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I hope this remains theoretical for you and you don't have to put your action plan into place. Until the writing is on the wall, you can engage in casual, unofficial contacts with other companies to inquire about any current or upcoming job openings. Create a "tickle list" that you refer to periodicallly and keep an eye on job postings. Meanwhile, keep your eyes and ears open at work to get an early warning of any impending changes.
What makes you think that you are going to get laid off? Have there been rumors? If you don't feel like your job is secure, you should start applying for new jobs immediately. The sooner you get ahead of it, the better.
I agree. I wouldn’t wait to be laid off, unless you think your severance and unemployment will be more lucrative than FT work. Even then though, I’d make applying my second job and make sure I’m getting a good pay raise