Last updated on Apr 10, 2024

What do you do if you're facing financial difficulties after a layoff in the live events industry?

The live events industry has been hit hard by the pandemic, and many workers have lost their jobs or faced reduced hours and income. If you're one of them, you might be wondering how to cope with the financial stress and uncertainty. Here are some tips to help you manage your money and plan for the future.

1 Assess your situation

The first step is to take stock of your current income, expenses, debts, and savings. You need to know how much money you have coming in and going out, and how long you can survive on your existing resources. You also need to prioritize your essential and non-essential spending, and identify areas where you can cut costs or negotiate lower rates. For example, you might be able to save on rent, utilities, insurance, or subscriptions by asking for discounts, deferments, or waivers.

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2 Seek financial assistance

The next step is to explore your options for financial assistance, such as unemployment benefits, stimulus checks, relief programs, or grants. Depending on your eligibility and location, you might be able to access some support from the federal, state, or local government, or from industry associations, charities, or foundations. You can also look for alternative sources of income, such as freelancing, consulting, or selling your skills or assets online. However, be careful of scams or predatory lenders that might take advantage of your situation.

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Krushi Bandi

Investment Banking | Private Equity | IIMB'24 | IITKGP'19 | ex-EY
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Explore the various credit avenues that have opened up for short term credit. Even though family and friends has been a traditional way Indians borrow, one can try fintechs that are offering attractive credit options. While accessing formal avenues of credit, one needs to be vary that your behaviour towards repayment shall have a very long lasting impact on your credit scores. One can also take up alternative/multiple sources of income until you land the next job. Gig economy in India is currently ramping up which allows for moonlighting, like you can be a part-time delivery person during your off time while freelancing during office hours. Look up for entrepreneurs who are working on ideas to disrupt the space to partner with.

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3 Create a budget and a plan

The third step is to create a realistic budget and a plan for your future. A budget will help you track your income and expenses, and set goals for saving and paying off debts. A plan will help you prepare for different scenarios, such as finding a new job, retraining, or switching careers. You can use online tools, apps, or worksheets to help you with your budget and plan, or seek professional advice from a financial counselor or planner.

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Krushi Bandi

Investment Banking | Private Equity | IIMB'24 | IITKGP'19 | ex-EY
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Caution: Do not take any panic decisions. Short-term: 1. Cut down on all non-essential non-value adding expenses immediately, like OTT subscriptions, DishTV, etc. 2. Convert all active subscriptions to monthly cycles instead of yearly cycles so you don't lose out unnecessarily on liquidity. 3. Make investments in immediate value (not just money) creating avenues like premium services of job search platforms, partnerships in small scale businesses operated by close circles. 4. Take credit from F&F or formal channels on reasonable terms Long-term: 1. Diversify revenue streams into rent, passive income business holdings, dividend giving assets, etc. 2. Have considerable emergency funds that can fill in for future shocks. (3-6x month expenses)

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Amanda Cassar

Director at Wealth Planning Partners
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Lay-offs at any time are difficult and it's likely your first priority is to find a new role. Review your spending plan to make sure you're as lean as you can be when there's no income coming in. Investigate social security opportunities if available where you live. While you've got the time, it's also good to shop around your big expenses to see if you're getting the best deal. If it takes longer than expected to get back on track, make sure you reach out to any creditors and be proactive about debt. Most are happy to negotiate if you stay in touch and make an effort to make some payment.

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4 Take care of your mental health

The fourth step is to take care of your mental health and well-being. Losing your job and facing financial difficulties can take a toll on your emotional, physical, and social health. You might feel anxious, depressed, angry, or isolated. It's important to acknowledge your feelings and seek help if you need it. You can reach out to your family, friends, or support groups, or contact a mental health professional or a crisis hotline. You can also practice self-care activities, such as exercise, meditation, hobbies, or volunteering.

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5 Stay connected and updated

The fifth step is to stay connected and updated with your network and your industry. You never know when an opportunity might arise, or when you might need a referral, a recommendation, or a reference. You can use social media, online platforms, or virtual events to keep in touch with your former colleagues, employers, clients, or mentors, and to showcase your portfolio, skills, or achievements. You can also use online resources, newsletters, podcasts, or webinars to stay informed about the latest trends, developments, or opportunities in your field.

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6 Be flexible and optimistic

The sixth step is to be flexible and optimistic about your future. The live events industry is constantly evolving and adapting to new challenges and demands. You might have to learn new skills, embrace new technologies, or explore new markets or niches. You might also have to adjust your expectations, goals, or preferences. However, you can also see this as a chance to grow, innovate, or reinvent yourself. You have valuable skills and experience that can serve you well in any situation. You just have to believe in yourself and your potential.

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Zeeshan Ali

Technical Project Manager @ Upgenics International | Entrepreneur
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Facing financial strain post-layoff in the live events sector can be daunting. Yet, staying flexible and optimistic is key. As the industry evolves, embrace adaptability—learn new skills, leverage tech, explore new markets. Though adjustments may be needed, see this as a chance for growth and reinvention. Belief in your abilities is crucial. Stay proactive and open to change, emerging stronger and more resilient.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if you're facing financial difficulties after a layoff in the live events industry?

1

2

3

4

5

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1 Assess your situation

2 Seek financial assistance

3 Create a budget and a plan

4 Take care of your mental health

5 Stay connected and updated

6 Be flexible and optimistic

7 Here’s what else to consider

Live Events

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What do you do if you're facing financial difficulties after a layoff in the live events industry?

1

2

3

4

5

6

7

1 Assess your situation

2 Seek financial assistance

3 Create a budget and a plan

4 Take care of your mental health

5 Stay connected and updated

6 Be flexible and optimistic

7 Here’s what else to consider

Live Events

Rate this article

Thanks for your feedback

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