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Archives for November 2013

What To Do If You’re Underemployed

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One of the realities afflicting many in the current job market is the fact that underemployment is a big issue.

While it's true that unemployment is still something that weighs on many, there are also plenty of workers who are underemployed. The underemployed are usually over-qualified for their jobs, since they can't find work in their chosen fields, at pay rates that reflect their skills and expertise.

My husband is currently underemployed. He's an adjunct professor, but he should have a full-time job. In fact, he does the work of a full-time instructor, but is only paid about 1/3 of what a beginning professor should make. He helps students with their projects and he spends more time with them than many full-time professors. He also teaches between nine and 12 credits a semester.

Others are underemployed as well. There are those with advanced degrees working in coffee shops, and people with years of experience in their fields doing seasonal retail work.

So, if you are underemployed, what can you do?

Start a Side Hustle

One of the best things you can do is start a side hustle.

If you are mostly worried about the money, a side hustle can help you earn a little bit more so that you have what you need to move forward with your finances.

Depending on the way you are underemployed, this can be a great way to fill your time as well. In many cases, if you're underemployed, you probably aren't working 40 hours a week. You can use some of that downtime to start a side hustle.

Keep a Hand in with an Internship or Volunteer Work

If you are concerned about the impact your underemployment is going to have on your resume, consider doing an internship or volunteer work. No, you aren't going to get paid for this work, but you do have something for your resume. This something shows that you have been making efforts to remain marketable, and that you are still active in worthwhile endeavors. Having a little extra something to show on your resume can be a great way to remain an attractive candidate.

My husband volunteers his time helping students prepare papers for presentation at conferences and for publication. As a result, he is listed as an author, and it helps his vitae. It also shows that he is still active in his field, which is important when looking for a job in academia.

Continue Applying for Other Jobs

Don't give up on applying for jobs if you are underemployed. You need to stay on top of the situation as much as possible.

Keep networking and keep putting in applications for jobs that you are interested in. My husband has been reluctant to apply for many jobs, since he likes where we live now, and he keeps hoping that the university will hire him on as more than an adjunct. However, he's starting to see that might not happen, and he's started updating his info and leveraging contacts for the application process.

It's not fun to be underemployed, but if you want to chance the circumstances, you need to keep working hard, and looking for networking opportunities that can lead to a new job.

How To Identify A Solid Business Partner

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Many entrepreneurs strike out on their own originally, but eventually realize that they need help as they find success. In some cases, this help means hiring the right people for your team. In other cases, though, the best approach is to partner up with another business-savvy person.

Finding a business partner you can trust can be a chancy venture, but the rewards, when you pick correctly, can be great.

The Advantages Of Having A Business Partner

business-partner-traitsFirst of all, you need to decide if it makes sense for you to get a business partner. I didn't really think about getting a business partner (I didn't even think of my blogging as a business!) until two years ago, at the inaugural Financial Blogger Conference in 2011. Tom Drake suggested that we partner on creating a site, and now he's a partner on a second site that I own, as well as a helpful partner for the launch of my book.

When you work with a business partner, you have the opportunity to find someone who serves as a complement to your strengths and weaknesses. This means that you have more time to focus on the things you do well, while your partner works on the things that he or she does well. You have the chance to create a situation in which your combined effort is greater than the sum of your individual parts.

On top of that, a business partner helps you spread the work around. You are less likely to run yourself ragged and experience burnout when you have a business partner. I know that my business has benefitted from including Tom, and I would be lost without him.

So, if you are looking for a business partner, what should you look for? You don't want to choose wrong, or you could end up in a great deal of trouble.

Traits Of A Good Business Partner

Everyone looks for something different in a business partner. In my case, an ability to handle the backend of a web site, and monetize it, was extremely important. You might have other requirements for your own business partner. However, no matter what specific traits and expertise you are looking for, here are some traits common to a solid business partner:

  • Shares your enthusiasm: It helps if you are both enthusiastic about the venture and about the partnership. You want someone who is passionate as well, so you can encourage each other.
  • Credibility: Make sure your partner has a degree of credibility. You don't want to discover that your business partner has a history of shady dealings. You want someone on the up-and-up who want sully your own reputation.
  • Financial stability: While your business partner doesn't need to be very rich, it does help if he or she has the finances under control. Even being debt-free isn't a requirement. But a measure of stability, and an ability to manage their own finances with competence is important, since you will be taking risks together.
  • Trustworthy: You have to trust and respect your business partner. Without that trust and respect, your partnership is likely to deteriorate.

Think about the situation before you commit to a business partner. Identify someone with whom you work well, and who has solid traits.

What do you look for in a business partner?