A few years ago I got a job working in a small company working supply chain for a few of their big clients. While I enjoyed the job itself, the office wasn’t a good fit for me. Talking with others who had been there longer confirmed my fears and I decided to quit.

While my husband and I work hard at keeping our living expenses on one income, it was risky because we were still new to the area and he had just became permanent with his job.

Investing in Myself

While seeking out a similar position at another company, I wanted to see if I could develop or enhance my employabilty with some work on the side.

Freelance Skills For Income

I wasn’t planning on starting a new career, but I had some skills that would be helpful for businesses. The two biggest pluses  of working while hunting for a job are:

1. you keep your skills fresh for when you do find that job you want and
2. you’re keeping your income stream alive while job hunting

Of course finding clients and projects is easier said than done. There are several ways someone can get the word out:

• Send out an email to everyone in your address book, announcing what you do, where you are and what you can offer
• Keep an eye on online job boards
• Check out Craigslist for your city

I got my start by helping out a friend with his web design business. His clients needed content for their sites, but they didn’t have any experience writing online and gaining traffic. Since I had blogged for a bit, I provided content while my friend designed and redesigned their sites. It allowed him to offer turn key services for customers and I had a new income stream.

From that one side project I started a working for myself and I’m now self-employed. It wasn’t a straight shot, but just taking that risk and quitting led me to finding (paying) work that I love.

Investing Risks of Starting a Business

The biggest challenge when it comes to starting the business is making it profitable as you build it. Risking your time and financial investments on a new business is stressful. It’s all boils down to your return on investment – whether it’s the money you invest or the time you put into the business.

• Will this investment directly help me cut expenses or increase income?
• How soon can I get a return on this investment?
•  Is there a way I can decrease my investment and get the same return or invest this and reduce the risk?

You have to honestly examine the numbers and see if you need to adjust course with your business. This applies to investing capital into technology for your venture or deciding what demographic to serve with your new e-book.

Thoughts on Investing

The following are my best steps for starting a business after college:

Think of what you’re good at.

What are you good at? What do you think about all of the time? You’re best bet for starting any business is to do something that you actually love to do and want to do all of the time. If you’re simply going after the dollars, then you won’t last long. Passion rarely fades. If you think of all of the things that you’re good at, you’re going to find something worth turning into a business venture.

Find a profitable hobby.

Now that you know what you’re good at, it’s time to see how you can monetize your hobby. The beauty is that you can monetize most hobbies these days. The chances are that if you care about something, there are likely going to be many others that care about this topic. The other good news is that, the advertising dollars go where the eye balls go.

Figure out how you’re going to fund your business.

How much money do you need for your new business? How are you going to get this money? You need to have a plan for how you’re going to generate your initial capital for your business. The amazing news is that you don’t need a lot of money to get a decent small business started these days.

A few options for getting funding for your business include:

• Bank loan.
• Family or friends.
• Your savings.
• Credit card.
• Venture capital.

Before you borrow any money, you must be pretty positive that you’re going to be able to pay this money back.

Find an accountability partner.

Who’s going to hold you accountable to hit your targets? I believe in finding some sort of a partner to push you. This doesn’t have to be a business partner because that won’t always work. This should be a friend in a similar situation (or a mentor) that you keep in constant touch with. You guys need to push each other and hit higher levels together.

Work your tail off.

You can’t be afraid of work. If you want steady hours and to pass the buck then you should stick to a traditional 9-5 gig. If you want to be responsible and be in control of your situation, the entrepreneurship is the route for you. You’re going to work you butt off now. The good news is that you’re working for yourself and on something that you care about.

Get experience under you belt.

If you’re having trouble on your own, you can find experience by working for someone else in the field. If you don’t want to work for someone else then you can get more education. Either way, you need to get more experience under your belt so that you can be the best at what you do.

Hold a part-time job.

A part-time gig can give you that extra bit of security financially. There are going to be some lean times. I recommend that all new entrepreneurs hold down some sort of a part-time gig so that they have income coming in while they work on their own projects.

Keep on going.

At the end of the day you just have to keep on going if you have tangible proof that you’re onto something. There are no shortcuts or secret solutions. You got to keep on pushing it.

Are you ready to start your own business?

A recap of the best options for life after collge:

1. Kill your debt.
2. Master a skill.
3. Do nothing.
4. Learn a new language.
5. Create something.
6. Start your own business.
7. Work abroad.

You’ve been working at your current company for a few years now and haven’t really been advancing. You are thinking of moving to another company for a new job since it offers more opportunity for promotions. Perhaps you’re thinking of moving into a sales position where you work on commission. You’re confident that if you make the switch in a few months you’ll be making more than your current salary. Maybe you just decided that being an employee isn’t for you. You want to go ahead and turn your side income stream into your main income stream.

What do you do?

You have to decide for yourself what’s best. I do know, however, that have a cash reserve can be empowering and help you make the transition. There are times when the best long term decision requires a bit of pain in the short term. For example, Some sales jobs pay by commission so you may have a little bit of negative cash flow until you get your footing.

Money Management Skills You Need Before Making the Switch

Before you make the switch, there are a few financial priorities that you need to take care of until your finances have stabilized. You should have a cash reserve ready to help out if the pay is a bit irregular or lower than your current income for the time being.

That means you may have to make the following changes to your finances:

• Essential Bills: Pay your rent/mortgage and all the essential bills as normal.
• Debt Payments: If you can pay off some or all of your debt, then go for it. You don’t want to be behind on your credit card payments while starting off on a new job; it’s just too stressful.
• Investing: I would put enough into get your match and save the rest. You can always pick up your contributions after you’ve made the jump.
• Extras: Cut back or eliminate  on the extra expenses you have until you reach your cash reserve goal.

How do you calculate your cash reserve goal? I would research how long it typically takes to reach your income goal and then add on 25-300% to that in case you hit a bump in the road. If estimate that you’d need 3 months to build your contacts and contracts for your new sales job, then save enough to pay for gap for 4 months of expenses.

If you pick up on the job sooner than expected then you can use that money to pay down more debt, transfer it to an emergency fund, or contribute it into your IRA.

Psychology of Money

Having freedom fund can be the best thing for you as it gives you a bit of a safety net while you build your career.

Are you thinking about making the jump? Curious to see what affects your money making (or losing) decisions? Check other posts in the Money & Psychology series:

• Choosing Friends to Build Your Net Worth
• Decisions, Decisions – Making a Big Purchase
• Is Saving Really About Motivation?
• Ways We Spend Money Without Evening Knowing It (and How to Fix It)
• Barriers That Prevent us From Saving Money
• Dealing with the Stress of Financial Issues

How are you working through this economic mess? What tips can you share?

Photo Credit: alancleaver_2000

Good Morning Everyone and Welcome to the last post in our “Me, My College Education and My Money” series.  I hope that you have all enjoyed this series about how to succeed while in college as well as after college graduation.  One of the most important aspects of College is finding a job after Graduation.  We need to know which jobs pay a good salary and which jobs are available for people who graduated in our program of study.

Jobs for Recent Graduates in Education

Education Graduates can earn an average of $54,000 per year as a Teacher.  However Teacher positions are very hard to come by after graduation because current teachers are deciding to work longer before retirement, classroom sizes are being increased, and the number of Teacher positions is being decreased.

An option for recent Graduates in Education is to Teach English as a Second Official Language (TESOL) abroad.  Many countries such as Korea, Taiwan, Italy, and Germany often hire Recent College Graduates to teach English in their schools.  Recent College Graduates can also look at local private schools that help immigrants adapt to life in North America to Teach English as a Second Language locally.  The salary for a TESOL Teacher can range from $35,000 to $80,000 depending on the number of hours worked and the location.

Jobs for Recent Graduates in Science and Math

The great thing about being a Recent Graduate in Science or Math is that there are several jobs available after graduation.  The not so great thing about being a Recent Graduate in Science or Math is that the annual starting salary can range from $30,000 to $65,000.  After some years of experience the annual salary for a Graduate in Science or Math can be over $100,000, but that takes time.

Job opportunities for Recent Graduates in Science or Math can include Ecologists, Environmental Consultants, Software Developers, Statisticians, Forestry Workers, and various Health Care positions.

Jobs for Recent Graduates in Fine and Performing Arts

Jobs for Recent Graduates in Fine and Performing Arts are not known for their super rich annual salaries.  Money is usually not a major factor for recent Graduates in Fine and Performing Arts because students will be doing what they love.  However the low annual salaries in these fields are not always true; it is just the general rule, and there is always an exception to every rule!

Recent Graduates in Fine and Performing Arts who choose to work full time for major corporations as opposed to independently or freelance can find jobs as Museum Curators or Administrators in their field of study, they can earn over $70,000 per year.

Check Out the previous posts in the “Me, My College Education and My Money” series:

From the Classroom to Your Career

You Will Get Out What You Put In

The Best College Professors

Attending an Ivy League School

The Best College For You

Choices in College that We have to Make

Use Your Time in College Wisely

Trade School or College Diploma

Graduate From College Debt Free

Photo by CameronParkins

Good Morning Green Panda Friends.  I hope that you all had a lovely weekend and a Happy Thanksgiving.  Today is the next post in our “Me, My College Education, and My Money” series. So far we have discussed how to use your time in college wisely, how to choose which college is the best for you, as well as the importance of learning from good professors.

Today we are discussing how to get a job after college graduation. To help you out Green Panda has teamed up with Sandra, she is an experienced Human Resources Manager who specializes in Recruitment.  Sandra is here to give you resume, job search and interview tips. She knows what employers are looking for and Green Panda wants to help College Grads get a job.

Resume Tips for College Grads

Your resume should be limited to one page, and it should not include photos or pictures of yourself.  College Graduates should always start with a mission statement that includes what type of job they are looking for and what skills they have that will be beneficial to their potential employer.

An important resume tip for College Grads is to list your education first since this is your most notable recent achievement. Include your program details, dates, as well as any awards and special achievements; it is not necessary to include your GPA.

Your resume should include both on and off campus work experience.  It is also important to include volunteer work experience and any internships or co-op work experience.  Even if you worked part time at your parent’s office for the summer you should include it on your resume. Each work experience should include your job title and your specific duties.

Do not include references directly on your resume. You can call/email the employer two weeks later to check on the process of your application and provide them with your work related references.

Where College Grads can Look for a Job

Before College Grads apply for any job we should always visit the company’s website to make sure that we really want to work for that employer.  There is no point in applying for a job with a local company if you are looking for international opportunities. When you are looking for a job keep in mind that College Grads usually don’t start at the top.  Make sure that there is room for you to grow within the company and ultimately find your dream job.

Check with your College for Career Days when employers come onto campus to recruit recent College Graduates.  Employers at these types of events usually have several job openings available, and they are usually entry level positions; but at least it gets your foot in the door with the employer.

When College Grads are looking for a job they should check the local bulletin boards at their school as well as ask professors if they know of any available positions in their field.  Website searches on job posting websites such as Monster and Workopolis are also a great idea.  You can even create a profile and let employers find you.  If you know which company you want to work for you can create a candidate profile directly on their website.

Interview Tips for College Grads

The number one interview tip for College Grads is to be confident, but not cocky.  Don’t be shy because we don’t want the employer to think that you are timid and unprepared for a real world job. Remember that you may have the education for the job, but you don’t yet have the experience.  Focus on your positive qualities and let the employer know that you really want the job.

Check Out the previous posts in the “Me, My College Education and My Money” series:

You Will Get Out What You Put In

The Best College Professors

Attending an Ivy League School

The Best College For You

Choices in College that We have to Make

Use Your Time in College Wisely

Trade School or College Diploma

Graduate From College Debt Free

Photo by BPSUSF