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Adulting Business Finances How To

4 Smart Ways to Seek Funding for Your Business

To grow a business, you need to have the appropriate funding. Some people may choose to grow their business slowly and organically by putting their profits back into their business growth. However, if you want to speed up the pace, you must consider how to seek funding for your business. You can find ways to borrow money, or you might find people willing to invest in your business if they get something in return. If you’re thinking about how to fund your business and its growth, here are some of the funding options you can consider.

How to Seek Funding for Your Business

Apply for Grants

Business grants are available for some businesses to help them accelerate their growth. You might be able to get a general grant or one to help you complete a specific project. Some of these are specific to organizations doing certain types of work. One example is that the Global Institute for Disease Elimination awards grants to organizations in endemic countries helping to combat disease. Or, you might find options offered to specific groups of people. You might be eligible due to your age, gender, ethnicity, or other factors. Obtaining a grant means you can fund your business without borrowing money.

Get Family and Friends Involved

Sometimes when you want to start a business, your friends and family are willing to support you. Not everyone can offer you financial support, but many people can and will. One thing to think about is what’s in it for them if your friends and family help fund your business growth. Maybe they get their money back plus interest once your business has reached a certain point. Or perhaps they even get a share of your business if they contribute a significant amount to help you grow it.

Consider a Traditional Bank Loan

Traditional bank loans can sometimes be difficult to secure, especially for a new business. However, they are an option that many people are familiar with. If you’re considering a bank loan, do some research on what’s available, including interest rates and loan terms, to find one that could work for you. It’s a good idea to have a business plan prepared and some financial information that you can use as evidence to help show that you’re capable of repaying the loan.

Look for Startup Incubators and Accelerators

Incubator and accelerator programs give startups a push to help them grow. In addition to providing investment for growth, they also include mentoring from experienced business people. You can benefit from the support of people who know what they’re doing and how to get more from your business. However, the competition can be tough, and the application process is pretty difficult. 

Seek Funding for Your Business

These options can help you get the funding your business needs. Then, you can focus on growth and achieving your goals.

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Adulting Finances

Are These Services Worth Investing in For Your Business?

There are many different services that you can hire for your business at any given time. Some of them are extremely important, and some of them are just there if you want them. But, how do you decide which is which? In this article, we’re looking at three options and whether or not they are services worth investing in for your business. Keep reading down below if you would like to find out more.

Are These Services Worth Investing In?

Marketing

One of the services that you need to consider is marketing. Marketing is essential because it is how people learn about your business, what you can do for them, and why they should choose you over others. It’s an essential service, recommended no matter how tight your budget is. Every other company will be marketing their business, and if you’re not, you won’t be able to keep up. 

Look at the different companies and what they are offering. Once you have seen what they offer, you can choose what is best for you. We would recommend choosing a business that has experience in your industry.

Investing

Another thing that we think you should consider is hiring an investment firm like Fundamental Global for your business. This service is only relevant if you want to invest as a company. If you aren’t interested in doing this with your business, then this service isn’t for you. But, if you think that investing as a business is something that you want to do, you can’t go wrong with getting some professional help.

Accounting

The final service that we are going to be looking at is accounting. If you run a small business, you can run the numbers yourself. However, the more your business grows, the more complicated this will get. It piles more onto your plate, and you may not be able to handle it anymore. The more your business grows, accounting becomes an increasing need. Once things get too much to manage, that’s when you need to hire the services of an accountant. Find one that has the experience and knows what they are doing, though, or you may as well do it yourself.

Services Worth Investing In

We hope that you have found this information helpful and can see some of the considerations you must make regarding the services your business needs. You must make the best decisions for your business but ensure that you consider all possible factors when you do.

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Adulting Finances For the Home Home Life

5 Ways to Know You’re Ready to Buy a House

There’s a point in everyone’s life where they consider buying a property. However, the decision to go ahead and do that or not depends on a few factors. Someone who’s in a position to buy a property might decide that it’s not the best option, and someone who would face an uphill battle could decide that it is the right decision. The good news is that you don’t have to make this decision blindly. There are some key considerations you can keep in mind that’ll help you know if you’re ready to buy a house.

How to Know You’re Ready To Buy a House

Steady Income

It can be enjoyable to have a property, but there’s no avoiding that it is a financial commitment. You’ll be signing yourself up for monthly payments for several decades. While there’s no such thing as a 100% secure career, there are some jobs that offer more security than others. If you’ve been working in your position steadily for several years and can’t envision a future where you’ll be out of work, then you’re in a strong position.

Debt Management

You don’t necessarily have to be free of debt to buy a house. It all depends on what type of debt you have. If you have manageable debt then everything will be fine. If you have unmanageable debt, or you’re struggling to stay on top of your payments, then it’ll be better to get those things under control. Plus, if you have a history of good credit, you’ll be able to get better deals on a loan.

Deposit Savings to Help Get Ready to Buy a House

You’ll need to have some money set aside as a downpayment on your house. There’s usually a minimum and maximum, and talking to an experienced mortgage broker will help you get the best mortgage deal based on the value of your savings. Once you’ve decided to buy a house, it’s recommended to ramp up your savings goal. It might mean that you need to tighten your belts for a year or so, but it’ll be worth it!

Emergency Funds

There’s another calculation that you should make before you decide to buy a house: your capacity to deal with unexpected costs. While you can predict many of the costs of homeownership, there’ll always be something that surprises you. If you know that you have enough of a safety net to meet those costs, then you’ll be OK.

Ready to Commit

Finally, are you ready to commit? There’s value in having a property, but you have to make some sacrifices. But if you love where you live and your life, then it’ll be worthwhile making those sacrifices! 

Are You Ready To Buy a House?

Buying a house is an exciting time in your life, but you’ll want to make sure you’re ready to buy a house first. If you’re ready, it can be a beneficial move. Do you have any other tips for knowing if you’re ready? Leave a comment and let us know. 🙂

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Adulting Finances How To

How To Increase The Resale Value Of Your Car

Hardly anyone who purchases a car expects to keep it forever. Many car owners choose to replace their vehicles when their needs change. For example, new parents might sell their roadster for a minivan; empty-nesters relocating to a sunny state might sell their SUV for a convertible, and students leaving home for college might not need to bring their high school car to campus. If you’re ready to sell your car from high school, here’s what you need to know to increase the resale value of your car.

Resale Value Of Your Car

Questions to Ask Before Taking a Car to Campus

Most college campuses have all the amenities that students need — such as dining, entertainment, shopping, and laundry facilities — within a few blocks of their residence halls or apartments. Many students learn quickly that they can get almost anywhere without a car just by walking, biking, or taking public transit.

For some college students, owning a car might be more trouble than it’s worth. Aside from buying gasoline and paying for insurance, students might get a sticker shock when they learn how much they’ll need to pay to park a car that they barely use.

Before you leave for college, investigate the campus parking arrangements. Find the answers to the following questions:

  • What is the fee to keep a car on campus? Is it a monthly, yearly or per-semester rate? Is summer parking included?
  • Are parking areas secure?
  • Is covered parking available? (Don’t forget about hail and snow.)
  • Are parking spaces numbered and reserved, or does the parking lot get full by the time morning classes begin?
  • How much are campus parking citations?
  • Are unused portions of parking fees refundable?

Alternatives to Keeping a Car on Campus

If having a car on campus isn’t an option, there are usually alternative modes of transportation available. Municipal transportation systems typically offer bus routes from campus to popular destinations around town. Check the local transportation website to see if you can ride the bus or rail systems for a discounted student rate. Besides bus and rail service availability, you might not need a car on campus if:

  • A friend or roommate already owns a car
  • A bike or skateboard works just as well
  • Ride-sharing services are plentiful

After you weigh the pros and cons of keeping a car on campus, it might make more sense to sell the high school car before college begins.

Tips to Ensure Good Resale Value When Purchasing a Car

No matter when you decide to purchase or sell a vehicle, there are steps you can take to ensure you get the most money for it when it’s time to sell.

  • Purchase a car that’s a neutral color. A car that’s fire engine red or electric blue, although eye-catching, tends to draw more attention than the average person wants when behind the wheel.
  • Purchase a car with an automatic transmission rather than one with a manual transmission. Only 18% of Americans know how to drive a car with a stick shift, so four out five people shopping for a used car will disregard your vehicle.
  • Purchase an extended warranty for the vehicle.
  • Wash your car regularly to help preserve the exterior paint. Damage from salt or other corrosives can occur whether you live in the snowy north or near the ocean.
  • Detail the interior of the car to prevent permanent stains or damage from ground-in sand, dirt or debris.
  • Protect your car from the weather. Covered parking is good; secured garage parking is even better.
  • Fix dents and scratches in the body and chips in the glass immediately, before they get worse. Sudden changes in air temperature can transform a tiny chip into fully cracked windshield.

For more tips to increase the resale value of your vehicle, see the accompanying resource.


Infographic Provided by Chrysler Factory Warranty

AUTHOR BIO: Sam Combs is the founder of Chrysler Factory Warranty, an Internet-only provider of genuine factory-backed Chrysler Service Contracts. He has 18 years of experience in the industry and focuses on offering customers the same Chrysler coverage plan for less.

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Adulting Finances Learning

Managed Futures: Market-Neutral Vs. Trend-Following

Do you ever feel overwhelmed by the sheer amount of available investment options? You’re not alone — especially when it comes to alternative investments across asset classes, such as managed futures.

Of course, you’ve already heard of stocks and bonds, but you may not know quite as much about managed futures. This alternative investment can help diversify your portfolio, enhance your risk and return profile, and hedge against market volatility.

Read on to learn about two approaches to managed futures: market-neutral and trend-following strategies.

What Are Managed Futures?

Let’s start with the basics: What, exactly, are managed futures? A future is an agreement about buying or selling a commodity or security (i.e., stocks, bonds, or options) at a specific time for a specific price.

Futures — also called futures contracts — allow investors to speculate on the potential direction of a commodity or security. A contract includes an expiration date and locks a set price.

Futures contracts may be used to trade:

  • Stock indexes, such as the NASDAQ Composite, S&P 500 and Dow Jones Industrial Average
  • Commodities, such as wheat, corn, livestock, oil, coal, gold or copper
  • Currency futures, such as the Euro, British pound and Japanese yen
  • Precious metal futures, such as gold, silver, platinum and palladium
  • U.S. Treasury bonds

Managed futures refer to a portfolio of futures that’s actively managed by a professional broker or adviser. This type of alternative investment provides exposure to more asset classes. Since managed futures aren’t strongly correlated with traditional stocks and bond markets, they’re a great way to diversify your portfolio. This helps protect against market volatility and mitigates risk.

Futures portfolios are managed using a market-neutral or trend-following strategy. Let’s look at each approach.

Managed Futures

Market-Neutral Strategy

A market-neutral approach attempts to make a profit from increasing and decreasing prices, all while mitigating risk. This strategy involves taking matching short and long positions in the industry. For instance, you might purchase $5,000 worth of Apple stock, while simultaneously selling $5,000 of Google stock.

In essence, these long and short positions act as hedges to each other, protecting against loss. They work by increasing returns — thanks to spreads creating by mispricing — while reducing the risk that comes from overall market movements.

When utilized properly, the market-neutral approach can allow you to profit from increasing and decreasing stock prices. At the same time, the risk is mitigated, as the focus lies on meeting stock price convergences rather than general market performance. This is because the market-neutral approach isn’t closely correlated with market movements.

There are two kinds of market-neutral approaches:

  • Fundamental market-neutral investing: Uses fundamental analysis — or a study of various economic and financial factors that can affect a security’s value — to predict trajectory. Trades are then based on predictions of stock price convergences.
  • Statistical market-neutral investing: Applies quantitative methods and algorithms to historical stock performance, with the goal of identifying price discrepancies. Trades are then based on these quantitative past performance indicators.

Trend-Following Strategy

In contrast, the trend-following approach monitors market movements more closely. This type of strategy attempts to profit by going short or long, depending on an analysis of market signals over a certain period.

For instance, if an asset’s price is trending upward, that indicates taking a long position. If the price is on the downswing, taking a short position may be in order.

Sometimes known as momentum investing, it’s based on the idea that market movements aren’t random; instead, rising prices will keep rising while falling prices will keep falling. For futures trading, this means buying contracts when prices are on the rise and selling contracts when prices are lowering.

A trend-following approach attempts to take advantage of the market’s downturns and upswings, using multiple indicators to determine an asset’s direction. Because this strategy is subject to market volatility, trend-following may result in large drawdowns or the percentage of the difference between an investment’s peaks and valleys.
 
Whether you choose a trend-following or market-neutral approach, investing in managed futures can help balance and diversify your portfolio. This alternative investment offers a way to mitigate risk while hedging against market volatility.

Want to learn more? The accompanying resource further delves into this topic.


Infographic provided by Institutional Advisory Services Group

Author bio: Greg Taunt is Vice President of Institutional Advisory Services Group, a managed futures company. He has more than 10 years of experience in the industry and focuses on maximizing portfolio effectiveness to potentially reduce risk while increasing returns using managed accounts in noncorrelated vehicles.

Sources

https://www.thechartist.com.au/market-neutral-trend-following/
https://www.investopedia.com/terms/m/managed-futures.asp
https://www.investopedia.com/terms/f/futures.asp

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Adulting Finances How To

4 Smart Ways You Can Prepare Financially For Your Family’s Future

When you have kids, the last thing you probably have a chance to think about is later on in life when you and your partner are grey-haired and walking around in a frail manner. But unfortunately, you do need to at least plan a little bit so that you know your children will be taken care of financially in the future. So the more you can do now to prepare financially for your family’s future, the better it will be.

Prepare Financially For Your Family’s Future

1. Find a Good Savings Account 

It is worthwhile to shop around online to see if you are making the most of your savings account. Ideally, you want to have an account where you can top up funds in a fixed rate cash ISA account so that you know you will not need to access that money for the time being. The longer you can leave your money in your account, the more you could accrue in interest over the years. So it is only worthwhile doing this if you know for definite that you will not be using that cash for the time being. 

2. Be Frugal With Your Money 

Paying attention to your expenses and spending can show how much money you have to last the month. Being aware can help you make your money last longer. If you can be frugal at times and know when to look for a good bargain, this will free up cash to spend in other areas that could help long term as you will be left with some money to put aside into your savings account. 

3. Teach Your Children The Value of Money 

As well as putting cash aside for your children, it is also essential that you teach them the value of money. It will help them later in adult life if they learn how to save money and not just spend it. It also teaches them that you need to work hard to earn it as opposed to just being given it. 

4. Draw Up a Last Will and Testament 

You might not want to think about it right now, but in the eventuality that something were to happen, you want to know that your children will be ok financially. It is a good idea to write out your last will and testament before you get too old to realize what you are signing away so that you can ensure that your children will inherit any property and finances. Organizing your Life Insurance for Seniors will enable you to prepare in advance for such an event so that the financial burden of things like funeral costs will not fall solely onto your children, who may already have financial difficulties of their own in adult life.

Prepare Financially For Your Family’s Future

While you might not want to think about how to prepare financially for your family’s future, it is essential. You will be glad that you took the time now to set your family up for financial stability. Do you have any tips to add? Leave a comment and let us know!

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Finances Home How To

7 Ways to Be a Great Landlord

Being a landlord can be tricky. There are several rules and regulations to follow and the need for constant maintenance and repairs. If you want to be a good landlord, there are things that you can do on your end to help make the experience easier for both you and your tenants. 

Seven Ways to Be a Great Landlord

1. Best Practices When Marketing Rentals

Be sure that your ads accurately describe what renters should expect when living at your home so that they don’t feel duped by false advertising later on down the line. Advertising your rental unit on residential property management websites is by far the best and safest method.

2. Know Your Laws

The first thing that you need to do is make sure that you understand the laws of your region. Even if there are no specific rules or regulations in place where you live, it’s still crucial for landlords to be aware of their rights and responsibilities when renting out a property. Knowing your rights will guarantee greater peace of mind and protect you and your tenants from potential conflicts.

3. Reach Out to Current Tenants

Make sure that you maintain a good relationship with your current tenants. They’ll be able to give you detailed information about what needs improvement and when repairs should happen.

If something breaks in between tenancy periods, get out there quickly so that no one gets hurt. Repairing or replacing damaged items while your tenant is on vacation can also keep things running smoothly throughout the year.

4. Honesty About Fees

While it’s okay to charge fees like security deposits and last month’s rent upfront, don’t try to sneak additional fees into legal documents later on down the line, as this will only lead to trouble (and furious tenants).

Being honest about fees includes charging higher rent rates or fees for late payments. It may be tempting to try and make a bigger profit, but it will only hurt your business in the long run.

5. Set Fair Rent Rates

Remember that this is not just about making money; it’s also about providing housing for people who need somewhere safe and comfortable to live.

Make sure rent prices reflect what current market conditions look like so tenants can afford their homes without any unnecessary stress or financial strain. Being transparent with renters from the beginning makes everyone feel better when moving into new places too!

6. The Signing of Legal Documents

When tenants apply for rental properties, have them sign all legal documents on the first day they move in, so there is no question about who owns what. 

Having them sign a rental agreement prevents any miscommunications from taking place. Plus, it protects both you and your tenant if anything were to go wrong later on. (fingers crossed it doesn’t!)

7. Provide a List of Maintenance Contacts

Make sure that tenants can easily reach out to maintenance professionals, whether these are general repairs or damages caused by an accident or natural disaster like flooding in their property.

Home repairs and maintenance should happen as soon as possible to keep everyone safe and comfortable! If this isn’t available, give instructions on how the tenant can handle things themselves without causing further damage.

Apartment Safety

If you own an apartment, ensuring that it is a safe home for your tenant is essential. This infographic explains how renters can keep themselves safe and how a landlord can ensure apartment safety for their tenant. Some of the information can help landlords of homes, as well.


Infographic Provided by KEYper Systems

Another bonus for apartment rentals is to have a balcony or patio area. Even a small space is beneficial, and if it is set up well, your tenant will love the area.

Ways to Be a Great Landlord

While you must ensure a profit on your rental property, you should also work on ways to be a great landlord. When your tenants think you’re great, they’ll take better care of your property and be more likely to pay rent on time. Plus, they might recommend another great person to rent your property once they move out.

Do you have a rental property? How do you ensure a good relationship with your tenant?

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Adulting Finances How To Life

5 Clear Signs that your Business is Failing And What to Do About It

Entrepreneurs have endless creative ideas and passion, so people falsely assume that business comes easily for them. With that being the case, you must be realistic about your business if you want to come out on top. Sometimes this means that you need to recognize the warning signs that your business is failing and make some changes to fix it.

Signs That Your Business is Failing

1. You Haven’t Spoken to a Customer in Weeks

Talking to potential customers is the only way to build your business. While you might dread it and think it’s hard, there isn’t much to it. All that you have to do is get out there and start talking to people. Since you already have the ideas and the passion, start talking to potential customers about it. To successfully talk to customers and bring business your way, do the following:

What to do About It

Talking to potential customers is the only way to truly build your business. While you might dread it and think it’s hard, there really isn’t much to it. All that you have to do is get out there and start talking to people. Since you already have the ideas and the passion, start talking to potential customers about it. To successfully talk to customers and bring business your way, do the following:

-build trust by listening, keeping the conversation about the customer, keep the conversation going

-ask the right questions, typically open-ended questions ensuring an honest answer

-recognize and note the stand-out parts of each conversation to help with lead generation and understanding what’s most important to each person

2. Nobody is Talking About You

If no one leaves reviews about your company, or if your community has no idea that you exist, it’s a bad sign. One thing that you should be concerned about is online reviews. Reviewing businesses online is the norm. If you want to improve the quality of your reviews, but it isn’t happening, then this could indicate that you have an underlying problem with your company.

What to do About It

To get people talking about you and your business, do the following:

-build trust and a good reputation by asking for word-of-mouth recognition

-always do your best job, offering first-rate product and service

-ask for feedback and constructive criticism

-request online reviews from current or past customers

-don’t rely only on social media because real-world interaction is best

-try to gain at least one high-profile satisfied customer

-give back to your local community

-build relationships with your customer by sending newsletters and direct mail

-always respond on social media

-say thank you to each customer

start a blog to give potential customers insight into your knowledge

3. You Keep Making the Same Mistakes

CEOs and business owners don’t tend to do things like this on purpose. If you keep making the same mistakes without acknowledging them, then your company may not be doing too well. You might think that you have solved a problem, only to witness the same outcome that you see repeatedly. The mistakes could be through analytics, or it could be through client responses. If you haven’t figured out why you keep making the same mistakes, then your business is likely on its last legs.

What to do About It

-switch up your routine to inspire you to do things differently

-visualize the process and brainstorm entirely different ideas

-look at things from a different point of view

-avoid doing conventional things and learn to have fun while coming up with creative solutions

4. Your Business is Failing if You Are Not Paying your Bills

A successful company should be able to pay the bills on time. Paying expenses should be a priority. This doesn’t mean that you are in a slump. Instead, it means that you have a severe issue that requires your immediate attention. It also requires that you reflect on what you need help with.

If you need some help with your business money collection, then you may need to think about contacting a cannabis collection agency, if you work in that field or a debt collection agency. Whatever business you are in, start thinking of other ways you can bring money in.

What to do About It

-consider your income goal and determine what it needs to pay for you to pay the bills

-trank income and expenses correctly so you can highlight areas that need to change

-lower your expenses until your income increases

-make sure you’re pricing for profit and adjust as needed

5. Your Business is Complacent

Again, this is something that can go unnoticed until it is far too late. If you look back on the last year that you’ve had, and you don’t feel like you have changed anything in your company, then this could mean that you are heading towards failure. Even the top companies have to experience some degree of change and innovation to keep things moving. Lack of change can be scary because it is easy to miss.

What to do About It

-make a plan for improvement and growth

-outsource time-consuming or problematic tasks

-upgrade your software and equipment

-implement new marketing techniques

Signs that Your Business is Failing And What to Do About It

If your business isn’t generating profit, you must make changes to turn it around. Ignoring the signs that your business is failing won’t make it go away. You already have the ideas and passion, so start finding the problem areas and plan for a positive change.

Do you have any other ideas for what to do when your business is failing? Let us know in the comments! 🙂

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Adulting Finances How To

4 Ways to Increase Sales for Your Small Business Career

If you are the owner of a small business and worry about your business career, you must find new ways to boost your sales and create more revenue for your business. Instead of steadfastly looking at ways to increase sales for your small business, you need to take a holistic approach and concentrate on things that will help you naturally boost sales, rather than giving salespeople insane targets, for instance. Implementing insane sales targets may work sometimes, but realistically you need to think broader and perhaps even change the business strategy focus. 

How to Increase Sales for Your Small Business

Customer-Centric Approach

To boost sales, you must concentrate on learning as much as possible about your customer base. You can ask for feedback after a sale or have a quick questionnaire. With the advent of social media, this kind of research has never been easier. You have access to a wide range of free materials, but you need to know how to use them.

By creating a posting system, you can work out what products and services speak to your customers. You can discover more about how they live their lives and what your product does to solve the issue they need resolving. If you can understand the mentality behind purchasing a product, you can better target your marketing. Plus, you can also make better products and services which cater specifically to this need.

What Social Media Is Right For Your Restaurant? Check out this in-depth guide to social media platforms for small businesses The tips are definitely not just applicable to restaurants.

Infographic created by Clover Network, a POS system company

Marketing

Using information gathered from the customer research tools you have decided to use, you can create specific target-driven marketing. You will be able to speak directly to your customers. If you are a teacher, specific education marketing needs to target a particular age range and type of person, including gender, interests, etc. There is a wide range of things that need considering to get the marketing just right. But if you do, you will end with a boost in those sales.

Promotions

If you are struggling with sales, create some fun promotions. Discounts are a great way to encourage people to buy your products. Create some competitions, too, as they serve as great material for your social media accounts. Think about including freebies, as well, because everyone loves a freebie! A promotion is a way to entice new people to your brand and get back on track with previous customers.

Customer Service

Always make sure your after-sales are on point. You can save a customer and encourage them to come back through excellent customer service. Ensure there are plenty of ways a customer can reach out, be it by email, phone, webchat, etc., and when they get through, ensure you listen to their issue and resolve it as best you can. Remember, bad news travels faster than good news, so be sure to be professional. A customer generally gives the company a chance before bad-mouthing them.

Increase Sales for Your Small Business

When you want to increase sales for your small business, you must do more than simply raise your sales goals. Implement some of these techniques and see if it helps. Do you have any other ideas for increasing sales? Leave a comment and let us know!

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Adulting Finances How To Learning Life

7 Things to Do When You Suddenly Realize Your Career Is Going Nowhere

Getting locked into a career that’s going nowhere is never a positive experience. You feel like you’ve traveled a long way, but there’s no room left to run. You have a choice of sticking it out or starting all over again, making things look bleak. It’s never a good feeling when you realize your career is going nowhere, but there are some things you can do.

Fortunately, you’re not the only person to have ever encountered this situation. Every year, millions of people find themselves in careers that prevent them from getting the lives that they want. 

It’s not just the money that’s the problem either. Some people see themselves in dead-end careers if the work is uninspiring and turning their entire lives into a chore. 

Being stuck in a job you hate can cause mental distress and even panic. One day, you suddenly wake up and realize “this is it; this is my life.” And that can be a depressing experience. 

So how should you respond in situations like this? Let’s take a look. 

1. Go Deep and Look Outside Your Job

Before you start making life-changing decisions, try going back to what made you start your career in the first place. Try to work out whether the idea came from inside you or from external forces. 

Usually, people fall into work that they think they should take, not what they want to take. They get an idea from an authority figure and then pursue it as though it were their authentic choice. More often than not, this ends in disaster. You wind up in a career that doesn’t inspire you. 

If your job was your choice, think about what changed. How did it differ from what you were expecting? Have your priorities changed over the years

The more of these questions you can answer, the better position you put yourself in to choose a better path in the future. You may find that the problem is not with the work but your approach. Perhaps no job will ever be what you are looking for. 

If your job makes you feel depressed about your future, start exploring things outside work. Your life doesn’t have to revolve entirely around your primary occupation. For example, exploring new interests, like taking up violin lessons for adults, could be a transformative and fulfilling way to broaden your horizons beyond the confines of your current career.

Engaging in things you love outside your job gives your life a new focus. Suddenly, your work is just a tool you’re using to enjoy the rest of your life more. It’s a necessary evil.

However, when you look outside your job, you also increase your options. Suddenly, you have opportunities to pursue things that you never imagined that you could before. You might be able to turn a hobby into paid work if you get good enough at it.

2. Switch Up Your Role

Sometimes you don’t have to stick with the exact same role for years on end. Managers often look to promote people – or just give them something different to do. If your problem is boring work, then ask whether you can try something else. Prove that you can do a great job and you may find that new roles open up to you in the future. 

Switching up your role also makes you more attractive to other employers. Broadening your skills base can be a great way to find companies that offer better career prospects. Remember, the problem may not be your industry but rather the organization you work for. 

3. Invest In Yourself

Investing in yourself is a great idea, regardless of whether you’re happy with your career. As you improve your skills, you become more valuable, which is always a bonus.

How you invest in yourself is entirely up to you. Generally, there are two paths that you can take. Either you can: 

  • Train in something that will improve how you perform in your current role
  • Build a new skill

What you choose depends on your circumstances. If you are in a low-skill job, then training likely won’t help much. However, if you are in a high-skill field, then training can be a great way to enhance your overall career prospects.

In many cases, you’ll want to build an entirely new skill. That’s because some careers offer substantially more opportunities than others. 

Take https://www.abcksmo.org/training/plumbing-program/, for instance. This program allows you to train to become a plumber, which is a great occupation for anyone who likes to work with their hands. It’s also higher paid than low-skill service sector jobs, making it a great option for anyone who wants to progress financially. 

You can also invest in yourself by taking online courses that prepare you for high-value roles. Things like nutrition or sports therapy are great options because they are in high demand. 

You can also try investing in personal growth. You might think you are in a dead-end job, but there are almost certainly better, higher-paying positions in your organization that you could potentially occupy. Often, the problem isn’t the firm itself, it’s your self-limiting beliefs. If you can overcome these, you are much more likely to get the roles you want.

4. Network With People Who Do Work You Love

Try networking with people who do work that you love – things that really excite you. This way you can get your foot in the door and register your interest. Many people will see that you have a passion for the work, even if you don’t have a history with it. And that can be sufficient to make them want to explore working with you further. 

You never know the career opportunities available to you before you start exploring. Roles come up all the time that allow entry-level people currently working in other careers to get their foot in the door. 

When you speak to people already in the industry, you also find out whether the work is a good option for you. Building out your network allows you to get important insider information about what it’s like to work for particular firms and how they might be able to provide you with a more fulfilling professional life. 

5. Look At Why You Feel Stuck

Before you start making life-changing decisions about which career path to pursue, take some time to think about why your career is going nowhere. Is it because of the way you are approaching it, or is it rigged against you in some way? 

When you feel angry, frustrated, or bored, it is tempting to give up and let it all go. You can’t see any positives from your work and you imagine that things will be better somewhere else. 

But when you dig deeper, you often discover the real reasons for your feelings. Having a boss that you don’t like, for instance, can make you feel like the whole job is grinding you down, even if it isn’t. You may also feel like your work is no longer challenging, and that’s becoming a problem. Or, you might be angry because somebody else got a promotion and you didn’t. 

Take some time to think about what you need to do to get unstuck in your career. Be honest about whether other aspects of your life are affecting how you feel. Are you doing everything you can to be the best human being that you can be? Are you eating the right foods, spending time with the right people, and getting enough sleep? 

If you’re not, it could have profoundly negative consequences for your psychology. You may actually be in a role that suits you well, but your behaviors elsewhere are harming your enjoyment of it. For example, staying up late drinking on nights before work makes your job far less enjoyable. 

6. Don’t Panic If Your Career Is Going Nowhere

Many people panic when they realize that their careers are going nowhere. They feel like it is robbing them of their dreams and they don’t know what to do. 

If you can, try to stay calm. As you have seen in this post, there are plenty of options for people in your position. Just because your career sucks right now doesn’t mean that you’re stuck with it forever. Transitioning to a new career may take several years, but making it happen is easier than you think and something that people do all the time. Sort out the rest of your life and just focus on making the changes that you need to make. 

According to https://www.themuse.com/advice/what-to-do-when-you-realize-youre-in-the-wrong-career, many people immediately jump to the worst-case scenario when they realize they are in the wrong career. They imagine that they will still be working in it up until retirement and beyond. But, of course, that’s rarely the case. Shifting to a different occupation takes five years at the very most, and usually much less than that. 

7. Consider A New Career

If you end up feeling as though your current career isn’t right for you, then it might be the time to consider a new one. That could be relatively minor, such as choosing to work for reputation management companies rather than a more traditional marketing firm. 

It could also be a major change, like turning from teaching to becoming a virtual assistant or blogger. Regardless of how large of a change this is, there’ll be more than a few things to keep in mind. Changing careers could be relatively tricky, after all.

The most notable aspect is to have a look at what your current skills and passions are. You can use these to determine what the most appropriate new career is. If you can’t think of one right away, don’t worry.

Instead, it’s worth spending time considering what the most rewarding path forward will be for you. Once you’ve decided on that, it’ll be time to get moving. You should keep a few steps and tips in mind when you’re doing so.

The largest of these are:

  • Have an action plan.
  • Use your professional network.
  • Consider educational resources and opportunities.
  • Stay motivated.
  • Rebrand yourself.

While changing careers can still be relatively complicated, you can simplify it significantly with each of the above. It should be seen as a last resort if you realize that your career is going nowhere. If there’s no other way to rectify the issue appropriately, then it may be worth considering.

Recap: When You Feel Like Your Career Is Going Nowhere

Don’t sit around hating your life when you feel like your career is going nowhere. Remember that you are in control of your life, and you can make any changes that you desire. Use these tips to help figure out why you feel like your career is going nowhere, and then make the necessary changes.

Have you ever changed careers because you felt like yours wasn’t going anywhere? Leave a comment and tell us about it!

Do you want to make money blogging like I do? Check out this post —-> How to Start a Blog in 3 Easy Steps (and what to do next!!)