Forbes Coaches Council
Your Career 2.0: Tips To Achieve Self-Sufficiency
The new year is well underway, and the economy is booming. But millions of Americans are still anxious about their professional future. Job security has become a dark punchline or an oxymoron, like “jumbo shrimp.” The only real constant in business today is the constant threat of people being downsized, right-sized or capsized, as corporations try to wring every bit of profit from their bottom lines.
So, what’s the move here? Stay in a job with no guarantees and a definite end-point, usually not of your choosing?
Maybe it’s time to take control of your professional life by creating Your Career 2.0, taking a deep dive into owning your own business.
Risky? There’s risk in everything. If there weren’t, everybody would be working for themselves! But is it riskier to stay put waiting for the inevitable blade or to bet on your skill sets, drive and desire for something better — to make a real career change?
Here are ideas to help you start formulating a strategy for achieving self-sufficiency.
Discovery
What are your passions? Are you willing to put the money, time and effort into Your Career 2.0? What business would be the best fit for you and your goals? What are the challenges you will face? Are you even cut out to be your own boss? It’s all part of your discovery process, examining every angle, searching for real, gut-honest answers.
Guidance
It never hurts to have another set of trusted eyes helping you in this process of self-sufficiency. That’s why I have a swing coach for my golf game. Doesn’t it make sense to have an advisor to help you out on this journey? You will need someone who will look out for you, help you examine every aspect of opportunities in an unbiased manner and point out the things you can’t — or refuse — to see.
See Your Success
I’ve always been a believer in “see it, believe it, achieve it.” We have the capacity to visualize our success, just like great athletes see the positive outcome of a play before it happens. So, what is your vision of success? Greater disposable income? More time for family and friends? Enhanced lifestyle? See your success, then write your vision down to turn it into easily articulated goals. Just be prepared to really work to achieve them.
Embrace The Danger
Five years from now, staying on your current career path, will your life be better, the same or worse? What happens if you lose your job? Can you really build wealth and equity you want for your family in this job? These are some of the questions you must answer — with clear, unblinking resolve to help you formulate the plans and goals to combat the fears, control your own destiny and empower you to create Your Career 2.0.
Be Open To Opportunities
Maybe you have a real passion for cooking and think that owning a restaurant would be a great business opportunity. You’ve locked on to this to the exclusion of everything else. But what’s the rush? Take the time to examine all your options. Maybe even dip a toe into a side job you believe would be a great business to own while you’re still in the corporate world. You may find it’s not all you thought it might be.
Celebrate Your Strengths
Take stock of your strengths: job successes, solid work ethic, accomplishments, high integrity, positive attitude and adaptability, to name a few. Every one of those characteristics can be used in your strategy to Your Career 2.0, helping you write a powerful, personal success story.
Career Choices
Being an independent business owner means it’s all on you, everything including business and marketing plans, finding customers, dealing with vendors, etc. Usually, there’s no real support system either.
Franchising might be a better option. It offers the advantage of working from a set, proven system and replicating that system with a lot of internal/external support. However, franchising isn’t for everyone. There are tools to help you find out if you’re even a fit to go that route.
Overcoming Family Objections
It has been my experience that some of the biggest obstacles to Your Career 2.0 are your own family or friends. They can’t comprehend why you want to leave the security of your traditional job, so they voice their concerns. To combat their understandable misgivings, it is very important you share with them your process, helping them see your vision and the careful, strategic steps you are taking to realize that vision. When they grasp that, they’re much more likely to provide positive reinforcement and encouragement.
Financing Your Future
Ah, the elephant in the room: funding your dream. There are many options that don’t include asking a rich uncle for the money.
Your 401(K) could be one way to go, as a “proactive” investment. For example, even if you are younger than 59, you can take loans from those dollars without the 10% penalty (however, the money is taxable). Your financial advisor can show you how.
Also, if you choose to buy a franchise, the franchisor could offer to finance the entire franchise fee or a significant part of it, as well as other costs, sometimes at simple interest.
Beginner’s Mind
You must be willing to abandon all preconceived notions about business ownership while being curious and open to new information. It’s all about exploration now, not decision making.
Also, never worry about failure at this stage as you examine different business ownership concepts. Remember, Edison tested more than 1,000 light bulbs before he found the right one. But he also used each failure to learn more about the process, which eventually led him to illuminate the world.
Here’s to your success on your journey to Your Career 2.0!