan for Surviving Job Loss & Finding Freedom

A franchise coach gives the complete plan for job loss preparation. In this full episode, certified franchise consultant Giuseppe Grammatico walks you through the 5 critical pillars of preparing for a career transition: mindset, resumes, finances, online presence, and family.

DISCLAIMER: The information on this podcast is for general information purposes only. Franchising involves risk and careful consideration should be given before making any decisions.

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Transcript

Giuseppe Grammatico: 0:00

the reality is that there are, you know, lots of companies downsizing. Not all companies right, but, and you may not know if your industry and or the company you work for will be affected next. And this is equally as important. Now, this may not flow down to the, uh, flow into the resume, uh, but it's an analysis for you and really figuring out, okay, if I were to downsize, get downsize and, and lose my job is there gonna be another role? Uh, within the organization, um, or same industry, different company, or maybe I wanna branch out into owning my own business. in the event. I were to lose my job for X amount of time. Do we have income set aside? Do we have that cushion and savings? If I were to explore owning a business, do we have money to invest in that business?

0:52

Welcome to the Franchise Freedom Podcast, where you can escape the corporate trap through franchise ownership. Here's your host, Giuseppe gr, the franchise guide.

Giuseppe Grammatico: 1:05

Welcome to the Franchise Freedom Podcast. I'm your host, Jose Epi Grammatical, your franchise guide, the show where we help corporate executives experience time and financial freedom. Thanks for joining us today. Uh, today we're gonna mix things up a little bit. We're gonna do a two part series. Uh, on a topic that has been coming up, uh, over and over again, it's in the news, it's in the conversations we're having daily, and that's around, uh, preparing for job loss or potential job loss. And, uh, that's something that is very important. It's, it's relevant, uh, much more than, than it has, uh, been in the past. And it's something that, um, I wanted to talk about because I literally have these conversations. Uh, on a daily basis. So, uh, for any new listeners, thanks for joining us today. Uh, we help, uh, people, uh, in career transition, uh, prepare for a job loss coming out of the military, you know, kind of figuring out what's next. Uh, this is an education platform where we help educate and empower individuals and figuring out what their next options are. Uh, in their careers, whether that be a business, a, a franchise business, uh, or a combination of a W2 with a semi-absentee, uh, franchise or business. So, thanks again for, for everyone listening, uh, really appreciate your feedback. So, you know, on today's topic, we're gonna do a two part series. So this is gonna be part one and, uh, so we'll, we'll, we'll dive right in today. So, you know, the reality is that there are, you know, lots of companies downsizing. Not all companies right, but, and you may not know if your industry and or the company you work for will be affected next. Uh, just had some conversations over the weekends with, with, with people that I know really well, uh, that we're affected by this. So with that being said, you know, we can control. How we react to this, right? We can't control if a, a company's going to downsize or not, or, or the industry changes and things like that. But what we can't control is how we prepare and how we react to this. So, should not be a surprise to anyone, uh, with things changing so much with AI and affecting certain roles and positions. So the way I, the way I wanna really empower and, and have you kind of look at it, is that. At any point in time that that role can either be eliminated, uh, the business maybe goes outta business, whatever the case may be. So how do we, how do we prepare in the event something that happens? So number one, we accept that it can happen, um, and that it should not be a surprise. Secondly, and you know, these are things that should be done now, not tomorrow, not next week, but now. In, in preparing, you know, not knowing kind of what to expect. So, uh, some things I always recommend, or number one, is getting your resume up to date. Uh, you may have been with your employer 5, 10, 15 years and have not updated it since. This is a great time to. Take it out, update it put everything on there, your, um, job experiences why you're a great fit for a candidate, you know, for, for that job position. And, and that's gonna flow through to eventually to a cover letter. Any associations and volunteer work and things like that because odds are you have a lot more that you can, um, add on there. And as well as, you know, have someone. Review that, whether that be a career counselor, you know, I would start with just a friend or family member in doing that review. Maybe it's your coworker, maybe you're helping one another out, but adding those, uh, in, in, in place and, you know, I'm sorry, updating the resume and adding everything that's, uh, relevant. Uh, for that next role. So that's a good point. And, and part two is your own internal resume. And I call this more of a, a self analysis, more of a self-audit, maybe, maybe is a better term for that. And that's really something just for you. And this could be on a Word doc, or even better yet, a Google Doc that you can share and have other people edit. But just writing down just an ana, you know, kind of an overview analysis of what you like, what you don't like, what you're good at, what are your strengths, what are your weaknesses, you know, opportunity, opportunities, and threats, your SWAT analysis. So writing all that down, experiences, uh, things you liked about the last, uh, your current job or last job and the things you did not like. Again, this is gonna be internal, but this is gonna be a little bit more of a. Kind of self-reflection of figuring out, you know, what are the things you enjoy doing and what are the things that you are good at, as well as the things you maybe don't enjoy doing and, and are not good at. And this is equally as important. Now, this may not flow down to the, uh, flow into the resume, uh, but it's an analysis for you and really figuring out, okay, if I were to downsize, get downsize and, and lose my job is there gonna be another role? Uh, within the organization, um, or same industry, different company, or maybe I wanna branch out into owning my own business. Uh, so all equally as important, again, we're not, we're not making decisions at this point, but we're getting ready. And again, this is the part where we can control attitude. We can control our time and what we're putting in the, in our, in our efforts. So, uh, you know, the resume is followed by the self-analysis, the self-audit. You know, kind of doing that is, is super helpful. And I think that will make, um, you know, a, a, a lot of sense as you're going through, because then you may have a coworker, a family member that, that may say, you know what? You, you have a. Great ability to network and you're great with people and maybe you just, I don't know, maybe, maybe weren't aware of that. So it, it's good to have those people do a review and you know, another part of that can also be a financial audit. Maybe that's a second, second page there. And getting your finances in order and saying, okay, in the event. I were to lose my job for X amount of time. Do we have income set aside? Do we have that cushion and savings? If I were to explore owning a business, do we have money to invest in that business? Is that something that we wanna explore sooner than later? As you are currently, this is for someone that's currently employed, so really getting everything down on paper so that. If you don't have the information, go get the information. If you don't know the balances in your investment portfolios or in your company's 401k retirement kids, 5 29 plans. Now is the time I up, I like to update my information monthly via a Google, I'm sorry, a Google sheet that I, that I can share with my financial advisor. Uh, since that, that's really the whole picture has the value of home. It ha deducts mortgage. I have liquidity, net worth assets, liabilities, everything listed on one document that I can share. As my financial advisor will deal more with the investments, but not necessarily with the, with the home values and things like that. So this is also a great way to get up to speed, to look at options, to say, if I were to take a job that paid less, would that work? Will we be able to pay our expenses? Or if I want to invest in a business, well there's, there's gonna be some capital, right? There's gonna be some skin in the game. Uh, do we have the financial. And the updated numbers in order to do that. Running your credit score, you know, are, you know, if I were to get a loan, well, you gotta have credit, so you wanna take a look, your score, and it maybe years since you have checked that, you may realize that the score is a little bit lower than expected. Now's the time to fix it. What, what went wrong? If there was a discrepancy on the credit report, taking care of that. And then moving on and, and getting, uh, everything fixed because that may take, um, I was working with someone a few years ago, took a few months to get the credit scores back up to where they needed to be. So, um. And sometimes there are mistakes. Again, same, same exact thing. It takes the credit credit reporting companies, uh, time to get up, uh, you know, get everything up updated and, uh, accurate numbers. And then, and then finally, you know, presence online. There's so many different social media platforms, but it's a great idea to get your LinkedIn, you know, that that's one of the, you know, nice B2B platform. Great for networking, updated, uh, with all your, um. You know, most updated, relevant information, employer skillsets. You know, maybe you start engaging a little bit. Start, um, commenting on colleagues or companies you're looking at or potential employers. Again, just comments, not just saying, I, I'm looking for a job today. But just, uh, commenting and just staying relevant. Uh, staying in front of people I think would not, is not a bad idea. That way you're proactive. Uh, in the event you lose your job, you're not scrambling to update the resume, the cover letter, uh, get the financials updated and, uh, you know, start, then create Maybe in some cases, maybe not even have a LinkedIn account, but I think this is a great time to be, uh, proactive and kind of figure out. Okay. Let me get everything out there. Let me get everything updated. So in the event I have that network and I have the LinkedIn account. I can start networking immediately and just being ready for kind of what's to come. So I'm gonna dive a little bit deeper into. Part two o of, of the podcast. But, uh, wanted to just kind of dive in and break these up because they're gonna be two separate parts. Uh, one is more preparation, and then, uh, part two are gonna be really the, uh, the next step. So, uh, I hope you enjoyed this episode. Um, this was a little bit briefer than than episodes we've done in the past, but. Again, I want to keep this relevant. I wanna keep it simple and straight to the point. Sure, there could be a lot more things we can add in there, but these are the, these are the blocks, these are the pillars that you can work on. And, uh, you know, when's the time to start immediately? Uh, we don't know what this future will bring. And by doing this, you may find out, you know what, maybe I just wanna own a business outright. Uh, my job is not at stake. And I, but I, I, I'm not, I'm not content. I'm not happy. Uh, and where I'm at. So I, I wanna leave sooner than later. So this will give you a lot more leverage in helping you make that decision. Obviously, you know, there, there are a lot of other things, but you wanna let, let everyone know in the household that, that you are potentially exploring other opportunities, uh, or there's a potential for job loss so that there's no surprises. Kind of prepping everyone, letting everyone know. You'll be, you'll be shocked sometimes just having conversations at the dinner table. Maybe it's, even the kids, if they're old enough, may have some great insights and some ideas. So, uh, you know, definitely, definitely put it out there. And, uh, you know, I, I don't want anyone to, to panic and just, I want everyone to be as prepared as possible. So if you like to dive in a, a, a lot deeper, listen to part two or, uh, give us a, give us a shout. Send us a comment. Uh, book a call gigi the franchise guide.com. Uh, you can book a call, a 20 minute, uh, introductory call. We can figure out together, uh, where you're at if a franchise is a good fit, and, uh, kind of the next steps of, of what that process looks like. I encourage you, there's no cost for our service. There's no contracts. And this is an education pla platform who we serve anyone in the US and Canada that is exploring a, a franchise and business ownership. Corporate executives, current business owners, uh, military veterans, and everyone else. Uh, you know, if you're thinking of owning a franchise, maybe you own a, a, a handful of franchisees right now and, and are looking kind of for what the next fit is. Give us a shout, Gigi, the franchise guy.com. You can book that call. You can send us a message, uh, and, uh, looking forward to chatting soon. So, we'll see you next week for with, uh, with part two and, uh, looking forward to your comments. Take care.

12:29

Thanks for tuning in if you want to learn how to make the transition from corporate to owning your franchise. Join Giuseppe on the next episode. You can also follow on all social media platforms and achieve financial and time freedom today.