Every year, millions of workers are fired from their jobs. The reasons for firing are varied, ranging from poor performance to employers scaling down operations.

As an employee, losing your job is one of your most dreaded moments. It could mean losing an income, at least until you land another job. It also means getting on the job hunt—again.

But, losing your job doesn’t have to be all gloomy. As long as you know what to do next, you’ll be just fine.

Ready to learn how to turn setbacks into opportunities?

Here’s what to do when you lose your job.

Embrace the Setback

Nothing prepares you for the day you lose your job.

Whether you saw it coming or not, it’s natural to feel disappointed and heartbroken. You know how hard it is to find a good job in this economy, thinking of finding another one is enough to dampen your spirits.

However, as much as the firing can be a sucker punch, this isn’t the time to feel sorry for yourself. Embrace the fact that losing a job is part of life. Absorb the shock and get ready for the next chapter of your life.

File for Unemployment Benefits

If you were fired for a reason that’s not of your own making – perhaps your former employer was restructuring and your position became redundant – you probably qualify for unemployment benefits.

As such, the next step is to file for those benefits with the relevant agency in your state. If approved, you’ll receive monetary compensation for a certain period of time, or until you find a new job.

Similarly, inquire about your health insurance and other benefits from your ex-employer. If your health is no longer covered, for instance, you can purchase short-term health insurance.

Update Your Resume

Chances are you’ve never looked at your resume since you got hired. But now that you’re on the job hunt again, you’re about to retrieve it from that long-forgotten folder.

Don’t just retrieve it and start making applications. Take your time to polish it up. You’ve probably gained some skills and experience since you wrote it. Update it accordingly.

This is also the best time to update your LinkedIn profile, as well as your other social media profiles. Googling your name will give you a good picture of what potential employers will find when they search you on the web. Ensure it’s a good picture.

Self-employment, Anyone?

An increasing number of young Americans want to be entrepreneurs.

If you’re one these people, losing your job could be a blessing in disguise. Perhaps it’s all you needed to finally move into self-employment and become your own boss.

If you’ve been an employee for some time, you’ve probably saved up some money, which you can use to fund your startup.

Bear in mind, though, that self-employment isn’t a rosy affair. Take steps to enhance your chances of finding success, such as creating business cards to market yourself. Check out these business card templates for inspiration.

You Know What to Do When You Lose Your Job

Getting fired isn’t an ideal situation to be in, but it’s part of your professional life. It’s not the end of the world. With this guide on what to do when you lose your job, you have no reason to feel stranded. You’re still in control of your destiny.

All the best and keep reading our blog for more career insights.