It is always best somehow to anticipate the unexpected and be prepared. Unfortunately it is hardly ever possible to know when something is just around the corner. While we always hope for the best something terrible can happen like losing our job and our main source of income unexpectedly. That is not the time to start a business unless we have saved money and have severance pay, savings and/or unemployment insurance. Job or not, living expenses march on.
Unless you have money to live on for a while, you need to focus on getting a job rather than to speculate on starting a business online just yet. Depending on many factors, nobody knows how long it will take to develop a steady income from your own business. While it is much less expensive to start a business on the Internet than it is offline, it is going to take some time and effort, and possibly some money to make it faster and easier.
One thing you don’t want to be is desperate, which you may be if you are unprepared for this major life change of losing your job suddenly. When people are desperate that is when they are most vulnerable and can make bad decisions. They are not thinking clearly and are emotional, afraid, etc. So being prepared for the unexpected as much as you can is a real good idea. That would mean taking some action ahead of time when there are no catastrophes looming.
Even if you do not have emergency recovery resources in place, it is much smarter to try to find a part-time job FIRST so that you have some income while you are building your home business. If you can start this while you STILL have unemployment benefits you can report your income and this will result in your benefits being extended.
You can at least think this through and ideally also start saving some money right now. If nothing happens you can just keep saving that money; or pay some bills to save the expense of interest. You will also be surprised what a little peace of mind is worth in this regard. It is always best to be prepared. Having extra money socked away is a good way.