You’re not alone in this feeling. According to a survey by EMPLOYERS® Insurance, 46 percent of Generation Y wants to start a business in the next five years, while 35 percent of Generation X and 21 percent of Baby Boomers do.
The Run Down
- Don’t run from your career. You may be able to make adjustments that will help you enjoy your work in the short term and make your skills stronger in the long term.
- Make sure you have a financial plan in place for your transition between careers. It will not only take time, but also money to realize a new career.
- Review every aspect of what it is you want to do with your work life to ensure that your new path is truly the one you want to set out on.
- Try not to react emotionally, but logically, looking at all angles and how this change will affect you, your family, and your finances.
- Realize that a career change won’t happen overnight or even in the matter of months. You will need to plan accordingly in order to see your vision through.
A recent trend is that of Generation Y — also known as Millennials — gaining experience and contacts at the companies they enter after graduation and then using what they’ve learned to create their own business.
You don’t have to be part of Generation Y to work in the industry or the job of your dreams. You need to evaluate your experience, your current employment, your finances, and what you need versus what you want. Here are five concepts to keep in mind if you are thinking of changing careers or starting a new business.
Depending on how long you’ve been in the workforce — and yes, your experience as a teenager working in retail or performing manual labor counts towards this — you may be able to see revisions you’ve made to your career over the years. Reflecting on those changes and looking at where you are npw in terms of career can teach you valuable lessons about what you want versus what you need.
From working as waitstaff in a restaurant to mowing lawns to being a market analyst, you may see that each career change led you down a different path. It might not always have been what you’d hoped or planned for. Every position, every experience, carries a great deal of value, and those insights should be applied to any thought of career change.
Here are five points to keep in mind when thinking about what you want with a change in your work.
- Are you running from your career?
Don’t wait until you are completely miserable in your current job before you make a change and don’t rush out before you’ve made improvements. What feels like a horrible job may be bettered through growing or repairing relationships, building respect, communication, and skill growth. If you still feel you need to move on, by trying to improve on your skills you will move on successfully.
- Do you have a financial plan?
If you don’t have available money to make the transition from one career to another, you can find yourself struggling. You should research how long your transition will take and plan accordingly with your accountant or financial consultant. It can take years, especially if you return to school to receive training on your new career path. If you don’t have the funds available in your bank account, you can either wait until you have that money available or lower your expenses to save what you’ll need for the transition.
- Is this the right new career for you?
You shouldn’t make a change just for the sake of changing. Think about your skills and talents and what you’d like to do with them, what you want to use. This doesn’t always mean starting up a business, though for some people this is the right path for them. You may be able to satisfy your needs at another organization.
- Have you looked critically at your decision?
Is a switch to a different direction going to truly bring you satisfaction or can you fulfill your needs without needing to change careers? Be sure you will be happy will all the new changes that might come about with a change in professions.
Do as much research and exploration and dig as deeply as you can to determine what you want, and what you really want from this career change. You might find that you’re not seeking a new career after all or that you want to expand on your current skills and take on new challenges.
- Are you ready to go the distance on this?
Changing your career is going to take time and a good deal of effort, as well as money. Don’t let your unhappiness in your current position completely influence your plans for the future. Realize that this will not happen overnight or even in a matter of months and plan accordingly. Most importantly, if a new career is what you feel will lead you to happiness in your work, don’t give up on that dream.
You can change your career and move your life into a new direction. It will take time, effort, patients, and money to help you through the transition. As with any investment, a career change requires planning and making informed choices. AmOne understands this. We’ve helped people realize their dreams of returning to college, of starting their own small business. At AmOne, we know about saving money and managing it. If you have questions, we can help. Our knowledgeable associates are ready answer your questions on money management, financial planning, debt consolidation, credit repair, and more. AmOne offers solutions; your call to us is free and we won’t try to sell you anything. Find out how to reach us and learn more about how AmOne can help you today.