Why Working Mothers Need To Upgrade Their Income Source – Learn This 1 Important Skill
Jenny is a 45 year old HR manager in an Oil & Gas company in Singapore. She’s a dedicated career woman who has climbed the corporate ladder steadily for the past 20 years. She’s also a mother of two boys. She poured her heart and soul for the company for 20 years.
However, 6 months ago, she was just shown the door, and she has not found a job since.
Her savings is rapidly depleting..
She has to pay for tuition and extra classes for her boys, a housing mortgage to finance and car instalments to settle. Hundreds of resumes farmed out but not a single reply or invite for interview. She is fast losing hope.
There are many more people just like Jenny. I’m sure you might know of someone who has been recently retrenched or looking for a job for an extended period of time.
When it’s time for companies to cut down on expenses, we are just mere digits on a HR spreadsheet.
Years of service and dedication to a company amounts to nothing.
This is a danger that we all face in an uncertain & disruptive world. It is best to take active action to prepare yourself for unemployment rather than to wait passively for the axe to fall. Already, even fresh grads are finding it harder and harder to secure permanent positions.
How can you protect yourself in such situations?
This might be painful – but you might want to consider this. Something you could do immediately is to cut down on your own personal expenses and alter your lifestyle drastically.
Move away from those branded cappucinos and branded goods. Skim on your holidays. Say ciao to Milan and Venice and Selamat Datang to holidays across the causeway instead.
Less painful but just as urgent, you need to start on the path to upgrading your skills, or even re-skilling. Learn a second skill-set that can help you gain alternative employment and help you become flexible in the workforce or adaptable to a changing landscape. Re-skilling also enables you to find additional side-income.
This is precisely why the government has invested more than $1 billion a year from now to 2020 in the nationwide SkillsFuture movement to enable Singaporeans to embody the spirit of lifelong learning.
There are many courses to choose from. There are even courses on entrepreneurship. Find out how easy it is now to start a side business with very little capital.
Maybe you’ve always had a great idea you’ve been quietly nursing for a business. With these courses, you can explore that idea further and even chart the business model to discover if it’s a prudent idea to embark on.
Many people think that you need a lot of money to start a business.
In most cases, that’s not true at all! You can easily start a business with very little savings and create an online business quite fast to supplement your income.
Don’t spend your hard earned savings on expensive shop rental, thinking that’s the only way you should start a business! You’ll just be watching your bank account deplete faster than ever before.
You can plan to be laid off from your job!
Sharon’s a great example of this. She was a former graphic designer with a media publishing house. She had to compete with 10 other designers in her department. But there’s only one Art Director position. She knows that her chances to be promoted is just 1 out of 10.
With this odds, is she better off to fight for this position or start planning to get terminated? Knowing this limitation, Sharon decided to pour extra hours outside her working hours and took on freelance graphic design work for other companies. Yes, that means lesser time for herself and more scarifies to be made.
It was slow at the start but she eventually got more referrals. Within 8 months of freelancing, the income she earned while freelancing far surpassed her current salary. In fact, she had to get the help of other freelancers to complete some of the jobs.
Sharon finally decided to quit her job and set up a company offering graphic designing services. She’s learning the ropes to be a business owner and is at a much happier place now that she is the one who call the shots at work and earning a much higher income!
We’re not advocating you quit your job immediately! That would just be downright irresponsible. What you can do first is re-skilling.
In this VUCA world where everything is Volatile, Uncertain, Complex and Ambiguous, only those who are flexible and forward-looking will adapt and thrive.
It’s best to start preparing yourself now before the storm arrives.
Some of the challenges you might face is the issue of finding the right idea that can be validated and scaled to a real business.
We have compiled for you a succinct list of low-cost business ideas that you can begin quickly and easily.
These aren’t get rich quick schemes but legitimate business ideas you can easily start from home with the skills you currently have or with a small capital (less than $500) !
Get the list below. Key in your details and just hit Enter.