How I Used a Layoff and Severance Pay to Launch My Own Business

By Andrea Oden

After enduring eight corporate reorganizations in 20 years, I became a casualty of the latest business downsizing and reorganizations.  Year after year, the fear of losing my job loomed over me, creating tremendous stress. Further, my continuous hard work each year was met with minimal salary increases as I had already reached the maximum pay bands.

After my 20-year career with that organization ended, I was confident in my skills and abilities, ready to control my destiny and no longer be a victim of corporate downsizing. Getting laid off was a turning point – for the better.   

However, as a former employee with two decades of service in human resources and leadership development, I experienced trepidation about what to do next. Start a job search? Find a new job in the same or lateral industry? It took a short period of time, but as the initial shock of being laid off subsided, I came to the conclusion that I had three options. I could:   

  1. Succumb to self-pity, pointing fingers at the former employer and commiserating with former colleagues and other laid-off workers.  
  2. Use a few weeks of severance pay to treat myself to a great vacation.  
  3. Take the next few months and use the severance package to hone a new skill and launch my own business.   

Although it may have been easy to choose options one or two (or both), I chose option three (startup – here I come) and I haven’t looked back!  

The lucrative world of talent recruiting called my name.  

After researching several opportunities to start my own business, I chose to become a Goodwin Recruiting business owner. Goodwin’s wealth of experience in the talent recruiting industry spans more than two decades and its reputation for success in the recruitment industry was undeniable to me. Their turnkey business model allowed me to hit the ground running with established clients and best-in-class systems, as well as extensive training and support – a major boost to starting my own business. The only cost to me was establishing a Limited Liability Company (LLC) to register my new business with the state of Michigan.   

While waiting for my recruiter startup business to take flight, I actually ended up saving money because Goodwin Recruiting provided many of the resources, marketing tools, and advertising support I needed to firmly establish my business. As a Goodwin Recruiting Partner, I have access to numerous ongoing resources, including those mentioned above and also the invaluable support and camaraderie of my fellow Partners. This company offers its people and Partners a remarkable culture. We received the #1 ranking of Best Places to Work in 2023 by Glassdoor.  

My own business was a fast track to work-life success.  

The collective resources and advantages of becoming a Goodwin Recruiting Partner have allowed me to grow both professionally and personally. Within six months, I had established a strong client base and an even larger candidate pool. As a professional independent recruiter, I am now the creator of my own success and will never again have to worry about my income, job stability, or future success. By using the layoff and severance pay as a catalyst, I was able to create a career that has allowed me to find true happiness and success.   

Today, I am proud that I chose option three when faced with the difficult decision of where to focus my energies after my job was eliminated. It’s been an incredible journey of ups and downs, but I am grateful to have taken the path less traveled – one that has afforded me the opportunity to become a successful business owner and independent entrepreneur.  

I am living proof that with a bit of courage, determination, and the right resources, you can turn a stumbling block into a steppingstone.   

Choose a destiny of your own making!  

Don’t let layoffs, corporate restructuring, or dissatisfaction with your job or career stop you from achieving your own true happiness and success. Instead of dreading the possibility of being laid off or a job search to find a new job, and even if your employer does not offer severance, I challenge you to explore your entrepreneurial capabilities! A great opportunity may be calling your name, too, if you look and listen.

Granted, there are many opportunities out there and it can be difficult to decide which business to start. Just breathe and begin your startup journey with enthusiasm and an open mind. Here are some ideas from Business News Daily to get you started in exploring your own business startup.  

How about becoming a recruiter? If the thought of connecting top talent to the right organizations excites you, be sure to check out talent recruiting! Goodwin Recruiting might be the right option for your new business (and your former colleagues are a great place to start in building your candidate pool). Unlike other turnkey businesses, Goodwin gives you all the support you need to become a successful business owner and recruiter. With our resources and expertise, you will be on your way to achieving success in no time! Why wait? Join Goodwin Recruiting and start making moves toward building your future today!   

If you want to talk about how to become an independent recruiter, I’d love to connect with you and answer any questions you may have. Send an email to me. I’m also a certified life coach, career coach, and career strategist, and I’m here to help you succeed!  

Published by The Andrea Oden

The Coach to help you land the career of your dreams and the life you've always dreamed of!

Leave a Reply

%d bloggers like this: