Layoff to Liftoff: Part II

This is a four-part series on the lessons learned from a recent layoff experience. This article is 100% human written.

Chapter 2: Runway & Burn Rate

This is the second chapter in a four-part series on the lessons learned from a recent layoff experience. Catch up on Chapter 1 here. This article is 100% human written.

Lesson 1: Treating Unemployment as a Startup

The first thing I did after being laid off was to think of my unemployment as a startup. This mental model wasn’t a conscious choice. Looking back, it felt natural simply because in Startupland, those metrics are critical to decision making. With this in mind, I calculated my runway and burn rate. 

In case you’re unfamiliar, runway is the amount of time you have until you run out of money. How long could my family operate on the combination of savings, unemployment insurance, and my partner's salary? Burn rate is the rate at which you're spending money. These two metrics helped my incredibly supportive partner (and far better half) and I plan together: what to cut back on and how, and when further belt-tightening would be required. They also helped:

1. Alleviate the immediate financial stress through clarity. I could set goals against deadlines. Given interviewing timelines, my ideal was to have a new job by the beginning of the school year. I could also back into more protracted timelines, with backup plans. These backups turned out to be wildly outside anything I really anticipated, but I'll return to that a moment.
2. Clarity helped me understand where and how to allocate my energy and the operating rhythm. I marked milestones on the calendar: when to check in with recruiters, applications submission rates, etc. A startup has to make decisions and place bets, but can't do this without a clear view of how much time they have to play with.

Lesson 2: Be Open to Surprises

By understanding my runway and burn rate, I had the gift of time. Not clairvoyance, but I had breathing room in the near term. I was laid off on May 19th. I was slated to do two events in May, which until the layoff had been extracurricular activities: presenting a webinar on AI and cybersecurity for the Women + Cybersecurity = Women's Society of Cyberjutsu , and moderating a panel on AI implications for security teams at siberX 's Canadian Women in Cybersecurity Conference. Now, unemployed, I decided to tackle these two projects like a full-time job.

This mindset brought entrepreneurial focus and drive to the now empty weekdays. I built study plans to understand the latest issues and set time aside to learn more about a generative AI presentation tool called Gamma for making the content shine. For each project, I told myself, "No excuses, knock it out of the park."

Surprise #1: Is Speaking a Thing Now? 😳

Much to my surprise, it turned out one of the webinar attendees worked in the office of the CISO for a Fortune 200 company. She invited me to speak during the company's cybersecurity events in October. Then came requests for podcast interviews and conferences presentations.

Let me be very clear: despite being generally comfortable with public speaking, it was never on my radar as something to pursue. However, through this experience I learned how much I enjoy the intellectual challenge of synthesizing new information and making it accessible through storytelling.

Surprise #2: Do I Need an LLC Before a New Resume? 🤔

In Chapter 1, I detailed how I back-channeled my layoff news to close friends before turning the "Open to Work" banner on. Those two weeks coincided with this same period. In talking with close friends, I was taken aback by the number of recommendations or offers to take on contract or fractional work. There was such a surprising volume that I briefly wondered if I needed to set up an LLC before refreshing the resume.

Like speaking, consulting was never something I imagined for myself. However, my newly tenuous financial position had me preoccupied with diversifying income streams as a bulwark against future uncertainty.

Lesson 3: The Power of a Strong Network (Redux)

We'll return again and again to the importance of a strong network. With both surprises, I was able to reach out to my network for advice. Through LinkedIn, I'm connected, however improbably, with people all over the world. I've always thought of posting on this platform as an opportunity to have an open dialogue between the stuff banging around in my brainbox and larger communities.

Elin Hauge and Yanya Viskovich , people whom I've never had the privilege to meet in person, who both live thousands of miles from me, nonetheless met with me over Zoom to share their own journeys to consulting and speaking and what they learned along the way.

Katie Bird generously showered me with resources, contract templates, and all she's learned in building her own consulting practice.

I'm immensely grateful for the time and generosity that these women and many others gave as I worked through these questions. Again, relationships are built over time, they're not favors you call in when you send a connection request!

Today, now gainfully employed, the network continues to give. Friends and connections continue to put my name out there for projects or speaking engagements. I'm humbled and grateful for the giving spirit of this community, and endeavor to return it at every chance I get.

If I'd remained single-minded about replacing one job with another, I don't think I would have discovered as many opportunities, or continued to meet as many amazing people. In fact, I might have raced into a job I didn't really want. The "Startup Mindset" was helpful for channeling energy into the right areas, while giving me enough room to experiment and pivot.

To be continued...

In Chapter 3, "Burn No Bridges," I'll dig more into the emotional rollercoaster of unemployment. This series is not about peddling toxic positivity. I'll examine how Stoic philosophy and cognitive psychology helped provide coping strategies.