Interim Income . . . What are Your Options?

Conducting a professional-level, executive job search takes resources, time, money and substantive materials. If you are fortunate enough to have sufficient financial reserves and are prepared for a six to twelve month search, then this section might seem to be of only passing interest. But, before you discount the need for interim income, consider the added financial pressure that conducting an executive job search will require.

How Will You Finance Your Executive Job Search Campaign?

(Yes, a lot of these costs may well be tax-deductible, but that doesn’t make them free.)

These can add up to a substantial amount if your job search lasts six months or more . . . which is not uncommon at the executive level.

Let’s say that you are accustomed to clearing $10,000 or more per month after taxes while gainfully employed. First, that’s income you won’t be receiving. You may, of course, be receiving some percentage of that as unemployment compensation.

Now, from that, figure in the extra money you will be spending.

By the time you get to the point of having an actual, qualified job interview, you could easily have invested several hundred dollars per interview.

And, while your income level and potential value to an organization will no doubt justify the investment, and possibly even result in a substantial signing bonus when you are hired, it’s still money out of your pocket in the meantime.

The Psychology of Having “a Job”

• Part-time employment – Someone you know may have a business and need a helping hand on a temporary basis. Just having an office to operate out of and a title can be worth a lot when you are busy searching for new opportunities.
• Temporary job assignments – Some employment agencies specialize in executive-level jobs, especially in the accounting, sales and marketing disciplines. We strongly recommend that you investigate opportunities to provide your management skills to businesses that have temporary needs. If you have skills in these areas, you may be able to find interim income relatively quickly. Some temp assignments turn into permanent opportunities and some even provide health care and other benefits. Even if they don’t, and even if the income is lower than you’d like, the activity can keep you abreast of trends and developments and will go a long way toward keeping your attitude upbeat.
• Starting a business – Depending on your field of endeavor, skills and long-range objectives, starting your own business might be an acceptable alternative. But, unless it is really a sales enterprise (i.e. real estate, insurance, etc.), part of a larger organization, franchise or distributorship, you may find yourself with no time to conduct a successful job search. One thing to bear in mind: no matter what business opportunity you pursue, the core skill required in today's fast-paced environment is marketing! And this is especially important with the opportunities presented by the social networking sites.
• Consulting Assignments – Establishing yourself as a consultant is a lot like taking temporary job assignments through an agency except that there are fewer fringe benefits. You will also be responsible for setting fees, managing billing, and meeting your own expenses. It’s really setting yourself up in business. Be sure to treat it that way. (We will be expanding on the "consulting option" in the near future.) Consulting assignments can lead relatively quickly to interim income and may lead to full employment. We have a lot more to say on this subject, so watch for important upcoming announcements.
• Network Marketing Franchise – There is no shortage of MLM opportunities to consider. A few might be worth looking into . . . especially where you have knowledge or commitment to the product or service. Unfortunately, many of them aren’t likely to meet your interim income needs and some are poorly designed if not out and out scams! Before you succumb to any “get-rich-quick” MLM scheme, be sure to read Ann Sieg’s article, “The Seven Great Lies of Network Marketing.” It’s free to download at her website and well worth the time.
• Starting an on-line business – While we're in a "cautionary" mode here, beware of the all-pervasive, get-rich-quick and work-at-home offers on the internet. Unfortunately many (if not most) are designed to play on your emotions and the vulnerability you may be experiencing. The old rule of thumb, "if it sounds too good to be true, it usually is" applies to most of the offers that drop into your email in spades! While there are some that offer true value, the time and money you will spend pursuing them will detract from your executive job search. We'll cover this (and the network marketing or MLM subjects) more extensively in upcoming special sections as well as our newsletter soon to be published.
• Volunteer Work – This could be an opportunity to kill two (or more) birds with one stone. You might consider offering your “executive services” pro bono to a local non-profit organization in exchange for a temporary title and an office to work out of. It would not only reduce your out of pocket costs, it could give you an excellent opportunity to network in the business community.
• Create an Internship for Yourself. – One person we know was a script writer. He wanted to find work that was more steady and in the emerging energy field. He made contact with a new, but well-connected energy consulting firm and offered his services as an unpaid apprentice in order to learn the business. He planned on a six-month stint (while supporting himself as a freelance writer), but got hired full time in less than three months.

But you should consider your circumstances carefully. If you try to conduct your executive job search on a bare bones budget, you may be selling yourself short. Better to consider options for interim income rather than restrict yourself to narrow search boundaries.

(And, taking a low-paying job to satisfy panic on the home front can have serious implications both for your time availability as well as your mental attitude. Consider your options carefully.)

Each of these interim income areas deserve more attention . . . and we've devoted a separate section to each one. We suggest you keep an open mind and explore fully the opportunities for you in every area. Despair is a state of mind you can't afford. Creating opportunities in the face of crisis can bring out the genius that resides inside a complacent brain. The following quote by an unknown author seems appropriate to ponder:

"Your current boundaries were once unknown frontiers."

Try and think of your current situation as the starting point for a new phase in your career. It is NOT a dead end unless you let it become one. Let's get it on!

You can examine the following options in more detail:

Becoming A Consultant

Using Temporary Agency Assignments

Volunteer Service...A Door-Opening Strategy

Starting A Business

MLM - Real Opportunity or Ponzi Scheme?

Cutting Expenses

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