By Dr. Bill Dyment, Co-author of Fire Your Excuses
Each year, I meet scores of career professionals and students whose stories closely parallel the ones below. Is one of these stories your own?
· Robert lost his current position due to restructuring. He knows that his field has changed and it is unlikely he will be hired at the same salary as before. He has been out of work for more than a year. Every month he is not working, he is losing thousands of dollars.
· Melissa’s job is not what it used to be. There is a salary freeze and she constantly hears, “You should be happy just to have a job.” Yet, her family’s bills keep rising and, then there is college and retirement. She doesn’t want to become a full-time entrepreneur, but an extra few hundred a month sure would help.
· Ryan will be entering college soon. He is smart but unfocused. Given the cost of college these days, a clearer understanding of his strengths, weaknesses and interests might save a lot in unnecessary classes, even an unnecessary extra year in school.
· Kim is an artist at heart. She is talented and helped a number of friends with parties, flowers, and crafts. Everyone says she should go into her own business but she doesn’t know where to begin.
· Daniel lost nearly all of his investments when the real estate market crashed. He knows at his current salary, he will never be able to make up that loss before retirement. He wonders what else he could do to earn more in the time he has to work.
Getting Real with Your Career:
10 Questions to Ask Yourself
1. Will my current position likely be in more or less demand in the next three years? If the answer is “less,” are you O.K. remaining in a fading position or field? (If you are close to retirement or have more than enough, this may not be a concern.)
2. If my position is not likely to grow, am I O.K. with capping my salary indefinitely at this point in my career? If you enjoy a rich, full life outside of work and you are fine with the income and the responsibilities you have now, this may be O.K. too. Just keep in mind, your expenses, i.e., fuel, health care, etc., will continue to rise each year.
3. If the demand for my career is likely to diminish, and this is a concern, what am I willing to invest now to “move with the cheese” and not become a commodity or worse, be laid off? (Below is a list of action steps ranked from “highest investment” to “least investment.”)
a. Get a new degree ($10,000-$50,000)
b. Invest in a certificate program (several hundred to several thousand dollars)
c. Join a coaching group or program which will teach you how to develop a new income stream. (free to investigate up to $5000)
d. Invest in mid-career assessment/coaching ($2000 or less)
e. Schedule an exploratory career coaching session- $150
f. Read books-less than $200/year
g. Listen to podcasts/watch videos online (free)
4. Am I interested in entrepreneurial work?
Not everyone is interested, has the skills, or the temperament to be self-employed. Others are used to working internally but could learn small business skills and do quite well. Which are you?
5. Do I feel I have the abilities and drive to be an entrepreneur?
If you don’t feel comfortable starting your own business, are you interested in learning the skills needed to begin a part-time one?
6. If I were going to “make a move” or need to do so at this time, would I stay in my current field or consider another line of work?
Many who are dissatisfied with their current job would be quite happy staying in their field but working for another organization. Others are tired of their profession or see it dying and need to make a bigger move.
7. How likely am I to find another job that pays the same or more in my current field?
Many career professionals whose job duties are being negatively impacted, going away, or who have been fired, accurately believe that they will not likely be rehired anywhere near the same salary due to current economic and workplace realities. They have some important decisions to make.
8. Realistically, how long do I think it will take to secure a new job? A conservative estimate is that your job search will take 1 month for every $10,000/year you hope to earn. So, if you are looking for an $80,000/year job, plan on at least 8 months.
9. If I do decide to start a side business, how much time could I give it? It is recommended that you spend 10-15 hours a week on your new venture. More than that, if you are working full-time elsewhere, you will burn out. Much less, and you will not be able to give it sufficient time for success.
10.For those interested in a part-time small business: What would my new business need to make per month to meet my needs? For many, a thousand or two of additional income would transform their financial situation.
11.Bonus Question: What could I sell that would not require me to exchange hours performing a task or service?
Any extra income is great, but with some thought and planning, you may be able to identify and provide a product or service that would not require you to trade your hours delivering it. Informational products and online-based items offered for sale are two main examples of business models that provide you with dollars while you sleep.
Final Thoughts:
Were the questions above revealing? When it comes to your career it is easy to become “comfortably numb” only to learn that you have been in a bit of denial about your career prospects, needs and opportunities.
Many I work with each year are either in a position that is slowly being eroded, less fun than it used to be, or would like to earn a bit more but find the prospects of starting their own business a bit scary. It doesn’t have to be all-or-nothing. For many, the solution is a move within their field coupled with a deliberate personal branding strategy to stay out-front and in demand. For others, it is to start their own business, slowly but surely or to open a part-time business that will supplement their income from their full time work.
Wherever you find yourself there is a good chance that you need to do some exploring. Hope is an incredible thing. Once it dims, we tell ourselves all sorts of half-truths to keep us right where we are. Then, it becomes easy to feel as if what you have now is all you can expect in the future. Educate yourself, and talk to others who have chosen a very different career path than your own and you will be amazed at the opportunities around you to better yourself and your family.
___________
About Dr. Bill Dyment
Dr. Bill knows how America does business. Since 1997 he has spoken 2180 times to 450 of America’s Fortune 500’s, hospitals, universities and charitable organizations. He also has an extensive background in career assessment, entrepreneurship and personal branding.
Dyment & Associates provides the following career-related services:
1. Mid-Career Assessment Packages–shorten the time you are out of work or unhappy in your current position.
2. College Advantage Assessment Packages for incoming, existing or college-aged individuals. Focus your major and career target and shorten the time you spend in college.
3. Entrepreneurial coaching–Should you start a business and, if so, what and how?
4. Career coaching sessions–designed for those who need a blueprint and encouragement as they transition into a new job.