Lost Your Job Because of COVID-19? Here’s How to Survive Financially

The COVID-19 pandemic has had many negative repercussions, not only for public health but also for the economy. Many businesses have been forced to close temporarily or permanently as a result. If you’re out of work due to these changes, you aren’t alone. The Guardian reports that more than 33 million Americans have lost their jobs. Unemployment is never easy, especially if you’re worried about finances. This guide from Offer Stage Consulting offers resources and tips to help you get by in the face of COVID-related unemployment.

Become your own boss.

If you’ve ever thought of starting your own company, now is the perfect time. Combine your passion with practical skills. Say you previously worked in online marketing, for example, but always dreamed of opening your own clothing boutique. Instead of a brick-and-mortar location, you might open an online e-commerce shop, which allows you to put your marketing skills to good use.

The first step in starting your business is to establish it as a legal entity like an LLC or a corporation. Different entities have different repercussions in terms of taxes and liability, so do your research to determine what best suits your needs. When it comes to filing the formal paperwork to create your LLC, an LLC formation service can provide the documents you need and support your filing.

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Article Submitted by: Craig Brown, Founder of Your Career Boost

Turn to the internet for part-time gigs.

There are many types of internet-based jobs you can do from the comfort of your own home. You could consider working as a virtual personal assistant, for instance, or pick up gigs like tutoring, transcription, or data entry. Find a job platform that suits your needs. Go Transcript focuses on transcription work, for example.

Try to find work that matches the skills you already have. If you worked as a translator for a company, you can find plenty of translation gigs online. If you worked as a copywriter for a company, these jobs are also available remotely.

Look for gig work that’s in demand due to COVID-19.

The coronavirus pandemic has taken a negative toll on some industries. Others are thriving, however. Forbes explains that the pandemic has transformed the gig economy, which has also gained favor among people who are looking for part-time or temporary employment in the face of job loss. Warehouse jobs are in high demand due to the increase in online shopping. For example, Amazon added 100,000 workers to accommodate the holiday rush.

Check out seasonal jobs.

Seasonal work is an ideal way to get some cash flow without committing to a long-term position. In the winter, seasonal jobs might involve working at ski resorts. That doesn’t mean you have to be a ski pro. Resorts also offer work for nannies, cooks, waitresses, maids, and more. The Balance offers a list of other seasonal jobs, from holiday retail to summer music festivals. Again, focus on using the skills you already have. If you cooked in a restaurant, for example, a ski chalet chef gig is ideal.

Create a budget to control spending.

Whether you start your own business or build a portfolio of diverse online jobs, it may take time until you feel financially secure. Until then, focus on minimizing spending. Create a budget to decrease expenses. CNBC offers a step-by-step guide on how to make one. This involves calculating your net income and then subtracting your monthly expenses and differentiating between fixed and variable costs.

While losing your job is stressful, there are many ways you can stay afloat financially. You may even discover a new passion or take the time to realize a dream like owning your own business. The above guide provides some ideas to get you started.

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