Learn key financial strategies for influencers facing layoffs, ensuring stability and growth in their careers.

If I was affected by a company layoff, here are 3 side hustles I'd do to ensure financial stability: ✅ Influencer Brand Deals I'd pitch to 25+ brands per day via Instagram DM and email, then negotiate to a fair market rate that aligns with my following, engagement, and audience analytics. ✅ Digital Products I'd use an Instagram DM automation bot to automate digital product sales that convert comments to sales via DMs. ✅ Speaking Engagements I'd pitch to 25+ organizations/school per day via Instagram DM and email, then negotiate to a speaker fee that aligns with my previous experiences and offerings.

Last updated on May 7, 2024

Here's how you can navigate your finances during a layoff in the influencer marketing field.

Navigating a layoff can be a daunting experience, especially in the influencer marketing field where income often fluctuates. However, with the right approach, you can manage your finances effectively during this uncertain period. This article will guide you through the essential steps to take control of your financial situation, ensuring you stay afloat until your next gig. By assessing your financial health, cutting unnecessary expenses, seeking alternative income streams, networking within the industry, considering professional development, and understanding your worth, you'll be better equipped to handle the challenges of a layoff.

Key takeaways from this article

Diversify income streams:

Pitching for influencer brand deals and speaking engagements expands your earning potential. By actively engaging with multiple brands and organizations, you create new opportunities to maintain financial stability.
Live within means:

Embracing a basic and cost-effective lifestyle ensures you're not caught off guard financially. Cutting back on non-essential expenses allows you to stretch your funds further during a layoff.

This summary is powered by AI and these experts

1 Assess Finances

The first step is to thoroughly assess your financial situation. Take stock of all your assets, savings, and any income you might still be receiving. It's crucial to know exactly how much you have in your emergency fund and how long it can sustain you. Create a detailed budget that accounts for all your necessary expenses, such as rent or mortgage, utilities, food, and insurance. Understanding where you stand financially will give you a clearer picture of how to move forward and prioritize your spending.

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Nicholas Drake

Entrepreneurial and Small Business Operations at University of Southern California
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Most people live outside their means. I suggest keeping your life basic and cost effective at all times. This will allow you to get ahead in life. Most people overspend being in competition. Live on your own terms, then buy what you need.

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Charles Mance

Building MXO
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Look at your current Financial situation and don't spend more than you earn. Keep life simple, avoid fancy dinners, and try to stay low key until you're up again.

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2 Cut Expenses

Once you have a clear understanding of your financial situation, it's time to scrutinize your expenses. Identify areas where you can cut back without significantly impacting your quality of life. This might mean canceling subscription services, eating out less, or postponing major purchases. Remember that these cuts are temporary measures to extend your financial runway until you secure another source of income in the influencer marketing field.

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3 Alternative Income

Exploring alternative income streams can provide a financial cushion during a layoff. Consider leveraging your skills in related areas such as content creation, social media management, or consulting. You might also explore part-time work or freelance opportunities. Diversifying your income sources not only helps financially but also broadens your experience and skills, which can be beneficial for future influencer marketing opportunities.

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Skyler Basco

Incoming Product Manager @ Microsoft | 3x Microsoft PM Intern | LinkedIn Top PM Voice | Spoke at Harvard, Princeton, Columbia | 75K+ followers across Instagram, YT, LinkedIn
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If I was affected by a company layoff, here are 3 side hustles I'd do to ensure financial stability: ✅ Influencer Brand Deals I'd pitch to 25+ brands per day via Instagram DM and email, then negotiate to a fair market rate that aligns with my following, engagement, and audience analytics. ✅ Digital Products I'd use an Instagram DM automation bot to automate digital product sales that convert comments to sales via DMs. ✅ Speaking Engagements I'd pitch to 25+ organizations/school per day via Instagram DM and email, then negotiate to a speaker fee that aligns with my previous experiences and offerings.

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Brent Colmer

Marketer, Brand Strategist + Creator
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If you find yourself between jobs, look for alternative sources of income. This could include freelance work, consulting, or part-time jobs. You could host a workshop or training session with your knowledge and sell tickets to the event. You may also consider monetizing any skills or hobbies you have through platforms like freelancing websites or creating digital products and maybe even stepping into creating content as UGC creator.

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4 Network Smartly

Networking is a powerful tool in the influencer marketing industry. Reach out to your contacts, fellow influencers, agencies, and brands you've worked with in the past. Let them know you're available for new opportunities and collaborations. Attend industry events, either virtually or in person, to stay connected and visible. Your next job opportunity could come from someone within your professional network.

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5 Professional Growth

Use this downtime to invest in your professional development. This could mean taking online courses to enhance your influencer marketing skills or learning new tools and technologies that could make you more attractive to future clients or employers. Staying updated with industry trends and enhancing your skill set shows potential clients that you're proactive and committed to your career.

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6 Know Your Worth

Finally, it's important to understand your value in the influencer marketing industry. Don't undersell your services out of desperation. Research current market rates for influencers with a similar reach and engagement as yours. Be ready to negotiate contracts that reflect your worth and ensure you're being compensated fairly for your work. Maintaining your standards will help secure your financial future and uphold the quality of your personal brand.

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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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Here's how you can navigate your finances during a layoff in the influencer marketing field.

1

2

3

4

5

6

7

1 Assess Finances

2 Cut Expenses

3 Alternative Income

4 Network Smartly

5 Professional Growth

6 Know Your Worth

7 Here’s what else to consider

Influencer Marketing

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Here's how you can navigate your finances during a layoff in the influencer marketing field.

1

2

3

4

5

6

7

1 Assess Finances

2 Cut Expenses

3 Alternative Income

4 Network Smartly

5 Professional Growth

6 Know Your Worth

7 Here’s what else to consider

Influencer Marketing

Rate this article

Thanks for your feedback

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