You need to be careful that you don’t get too comfortable with your current source of income. It’s good to have job stability, but if you’re too cozy in your current position, you may have no inclination to reach for higher ground. As well as this, you won’t be prepared for when the rug is pulled from under your feet. This could happen for any reason, and there are lots of causes for a company going under, taking employees down with it. Many people assume that freelancers and sole traders don’t have this issue. But they certainly do and before you know it demand for the service that you are providing begins to dry up.
As such, it’s best to be prepared and know the signs that your income is about to take a serious hit. By knowing the signs before it actually happens, you can prepare or even prevent the situation. Let’s look at a few of the options here.
Dried Up Demand
If you’re working for a company, be on the lookout for signs that there is less demand for the business than there used to be. This will always certainly mean layoffs are in the future of the firm and that could include your job. How do you check demand for a business? Well, there’s always chatter among employees if there is a problem with the company, but you can’t trust rumors. You can, however, get some hard evidence yourself.
For most companies, a website is going to be the heart of the business model. It’s where people will go to find out more information, book a service or get contact details. It’s also the source of updates for regular customers and clients. Using Google analytics, it’s possible to check how much traffic a website for a business you work for or even your own website is doing online. You can use a site like https://www.smartcompany.com.au/ to find out more. If traffic is dropping away, this might be a sign that the company is struggling. Though it’s certainly not always the case, and it’s important to realize that demand does fluctuate through the year. For instance, you might find that your business has more demand through the festive season if you work in the market. So, a drop off through the months after shouldn’t be too much of a cause for concern.
However, if there is a constant and steady drop in traffic, that might be something to think about. Hopefully, managers will take action to correct the situation. But it wouldn’t be unwise to start looking at the job market and begin sniffing around for new leads.
You’ve Reached A Glass Ceiling
Has your job become boring, easy or monotonous. Has it been a few years since you’ve seen a pay rise? If so, then it’s time to start thinking about searching for new opportunities and the best place to start is with a promotion. If you can get a promotion, this makes things a lot easier. You won’t have to hunt around for a new company looking to hire you. Instead, you can build up your position in your existing company that hopefully you know and love.
Now, we need to think about how to make sure that you are considered for a promotion. Ultimately, you need to work to be the go-to person in the sector that you work in. You should position yourself as essentially a team leader and someone other employees can turn to when they are in a time of need. Of course, it’s not just your colleagues who should rely on you. You also need to make sure that you are the person that your higher-ups turn too. Ultimately the goal is to be recognised as a vital part of the business model, a great asset.
This also means that you need to show loyalty and dedication to your business. In other words, do make sure that you are going the extra mile for your company clients and of course the business as a whole. Taking on assignments that no one else wants, volunteering for extra days and late nights is a great way to do this. Remember, most employers do expect employees looking to get promoted to do more than the regular nine to five.
But what if there’s no chance for a promotion? Perhaps you have reached the highest point possible in your business and are aware you won’t be considered for another position. If that’s the case, then it’s time to start interviewing for other jobs while continuing with your old one.
It is possible that your geographical location is causing the problem with your income. You might live in a dead city. A dead city is caused when the main source of the local economy dries up. This has happened in oil towns where the fossil fuel source has nearly run out completely. If you live in an area like this, it’s time to make a move.
You might even want to consider moving to a new country. By relocating you can gain a lot of perks and advantages. For instance, you might move to a place where your skills and talent or knowledge are in short supply. If that’s the case, then you can expect a healthy pay rise and a lot of interest in signing you up for a position in a company. You might even get headhunted which is a fantastic opportunity.
When you are headhunted, you will be given incentives to sign up for a particular business including pay raises, company cars and insurance deals or even pension plans. Typically, if you are headhunted, the employer will keep offering you deals until they get you to accept so it can put you in a very strong position.
Another benefit of course is that there might just be more demand and opportunities in a new country. You might be wondering about how difficult it is to migrate to a new country for work. Well, it’s a little more difficult if you haven’t found a job yet. However, it is possible to use services like http://www.fisaimmigration.com.au/, to make the process easier. They will give you expert support, advice and make sure that you can get the visa you need to legally move to a new country. Do be aware that different companies have various requirements so it is worth to get an expert on your side who can help you.
Unhappy On Your Career Path
We spend around thirty percent of our lives at work. Taking sleep into account, this means you’ll spend more time working than doing any other activity. As such, it is important that you are happy in your career and in your chosen position. If you’re not then this will impact your finances. People who are unhappy in their career will typically put less effort in, and this can make those promotions that we talked about far more difficult.
As such, if you are struggling to find value in your career, then you should consider making a change. Don’t get a stuck in a job that you hate because the current income level is comfortable. You can always make more money if you keep looking for fresh opportunities and hunt for new options on the job market. You can even change industries or sectors if you feel so inclined. This can be a great idea, particularly if your current industry does not provide a stable career for the future.
It’s true to say that a lot of people are going to need to start thinking about whether their job could be replaced by an automated process. If you are worried about this, then you should look at the list of careers and sectors that will be safe from this type of tech advancement, at least for a while. For instance, you can check out http://www.abc.net.au/ for more information. IT is obviously a major industry that you should explore if you are looking for a new path to take.
Remember, when you are looking for a fresh career, you shouldn’t pass up the opportunity to get further training or experience on the market. You might even want to pursue new qualifications. Expanding your list of qualifications is great to make sure that you are eligible for new positions that offer a higher income.
Income not Covering Your Expenses
Finally, you might find that you are constantly strapped for cash each month. If that’s the case, then you need to think about expanding your income. There are two ways to do this. Either, you can look into a new job or career. Or, alternatively, you can seek out a side hustle. You can learn about different side hustle options on https://quickbooks.intuit.com/au/. With a side hustle, you can keep your old career while boosting your income substantially. Most people will look for a passive income. With a passive income, you can make sure that your new source of money doesn’t eat into your spare time.
Investing is a great possibility here and make sure that you check out some of the best investment possibilities.