Parallel Career Guide - Let's Do
It...
On this page (call it your Parallel Career Guide) we
convert words into action. If you're serious about a
parallel career, this
Guide will steer you along the right direction. It
covers all the nitty-gritty of starting your parallel
career.
At
the end of this Parallel Career Guide you'll be on your
way to your parallel career.
Remember...a
parallel career is
something you start while you still have a job, with the
end goal of working for yourself. It's more than a job
change or career change...and it's not just a sideline,
second income or second job.
Basically,
this Parallel Career Guide gives a summary
of the process of starting a parallel career
which involves two stages.
The
first stage is when you did your career change
assessment. You identified your Assets
& Skillset, and your Passion, Talent or Mission. You
did this by
looking at your current and previous jobs?
And
we said that your Assets and Skillset can form
the foundation of your parallel career. (To
refresh your memory...go to the A&S page>>>)
And
the second stage in this Parallel Career Guide
has three steps. We
call these 'career change decision' steps because
each step involves decisions/choices to be made.
These '3 career change decision' steps are:
| Step
I - |
Decide/choose
a Parallel Career Option |
| Step
II - |
Decide
whether the chosen option is suitable for you in
a Suitability Checklist |
| Step
III - |
Decide
to take action in a 'What-you-Need-to-Get-Started'
Checklist |
This
diagram below shows a helicopter view of Parallel Career
Guide. On the left is your Career Change Assessment and
on the right are the 3 'career change decision' steps.
Step
I - Parallel Career Options
There
are many choices of parallel careers that you can choose
from. Here in Parallel Career Guide we
have identified almost twenty parallel career
options that you could consider. Look at these
options below and decide/choose at least one that
matches your Assets
& Skillset, Passion,
Talent or Mission.
| (a) |
Distributor
|
distribute
products to businesses and/or end-users sourced
from product manufacturers,
wholesalers, importers
|
| (b) |
Importer |
bring
in products sourced from
overseas and sell to local retailers,
distributors, wholesalers
|
| (c) |
Exporter |
sell
local products to
overseas customers |
| (d) |
Retail
business |
source
a variety of products, sell via online
store/offline
|
| (e) |
Service
provider |
provide
a service in an area you’re good at (example:
repair equipment and machinery, write computer
programs, graphic design) |
| (f) |
Manufacture
products |
if
you’ve experience and know-how in
manufacturing, there are many products you can
manufacture initially on a small scale and later
big time (example: limited edition ceramic
figurines and metal art pieces, plastic
components, etc.) |
| (g) |
Assemble
products |
put
together complex products (e.g. notebook
computers and other electronic gadgets,
machines)
|
| (h) |
Systems
integrator |
design
and put together systems for homes or factories
(example: computer networks, security systems,
home automation systems). Look for system
components from various sources.
|
| (i) |
Bulk
breaker
|
purchase
in bulk; re-pack in small packs (example:
chemicals, fasteners, foodstuff)
Parallel |
| (j) |
Refurbisher |
restore
old/damaged furniture, kitchens, bathrooms,
flooring
|
| (k) |
Repairer |
specialize
in repairing machinery, equipment and appliances
found in homes or industry. |
| (l) |
Agent/broker/
representative
|
sell
insurance, property, advertising, businesses,
loans, merchandise for a commission. |
| (m) |
Consultant/Advisor/
Analyst/Coach
|
assist
others in a field/area that you’re an expert
in (e.g. computer systems, human resources,
financial planning, sport) |
| (n) |
Researcher
|
be
a specialist in researching a specific
subject/area. Compile researched information
into reports and sell online/offline. For
continuity of revenue, select information that
requires yearly/regular updates. |
| (o) |
Inventor
|
think
of what you can invent to make life easier/save
time/save money in homes and in industry
|
| (p) |
Designer |
be
a designer and specialist in a category example:
fashion designer: evening wear; architect,
interior designer: Tudor homes; industrial
designer: plumbing fittings) |
| (q) |
Finder |
find
for a fee (example: antiques, talent, investors)
|
| (r) |
Product
Enhancer |
look
at existing or old products and think of how to
enhance one into a new product. |
| (s) |
Marketing
Innovator |
create
new ways of marketing existing products
. |
| (t) |
Infopreneur |
create
information products based on your knowledge
and skills. |
| (u) |
Freelancing |
as
a freelancing
professional you act as an expert or
specialist in your field on a project/contract
basis. |
Remember...all
the above options can be started while you’re still
working for someone else. Parallel Career
Guide continues....
Go
to TOP of page
Step
II - Suitability
Checklist
The
second 'career change decision' step of Parallel
Career Guide is to decide
whether the career option that you chose in Step
I is suitable. We've
specially prepared this Suitability Checklist for this
purpose:
A.
Level of skill/knowledge/expertise (or S-K-E
level) required.
(1)
High
(2)
Medium
(3)
Low
If
your answer is (1) it’s harder for you to start this
parallel career. If you selected (3) it’s easier for
you to start your selected parallel career but it’s
also easier for others to enter this career.
| B. |
Usefulness
of your Assets & Skillset |
(1)
Very useful
Parallel
Career Guide - copyright
(2)
Quite useful
(3)
Not useful
If
your answer is (1) you can start this parallel career
immediately. If you selected (3) you may need to acquire
new skills and knowledge before starting.
| C. |
Fits
with your passion/talent/mission |
(1)
Good fit
(2)
Quite good fit
(3)
Do not fit
If
you selected (1) you’ll enjoy what you’ll be doing
and it’ll be easier to get started. If you selected
(3) you may not enjoy what you’ll be doing.
D.
Minimum time involvement required
(1)
10 hours or less a week
(2)
More than 10 hours a week
If
you selected (1) it’s easier to get started you. If
you selected (2) you’ll want to be sure that you can
commit this amount of time before you get started.
E. Ownership/Control
(1)
Sole owner, total control
(2)
With partner(s), majority control
(3)
With partner(s), minority control
If
you selected (1) you must be confident that you have all
the needed skills and knowledge to do it alone. If you
selected (2) or (3) you must be certain that you’ll
need your partners in the long-run not just in the
initial stage(s).
(Note:
It's very important
for you to feel secure about the people you enter into
business relationships; more so if he/she is going to be
a partner in a parallel career venture. Now, you can check
virtually anyone's background with background check
resources that tap a vast reservoir of public records).
F. Financial
contribution
(1)
Provide all the start-up capital
(2)
Provide part of the start-up capital
(3)
Provide all the working capital
(4)
Provide part of the working capital
(5)
Stand as sole guarantor for a business loan
(6)
Stand as co-guarantor for a business loan
Your
choice of (1), (2), (3) or (4) will depend on your
financial capacity and the degree of your risk-taking
ability. Be really careful of selecting (5) and (6)
because many people have ended in financial ruin because
of standing as guarantor for a loan.
G. Profitability
potential
(1)
High
(2)
Medium
(3)
Low
There
are many ways to make money, so don't choose a parallel
career option that is a long, slow and a painful way to
make profits....unless your parallel career end goal is
not entirely monetary.
H. Speed
of implementation Parallel
Career Guide copyright
(1)
High
(2)
Medium
(3)
Low
Some
business ideas take much longer time to plan, start and
develop than others. If you know that you'll lose your
job soon, you'll probably want to choose a parallel
career option with a high speed of implementation. On
the other hand, if you've a stable job in a stable
company you may have the luxury of taking your time in
developing your parallel career.
Now...for
the final step of Parallel Career Guide. But
hopefully you've been diligent in every step so far of
Parallel Career Guide.
Go
to TOP of page
Step
III - 'What-you-Need-to-Get-Started' Checklist
The
third 'career change decision' step of Parallel
Career Guide involves taking
action needed to get your parallel career venture
started. You'll need to decide on each of the
following...
1)
Register
a
business OR incorporate a limited liability
company (be aware of the pros and cons of each)
2)
Get
a mailing address, phone answering service, fax
line, email (all of these or some other
arrangements?)
3)
Office,
meeting room, boardroom to meet clients (will you
require these in the beginning?)
4)
Print
business stationery, business cards (design,
quantity, quality?)
5)
Open
a bank account (which bank?)
6)
Business
loan (is
it required yet?)
7)
Prepare a business plan (you'll need this
when applying for a bank loan and also
as your business blueprint).
8)
Build
a website (sooner
or later?)
9)
Select an accountant and a solicitor (who?
which firm?)
You'll
now be on your way...
So
you've reached the end of Parallel Career Guide? You've
done your career change assessment (where you identified
your Assets
& Skillset,
Passion,
Talent or Mission)
AND you
made many career change decisions in these three steps:
| ● |
decided
on at least one option from Step I - Parallel
Career Options |
| ● |
ticked
all the answers in Step II - Suitability
Checklist |
| ● |
taken
all the action needed in Step III - 'What-you-Need-to-Get-Started'
Checklist |
We
said it at the start of this Parallel Career
Guide...follow this career guide....and you'll
be on your way to a parallel career now.
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to TOP of page
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