How to Make Unemployment or Underemployment Work for You

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So, you’ve been laid off or your hours have been cut short. What should your next move be? Here are four ways to be proactive while you wait for your next job – and you can even start on a new career path in the process. Today, 1st and Main Investment Advisors shares some tips and resources to help you get started.


Start Your Own Small Business

You may have been thinking about starting a business of your own before, but you’ve never had the time to get things going. Now that you’re unemployed or you’re spending fewer hours at your day job, turn your vision into a reality and launch your own company. If you’re looking for funding, forming an LLC can help you secure loans while keeping your personal assets protected. You can save money by using an online formation service to start your limited liability company instead of hiring a lawyer. And if you need help running your day-to-day operations and are looking for potential team members, create a detailed job posting that will help you find the best candidates for your business, and contact your local chamber of commerce or advertise the position online. Being able to delegate some tasks will give you more time to accomplish the things you do best.   

Work as an Interior Designer

With more people working from home, we have seen an increasing need, in recent years, for interior designers that can help turn an empty room into a productive workspace. So if you have a keen eye for detail and your finger is on the pulse of the latest trends, you might want to look into certification programs for interior design. These can lead you to a very fulfilling career, whether you end up specializing in office spaces, kitchen and bath remodels, green building, or lighting, among other niches. And if you want to get more of a competitive edge, get certified in one or several specific areas. This will help you showcase your expertise on your résumé and attract more potential clients.

Sell Technical Services Online

You can still earn money using your professional skills even if you’re not drawing a paycheck from an established company. Instead of relying on one employer for income, advertise your services (whether you’re an accountant, graphic designer, teacher, writer, SEO specialist, etc.) on online platforms where freelancers and people looking for professionals with a specific skill set can meet and engage with each other. Since these websites are open to anyone, you’ll be competing with many other freelancers like yourself; So stack the odds in your favor by promoting your previous work and accomplishments with an online portfolio and professional résumé as you look for potential clients.  

Declutter and Sell Your Stuff

Take stock of what you own and use the time you have to do a thorough declutter of your house. You can then price your items and sell them online. Whether you’re selling collectibles or run-of-the-mill objects, shoppers are always looking for a good deal on the internet, and you could regain some space in your home while making enough money to pay off your debts or start a nest egg. Take good-quality photos of what you’re selling, and add a detailed description, including measurements and price. Also, make sure you use specific keywords so that search engines will lead prospective buyers to your offerings. And if you want to avoid getting scammed by unscrupulous buyers, wait until their payment has cleared before you ship your item, and keep a record of all your communications.      

Don’t let an economic downturn put your financial health at risk. Think about using your skill set to start a new career or launch your own business. You’ll be adding new experiences to your life – and to your résumé.         

1st and Main Investment Advisors has over 30 years of experience providing financial advice in Greenville, South Carolina and Edwards, Colorado. If you have any questions, don’t hesitate to ask!


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