Dr. Bill Dyment, Co-Author of Fire Your Excuses, January 20, 2015
By this time, your 2015 should be well under way. Welcome to your annual Career Advantage Check-up! If you take a moment to read and answer the 10 questions below, I guarantee it will help you better strategize your career in 2015. Would you consider spending a few minutes to map out how you might make hundreds, even thousands more this year? Enjoy!
Have you promised yourself that this will be the year to make a big change? Should you stay where you are? Should you stay in your field but find another organization? Should you start your own business? Or should you start a supplemental part-time business?
How to get the most out of this resource:
1. First, read the 5 most common career transition scenarios below, can you relate to any of these individuals?
2. Next, work through The 10 Key Career Questions of 2015. Revised yearly, they are designed to help you “get real with your career” and sort through your next career steps in this new year.
The 5 Most Common Career Transition Scenarios of 2015
In Need of A Change in Career Direction?
Does one of the following scenarios fit you?
Can you relate to any of the following real-life clients? (Names and details have been changed to protect privacy.)
The “It Was Just Business” 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 week he is not working, he is losing thousands of dollars. He and his family are rapidly approaching a financial crisis.
The Commoditized Professional Kim’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, especially insurance, keep rising and, then there is soon college for the kids and retirement is looming. She doesn’t want to become a full-time entrepreneur, but an extra few hundred a month sure would help.
The Costly College/Unfocused Student or Graduate Ryan will be entering college this fall. 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. Melissa is Ryan’s cousin. She graduated from college 18 months ago but has not been able to find a good job. To her parent’s thinking, she is make a half-hearted effort at job hunting, is currently working a very part-time job, and spending too much time having fun. Something has to change.
The Talented Artist Who Gave Up The Dream for Security and Wants it Back 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. She is currently employed in a field that has nothing to do with her passion. Starting a part-time business selling her work on the side would be a huge step.
Starting Over- Late in the Second Half. 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. The numbers just don’t add up. Despite working since the age of 15, now in mid-life he has little to show for it and fights feeling as if he has failed himself and his family.
THE 10 KEY CAREER QUESTIONS OF 2015
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 salary is not likely to grow, am I O.K. with capping my yearly earning potential 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 possible action steps ranked from “highest investment” to “least investment.” vs. highest to lowest impact (completely different.)
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. (varies based on need. Free to investigate up to $3000+-)
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?
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.
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. We have found that in the current economy, this time could take considerably longer, especially if the job hunter is not doing the right things. However, there are a few key steps you can take to shorten this process considerably. The key is to make a list of potential employers and reach out to them BEFORE they post their online ads.
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 1: 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.
12. Bonus Question 2: Have you been completely honest with yourself? Is there an emotional component to your situation, e.g, are you mildly depressed, anxious, in denial or avoidant? It’s completely normal to feel depressed after a long, discouraging job search but you must deal firmly with this added challenge in order to be successful. If you are experiencing any of these issues commonly associated with job transition stress, you may need to address these first.
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.
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Dr. Bill’s “Career Advantage ” Services
Dr. Bill knows how America does business. Since 1997 he has spoken 2275 times to 450 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.
Do you know someone who needs these services? Let us help save you time and money.
Thanks ahead of time for your referrals!
Dr. Bill