You are currently viewing Feeling Stuck in Your Job?
exc-5c9e1031b208fc61cd38edec

Feeling Stuck in Your Job?

Do you feel stuck at work? Do you feel like there is no advancement potential at your company or in your career?  I understand and have been there myself. It can cause a lot of stress, anxiety and send you on a downward spiral.

You’re making good money, you have a family to support, and your spouse and children are accustomed to a certain lifestyle. Maybe you are at a place in your life where you can’t risk leaving your job but you are ready for a new venture.

If you mirror the above then maybe it’s time to start investing in yourself. There are different businesses and/or investment opportunities that can be started while keeping the safety and security of your day-time job.  At some point, if the income you gain from these opportunities can support your family than you can leave your job and focus on that business or find another career choice without worrying about taking a step backwards.  Plus, having something new to focus on outside of your current job routine may also energize you and make your current situation not quite so boring.

Below are a few examples of investment opportunities that you can take advantage of.  Some of them require very minimal effort while others may require more but could still allow you to keep your job and diversify.

  1. Real Estate

Pros:

  • Relatively safe as long as you don’t over leverage yourself to protect against a market correction

  • Over the long-term real estate tends to appreciate so you can gain rental income while you hold the property and then hopefully a nice return as well when you sell. There is a robust rental market as many people prefer the flexibility of renting vs. owning.  This looks to be a trend whether the economy is good or bad.

  • Minimal time requirement.  You can hire property management firms to handle everything.  Though it will eat into your profit, if you truly want an absentee business you can hire property management firms to lease your property and take care of maintenance and rent collection.

Cons:

  • This is a big one if your goal is to step away from your job in a few years.  

  • To create a significant income stream from your real estate, you have to have an extremely large portfolio of properties.  Unless you have millions dollars in cash laying around this typically will take several years to amass the number of properties you need to create the type of income needed to walk away from a job.

  • The market is at a high now so you will be paying for real estate at a premium.

  • Until you have a significant number of homes, duplexes, etc. any issues to a property (leaky roof, sewer drains that need to be replaced, etc.) can eat into most of your profits.

2. Vending Machines

Pros:

  • Lower investment to start

  • Can build slowly

  • Minimal time commitment

  • Minimal or no staff required

Cons:

  • You need several machines to make a good income

  • Significant investment to own the number of machines necessary

  • Very difficult to secure prime locations for your vending machines to max out revenue potential

3. Franchise business that are semi-passive or manager run from the start: These don’t mean that you buy a business and don’t put any energy or effort into it.  It does mean that you don’t necessarily need to be there during your work day so you are able to focus on it before or after work or on your off-days.  Keep in mind that the majority of opportunities don’t fall into this criteria so it’s critical that you pick a franchise that is designed for this or has systems set up to accommodate it.  You will want to verify a history of other franchisees that have started that way and are successful with their business.

  • The franchise should have a complete business system so all you have to do is execute

  • This should include site selection assistance (if applicable),  design plans, technology to run the business, operating systems, marketing support, initial training, and on-going support in all aspects of your business

  • Proof of concept – It’s been successful somewhere in the past

  • Peer Group – Along with corporate support you have other people (franchisees) that are doing the same thing and can share best practices

  • Potential for strong earnings in a relatively shorter time frame – Unlike some of the above it’s possible to create a strong income potential with significantly fewer units and in shorter time

  • Less time commitment than starting a business from scratch

Cons:

  • Fees – You have to pay an initial franchise fee for the rights to open and operate the business under the franchise brand and royalties for on-going support

  • Follow the system – Some people like to create everything on their own.  If you like the product but don’t like operating system you will be unhappy.  Don’t buy a franchise solely b/c they have a good product or service buy it b/c of their business model

  • You may need multiple units to reach your goals

  • More time commitment than real estate or vending.  Though a semi-passive franchise you may not have to be there during normal business hours you still need to put time into it.  You will have to hire a manager to make sure the business is running smoothly.